<SEC-DOCUMENT>0001078782-19-000718.txt : 20190913
<SEC-HEADER>0001078782-19-000718.hdr.sgml : 20190913
<ACCEPTANCE-DATETIME>20190913163511
ACCESSION NUMBER:		0001078782-19-000718
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190807
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190913
DATE AS OF CHANGE:		20190913

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			iQSTEL Inc
		CENTRAL INDEX KEY:			0001527702
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				452808620
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-55984
		FILM NUMBER:		191092945

	BUSINESS ADDRESS:	
		STREET 1:		300 ARAGON AVENUE, SUITE 375
		CITY:			CORAL GABLES
		STATE:			FL
		ZIP:			33134
		BUSINESS PHONE:		(954) 951-8191

	MAIL ADDRESS:	
		STREET 1:		300 ARAGON AVENUE, SUITE 375
		CITY:			CORAL GABLES
		STATE:			FL
		ZIP:			33134

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PURESNAX INTERNATIONAL, INC.
		DATE OF NAME CHANGE:	20151124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PURE SNAX INTERNATIONAL, INC.
		DATE OF NAME CHANGE:	20150813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	B-MAVEN, INC.
		DATE OF NAME CHANGE:	20110810
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>f8ka090919_8kz.htm
<DESCRIPTION>FORM 8KA AMENEDED CURRENT REPORT
<TEXT>
<HTML>
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<HEAD>
<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
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<BODY>
<DIV style=margin-left:36pt;width:540pt><P align=center style='font:10pt Times New Roman;margin:0'><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>WASHINGTON, D.C. 20549</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>FORM 8-K/A</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Amendment No. 1</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>CURRENT REPORT</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>Date of Report (Date of earliest event reported): August 7, 2019</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:14pt Times New Roman;margin:0'><FONT style='font-size:14pt;border-bottom:1px solid #000000'><B>iQSTEL Inc</B></FONT><FONT style='border-bottom:1px solid #000000'>.</FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>(Exact name of registrant as specified in its charter)</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR style=height:7.2pt><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>Nevada</B></FONT></P>
</TD><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>000-55984</B></FONT></P>
</TD><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>45-2808620</B></FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(State or other jurisdiction of incorporation)</FONT></P>
</TD><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Commission File Number)</FONT></P>
</TD><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(I.R.S. Employer Identification No.)</FONT></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:69.22%><TR style=height:7.2pt><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>300 Aragon Avenue, Suite 375</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>Coral Gables, FL 33134</B></FONT></P>
</TD><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>33134</B></FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Address of principal executive offices)</FONT></P>
</TD><TD valign=top><P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Zip Code)</FONT></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Registrant&#8217;s telephone number, including area code: </FONT><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>(954) 951-8191</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'><B>N/A</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(Former name or former address, if changed since last report)</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse><TR style=height:7.2pt><TD valign=top style=width:40.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>[ &nbsp; ]</FONT></P>
</TD><TD valign=top style=width:484.2pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)</FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:40.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:484.2pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:40.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>[ &nbsp; ]</FONT></P>
</TD><TD valign=top style=width:484.2pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:40.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:484.2pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:40.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>[  &nbsp;]</FONT></P>
</TD><TD valign=top style=width:484.2pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:40.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:484.2pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:40.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>[ &nbsp; ]</FONT></P>
</TD><TD valign=top style=width:484.2pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</FONT></P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt> </FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Emerging growth company [ &nbsp; ]</FONT></P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt> </FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>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 13(a) of the Exchange Act. [ &nbsp; ]</FONT></P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Explanatory Note</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>On August 7, 2019, we filed a Current Report on Form 8-K to disclose the closing of a Company Purchase Agreement (the &#8220;Agreement&#8221;) with Ralf Kohler, described in Item 2.01 to that report, which agreement provides for the purchase of 51% of the equity and certain assets of SwissLink Carrier AG. This Amendment to the Current Report on Form 8-K is filed to provide the required financial statements of the business acquired and pro forma financial information.</FONT></P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>SECTION 2 - FINANCIAL INFORMATION</B></P>
<P style='font:10pt Times New Roman;margin:0'><B> </B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.</B></P>
<P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>As previously disclosed, on April 1, 2019, iQSTEL Inc. (the &#8220;Company&#8221;) entered into a Company Purchase Agreement (the &#8220;Purchase Agreement&#8221;) by and between the Company and the Ralf Kohler (the &#8220;Seller&#8221;), which agreement provides for the purchase of 51% of the equity and certain assets of SwissLink Carrier AG (&#8220;SwissLink&#8221;) (www.swisslink-carrier.com), a Swiss corporation, by the Company. </FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>The consideration for the acquisition consists of $500,000 USD, payable as follows:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style=font-size:10pt>$50,000 USD shall be paid in cash upon execution of the Purchase Agreement; and </FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style=font-size:10pt>The balance of $450,000 USD shall be paid at Closing in the form of 187,500 shares of common stock in the Company based upon an agreed upon price of $2.40 per share. Additional shares may be payable at Closing, if the Company&#8217;s stock is valued at less than $2.40 per share, to account for the full $450,000 USD. </FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Under the Purchase Agreement, the acquisition includes both the 51% equity interest in SwissLink and what are referred to as Additional Assets, which include telecommunications equipment, telecommunications platform software for international long distance voice exchange (VAMP) designed by Swisslink, intellectual rights of the VAMP, receivables, cash in banks, interconnection and service agreements, company information in file and telecommunication license rights for Switzerland.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>SwissLink is indebted to the Seller in the principal amount of CHF 200,000 (approximately $ 200,514.19 USD) as evidenced by a loan agreement dated December 22th, 2019. Under the Purchase Agreement, SwissLink is to repay the full amount of principal plus interest in two years from execution of the Purchase Agreement. </P>
<P align=justify style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>At the execution of this Purchase Agreement, SwissLink has a debt with the Seller of CHF 1,937,077 (approximately $1,941,893.41 USD) by December 31th 2018. With the acquisition of the 51% of the equity of SwissLink, the Company is acquiring 51% of the loan for the payment of CHF 0.51 (approximately $ 0.51 USD) to the Seller, meaning that after the execution of this Purchase Agreement, SwissLink owes to the Seller CHF 949,167.73 (approximately $ 951,432.22 USD) that represent the 49% of the debt, and at the same time, Swisslink owes to the Company CHF 987,909.27 (approximately $ 990,236.62 USD) that represent 51% of this debt.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Further under the Purchase Agreement, the Company has secured an option to, exercisable at 365 days from Closing, to acquire the remaining 49% interest in SwissLink. The Purchase Agreement outlines the purchase price, which is estimated at minimum of $750,000 USD. </P>
<P align=justify style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The parties to the Purchase Agreement further agreed to extend employment agreements of SwissLink to two individuals at SwissLink for a period of three years, and to Mr. Ralf Kohler (The Seller) for a period of five years as CEO/COO. The Company believes these positions will allow for a continuity of operations of SwissLink. </P>
<P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>There shall be three directors of SwissLink, two of whom will be Messrs. Leandro Iglesias and Alvaro Quintana Cardona, officers of our Company. Mr. Ralf Kohler will also be a member of the board of directors of SwissLink.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Purchase Agreement may be terminated if either the Company or SwissLink are deemed economically unviable or bankrupt; if during due diligence process there is discovered </P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>The Closing of the Purchase Agreement was scheduled for 90 days from execution, and was subject to conditions, which include the following:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style=font-size:10pt>The Company&#8217;s board of directors approving the transaction;</FONT>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style=font-size:10pt>Satisfactory due diligence of SwissLink by the Company;</FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style=font-size:10pt>SwissLink has prepared financial statements that are auditable by a PCAOB auditor.</FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>On August 7, 2019, having completed all conditions under the Purchase Agreement, the Company closed the transaction with Seller, and issued 187,500 shares to Seller for the 51% equity interest and certain assets in Swisslink and another 510 shares to Seller for 51% of the loan in Swisslink.</FONT></P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>The Purchase Agreement contains customary representations and warranties of the parties, including, among others, with respect to corporate organization, capitalization, corporate authority, financial statements and compliance with applicable laws. The representations and warranties of each party set forth in the Purchase Agreement were made solely for the benefit of the other parties to the Purchase Agreement, and investors are not third-party beneficiaries of the Purchase Agreement. In addition, such representations and warranties (a) are subject to materiality and other qualifications contained in the Purchase Agreement, which may differ from what may be viewed as material by investors, (b) were made only as of the date of the Purchase Agreement or such other date as is specified in the Purchase Agreement and (c) may have been included in the Purchase Agreement for the purpose of allocating risk between the parties rather than establishing matters as facts. Accordingly, the Purchase Agreement is included with this filing only to provide investors with information regarding the terms of the Purchase Agreement, and not to provide investors with any other factual information regarding any of the parties or their respective businesses.</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>SECTION 3 - SECURITIES AND TRADING MARKETS</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>ITEM 3.02 - UNREGISTERED SALES OF EQUITY SECURITIES</B></P>
<P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The information provided in Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>We claim an exemption from the registration requirements of the Securities Act, for the private placement of these securities pursuant to Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder because, among other things, the transaction did not involve a public offering, the Seller is an accredited investor, the Purchaser acquired the securities for investment and not resale, and we took appropriate measures to restrict the transfer of the securities.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><A name=part_1_2_2 /><A name=item_1_31_1 /><A name=part_1_2_3 /><A name=item_1_36_1 /><FONT style=font-size:10pt><B>SECTION 9 &#8211; FINANCIAL STATEMENTS AND EXHIBITS</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. </B></FONT></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-72pt;margin-left:72pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(a) Financial Statements of Businesses Acquired. The financial statements of Swisslink required by Item 9.01(a) to this Current Report on Form 8-K will be filed by amendment within 71 calendar days after the date this report on Form 8-K must be filed. </FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(b) Pro Forma Financial Information. The pro forma financial information required by Item 9.01(b) to this Current Report on Form 8-K will be filed by amendment within 71 calendar days after the date this report on Form 8-K must be filed. </FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-72pt;margin-left:72pt'><FONT style=font-size:10pt>(d) Exhibits</FONT></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-72pt;margin-left:72pt'>&nbsp;</P>
<TABLE style=border-collapse:collapse;width:490.9pt><TR><TD valign=top style=width:77.4pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Exhibit No.</B></FONT></P>
</TD><TD valign=top style=width:413.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>Description</B></FONT></P>
</TD></TR>
<TR><TD valign=top style=width:77.4pt><P style='font:10pt Times New Roman;margin:0'><A href='http://www.sec.gov/Archives/edgar/data/1527702/000107878219000290/f8k040319_ex2z1.htm' style=text-decoration:none><FONT style='font-size:10pt;color:#0000FF;border-bottom:1px solid #0000FF'>2.1</FONT></A></P>
</TD><TD valign=top style=width:413.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Company Purchase Agreement, dated April 1, 2019(1)</FONT></P>
</TD></TR>
<TR style=height:13.5pt><TD valign=top style=width:77.4pt><P style='font:10pt Times New Roman;margin:0'><A href='http://www.sec.gov/Archives/edgar/data/1527702/000107878219000636/f8k080719_ex99z1.htm' style=text-decoration:none><FONT style='font-size:10pt;color:#0000FF;border-bottom:1px solid #0000FF'>99.1</FONT></A></P>
</TD><TD valign=top style=width:413.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Closing Certificate(2)</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:77.4pt><P style='font:10pt Times New Roman;margin:0'><A href=f8ka090919_ex99z2.htm style=text-decoration:none><FONT style='font-size:10pt;color:#0000FF;border-bottom:1px solid #0000FF'>99.2</FONT></A></P>
</TD><TD valign=top style=width:413.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Audited financials December 31, 2018</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:77.4pt><P style='font:10pt Times New Roman;margin:0'><A href=f8ka090919_ex99z3.htm style=text-decoration:none><FONT style='font-size:10pt;color:#0000FF;border-bottom:1px solid #0000FF'>99.3</FONT></A></P>
</TD><TD valign=top style=width:413.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Unaudited interim financials for March 31, 2019</FONT></P>
</TD></TR>
<TR><TD valign=top style=width:77.4pt><P style='font:10pt Times New Roman;margin:0'><A href=f8ka090919_ex99z4.htm style=text-decoration:none><FONT style='font-size:10pt;color:#0000FF;border-bottom:1px solid #0000FF'>99.4</FONT></A></P>
</TD><TD valign=top style=width:413.5pt><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Pro-Formas</FONT></P>
</TD></TR>
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<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:18pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><FONT style=font-size:10pt>(1)</FONT></KBD><KBD style=margin-left:18pt></KBD><FONT style=font-size:10pt>Incorporated by reference to the Current Report on Form 8-K filed as Exhibit 2.1 on April 4, 2019.</FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:18pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><FONT style=font-size:10pt>(2)</FONT></KBD><KBD style=margin-left:18pt></KBD><FONT style=font-size:10pt>Incorporated by reference to the Current Report on Form 8-K filed as Exhibit 99.1 on August 7, 2019.</FONT>&nbsp;</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>SIGNATURES</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt><B>iQSTEL Inc.</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt> </FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='font-size:10pt;border-bottom:1px solid #000000'>/s/ Leandro Iglesias</FONT></P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Leandro Iglesias</FONT><BR><FONT style=font-size:10pt>Chief Executive Officer</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>Date September 13, 2019</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>2
<FILENAME>f8ka090919_ex99z2.htm
<DESCRIPTION>EXHIBIT 99.2 AUDITED FINANCIALS DECEMBER 31,2018
<TEXT>
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<DIV style=margin-left:36pt;width:523.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><IMG src=f8ka090919ex99z21.jpg width=665 height=860 alt='Report of the Auditor - SwissLink AG 31.12.18 (IFRS) Exhibit 99.2.jpg' title='Report of the Auditor - SwissLink AG 31.12.18 (IFRS) Exhibit 99.2.jpg'>&nbsp;</P>
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<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'><A name=SwissLink_Carrier_AG_Report_of_the_audit />&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=right style='font:10pt Times New Roman;margin:0'><B>Grant Thornton AG</B></P>
<P align=right style='font:10pt Times New Roman;margin:0'>Claridenstrasse 35</P>
<P align=right style='font:10pt Times New Roman;margin:0'>P.O. Box</P>
<P align=right style='font:10pt Times New Roman;margin:0'>CH-8027 Z&#252;rich</P>
<P align=right style='font:10pt Times New Roman;margin:0'>T +41 43 960 71 71</P>
<P align=right style='font:10pt Times New Roman;margin:0'>F +41 43 960 71 00</P>
<P align=right style='font:10pt Times New Roman;margin:0'>www.grantthornton.ch</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>INDEPENDENT AUDITOR&#8217;S REPORT</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>to the Shareholders of SwissLink Carrier AG, Zug</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>Report on the Audit of the Financial Statements</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>Opinion</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>We have audited the financial statements of SwissLink Carrier AG (the Company), set out on pages 3 to 40 which comprise the income statement and statement of comprehensive income for the year ended December 31, 2018, the statement of financial position as at December 31, 2018, the statement of cash flows and the statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at December 31, 2018, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>Basis for Opinion</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the <I>Auditor&#8217;s Responsibilities for the Audit of the Financial Statements </I>section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Switzerland, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>Material Uncertainty Related to Going Concern</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>We draw attention to Note 4 of the financial statements, which indicate that the Company incurred a net loss of CHF 273&#8217;054 during the year ended December 31, 2018 and, as of that date, the Company&#8217;s total liabilities exceeded its total assets by CHF 1&#8217;901&#8217;955. As stated in Note 4, these events or conditions, indicate that a material uncertainty exists that may cast significant doubt on the Company&#8217;s ability to continue as a going concern and the measures taken to improve the financial situation. Our opinion is not modified in respect of this matter.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>Responsibilities of Management and Those Charged with Governance for the Financial Statements</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>In preparing the financial statements, management is responsible for assessing the Company&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Those charged with governance are responsible for overseeing the Company&#8217;s financial reporting process.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><B>Auditor&#8217;s Responsibilities for the Audit of the Financial Statements</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>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&#8217;s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</P>
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<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE style=border-collapse:collapse><TR style=height:7.2pt><TD valign=top style=width:106.65pt><P style='font:10pt Times New Roman;margin:0'>Zurich, August 14, 2019</P>
<P style='font:10pt Times New Roman;margin:0'><B>Grant Thornton AG</B></P>
</TD><TD valign=top style=width:117.15pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:106.65pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><I>/s/ Erich Bucher</I></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Erich Bucher</P>
</TD><TD valign=top style=width:117.15pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'><I>/s/ Henning Goeck</I></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>Henning Goeck</P>
</TD></TR>
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<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Enclosures:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&#8211; Financial statements (income statement and statement of comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity, and notes)</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>3</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'><A name=Pg._2-47_SwissLink_IFRS_Financial_Statem />&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:534pt><TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>STATEMENT OF FINANCIAL POSITIONS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>6</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>STATEMENT OF CASH FLOWS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>8</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>STATEMENT OF CHANGES IN EQUITY</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>NOTES TO THE FINANCIAL STATEMENTS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>10</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>GENERAL INFORMATION</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>10</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>BASIS OF ACCOUNTING</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>10</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>SIGNIFICANT ACCOUNTING POLICIES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>11</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>18</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>REVENUE AND MATERIAL COSTS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>19</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>PERSONNEL EXPENSES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>19</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>FINANCIAL EXPENSE (NET)</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>20</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>INCOME TAXES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>20</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>CASH AND CASH EQUIVALENTS, ACCOUNTS RECEIVABLES TRADE</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>22</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>OTHER CURRENT RECEIVABLES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>23</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>ACCOUNTS PAYABLES, TRADE</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>23</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>OTHER CURRENT LIABILITIES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>23</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>ACCRUALS AND DEFERRED INCOME</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>23</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>EMPLOYEE BENEFITS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>23</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>EMPLOYEE BENEFITS &#8211;&nbsp;PENSION PLAN ASSET / LIABILITIES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>24</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>PROPERTY, PLANT AND EQUIPMENT &amp; INTANGIBLE ASSETS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>26</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>LOANS AND BORROWINGS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>28</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>29</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>RECOGNIZED FAIR VALUE MEASUREMENTS FOR FINANCIAL AND NON-FINANCIAL INSTRUMENTS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>31</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>CONTINGENT LIABILITIES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>31</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>LEASE COMMITMENTS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>31</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>CURRENCY RATES APPLIED</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>32</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>RELATED PARTY DISCLOSURES</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>32</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TRANSITION TO IFRS</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>33</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:486pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>EVENTS OCCURRING AFTER THE REPORTING PERIOD</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>40</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>4</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Statement of comprehensive income for the year ended December 31, 2018</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:527.85pt><TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Income statement and statement of comprehensive income</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:59.85pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year ended 2018</B></P>
</TD><TD valign=middle style=width:31.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:60pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year ended 2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Note</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Continuing operations</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Revenue</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,930,672</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>8,692,412</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Material costs</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,225,167)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,799,454)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Gross profit</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>705,505</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>892,958</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Personnel expenses</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>6</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(760,088)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,091,321)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Travelling expenses</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,813)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(22,941)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Repair and maintenance costs</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(112,110)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(176,243)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Insurance costs</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(27,046)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(44,783)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Administration expenses</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(31,487)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(28,939)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Consulting, legal and audit fees</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(29,666)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(35,506)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Other Operating expenses</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(53,390)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(134,752)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Operating result before interest and taxes (EBITDA)</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(327,095)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(641,527)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Depreciation property, plant and equipment</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>16</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,826)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,826)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Amortization of intangible assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>16</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(5,944)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(5,944)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Operating result before interest and taxes (EBIT)</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(335,865)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(650,297)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Financial expenses</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>7</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(75,297)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(140,330)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Loss before tax</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(411,162)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(790,627)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Tax income</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>8</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>134,407</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Loss for the year</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(341,265)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(656,220)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Other comprehensive income</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><I>Items that will not be reclassified subsequently to profit and loss:</I></FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Re-measurement of defined benefit obligation</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>15</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>82,182</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,522)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Related tax</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>8</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(13,971)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,149</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>68,211</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(15,373)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>68,211</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(15,373)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Other comprehensive income / (expenses) for the year, net of tax</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:328.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Total comprehensive income / (expenses) for the year</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:59.85pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(273,054)</P>
</TD><TD valign=bottom style=width:31.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(671,593)</P>
</TD></TR>
</TABLE>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>The accompanying Notes 1 to 24 form an integral part of these financial statements.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>5</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Statement of financial positions as at 31 December 2018</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:454.5pt><TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='3'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='3'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31,</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='3'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1,</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>ASSETS</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Note</P>
</TD><TD valign=middle style=width:23.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Current assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:73.5pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:23.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:75.5pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:65.5pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Cash and cash equivalents</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD><TD valign=bottom style=width:73.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>119,723</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>346,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Trade accounts receivable (net)</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD><TD valign=bottom style=width:73.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>626,567</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,233,978</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,086,895</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Other current receivables</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>10</P>
</TD><TD valign=bottom style=width:73.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>81,817</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>149,017</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>70,746</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Prepayments / accrued income</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>13,797</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Total current assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>989,268</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,502,718</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,517,767</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Non-current assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Deferred tax assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>8</P>
</TD><TD valign=bottom style=width:73.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>406,967</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>354,552</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>221,262</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Property, plant and equipment</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>16</P>
</TD><TD valign=bottom style=width:73.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,528</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,089</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>11,915</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Intangible assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>16</P>
</TD><TD valign=bottom style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>23,775</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,289</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Total non-current assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>408,495</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>387,416</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>258,466</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:148.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>TOTAL ASSETS</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,397,763</P>
</TD><TD valign=bottom style=width:23.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,890,134</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,776,233</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>The accompanying Notes 1 to 25 form an integral part of these financial statements.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>6</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Statement of financial positions as at 31 December 2018</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:556.95pt><TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Statement of financial positions</P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:75.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:12.45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:86.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:12.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:67.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:75.8pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:12.45pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:86.3pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=middle style=width:12.7pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:67.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Note</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Current liabilities</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Accounts payable, trade</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>11</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>737,280</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>931,103</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>579,773</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Accruals and deferred income</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>13</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,670</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>35,996</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,032</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Employee benefits</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>14</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>43,476</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>71,226</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,434</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Other current liabilities</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>12</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>183,601</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>48,520</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,815</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Total current liabilities</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,020,027</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,086,845</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>670,054</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Non-current liabilities</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Loans, shareholder</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>17</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,601,825</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,286,270</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Loans, related parties</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>17</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>642,459</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>623,059</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Deferred tax liabilities</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>8</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,511</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,777</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Employee benefits</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>15</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>142,614</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>184,395</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>146,381</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Total non-current liabilities</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,279,691</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,432,190</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,063,487</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>TOTAL LIABILITIES</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,299,718</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,519,035</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,733,541</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Shareholders, equity</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Share capital</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Accumulated losses</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,001,955)</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,728,901)</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,057,308)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Total Equity</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,901,955)</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,628,901)</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(957,308)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:270pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</FONT></P>
</TD><TD valign=bottom style=width:32.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,397,763</P>
</TD><TD valign=bottom style=width:12.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86.3pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,890,134</P>
</TD><TD valign=bottom style=width:12.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:67.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,776,233</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>The accompanying Notes 1 to 25 form an integral part of these financial statements.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>7</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Statement of cash flow for the year ended December 31, 2018</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:572.35pt><TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Statement of cash flows</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:54.35pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year</B></P>
</TD><TD valign=middle style=width:24.15pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:54.35pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:54.35pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>ended 2018</B></P>
</TD><TD valign=middle style=width:24.15pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:54.35pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>ended 2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Note</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Cash flow from operating activities</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Loss for the year</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(341,265)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(656,220)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>Adjustments for:</I></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Depreciation of fixed assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>16</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,826</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,826</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Amortization of intangible assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>16</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,944</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,944</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Change in employee benefits</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>15</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>38,974</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>18,403</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Non-cash financial expense/(income), net Tax income</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>11,448</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>52,456</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>8</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(69,897)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(134,407)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(351,970)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(710,998)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>Changes in:</I></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Trade and other receivables</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>674,611</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(211,557)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Trade and other payables and accruals Current employee benefits</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(39,068)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>370,999</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(27,750)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>45,792</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>607,793</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>205,234</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Income taxes paid</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>8</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Cash-flow from operating activities</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>255,823</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(505,764)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Cash flow from investing activities</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Capital expenditures for tangible assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>16</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(4,430)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Proceeds from sale of tangible assets Proceeds from sale of intangible assets</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>16</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>11,773</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>29,719</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Net cash provided / (used in) by investing activities</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>41,492</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(4,430)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Cash flow from financing activities</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Proceeds of loans, shareholder</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>17</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>535,252</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>315,555</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Proceeds of loans, related parties</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>17</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>174,400</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Repayment of loans, related parties</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>17</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(642,459)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(155,000)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Interest paid</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>17</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(3,201)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,487)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Interest on shareholder loans paid</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>17</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(12,938)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(21,229)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Bank fees and other finance fees paid</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>7</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(14,887)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(33,432)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Net cash used in financing activities</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(138,233)</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>272,807</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Net increase / (decrease) in cash and cash equivalents</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>159,082</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(237,387)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Cash and cash equivalents at beginning of year Effect of foreign exchange rate changes</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>119,723</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>346,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,079</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>10,781</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:391.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Cash and cash equivalents at end of year</FONT></P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD><TD valign=bottom style=width:24.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>119,723</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>The accompanying Notes 1 to 25 form an integral part of these financial statements.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>8</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><B>Statement of changes in equity for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:558pt><TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Statement of changes in equity</FONT></P>
</TD><TD valign=middle style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Share capital</B></FONT></P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap rowspan='2'><P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Translation</B></FONT></P>
<P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>reserve</B></FONT></P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap rowspan='2'><P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Accumulated</B></FONT></P>
<P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>losses</B></FONT></P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap rowspan='2'><P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Total equity</B></FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>(in CHF)</FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:63.5pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:65.8pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:73.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:69.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Balance as at 31 December 2016 as originally presented according to Swiss Code of Obligations</FONT></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,155,160)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,055,160)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Effect of Transition to IFRS (see Note 24)</FONT></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>97,852</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>97,852</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Restated balance as at 1 January 2017</FONT></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,057,308)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(957,308)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Loss for the year</FONT></P>
</TD><TD valign=bottom style=width:63.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(656,220)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(656,220)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Other comprehensive income / (expenses)</FONT></P>
</TD><TD valign=bottom style=width:63.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(15,373)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(15,373)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt;color:#000000'><I>- Remeasurements of defined benefit obligation (see Note 15)</I></P>
</TD><TD valign=bottom style=width:63.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>-</I></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>-</I></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,522)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,522)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>- Related tax (see Note 8)</I></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>-</I></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>-</I></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,149</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,149</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Total comprehensive income / (expenses)</FONT></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(671,593)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(671,593)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Balance as at 31 December 2017</FONT></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,728,901)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,628,901)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Loss for the year</FONT></P>
</TD><TD valign=bottom style=width:63.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(341,265)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(341,265)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Other comprehensive income / (expenses)</FONT></P>
</TD><TD valign=bottom style=width:63.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>68,211</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>68,211</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt;color:#000000'><I>- Remeasurements of defined benefit obligation (see Note 15)</I></P>
</TD><TD valign=bottom style=width:63.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:65.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>82,182</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>82,182</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>- Related tax (see Note 8)</I></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(13,971)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(13,971)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Total comprehensive income / (expenses)</FONT></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(273,054)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(273,054)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt>Balance as at 31 December 2018</FONT></P>
</TD><TD valign=bottom style='width:63.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:65.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,001,955)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,901,955)</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>As of 1 January 2017, 31 December 2017 and 31 December 2018 the share capital consists of 1,000 shares, each with a par value of CHF 100. The share capital is fully liberated.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>The accompanying Notes 1 to 25 form an integral part of these financial statements.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>9</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>1.</B></KBD><KBD style=margin-left:36pt></KBD><B>General information</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>SwissLink Carrier AG (formerly Swissphone Carrier AG), (&#8220;The Company&#8221;) is a company incorporated and domiciled in Baar, Switzerland. The registered office is located at Schochenm&#252;hlestrasse 4, 6340 Baar, Switzerland. It was established on 22 September 2015.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>SwissLink Carrier AG is a provider of international telephone traffic around the globe, which trades international VoIP (voice over IP) telephone minutes through its Software Management platform named VAMP.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>2.</B></KBD><KBD style=margin-left:36pt></KBD><B>Basis of accounting</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Statement of compliance</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The financial statements were authorized for issue by the Board of Directors on August 14, 2019. Details of the Company&#8217;s accounting policies are included in Note 3.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>First-Time adoption of IFRS</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The financial statements for the year ended 31 December 2018 are the Company&#8217;s first financial statements prepared in accordance with IFRSs and IFRS 1 First-time Adoption of International Financial Reporting Standards has been applied. The accounting policies comply with each IFRS effective at 31 December 2018 and are the same for both periods respectively all three balance sheet dates, except for the mandatory exceptions and the optional exemptions applied by the Company (see Note 24) in accordance with IFRS 1.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>In preparing these financial statements, the Company&#8217;s date of transition to IFRSs is 1 January 2017. Until 31 December 2018, the Company has applied Swiss accounting law in its financial statements. An explanation of how the transition to IFRSs has affected the reported financial position, financial performance and cash flows of the Company is provided in Note 24.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Standards and interpretations issued but not yet effective</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>These will be applied by the Company when they become effective, if they are relevant for the Company. No standards or interpretations, which are described below, have been adopted early.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>New Standards or Interpretations</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:450.4pt><TR style=height:7.2pt><TD valign=middle style='width:229.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Standard / Interpretation</B></P>
</TD><TD valign=middle style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.4pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Effective date</B></P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:107.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Planned application</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>IFRS 16 Leases</P>
</TD><TD valign=middle style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.4pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>January 1, 2019</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:107.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Reporting year 2019</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>IFRIC 23 Uncertainty over Tax Treatments</P>
</TD><TD valign=middle style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.4pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>January 1, 2019</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:107.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Reporting year 2019</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Revisions and amendments of Standards and Interpretations</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:454.5pt><TR style=height:7.2pt><TD valign=middle style='width:238.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Standard / Interpretation</B></P>
</TD><TD valign=middle style=width:13.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Effective date</B></P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:103.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Planned application</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt rowspan='2'><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Prepayment Features with Negative Compensation (Amendments to IFRS 9)</P>
</TD><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>January 1, 2019</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Reporting year 2019</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt rowspan='2'><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28)</P>
</TD><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>January 1, 2019</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Reporting year 2019</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt rowspan='2'><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Plan Amendment, Curtailment or Settlement (Amendments to IAS 19)</P>
</TD><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>January 1, 2019</P>
</TD><TD valign=bottom style=width:13.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Reporting year 2019</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt rowspan='2'><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Annual Improvements to IFRS Standards 2015 - 2017 Cycle - various standards</P>
</TD><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>January 1, 2019</P>
</TD><TD valign=bottom style=width:13.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Reporting year 2019</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:238.5pt rowspan='2'><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Amendments to References to Conceptual Framework in IFRS Standards</P>
</TD><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:13.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>January 1, 2020</P>
</TD><TD valign=bottom style=width:13.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:103.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>Reporting year 2020</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>10</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>2.</B></KBD><KBD style=margin-left:36pt></KBD><B>Basis of accounting (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>IFRS 16 replaces the current guidance in IAS 17 and is a far-reaching change in accounting by lessees in particular. Under IAS 17, lessees were required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). IFRS 16 requires lessees to recognize a lease liability reflecting future lease payments and a &#8216;right-of-use asset&#8217; for virtually all lease contracts. Under IFRS 16, 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.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company does not expect significant impacts from new pronouncements issued but not yet effective.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>3.</B></KBD><KBD style=margin-left:36pt></KBD><B>Significant accounting policies</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Basis of accounting</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The principal accounting policies are set out below.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The financial statements for the year ended 31 December 2018 are the Company&#8217;s first financial statements prepared in accordance with IFRS. For further information please refer to Note 24.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Functional and presentation currency</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company&#8217;s functional currency is US Dollar (USD). These financial statements are presented in Swiss Francs (CHF). The company was incorporated in 2016 in Switzerland and since that date the Swiss Franc has been adopted as presentation currency. Amounts in functional and foreign currencies are translated into the presentation currency at the actual monthly exchange rates published by the Swiss Federal Tax Authority.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Rounding of amounts</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>All amounts disclosed in the financial statements and notes have been rounded off to the nearest currency unit.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Foreign currencies</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Business transactions in currencies other than the entity&#8217;s functional currency (foreign currencies) are translated into the functional currency at the transaction rate. Monetary assets and liabilities are translated at the year-end balance sheet rate and the resulting foreign exchange gains and losses are presented within financial income and expense. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Fair value measurement</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>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:</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>In the principal market for the asset or liability or&nbsp;</P>
<P style='font:10pt Arial;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD><FONT style='font:10pt Times New Roman'>In the absence of a principal market, in the most advantageous market for the asset or liability</FONT>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The principal or the most advantageous market must be accessible by the Company.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>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.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>A fair value measurement of a non-financial asset takes into account a market participant&#8217;s ability to generate economic benefits from the asset&#8217;s highest and best use or by selling it to another market participant that would utilize the asset in its highest and best use.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>11</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>3.</B></KBD><KBD style=margin-left:36pt></KBD><B>Significant accounting policies (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy. This is described, as follows, based on the lowest level input that is significant to the fair value measurement as a whole:</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Level 1 &#8212; Quoted (unadjusted) market prices in active markets for identical assets or liabilities&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Level 2 &#8212; Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Level 3 &#8212; Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Composition and valuation of balance sheet items</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Current versus non-current classification</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Assets and liabilities are presented in the statement of financial position based on current/non-current classification. An asset is current when it is:</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Expected to be realized or intended to sell or consumed in the normal operating cycle&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Held primarily for the purpose of trading&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Expected to be realized within 12 months after the balance sheet date, or&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>All other assets are classified as non-current. A liability is current when:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>It is expected to be settled in the normal operating cycle&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>It is held primarily for the purpose of trading&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>It is due to be settled within twelve months after the reporting period, or&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>All other liabilities are classified as non-current.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Deferred tax assets and liabilities are classified as non-current assets and liabilities.</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Financial assets </FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Classification</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company classifies its financial assets in the following measurement categories:</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>a)</KBD>those to be measured subsequently at fair value (either through other comprehensive income, or through the income statement), and&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>b)</KBD>those measured at amortized cost.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>For assets measured at fair value, gains and losses will either be recorded in the Income statement or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>12</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>3.</B></KBD><KBD style=margin-left:36pt></KBD><B>Significant accounting policies (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Initial recognition and measurement</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>At initial recognition, the Company 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 that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the income statement. In the periods presented the Company does not have any financial assets categorized as FVTPL and FVOCI.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Subsequent measurements</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Subsequent measurement of financial assets depends on the Company&#8217;s business model for managing the asset and the latter&#8217;s cash flow characteristics. The Company classifies its asset instruments into the following categories:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in other income using the effective interest rate method.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets where the cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in the Income statement. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to the income statement and recognized in other gains / (losses). Interest income from these financial assets is included in other income using the effective interest rate method.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Fair value through profit and loss (FVTPL): Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit and loss. Interest income from these financial assets is included in other income.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>De-recognition of financial assets</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>A financial asset is derecognized only when:</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>the contractual rights to the cash flows from the financial asset expire;&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>the Company has transferred a financial asset in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Impairment of financial assets</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost. The Company measures loss allowances at an amount equal to lifetime ECLs, except for financial assets for which credit risk has not increased significantly since initial recognition; these are measured at 12-month ECLs.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires lifetime ECLs to be recognized from initial recognition of the trade receivables.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company&#8217;s historical experience and informed credit assessment and including forward-looking information. The Company formulates a ,base-case, view of the future direction of relevant economic variables as well as a representative range of other possible forecast scenarios. This process involves developing additional economic scenarios and considering the relative probabilities of each outcome.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>13</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>3.</B></KBD><KBD style=margin-left:36pt></KBD><B>Significant accounting policies (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 365 days past due. The Company considers a financial asset to be in default when:</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realizing security (if any is held); or&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>the financial asset is more than 360 days past due.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Measurement of ECLs</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Company in accordance with the contract and the cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the financial asset.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Credit-impaired financial assets</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is ,credit-impaired, when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Evidence that a financial asset is credit-impaired includes the following observable data:</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>significant financial difficulty of the borrower or issuer;&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>a breach of contract such as a default; or&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>it is probable that the borrower will enter bankruptcy or other financial reorganization.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Write-off</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The gross carrying amount of a financial asset is written off on a case-by-case basis when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Cash and cash equivalents</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>These include cash in hand; cash in transit, balances in postal and bank accounts, as well as short- term time deposits with an original term not exceeding 90 days. Cash and cash equivalents are measured at cost.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Accounts receivable &amp; other receivable</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Trade receivables and other receivables are recognized initially at their transaction price and subsequently measured at amortized cost using the effective interest method, which includes the deduction of expected credit losses.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Property, plant and equipment</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Property, plant and equipment are carried at purchase or production cost less appropriate depreciation. In the case of an impairment loss, the appropriate charge is made to the income statement. Depreciation is charged on straight-line basis (difference between cost and residual value). For Hardware this period is usually 3-8 years.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>14</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>3.</B></KBD><KBD style=margin-left:36pt></KBD><B>Significant accounting policies (continued)</B>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The assets, residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at each financial year end.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) at the date of the disposal is included in the income statement in the year the asset is derecognized.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Finance and operating leases</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Assets acquired under lease agreements which effectively transfer substantially all the risks and rewards incidental to ownership from the lessor to the lessee are classified as finance leases. Finance leases on tangible fixed assets are capitalized at amounts equivalent to the lower of respective fair value of the tangible fixed asset or the estimated net present value of the future minimum lease payments plus any indirect costs associated with the lease. The same amount less finance costs is recorded correspondingly as a finance lease obligation. Assets under finance leases are amortized over the shorter of their estimated useful life and the term of the lease. The interest portion of the lease payment is recorded as interest expense in the income statement, calculated on the amortized cost.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Lease agreements which do not transfer substantially all risks and rewards to the Company are classified as operating leases. Payments are recorded pro-rata over the lease period. Rental costs for short-term operating leases are charged directly to the income statement on a straight-line basis. Operating leases are not included in the balance sheet; the corresponding obligations are fully reported in the notes.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Intangible assets </FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Intangible assets acquired separately</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for accordingly.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The amortization expense on intangible assets with finite lives is recognized in the income statement in the expense category consistent with the function of the intangible asset.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Intangible assets held by the Company with finite useful lives include Software only.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Software is capitalized at cost and is amortized on a straight-line basis over their useful life, typically not exceeding 6 years.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Impairment of tangible and intangible assets excluding goodwill</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Tangible and intangible assets (excluding goodwill) are assessed at each reporting date for indications that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the asset&#8217;s recoverable amount. The asset&#8217;s recoverable amount is the higher of an asset&#8217;s or cash-generating unit,s fair value less costs of disposal 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. Where the carrying amount of an asset or a group of assets exceeds its recoverable amount, the asset 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 or the group of assets.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset&#8217;s recoverable amount since the last impairment loss was recognized. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in profit or loss. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset&#8217;s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>15</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>3.</B></KBD><KBD style=margin-left:36pt></KBD><B>Significant accounting policies (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Retirement benefit costs</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the Company&#8217;s obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>For defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognized in full in the period in which they occur. They are recognized outside the income statement and are presented in other comprehensive income.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Past service cost is recognized immediately in the income statement in the period in which it occurs.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The retirement benefit obligation recognized in the balance sheet represents the present value of the defined obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of the scheme assets. Any asset resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in future contributions to the scheme.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Financial liabilities</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Initial recognition and measurement</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>All financial liabilities are recognized initially at fair value and, in the case of financial liabilities not at FVTPL, net of directly attributable transaction costs.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Subsequent measurement</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The measurement of financial liabilities depends on their classification, as described below:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Financial liabilities at amortized cost&nbsp;</P>
<P style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Loans and Borrowings</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Borrowings are initially recognized at fair value, net of transaction cost incurred. Borrowings are subsequently measured at amortized cost. The transaction costs incurred for floating interest rate borrowings is amortized over the tenure of the loan based on the effective interest rate method.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>De-recognition</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Provisions, contingent liabilities and contingent assets</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts can be estimated reliably. The timing or amount of the outflow may still be uncertain.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Provisions are not recognized for future operating losses.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>16</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>3.</B></KBD><KBD style=margin-left:36pt></KBD><B>Significant accounting policies (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>No liability is recognized if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Composition of items in the income statement</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Revenue recognition</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it transfers control over a good or service to a customer. When the Company acts as principal, revenues are recorded gross. However, when, from an economic point of view, the Company acts only as a broker or agent, revenues are reported net of related costs.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company has entered into a number of interconnect agreements with other carriers. These agreements allow carriers to terminate traffic on their respective networks and to provide end-to-end routing of voice and data traffic.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Entity is a provider of international telephone traffic around the globe, which trades international VoIP (voice over IP) telephone minutes through its trading-software platform. Besides VoIP-Revenues, there are no other revenue streams. Therefore, all of the Company&#8217;s revenues are recognized at a specific time, which is when the call has been completed. There are no revenues recognized over time.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>There are no bonuses, kick-backs, etc.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Taxation</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Income tax expense comprises current and deferred tax. It is recognized in profit or loss except items recognized directly in equity or in OCI.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Current income tax</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Current tax assets and liabilities are offset only if certain criteria are met.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Deferred tax</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is considered more likely than not that sufficient taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is considered that more likely than not no longer sufficient taxable profits will be available to allow all or part of the asset to be recovered.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>17</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>3.</B></KBD><KBD style=margin-left:36pt></KBD><B>Significant accounting policies (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>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.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>4.</B></KBD><KBD style=margin-left:36pt></KBD><B>Critical accounting judgements and key sources of estimation uncertainty</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>In the application of the Company&#8217;s accounting policies, which are described in Note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Going concern </FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The current and prior year ended with a loss. Beginning in 2018 the Management and the Board of Directors took several measures to improve the financial situation. Due to these measures the Management expects to reach break-even in the financial year 2019. Until Q2 2019 there are no indicators, that this goal can not be reached.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Furthermore, the Board of directors successfully raised new money. Until Q2 2019, shareholders and third parties invested additional CHF 200,000.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Besides, it is planned that SwissLink will seek further investors in Q3 2019. For the sale of 51% of Company shares, a Letter of Intent (LOI) is already available.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Therefore, the Company has determined that it will have the ability to continue as a going concern for the foreseeable future which as a minimum covers 12 months from the date of signing the Company&#8217;s financial statements. As such, the financial statements have been prepared on a going concern basis. For more details refer to Note 18.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Pension obligations</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company provides employees with long-term employee benefits such as pensions. The long-term nature of these liabilities creates inherent uncertainties that are dependent on future events. Estimating the pension liability requires the Company to make an estimate of the expected return on plan assets, an appropriate discount rate, future salary increases, employee life expectancy and other projections. More details are disclosed in Note 15.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>18</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>5.</B></KBD><KBD style=margin-left:36pt></KBD><B>Revenue and Material costs</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Analysis of the Company&#8217;s revenue</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The Company&#8217;s revenue is generated with only one product; VoIP (voice over IP) in the following countries:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:239pt><TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:48pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:20pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:48pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>United States</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,159,719</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,948,690</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>United Kingdom</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,184,237</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,159,874</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Canada</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>843,993</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>537,184</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Germany</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>761,452</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>330,309</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Hong Kong</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>398,465</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>452,032</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Spain</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>359,889</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>476,405</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>India</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>263,452</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>143,233</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>France</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>148,243</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>438,526</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Norway</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,512</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>502,790</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Others</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>808,710</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>703,369</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:103pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total Revenue</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,930,672</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>8,692,412</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Assets and liabilities related to contracts with customers</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The Company has not recognized any assets or liabilities related to contracts with customers.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Analysis of the Company&#8217;s Material costs</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Material costs are fully related to the purchase of VoIP (voice over IP) capacity from several suppliers.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>6.</B></KBD><KBD style=margin-left:36pt></KBD><B>Personnel expenses</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Average number of employees</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The average monthly number of employees (including executive directors) were 1.5 in 2018 and 2.5 in 2017.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Employee benefits expense</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Their aggregate remuneration comprised:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:352pt><TR style=height:7.2pt><TD valign=middle style=width:205.9pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:12.8pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:58.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:11.9pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:63.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:205.9pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:12.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:205.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Wages and salaries</P>
</TD><TD valign=bottom style=width:12.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(417,824)</P>
</TD><TD valign=bottom style=width:11.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(572,568)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:205.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Social security expenses</P>
</TD><TD valign=bottom style=width:12.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(25,699)</P>
</TD><TD valign=bottom style=width:11.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(37,781)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:205.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Pension &#8211;&nbsp;defined benefit plans (Note 15)</P>
</TD><TD valign=bottom style=width:12.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(69,987)</P>
</TD><TD valign=bottom style=width:11.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(54,085)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:205.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other personnel expenses</P>
</TD><TD valign=bottom style=width:12.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(246,578)</P>
</TD><TD valign=bottom style=width:11.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:63.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(429,887)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:205.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total employee benefit expense</P>
</TD><TD valign=bottom style=width:12.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(760,088)</P>
</TD><TD valign=bottom style=width:11.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:63.2pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,091,321)</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Other personnel expenses mainly consist of costs for temporary external employees.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>19</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>7.</B></KBD><KBD style=margin-left:36pt></KBD><B>Financial expense (net)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Financial Expenses</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:381pt><TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:13.7pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:50.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:13.7pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:50.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:252.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Financial income </P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Financial expenses</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(75,297)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(140,330)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total financial expenses, net</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(75,297)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(140,330)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest on short- and long-term debt (at amortized cost)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(3,201)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,487)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest on loans from related parties (at amortized cost)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(12,938)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(21,229)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total interest expenses</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(16,139)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(28,716)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Foreign exchange losses</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(42,844)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(77,093)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest (expenses) on plan assets (Note 15)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,427)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,089)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'> Bank charges</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(14,887)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(33,432)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total financial expenses</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(75,297)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(140,330)</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>8.</B></KBD><KBD style=margin-left:36pt></KBD><B>Income taxes</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Income taxes</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:381pt><TR style=height:7.2pt><TD valign=middle style=width:257pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:14pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:48pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:14pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:48pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:257pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:257pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Current tax on profits for the year</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:257pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total current income tax expense</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:257pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Deferred income taxes - change in temporary differences</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>134,407</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:257pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Deferred income tax income / (expense)</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>134,407</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:257pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total income tax</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>134,407</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Reconciliation of income taxes</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:381pt><TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:13.7pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:50.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:13.7pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:50.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:252.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Profit / (loss) before income taxes &nbsp;</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(411,162)</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(790,627)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Income tax rate of the parent company in % </P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>17.00%</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>17.00%</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Expected income tax (expense) / income</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>134,407</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Tax effect of non-deductible expenses / (non-taxable income) </P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Tax effect of Current year losses not recognized</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Taxes for prior years </P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Change in income tax rates</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Effect from different tax rate applied at local level</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:252.2pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Effective income tax</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD><TD valign=bottom style=width:13.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>134,407</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>20</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>8.</B></KBD><KBD style=margin-left:36pt></KBD><B>Income taxes (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Reconciliation of deferred taxes</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Deferred tax assets and liabilities are attributed to the following items:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:534.65pt><TR style=height:7.2pt><TD valign=bottom style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(in CHF)</FONT></P>
</TD><TD valign=bottom style=width:54pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=3 valign=bottom style='width:144pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Balance at December 31, 2018</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Net balance at </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1</B></P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Recognized in profit or loss</B></P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Exchange differences</B></P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Recognized in OCI</B></P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Net</B></P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Deferred tax assets</B></P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Deferred tax liabilities</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:54pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:62pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:57.45pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:59.7pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:45.15pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:49.15pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:49.7pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivables</P>
</TD><TD valign=bottom style=width:54pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(3,511)</P>
</TD><TD valign=bottom style=width:62pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>10,570</P>
</TD><TD valign=bottom style=width:57.45pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,059</P>
</TD><TD valign=bottom style=width:49.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,059</P>
</TD><TD valign=bottom style=width:49.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee benefit liabilities</P>
</TD><TD valign=bottom style=width:54pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>31,348</P>
</TD><TD valign=bottom style=width:62pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>6,868</P>
</TD><TD valign=bottom style=width:57.45pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(13,971)</P>
</TD><TD valign=bottom style=width:45.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>24,245</P>
</TD><TD valign=bottom style=width:49.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>24,245</P>
</TD><TD valign=bottom style=width:49.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Tax loss carry-forwards</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>323,204</P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>52,459</P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>375,663</P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>375,663</P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Gross Tax assets (liabilities)</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>351,041</P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(13,971)</P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>406,967</P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>406,967</P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Set-off of tax</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net tax assets (liabilities)</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>406,967</P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:539.15pt><TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'><FONT style=font-size:10pt>(in CHF)</FONT></P>
</TD><TD valign=bottom style=width:54pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.45pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.7pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=3 valign=bottom style='width:144pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Balance at December 31, 2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Net balance at </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1</B></P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Recognized in profit or loss</B></P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Exchange differences</B></P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Recognized in OCI</B></P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Net</B></P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Deferred tax assets</B></P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Deferred tax liabilities</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:54pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:62pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:57.45pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:59.7pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:45.15pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:49.15pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:49.7pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivables</P>
</TD><TD valign=bottom style=width:54pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,777)</P>
</TD><TD valign=bottom style=width:62pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>4,266</P>
</TD><TD valign=bottom style=width:57.45pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(3,511)</P>
</TD><TD valign=bottom style=width:49.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,511</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee benefit liabilities</P>
</TD><TD valign=bottom style=width:54pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>24,885</P>
</TD><TD valign=bottom style=width:62pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,314</P>
</TD><TD valign=bottom style=width:57.45pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,149</P>
</TD><TD valign=bottom style=width:45.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>31,348</P>
</TD><TD valign=bottom style=width:49.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>31,348</P>
</TD><TD valign=bottom style=width:49.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Tax loss carry-forwards</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>196,377</P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>126,827</P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>323,204</P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>323,204</P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Gross Tax assets (liabilities)</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>213,485</P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>134,407</P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,149</P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>351,041</P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>354,552</P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,511</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Set-off of tax</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:162pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net tax assets (liabilities)</P>
</TD><TD valign=bottom style='width:54pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:62pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:57.45pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:59.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:45.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.15pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>354,552</P>
</TD><TD valign=bottom style='width:49.7pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,511</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Deferred tax assets including assets for unused tax loss carry-forwards and expected tax credits are only recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Tax loss carry forward</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The Company have the following tax losses carry forward:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:434pt><TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:94pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:17pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:17pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:94pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:17pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:86pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:17pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:73pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Expiration in 1 year -</P>
</TD><TD valign=bottom style=width:94pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Expiration in 2 years -</P>
</TD><TD valign=bottom style=width:94pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Expiration in 3 years -</P>
</TD><TD valign=bottom style=width:94pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Expiration in 4 years </P>
</TD><TD valign=bottom style=width:94pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>228,114</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Expiration in 5 years </P>
</TD><TD valign=bottom style=width:94pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>927,046</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>228,114</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Expiration in 6 years </P>
</TD><TD valign=bottom style=width:94pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>746,038</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>927,046</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>228,114</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Expiration in 7 years </P>
</TD><TD valign=bottom style='width:94pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>308,584</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>746,038</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>927,046</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:147pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total </P>
</TD><TD valign=bottom style='width:94pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,209,782</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,901,198</P>
</TD><TD valign=bottom style=width:17pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,155,160</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-0.05pt'>The above listed tax losses have a potential tax benefit of CHF 375,663 (2017: CHF 323,204). The Company expects to be able to use all incurred tax losses in the foreseeable future and have therefore recognized a deferred tax asset, based on the applicable tax rate.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>There is no unused tax loss carry forwards for which no deferred tax assets have been recognized.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>21</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>9.</B></KBD><KBD style=margin-left:36pt></KBD><B>Cash and cash equivalents, accounts receivables trade</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Cash and cash equivalents</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:439pt><TR style=height:7.2pt><TD valign=middle style=width:163.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:87.45pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:13.75pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:87.45pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:13.75pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:163.6pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:87.45pt;white-space:nowrap><P style='font:10pt Calibri;margin:0;color:#000000'><FONT style=font-size:10pt>&#160;</FONT></P>
</TD><TD valign=bottom style=width:13.75pt;white-space:nowrap><P style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:87.45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.75pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:73pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:163.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash at banks</P>
</TD><TD valign=bottom style='width:87.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD><TD valign=bottom style=width:13.75pt;white-space:nowrap><P align=right style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:87.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>119,723</P>
</TD><TD valign=bottom style=width:13.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>346,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:163.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total cash and cash equivalents</P>
</TD><TD valign=bottom style='width:87.45pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD><TD valign=bottom style=width:13.75pt;white-space:nowrap><P align=right style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:87.45pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>119,723</P>
</TD><TD valign=bottom style=width:13.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>346,329</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The fair value of cash and short-term deposits equals their carrying amount.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Accounts receivables</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:497pt><TR style=height:7.2pt><TD valign=middle style=width:200.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:90.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:18.65pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:18.65pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:200.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivables, gross - third</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>673,093</P>
</TD><TD valign=bottom style=width:18.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,289,408</P>
</TD><TD valign=bottom style=width:18.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,029,562</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:200.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivables, gross &#8211;&nbsp;related</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:18.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:18.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>62,666</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:200.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Allowance for bad debts</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(46,526)</P>
</TD><TD valign=bottom style=width:18.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(55,430)</P>
</TD><TD valign=bottom style=width:18.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(5,333)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:200.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total trade accounts receivable, net</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>626,567</P>
</TD><TD valign=bottom style=width:18.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,233,978</P>
</TD><TD valign=bottom style=width:18.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,086,895</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:395.9pt><TR style=height:7.2pt><TD valign=middle style=width:217pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=middle style='width:88.55pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:1.8pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:88.55pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:217pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:1.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:217pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Allowance for bad debts as of opening balance</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(55,430)</P>
</TD><TD valign=bottom style=width:1.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(5,333)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:217pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Impairment losses recognized on receivables</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>8,904</P>
</TD><TD valign=bottom style=width:1.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(50,097)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:217pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Impairment losses reversed</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:1.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:217pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Amounts recovered during the year</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:1.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:88.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:217pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Currency effects</P>
</TD><TD valign=bottom style='width:88.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:1.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:88.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:217pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Allowance for bad debts as at December 31</P>
</TD><TD valign=bottom style='width:88.55pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(46,526)</P>
</TD><TD valign=bottom style=width:1.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:88.55pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(55,430)</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>During the year, gains or losses of kCHF 9 (2017: kCHF -50) are included in the income statement.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Ageing analysis of receivables, trade (gross)</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>As at 31 December, the ageing analysis of receivables, trade (gross) is as follows:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:355.45pt><TR style=height:7.2pt><TD valign=bottom style=width:67.5pt;white-space:nowrap><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=middle style='width:187.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>past due gross</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:67.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style='width:52.8pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>Total</P>
</TD><TD valign=middle style='width:48pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>Current not due</P>
</TD><TD valign=middle style='width:47.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>&lt; 30 days</P>
</TD><TD valign=middle style='width:45.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>31-60 days</P>
</TD><TD valign=middle style='width:47.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>61-180 days</P>
</TD><TD valign=middle style='width:47.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>&gt; 180 days</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:67.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>2017</P>
</TD><TD valign=bottom style=width:52.8pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,289,408</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>343,605</P>
</TD><TD valign=bottom style=width:47.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>333,181</P>
</TD><TD valign=bottom style=width:45.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>15,606</P>
</TD><TD valign=bottom style=width:47.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>259,355</P>
</TD><TD valign=bottom style=width:47.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>337,661</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:67.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>2018</P>
</TD><TD valign=bottom style=width:52.8pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>673,093</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>157,312</P>
</TD><TD valign=bottom style=width:47.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>114,050</P>
</TD><TD valign=bottom style=width:45.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>35,419</P>
</TD><TD valign=bottom style=width:47.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>158,814</P>
</TD><TD valign=bottom style=width:47.15pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>207,498</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The above balance is shown gross. The provision for doubtful accounts amounts to kCHF -47 (2017: kCHF -55) of which 100% are attributable to receivables past due more than 180 days.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The directors consider that the carrying amount of trade accounts receivables is approximately equal to the fair value.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Past due but not impaired</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>As at 31 December 2018, trade receivables of CHF 469,255 (2017: CHF 890,373) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The other classes within trade and other receivables do not contain impaired assets and are not past due. Based on the credit history of these other classes, it is expected that these amounts will be received when due. The Company does not hold any collaterals in relation to these receivables.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>22</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>10.</B></KBD><KBD style=margin-left:36pt></KBD><B>Other current receivables</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Other receivables</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:493pt><TR style=height:7.2pt><TD valign=middle style=width:210.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:86.85pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:17.8pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:87.45pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:17.8pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:210.1pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:86.85pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:17.8pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:87.45pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:17.8pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:73pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:210.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Prepayments to suppliers</P>
</TD><TD valign=bottom style=width:86.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>30,741</P>
</TD><TD valign=bottom style=width:17.8pt;white-space:nowrap><P align=right style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:87.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>113,861</P>
</TD><TD valign=bottom style=width:17.8pt;white-space:nowrap><P align=right style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73pt;white-space:nowrap><P align=right style='font:10pt Calibri;margin:0;color:#000000'><FONT style=font-size:10pt>52,212</FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:210.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>VAT/sales tax receivables</P>
</TD><TD valign=bottom style='width:86.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>51,076</P>
</TD><TD valign=bottom style=width:17.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:87.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>35,156</P>
</TD><TD valign=bottom style=width:17.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>18,534</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:210.1pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total prepayments and accrued income</P>
</TD><TD valign=bottom style='width:86.85pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>81,817</P>
</TD><TD valign=bottom style=width:17.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:87.45pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>149,017</P>
</TD><TD valign=bottom style=width:17.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:73pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>70,746</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>11.</B></KBD><KBD style=margin-left:36pt></KBD><B>Accounts payables, trade</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:430.8pt><TR style=height:7.2pt><TD valign=middle style=width:144pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:93.45pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:11.1pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:93.45pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31,</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:11.1pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:77.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:144pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:93.45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:93.45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:77.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:144pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accounts payables, trade</P>
</TD><TD valign=bottom style=width:93.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>737,280</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:93.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>931,103</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:77.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>579,773</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>Accounts payables, trade are non-interest bearing and are normally settled on 30-day terms.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>12.</B></KBD><KBD style=margin-left:36pt></KBD><B>Other current liabilities</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:463.2pt><TR style=height:7.2pt><TD valign=middle style=width:189pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:89pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:11.1pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:11.1pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:189pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:89pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:74pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:189pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Social security payables</P>
</TD><TD valign=bottom style=width:89pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>241</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>27,491</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:74pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>45,398</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:189pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current liabilities &#8211;&nbsp;related parties</P>
</TD><TD valign=bottom style='width:89pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>183,360</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>21,229</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>10,417</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:189pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total other current liabilities</P>
</TD><TD valign=bottom style='width:89pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>183,601</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>48,520</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,815</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>13.</B></KBD><KBD style=margin-left:36pt></KBD><B>Accruals and deferred income</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:443pt><TR style=height:7.2pt><TD valign=middle style=width:160.3pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=middle style='width:89pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:15.35pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:89pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=middle style=width:15.35pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:74pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:160.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.35pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:89pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.35pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:74pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:160.3pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Service received, invoice pending</P>
</TD><TD valign=bottom style='width:89pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,670</P>
</TD><TD valign=bottom style=width:15.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>35,996</P>
</TD><TD valign=bottom style=width:15.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,032</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:160.3pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total Accruals and deferred income</P>
</TD><TD valign=bottom style='width:89pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,670</P>
</TD><TD valign=bottom style=width:15.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>35,996</P>
</TD><TD valign=bottom style=width:15.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,032</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>14.</B></KBD><KBD style=margin-left:36pt></KBD><B>Employee benefits</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:481.1pt><TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:84.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:15.4pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:84.25pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:15.4pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74.85pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:84.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:84.25pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:74.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee Benefits, current</P>
</TD><TD valign=bottom style=width:84.2pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:84.25pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:74.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Salaries/Bonuses</P>
</TD><TD valign=bottom style=width:84.2pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>14,873</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:84.25pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,434</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:74.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Holiday/Overtime accrual</P>
</TD><TD valign=bottom style='width:84.2pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>28,603</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:84.25pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>45,792</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,434</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total employee benefit, current</P>
</TD><TD valign=bottom style='width:84.2pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>43,476</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:84.25pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>71,226</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74.85pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,434</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:84.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:84.25pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:74.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:84.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:15.4pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:84.25pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:15.4pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74.85pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:84.2pt;border-top:1pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:84.25pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:74.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net defined benefit obligation (see Note 15)</P>
</TD><TD valign=bottom style=width:84.2pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>142,614</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:84.25pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>184,395</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:74.85pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>146,381</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other employee benefits, non-current</P>
</TD><TD valign=bottom style='width:84.2pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:84.25pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:207pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total employee benefit, non-current</P>
</TD><TD valign=bottom style='width:84.2pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>142,614</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:84.25pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>184,395</P>
</TD><TD valign=bottom style=width:15.4pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:74.85pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>146,381</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>23</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>15.</B></KBD><KBD style=margin-left:36pt></KBD><B>Employee benefits &#8211; pension plan asset / liabilities</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>General information</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company maintains one defined benefit plan in Switzerland. This plan complies with prevailing legal requirements to cover the employees in the event of death, disability and retirement. The plan is financed by employer and employee contributions in compliance with local legal and fiscal regulations.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Swiss pension plans are governed by the Swiss Federal Law on Occupational Retirement, Survivors, and Disability Pension Plans (BVG), which stipulates that pension plans are to be managed by independent, legally autonomous units. The assets of the pension plan are held within a separate foundation and cannot revert to the employer. Pension plans are overseen by a regulator as well as by a state supervisory body.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company&#8217;s pension fund is administered by AXA Pension Solutions AG.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The funding requirements are based on the pension fund,s actuarial measurement framework set out in the funding policies of the plan. The Fund is based on a separate actuarial valuation performed for funding purposes and may therefore differ from those used in assessing defined benefit liabilities.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Changes in the present value of defined benefit obligation and plan assets for the years ended December 31, 2018 and 2017 are as follows:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Amount recognized in balance sheet period end closing:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:461pt><TR style=height:7.2pt><TD valign=middle style=width:184pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:90.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:8.7pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:8.7pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:8.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:8.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Defined benefit obligation</P>
</TD><TD valign=bottom style=width:90.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(533,701)</P>
</TD><TD valign=bottom style=width:8.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(469,182)</P>
</TD><TD valign=bottom style=width:8.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(365,876)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Fair value of plan assets</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>391,087</P>
</TD><TD valign=bottom style=width:8.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>284,787</P>
</TD><TD valign=bottom style=width:8.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>219,495</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net defined benefit liability (asset)</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(142,614)</P>
</TD><TD valign=bottom style=width:8.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(184,395)</P>
</TD><TD valign=bottom style=width:8.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(146,381)</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Analysis of profit and loss charge/(credit)</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:422pt><TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:90.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:11.1pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Service cost (employer)</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,987</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>54,085</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest expense on defined benefit obligation</P>
</TD><TD valign=bottom style=width:90.7pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,852</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,827</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest (income) on plan assets</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,425)</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,738)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Administration expenses</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>235</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>183</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:229.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total charge/(credit) recognized in profit and loss</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>71,649</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,357</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Change in the present value of defined benefit obligation during the period:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:408.2pt><TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:83.95pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:15.3pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:83.95pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31,</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:83.95pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:83.95pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Defined benefit obligation, opening balance</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(469,182)</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(365,876)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest expense on defined benefit obligation</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(3,852)</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,827)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Current service cost (employer)</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(69,987)</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(54,085)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Contributions by plan participants</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(25,558)</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(29,345)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Benefits (paid) / deposited</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(66,563)</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,501</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Administration expenses</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(235)</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:83.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(183)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Actuarial (gain) / loss on DBO (balancing figure)</P>
</TD><TD valign=bottom style='width:83.95pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>101,676</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:83.95pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(24,367)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:225pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Defined benefit obligation, period end balance</P>
</TD><TD valign=bottom style='width:83.95pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(533,701)</P>
</TD><TD valign=bottom style=width:15.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:83.95pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(469,182)</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>24</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>15.</B></KBD><KBD style=margin-left:36pt></KBD><B>Employee benefits &#8211;&nbsp;pension plan asset / liabilities (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Change in the present value of the plan assets during the period:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:392pt><TR style=height:7.2pt><TD valign=middle style=width:204pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:16pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Fair value of plan assets, opening balance</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>284,787</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>219,495</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest income on plan assets</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,425</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,738</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Contributions by the employer</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>31,248</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>35,865</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Contributions by plan participants</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,558</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>29,345</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Benefits (paid) / deposited</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>66,563</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:86pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,501)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Return on plan assets excl. interest income</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(19,494)</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,845</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Defined benefit obligation, period end balance</P>
</TD><TD valign=bottom style='width:86pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>391,087</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>284,787</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Analysis of amounts recognized in OCI:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:392pt><TR style=height:7.2pt><TD valign=middle style=width:204pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:16pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Actuarial (gain) / loss on DBO</P>
</TD><TD valign=bottom style='width:86pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>101,676</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(24,367)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Return on plan assets excl. interest income</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(19,494)</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,845</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total defined benefit cost recognized in OCI</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>82,182</P>
</TD><TD valign=bottom style=width:16pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:86pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18522</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Key financial assumptions:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:398.3pt><TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:51.95pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:18.95pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:51.95pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Discount rate at 1.1.</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.70%</P>
</TD><TD valign=middle style=width:18.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.70%</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Discount rate at 31.12.</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.90%</P>
</TD><TD valign=middle style=width:18.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.70%</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest rate on retirement savings capital (IR) at 31.12.</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.90%</P>
</TD><TD valign=middle style=width:18.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.70%</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Future salary increases (SI) at 31.12.</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1.00%</P>
</TD><TD valign=middle style=width:18.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1.00%</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Date of last actuarial valuation</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>31/12/18</P>
</TD><TD valign=middle style=width:18.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>31/12/17</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>Mortality tables</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>BVG2015</P>
</TD><TD valign=middle style=width:18.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>BVG2015</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:18.95pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>GT</P>
</TD><TD valign=middle style=width:18.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.95pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>GT</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Plan assets classes:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:396.5pt><TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:52pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:20pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:48pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Quoted market price</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash and cash equivalents</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,699</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>4140</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Equity Instruments</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>91,886</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>66,911</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Debt instruments (e.g. bonds) </P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>116,835</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>85,076</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Real estate</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>91,015</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>66,277</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Others</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:52pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>40,206</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>29,278</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>Total plan assets at fair value (quoted market price)</I></P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:52pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>345,641</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>251,695</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>Non-quoted market price</I></P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash and cash equivalents</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>394</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>287</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Equity instruments</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Debt instruments (e.g. bonds) Real estate</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,346</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,707</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Real estate</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Others</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:52pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>42,706</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>31,098</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>Total plan assets at fair value (non-quoted market price)</I></P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:52pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>45,446</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>33,092</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:256.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><FONT style=font-size:10pt>Total plan assets at fair value</FONT></P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:52pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>391,087</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>284,787</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>25</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>15.</B></KBD><KBD style=margin-left:36pt></KBD><B>Employee benefits &#8211;&nbsp;pension plan asset / liabilities (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Sensitivity analysis &#8211;&nbsp;impact on DBO:</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:361pt><TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:52pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:20pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:48pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style='width:221pt;border-top:1pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>DBO at 31.12. with DR -0.25%</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:52pt;border-top:1pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>558,001</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;border-top:1pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>492,271</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>DBO at 31.12. with DR +0.25%</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>511,216</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>447,837</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>DBO at 31.12. with IR -0.25%</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>524,200</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>462,571</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>DBO at 31.12. with IR +0.25%</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>543,455</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>475,945</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>DBO at 31.12. with SI -0.25%</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>531,433</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>465,550</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>DBO at 31.12. with SI +0.25%</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>537,201</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>474,209</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>DBO at 31.12. with life expectancy +1 year</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>539,634</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>472,695</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>DBO at 31.12. with life expectancy -1 year</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>527,906</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>465,938</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>SC of next year with DR +0.25%</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,426</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>64,983</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:221pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>SC of next year with DR -0.25%</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>28,157</P>
</TD><TD valign=bottom style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>71,456</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Other information</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:412pt><TR style=height:7.2pt><TD valign=middle style=width:272pt><P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:20pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:52pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:20pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:48pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:272pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Weighted average duration of defined benefit obligation in years</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:52pt;border-top:1pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>17.7</P>
</TD><TD valign=middle style=width:20pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:48pt;border-top:1pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>19.1</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The Company expects to pay CHF 22,431 in contributions to its defined benefit plan in the next financial year.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>16.</B></KBD><KBD style=margin-left:36pt></KBD><B> Property, plant and equipment &amp; Intangible assets</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:463.1pt><TR style=height:7.2pt><TD valign=middle style=width:204.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF) </P>
</TD><TD valign=bottom style=width:89pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:11.1pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.85pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:11.1pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:74pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204.05pt><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:89pt;border-top:1pt solid #000000'><P style='font:7.5pt Arial;margin:0;color:#000000'><FONT style='font-family:Times New Roman'>&#160;</FONT></P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P style='font:7.5pt Arial;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:73.85pt;border-top:1pt solid #000000'><P style='font:7.5pt Arial;margin:0;color:#000000'><FONT style='font-family:Times New Roman'>&#160;</FONT></P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P style='font:7.5pt Arial;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:74pt;border-top:1pt solid #000000'><P style='font:7.5pt Arial;margin:0;color:#000000'><FONT style='font-family:Times New Roman'>&#160;</FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Property, plant and equipment (Hardware)</P>
</TD><TD valign=bottom style=width:89pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,528</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,089</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:74pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>11,915</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:204.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Intangible assets (Software)</P>
</TD><TD valign=bottom style=width:89pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:73.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>23,775</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:74pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,289</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>26</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>16.</B></KBD><KBD style=margin-left:36pt></KBD><B> Property, plant and equipment &amp; Intangible assets (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Property, plant and equipment &amp; Intangible assets</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:429pt><TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cost</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Hardware</B></P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Software</B></P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Other </B></P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>At January 1, 2017</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>14,128</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,289</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>39,417</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Additions</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>4,430</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>4,430</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Disposals</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Exchange differences</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>At December 31, 2017</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>14,128</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>29,719</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>43,847</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Additions</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Disposals</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(11,773)</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(29,719)</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>41,492</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Exchange differences</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>At December 31, 2018</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,355</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,355</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'>Accumulated amortization and impairment </FONT></P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>At January 1, 2017</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,213</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,213</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Amortization/Depreciation for the period</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,826</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,944</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>8,770</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Disposals</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Exchange differences</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>At 31 December 2017</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,039</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,944</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>10,983</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Amortization/Depreciation for the period</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,826</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,944</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>8,770</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Disposals</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,038)</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(11,888)</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,926)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Reclassifications / Transfer in use</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Exchange differences</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>At December 31, 2018</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>827</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>827</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net book value as at January 1, 2017</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>11,915</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,289</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>37,204</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net book value as at December 31, 2017</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,089</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>23,775</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>32,864</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:50.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net book value as at December 31, 2018</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,528</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:50.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,528</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>In 2018 Soft- and Hardware was sold to Swissphone Wireless AG. The transaction took place at residual book value; therefore no gain or loss was realized.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>27</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>17. </B></KBD><KBD style=margin-left:36pt></KBD><B>Loans and borrowings</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Loans and borrowings</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:566.55pt><TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:51.6pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:56.4pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=middle style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, 2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style='width:51.6pt;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Interest rate %</B></P>
</TD><TD valign=bottom style='width:56.4pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Maturity</B></P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Original</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>currency</B></P>
</TD><TD valign=middle style=width:80.75pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:80.75pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:66pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=bottom style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=top style='width:51.6pt;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:56.4pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:51.05pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:80.75pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:80.75pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:66pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt;color:#000000'><I>Non-Current interest-bearing loans and borrowings</I></P>
</TD><TD valign=top style=width:51.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:56.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:51.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:80.75pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:80.75pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:66pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loan from related party (Lorymo AG) </P>
</TD><TD valign=top style=width:51.6pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5%</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>10/23/2018</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>CHF</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>345,000</P>
</TD><TD valign=bottom style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>500,000</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt;color:#000000'><I>Total non-Current interest-bearing loans and borrowings</I></P>
</TD><TD valign=top style=width:51.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>345,000</P>
</TD><TD valign=bottom style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>500,000</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt;color:#000000'>&nbsp;</P>
</TD><TD valign=top style=width:51.6pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:66pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt;color:#000000'><I>Non-Current non-interest-bearing loans and borrowings</I></P>
</TD><TD valign=top style=width:51.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:66pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loan from shareholder </P>
</TD><TD valign=top style=width:51.6pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5%</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>none</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>CHF</P>
</TD><TD valign=bottom style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,601,825</P>
</TD><TD valign=bottom style=width:66pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,286,270</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loan from related parties </P>
</TD><TD valign=top style=width:51.6pt><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5%</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>none</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>CHF</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>297,459</P>
</TD><TD valign=bottom style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>123,059</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt;color:#000000'><I>Total non-Current non-interest-bearing loans and borrowings</I></P>
</TD><TD valign=top style=width:51.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,899,284</P>
</TD><TD valign=bottom style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,409,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=top style=width:51.6pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:66pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total non-current loans and borrowings</P>
</TD><TD valign=top style=width:51.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style='width:80.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,244,284</P>
</TD><TD valign=bottom style='width:66pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,909,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:180pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Thereof under subordination</P>
</TD><TD valign=top style=width:51.6pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:56.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,137,077 </P>
</TD><TD valign=middle style=width:80.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,146,200 </P>
</TD><TD valign=middle style=width:66pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,909,329 </P>
</TD></TR>
</TABLE>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Reconciliation of movements of liabilities to cash flows arising from financing activities</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:462.9pt><TR style=height:7.2pt><TD valign=top style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Non-current, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>shareholder</B></P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Non-current, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>related parties</B></P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Non-current, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Balance at 01/01/17</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,286,270</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>623,059</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,909,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Changes from financing cash flows</P>
</TD><TD valign=bottom style=width:81.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:89.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Proceeds from loans and borrowings</P>
</TD><TD valign=bottom style=width:81.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>315,555</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>174,400</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>489,955</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Repayment of loans and borrowings</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(155,000)</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(155,000)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total changes from financing cash flows</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>315,555</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>19,400</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>334,955</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Effect of changes in foreign exchange rates</P>
</TD><TD valign=bottom style=width:81.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest expenses (see Note 7)</P>
</TD><TD valign=bottom style=width:81.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>21,229</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>21,229</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest paid</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(21,229)</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(21,229)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total other changes</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Balance at 31/12/17</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,601,825</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>642,459</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,244,284</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Changes from financing cash flows</P>
</TD><TD valign=bottom style=width:81.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:89.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Proceeds from loans and borrowings</P>
</TD><TD valign=bottom style=width:81.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>535,252</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>535,252</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Repayment of loans and borrowings</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(642,459)</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(642,459)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total changes from financing cash flows</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>535,252</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(642,459)</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(107,207)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Effect of changes in foreign exchange rates</P>
</TD><TD valign=bottom style=width:81.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest expenses (see Note 7)</P>
</TD><TD valign=bottom style=width:81.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:80.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>12,938</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:89.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>12,938</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest paid</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(12,938)</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(12,938)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total other changes</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:188.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Balance at 31/12/18</P>
</TD><TD valign=bottom style='width:81.1pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:80.8pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:11.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:89.9pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>28</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>18.</B></KBD><KBD style=margin-left:36pt></KBD><B> Financial risk management objectives and policies</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Capital management</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The objectives when managing capital are to safeguard the Company&#8217;s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure. In order to maintain or adjust the capital structure, the Company may repay capital to shareholders, issue new capital or sell assets to reduce debt.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>By ensuring the Company adheres to defined debt/equity ratio covenant limits and other covenants under the Company&#8217;s financing arrangements, management meets the primary capital risk objective.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company&#8217;s policy is to keep the net debt to adjusted equity ratio below 4. The Company&#8217;s adjusted net debt to equity ratio was as follows.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:351.3pt><TR style=height:7.2pt><TD valign=top style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=bottom style='width:77.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total liabilities</P>
</TD><TD valign=bottom style=width:77.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,299,718</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,519,035</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Less: Total loans under subordination</P>
</TD><TD valign=bottom style=width:77.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,137,077)</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,146,200)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Less: cash and cash equivalents</P>
</TD><TD valign=bottom style='width:77.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(280,884)</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(119,723)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net debt adjusted</P>
</TD><TD valign=bottom style='width:77.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>881,757</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,253,112</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total equity</P>
</TD><TD valign=bottom style=width:77.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,901,955)</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,628,901)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total loans under subordination</P>
</TD><TD valign=bottom style='width:77.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,146,200</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total adjusted equity</P>
</TD><TD valign=bottom style='width:77.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>235,122</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>517,299</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:184.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Net debt to adjusted equity ratio</P>
</TD><TD valign=bottom style='width:77.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3.75</P>
</TD><TD valign=bottom style=width:13.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2.42</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Capital risk management</FONT></P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company&#8217;s board of directors has overall responsibility for establishment and oversight of the Company&#8217;s risk management framework. Risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and to monitor risks and adherence to limits. These related processes are regularly performed in order to reflect changes in market conditions and the Company&#8217;s activities.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company&#8217;s principal financial instruments comprise shareholder loans and cash. The main purpose of these financial instruments was to finance the operations of the Company. The Company has various other financial assets and liabilities such as trade receivables and payables, which arise directly from its operations.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The main risks arising from the Company&#8217;s financial instruments are credit, and liquidity risks. The Board reviews and determines policies for managing each of these risks, as summarized below. The general entrepreneurial risks include operational, strategic and legal risks which the Company also monitors, analyses and controls. The interest rate risk and the foreign currency risk is only minor for the Company. As of 31 December 2018, there is no interest-bearing loan. Furthermore, does the Company not have significant balance sheet items in foreign currencies.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Credit risk</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Credit risk contains the danger of a financial loss that arises from one third party being unable or unwilling to fulfil its contractual payment obligations. The credit risk thus contains not only the immediate risk of default but also the risk of an impaired credit rating along with the risk of concentration of individual risk. The Company has a well distributed customer base. On one hand this helps to reduce the credit risk, on the other hand this may present some additional risk as a material portion of the business is done in very small transactions. The Company has set up a policy to minimize credit risk and monitor its clients. Key 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 Company&#8217;s exposure to bad debts was not significant.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The maximum exposure to the credit risk is represented by the carrying amount of each financial asset. To reduce the possibility of bad debt, it is the Company&#8217;s policy to have an as short as possible trading term of payment from its customers, which is usually between 3-30 days. It is recognized however that in certain countries and for certain customers, this policy has to be extended. The Company therefore monitors, at an individual customer level, its accounts receivable by payment due date rather than the number of days from invoice date. No concentrations of credit risk are currently present.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>29</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>18.</B></KBD><KBD style=margin-left:36pt></KBD><B> Financial risk management objectives and policies (continued)</B>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>A provision for bad debt is determined on both an individual basis and a general basis. An individual provision is determined when a customer disputes the amount due or if legal steps have been taken to recover the overdue amount. For all other amounts, a general bad debt provision is determined. Ageing and bad debt movements are disclosed in Note 9.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>With respect to credit risk arising from other financial assets of the Company (e.g. cash and cash equivalents), the Company&#8217;s exposure to credit risk arises from the default of the counterparty, with a maximum amount equal to the carrying amount of these instruments.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Liquidity risk</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'> Liquidity risk is the danger that the Company will be not able to meet its financial obligations as they fall due (e.g. settlement of its financial debt or paying its suppliers). Beyond net working capital and cash management, the Company mitigates liquidity risk by arranging borrowing facilities of varying terms mainly with the shareholder.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The table below reflects all contractually fixed pay&#8211;offs for settlement, interest and repayments resulting from recognized financial liabilities. The risk implied from the values shown in the table, reflects the one-sided scenario of cash outflow only. Trade payables and other financial liabilities mainly originate from the financing of assets used in ongoing operations such as property, plant, equipment and investments in working capital e.g. trade receivables. These assets are to be considered against the cash outflows mentioned.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The envisaged financing structure results in a well-balanced plan of cash flow in line with the financial and macroeconomic environment that allows the Company an improved control of the liquidity risk in the coming years. Unused loan facilities at the end of 2018 amounted to CHF 0 (2017: CHF 0). Current budget and midterm planning shows the Company&#8217;s ability to maintain a sufficient level of liquidity headroom.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Maturity profile of financial liabilities</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:508.75pt><TR style=height:7.2pt><TD valign=top style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>2018 (in CHF)</P>
</TD><TD valign=bottom style=width:76.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD colspan=4 valign=bottom style='width:238.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Contractual cash flows</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:76.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Weighted </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>average </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>effective</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>interest</B></P>
</TD><TD valign=bottom style='width:58.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Carrying </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Amount</B></P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Maturity</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&lt; 1 year</B></P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Maturity</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&gt; 1-5 year</B></P>
</TD><TD valign=bottom style='width:72.25pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Maturity</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&gt; 6-10 year</B></P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Maturity</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&gt; 10 year</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:76.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:58.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:55.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&#160;</P>
</TD><TD valign=middle style=width:55.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:72.25pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:55.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Account payables, trade</P>
</TD><TD valign=bottom style=width:76.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>n/a</P>
</TD><TD valign=bottom style=width:58.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>737,280</P>
</TD><TD valign=bottom style=width:55.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>737,280</P>
</TD><TD valign=bottom style=width:55.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.25pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:55.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>All other current liabilities</P>
</TD><TD valign=bottom style=width:76.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>n/a</P>
</TD><TD valign=bottom style=width:58.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>282,506</P>
</TD><TD valign=bottom style=width:55.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>282,506</P>
</TD><TD valign=bottom style=width:55.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.25pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:55.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loans, shareholder</P>
</TD><TD valign=bottom style='width:76.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5%</P>
</TD><TD valign=bottom style='width:58.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>106,854</P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>427,415</P>
</TD><TD valign=bottom style='width:72.25pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>534,269</P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total</P>
</TD><TD valign=bottom style='width:76.5pt;white-space:nowrap;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,156,863</P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,126,640</P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>427,415</P>
</TD><TD valign=bottom style='width:72.25pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>534,269</P>
</TD><TD valign=bottom style='width:55.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:507.4pt><TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>2017 (in CHF)</P>
</TD><TD valign=middle style=width:76.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=middle style='width:237.4pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Contractual cash flows</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:76.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Weighted average effective interest</B></P>
</TD><TD valign=bottom style='width:58.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Carrying Amount</B></P>
</TD><TD valign=bottom style='width:54pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Maturity</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&lt; 1 year</B></P>
</TD><TD valign=bottom style='width:54pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Maturity</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&gt; 1-5 year</B></P>
</TD><TD valign=bottom style='width:76.6pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Maturity</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&gt; 6-10 year</B></P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Maturity</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&gt; 10 year</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:76.5pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:58.5pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:54pt;white-space:nowrap;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>&#160;</B></P>
</TD><TD valign=middle style='width:54pt;white-space:nowrap;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:76.6pt;white-space:nowrap;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:52.8pt;white-space:nowrap;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Account payables, trade</P>
</TD><TD valign=bottom style=width:76.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>n/a</P>
</TD><TD valign=bottom style=width:58.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>931,103</P>
</TD><TD valign=bottom style=width:54pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>931,103</P>
</TD><TD valign=bottom style=width:54pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:76.6pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>All other current liabilities</P>
</TD><TD valign=bottom style=width:76.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>n/a</P>
</TD><TD valign=bottom style=width:58.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>128,251</P>
</TD><TD valign=bottom style=width:54pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>128,251</P>
</TD><TD valign=bottom style=width:54pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:76.6pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loans, shareholder</P>
</TD><TD valign=bottom style=width:76.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5%</P>
</TD><TD valign=bottom style=width:58.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,601,825</P>
</TD><TD valign=bottom style=width:54pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>80,091</P>
</TD><TD valign=bottom style=width:54pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>320,365</P>
</TD><TD valign=bottom style=width:76.6pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>400,456</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,601,825</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loans, related parties</P>
</TD><TD valign=bottom style='width:76.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>5%</P>
</TD><TD valign=bottom style='width:58.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>642,459</P>
</TD><TD valign=bottom style='width:54pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>32,123</P>
</TD><TD valign=bottom style='width:54pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>674,582</P>
</TD><TD valign=bottom style='width:76.6pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total</P>
</TD><TD valign=bottom style=width:76.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.5pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,303,638</P>
</TD><TD valign=bottom style='width:54pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,171,568</P>
</TD><TD valign=bottom style='width:54pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>994,947</P>
</TD><TD valign=bottom style='width:76.6pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>400,456</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,601,825</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Company Liquidity analysis for its derivative financial instruments</FONT></P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Company does not hold any open derivative financial instruments as at 31 December 2018 or 31 December 2017. Therefore, no liquidity analysis for derivative financial instruments is to be disclosed in 2018 or 2017.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>30</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>19.</B></KBD><KBD style=margin-left:36pt></KBD><B> Recognized fair value measurements for financial and non-financial instruments</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Comparison by category of Company&#8217;s financial and non-financial instruments</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>This note explains the judgements and estimates made in determining the fair values of the financial and non-financial assets that are recognized and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial and non-financial assets and liabilities into the three levels prescribed under the accounting standards. An explanation of each level is provided in Note 3.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:533.8pt><TR style=height:7.2pt><TD valign=middle style='width:289pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, 2018 (in CHF)</B></P>
</TD><TD valign=middle style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note</B></P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 1</B></P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 2</B></P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 3</B></P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:289pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:289pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivable (net) </P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>626,567</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:289pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current receivables</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>30741</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:289pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total financial assets at amortized cost</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>657,308</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:289pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accounts payable, trade</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>11</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>737,280</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:289pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current liabilities, accruals and deferred income </P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>282,506</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style='width:289pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Long-term debt</P>
</TD><TD valign=middle style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>17</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:289pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total financial liabilities at amortized cost</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,113,628</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:534.65pt><TR style=height:7.2pt><TD valign=middle style='width:288pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>At December 31, 2017 (in CHF)</B></P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note</B></P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 1</B></P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 2</B></P>
</TD><TD valign=bottom style='width:49.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 3</B></P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:49.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:49.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>119,723</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivable (net) </P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,233,978</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style='width:288pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current receivables</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:49.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>113,861</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total financial assets at amortized cost</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,347,839</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accounts payable, trade</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>11</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>931,103</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current liabilities, accruals and deferred income </P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>128,251</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style='width:288pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Long-term debt</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:49.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,244,284</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style='width:288pt;white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total financial liabilities at amortized cost</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:49.85pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,259,903</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style='width:288pt;white-space:nowrap;border-bottom:1pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>At January 1,2017 (in CHF)</B></P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:1pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note</B></P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 1</B></P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 2</B></P>
</TD><TD valign=bottom style='width:49.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>Level 3</B></P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>346,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivable (net) </P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>9</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,086,895</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style='width:288pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current receivables</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:49.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>66,009</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total financial assets at amortized cost</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,152,904</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accounts payable, trade</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>11</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>579,773</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:288pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current liabilities, accruals and deferred income </P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:49.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:49.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:52.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>90,281</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style='width:288pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Long-term debt</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:49.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,909,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style='width:288pt;white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total financial liabilities at amortized cost</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:49.5pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:49.85pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style='width:52.8pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,553,949</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>In the periods presented the Company does not have any financial assets categorized as FVTPL and FVOCI. The carrying amounts of financial assets and financial liabilities equal the amortized cost values.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>20.</B></KBD><KBD style=margin-left:36pt></KBD><B>Contingent liabilities</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The Company does not have any contingent liabilities</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>21.</B></KBD><KBD style=margin-left:36pt></KBD><B>Lease commitments</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Operating leases</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The Company has not entered into any operating lease contract.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Finance leases</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The Company has not entered into any finance lease contract.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>31</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>22.</B></KBD><KBD style=margin-left:36pt></KBD><B>Currency rates applied</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Currency Rates Table</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:380.45pt><TR style=height:7.2pt><TD valign=top style=width:94.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(In CHF)</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:47.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Average annual rates </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:45.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year-end rates </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:46.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Average annual rates </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:43.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year-end rates 2017</B></P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:43.3pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year-end rates 2016</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:94.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>USD (US-Dollar) </P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:47.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.97771</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.98319</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:46.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.09845</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:43.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>0.97380</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:43.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1.01887</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:94.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>EUR (Euro) </P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:47.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1.15500</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1.12640</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:46.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1.11210</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:43.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1.17070</P>
</TD><TD valign=bottom style=width:12pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:43.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1.07364</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>23.</B></KBD><KBD style=margin-left:36pt></KBD><B>Related party disclosures</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Compensation of key management personnel</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The following table provides the total compensation for 1.5 (2017: 2.5) directors and key management personnel of the Company:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:392.3pt><TR style=height:7.2pt><TD valign=middle style=width:185.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:93.45pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Period ended</B></P>
</TD><TD valign=middle style=width:20pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:93.45pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Period ended</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:185.4pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:93.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=middle style=width:20pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:93.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:185.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Short-term employee benefits</P>
</TD><TD valign=bottom style=width:93.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>443,523</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:93.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>610,349</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:185.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Post-employment pension benefits</P>
</TD><TD valign=bottom style='width:93.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>67,380</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:93.45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>58,118</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:185.4pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total compensation to key management</P>
</TD><TD valign=bottom style='width:93.45pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>510,903</P>
</TD><TD valign=bottom style=width:20pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:93.45pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>668,467</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Director Loan</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>No Director loan was granted in 2017 and 2018.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Majority Shareholders / Ultimate controlling party</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>At 31 December 2018 Mr. Ralf K&#246;hler owns 100% of the ordinary shares of the Company. As of December 31, 2017 and January 1, 2017 Swissphone Holding AG owned 95% of the shares. The residual 5% were hold by a third-party investor.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Balances with related parties</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The following balances existed with related parties</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:407.45pt><TR style=height:7.2pt><TD valign=top style='width:135pt;white-space:nowrap;border-bottom:1pt solid #000000'><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=bottom style='width:95.2pt;white-space:nowrap;border-bottom:1pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31,</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD><TD valign=bottom style='width:95.2pt;white-space:nowrap;border-bottom:1pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31,</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD><TD valign=bottom style='width:82.05pt;white-space:nowrap;border-bottom:1pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1,</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:95.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:95.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:82.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current liabilities</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(183,601)</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(21,229)</P>
</TD><TD valign=bottom style=width:82.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(45,157)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loans, shareholder</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,137,077)</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,601,825)</P>
</TD><TD valign=bottom style=width:82.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(623,059)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:135pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivables</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:82.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>62,666</P>
</TD></TR>
</TABLE>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The outstanding balances with related parties are priced on an arm&#8217;s length basis and are to be settled in cash. None of the balances is secured. No guarantees have been given or received.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The following transactions were carried out with related parties.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Transactions with related parties</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:357.4pt><TR style=height:7.2pt><TD valign=middle style=width:153pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>(in CHF)</P>
</TD><TD valign=middle style=width:95.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Period ended</B></P>
</TD><TD valign=middle style=width:14pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:95.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Period ended</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:153pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:95.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, 2018</B></P>
</TD><TD valign=middle style=width:14pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style='width:95.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, 2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:153pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Material costs</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(170,933)</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(222,969)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:153pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other operating expenses</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(29,666)</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(35,506)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:153pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Financial income (interests)</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(12,938)</P>
</TD><TD valign=bottom style=width:14pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:95.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(21,229)</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>32</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>23.</B></KBD><KBD style=margin-left:36pt></KBD><B>Related party disclosures (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Definition of related parties</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Until 2018 the Company was a subsidiary of Swissphone Holding AG and therefore part of the Swissphone Group. As of 31. December 2017 and 1 January 2017 respectively for the period 2017 all subsidiaries of Swissphone Holding AG are a related party. As of 31. December 2018 and the period 2018 the Swissphone Group is third party.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Furthermore, as of 31. December 2018, 31 December 2017 and 1 January 2017, as well as the periods 2018 and 2017 the Lorymo AG, Mr. Ralf K&#246;hler and Ms. Dinah Sarah K&#246;hler are related parties.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>24.</B></KBD><KBD style=margin-left:36pt></KBD><B>Transition to IFRS</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>As stated in Note 2, these are the Company&#8217;s first financial statements prepared in accordance with IFRSs.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The accounting policies set out in Notes 3 have been applied in preparing the financial statements for the year ended 31 December 2018, the comparative information presented for the year ended 31 December 2017 and in preparation of an opening IFRS statement of financial position at 1 January 2017 (the Company&#8217;s date of transition to IFRSs).</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>In preparing its opening IFRS statement of financial position, the Company has adjusted amounts reported previously in its financial statements prepared in accordance with Swiss Code of Obligations. An explanation of how the transition from Swiss Code of Obligations to IFRSs has affected the Company&#8217;s financial position, financial performance and cash flows is set out in the following tables and the Notes that accompany the tables.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Exemptions applied</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>IFRS 1 allows first-time adopters certain exemptions from the retrospective application of certain requirements under IFRS. The Company has applied the following exemptions:</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>IFRS 3 Business Combinations should not be applied to either acquisitions of subsidiaries that are considered businesses under IFRS, or acquisitions of interests in associates and joint ventures that occurred before 1 January 2017. Use of this exemption means that the Swiss Code of Obligations carrying amounts of assets and liabilities, that are required to be recognized under IFRS, is their deemed cost at the date of the acquisition. After the date of the acquisition, measurement is in accordance with IFRS. Assets and liabilities that do not qualify for recognition under IFRS are excluded from the opening IFRS statement of financial position.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>The Company applies IFRS 1.D34 in connection with the practical expedient in IFRS 15.C(5)(c) and does not disclose the amount of the transaction price allocated to remaining performance obligations and an explanation of when the Company expects to recognise that amount as revenue for the year ended 31 December 2016.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin-top:0.55pt;margin-bottom:0pt;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>The Company applies the exemption in IFRS 1.D35 and does not restate contracts that were completed before 1 January 2017. A completed contract is a contract for which the Company has transferred all of the goods or services identified in accordance with Swiss Code of Obligations.&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>33</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Arial;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>24.</B></KBD><KBD style=margin-left:36pt></KBD><B>Transition to IFRS (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Reconciliation of Equity</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:458.35pt><TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD colspan=4 valign=bottom style='width:252.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>01/01/2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>In CHF</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note</B></P>
</TD><TD valign=bottom style='width:67.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Swiss Code of Obligations</B></P>
</TD><TD valign=bottom style='width:53.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Reclass</B></P>
</TD><TD valign=bottom style='width:72.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Effect of transition to IFRS</B></P>
</TD><TD valign=bottom style='width:59.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>IFRS</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:67.7pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:53.15pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:72.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:59.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash and cash equivalents</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>346,329</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(45,748)</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>346,329</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivable</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>F</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,041,147</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,086,895</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current receivables</P>
</TD><TD valign=top style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>70,746</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>70,746</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Prepayments/accrued income</P>
</TD><TD valign=top style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>13,797</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>13,797</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total current assets</P>
</TD><TD valign=top style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,472,019</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,517,767</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Deferred tax assets</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>A/C</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>221,262</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>221,262</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Property, plant and equipment</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>E</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>37,204</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(25,289)</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>11,915</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Intangible assets</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>D/E</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>15,000</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,289</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(15,000)</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,289</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total non-current assets</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>52,204</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>258,466</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TOTAL ASSETS</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,524,223</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,776,233</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accounts payable, trade</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>579,773</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>579,773</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accruals and deferred income</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>B</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>34,466</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(25,434)</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,032</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee benefits</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>B</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,434</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>25,434</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current liabilities</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(55,574)</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>241</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,815</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total current liabilities</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>669,813</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>670,054</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Long-term debt</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>623,059</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>623,059</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loans shareholder</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,286,270</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,286,270</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Deferred tax liabilities</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>F</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>241</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(241)</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,777)</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,777</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee benefits</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>A</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>146,381</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>146,381</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total non-current liabilities</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,909,570</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,063,487</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TOTAL LIABILITIES</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,579,383</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,733,541</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Share capital</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Retained earnings</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>ACDF</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,155,160)</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>97,852</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,057,308)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TOTAL EQUITY</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,055,160)</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(957,308)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:157.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TOTAL LIAB. AND EQUITY</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:67.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,524,223</P>
</TD><TD valign=bottom style=width:53.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:72.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,776,233</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Notes to the reconciliation</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Notes to the transition as of January 1, 2017</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>A)</KBD>The Company has applied IAS 19 Employee Benefits to its post-employment benefit plan: The effect is to increase non-current employee benefit liabilities by CHF 146,381 at 1 January 2017. A deferred tax asset was capitalized using the Company&#8217;s tax rate of 17%, which resulted in a deferred tax asset of CHF 24,885.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>B)</KBD>Reclass of holiday/social security accrual&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>C)</KBD>Capitalization of unused tax losses of CHF 1,155,160 using the Company&#8217;s tax rate of 17%, which resulted in a deferred tax asset of CHF 196,377.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>D)</KBD>The amount of CHF 15,000 is related to a business combination before the transition date to IFRS. The Company applies the exemption, that IFRS 3 Business Combinations should not be applied to either acquisitions of subsidiaries that are considered businesses under IFRS, or acquisitions of interests in associates and joint ventures that occurred before 1 January 2017. The amount is fully eliminated against retained earnings. No deferred tax effect was accounted for, as the impairment or depreciation of such a Goodwill is not taxable expense according to Swiss tax law.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>E)</KBD>Reclass Software to intangible assets&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>F)</KBD>Adjustment of bad debt reserve according to IFRS 9 and related tax effect.&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>34</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>24.</B></KBD><KBD style=margin-left:36pt></KBD><B>Transition to IFRS (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Reconciliation of Equity and Total Comprehensive Income</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse><TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>In CHF</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style='width:242.6pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>12/31/17</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:32.2pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Note</B></P>
</TD><TD valign=bottom style='width:69.1pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Swiss code</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Of</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Obligations</B></P>
</TD><TD valign=bottom style='width:61.65pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Reclass</B></P>
</TD><TD valign=bottom style='width:57.3pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Effect of</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Transition</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>to IFRS</B></P>
</TD><TD valign=bottom style='width:54.55pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>IFRS</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Cash and cash equivalents</P>
</TD><TD valign=top style='width:32.2pt;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:69.1pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>119,723</P>
</TD><TD valign=bottom style='width:61.65pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style='width:57.3pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style='width:54.55pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>119,723</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Trade accounts receivable</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>G</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>1,213,327</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>20,651</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>1,233,978</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Other current receivables</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>149,017</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>149,017</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Total current assets</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>1,482,067</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>1,502,718</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Deferred tax assets</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>A/C</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>354,552</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>354,552</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Property, plant and equipment</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>F</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>32,864</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>(23,775)</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>9,089</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Intangible assets</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>D/F</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>15,000</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>23,775</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-15,000</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>23,775</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Total non-current assets</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>47,864</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>387,416</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>TOTAL ASSETS</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>1,529,931</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>1,890,134</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Accounts payable, trade</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>931,103</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>931,103</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Accruals and deferred income</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>B</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>107,222</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>(71,226)</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>35,996</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Employee benefits</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>B</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>71,226</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>71,226</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Other current liabilities</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>48,279</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>241</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>48,520</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Total current liabilities</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>1,086,604</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>1,086,845</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Long-term debt</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>642,459</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>642,459</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Loans shareholder</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>1,601,825</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>1,601,825</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Deferred tax liabilities</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>241</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>(241)</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>3,511</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>3,511</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Employee benefits</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>A</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>184,395</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>184,395</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Total non-current liabilities</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>2,244,525</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>2,432,190</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>TOTAL LIABILITIES</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>3,331,129</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>3,519,035</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Share capital</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>100,000</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>100,000</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Retained earnings</P>
</TD><TD valign=top style=width:32.2pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,901,198)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>172,297</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,728,901)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>TOTAL EQUITY</P>
</TD><TD valign=top style=width:32.2pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,801,198)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,628,901)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>TOTAL LIAB. AND EQUITY</P>
</TD><TD valign=top style=width:32.2pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.1pt><P align=right style='font:10pt Times New Roman;margin:0'>1,529,931</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.3pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.55pt><P align=right style='font:10pt Times New Roman;margin:0'>1,890,134</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>35</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>24.</B></KBD><KBD style=margin-left:36pt></KBD><B>Transition to IFRS (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse><TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>In CHF</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=top style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=top style='width:242.15pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Period January 1 to December 31, 2017</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:34.4pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Note</B></P>
</TD><TD valign=bottom style='width:68.75pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Swiss Code </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>of </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Obligations</B></P>
</TD><TD valign=bottom style='width:61.65pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Reclass</B></P>
</TD><TD valign=bottom style='width:57.65pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>Effect of </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Transition </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>to IFRS</B></P>
</TD><TD valign=bottom style='width:54.1pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'><B>IFRS</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Revenue</P>
</TD><TD valign=bottom style='width:34.4pt;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:68.75pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>8,717,509</P>
</TD><TD valign=bottom style='width:61.65pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style='width:57.65pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(25,097)</P>
</TD><TD valign=bottom style='width:54.1pt;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>8,692,412</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Material costs</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>G</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(7,799,454)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(7,799,454)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Gross profit</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>918,055</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>892,958</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Personnel expenses</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>A</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,072,918)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>(18,403)</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,091,321)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Travelling expenses</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(22,941)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(22,941)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Repair and maint.costs</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(176,243)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(176,243)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Insurance costs</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(44,783)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(44,783)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Administration expenses</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(28,939)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(28,939)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Consult., legal and audit fees</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(35,506)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(35,506)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Other Operating expenses</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>E</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(68,200)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>(66,552)</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(134,752)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>EBITDA</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(531,475)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(641,527)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Depreciation property, plant</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>and equipment</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(2,826)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(2,826)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Amortization of int. assets</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(5,944)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(5,944)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>EBIT</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(540,245)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(650,297)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Financial income</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Financial expenses</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>A</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(139,241)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,089)</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(140,330)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Profit before tax</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(679,486)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>-790,627</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>extraordinary expenses</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>E</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(66,552)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>66,552</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>extraordinary income</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Tax income / expense</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>ACG</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>134,407</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>134,407</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Profit for the year</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(746,038)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(656,220)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Re-measurement of DBO</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>A</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>(18,522)</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(18,522)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Related tax</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>A</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>3,149</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>3,149</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>OCI for the year, net of tax</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(15,373)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:166.5pt><P style='font:10pt Times New Roman;margin:0'>Total comp. inc. for the year</P>
</TD><TD valign=bottom style=width:34.4pt><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.75pt><P align=right style='font:10pt Times New Roman;margin:0'>(746,038)</P>
</TD><TD valign=bottom style=width:61.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:54.1pt><P align=right style='font:10pt Times New Roman;margin:0'>(671,593)</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>36</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>24.</B></KBD><KBD style=margin-left:36pt></KBD><B>Transition to IFRS (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Notes to the reconciliation</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Notes to the transition as of January 31, 2017 and the period from January 1 to December 31, 2017</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>A)</KBD>The Company has applied IAS 19 Employee Benefits to its post-employment benefit plan: The effect is to increase non-current employee benefit liabilities by CHF 184,395 at 31 December 2017. A deferred tax asset was capitalized using the Company&#8217;s tax rate of 17%, which resulted in a deferred tax asset of CHF 31,347.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>B)</KBD>Reclass of holiday/social security accrual&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>C)</KBD>Capitalization of unused tax losses of CHF 1,901,198 using the Company&#8217;s tax rate of 17%, which resulted in a deferred tax asset of CHF 323,204.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>D)</KBD>The amount of CHF 15,000 is related to a business combination before the transition date to IFRS. The Company applies the exemption, that IFRS 3 Business Combinations should not be applied to either acquisitions of subsidiaries that are considered businesses under IFRS, or acquisitions of interests in associates and joint ventures that occurred before 1 January 2017. The amount is fully eliminated against retained earnings. No deferred tax effect was accounted for, as the impairment or depreciation of such a Goodwill is not taxable expense according to Swiss tax law.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>E)</KBD>Reclass of &quot;extraordinary&quot; items&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>F)</KBD>Reclass Software to intangible assets&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>G)</KBD>Adjustment of bad debt reserve according to IFRS 9 and related tax effect.&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>37</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>24.</B></KBD><KBD style=margin-left:36pt></KBD><B>Transition to IFRS (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Reconciliation of Equity and Total Comprehensive Income</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:464.2pt><TR style=height:7.2pt><TD valign=bottom style=width:175.5pt;white-space:nowrap><P style='font:10pt Calibri;margin:0;color:#000000'><FONT style='font:10pt Times New Roman'>In CHF</FONT></P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P style='font:11pt Calibri;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=bottom style='width:240.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, 2018</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:175.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:48pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note</B></P>
</TD><TD valign=bottom style='width:69.5pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Swiss Code</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Of</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Obligation</B></P>
</TD><TD valign=bottom style='width:45pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Reclass</B></P>
</TD><TD valign=bottom style='width:62.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Effect of </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Transition to</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>IFRS</B></P>
</TD><TD valign=bottom style='width:63.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>IFRS</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash and cash equivalents</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivable</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>F</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>668,093</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(41,526)</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>626,567</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current receivables</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>81,817</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>81,817</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total current assets</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,030,794</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>989,268</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Deferred tax assets</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>ACF</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>406,967</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>406,967</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Property, plant and equipment</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,528</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,528</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Intangible assets</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>D</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>15,000</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(15,000)</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total non-current assets</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>16,528</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>408,495</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TOTAL ASSETS</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,047,322</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,397,763</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accounts payable, trade</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>737,280</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>737,280</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accruals and deferred income</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>B</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>99,146</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(43,476)</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,670</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee benefits</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>B</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>43,476</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>43,476</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current liabilities</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>183,360</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>241</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>183,601</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total current liabilities</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,019,786</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,020,027</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Long-term debt</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loans shareholder</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Deferred tax liabilities</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>241</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(241)</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee benefits</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>A</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>142,614</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>142,614</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total non-current liabilities</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,318</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,279,691</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TOTAL LIABILITIES</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,157,104</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,299,718</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Share capital</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Retained earnings</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,209,782)</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>207,827</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,001,955)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TOTAL EQUITY</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,109,782)</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,901,955)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:175.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>TOTAL LIAB. AND EQUITY</P>
</TD><TD valign=middle style=width:48pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:69.5pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,047,322</P>
</TD><TD valign=bottom style=width:45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:63.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,397,763</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>38</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>24.</B></KBD><KBD style=margin-left:36pt></KBD><B>Transition to IFRS (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:429.1pt><TR style=height:7.2pt><TD valign=bottom style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>In CHF</P>
</TD><TD valign=bottom style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=4 valign=bottom style='width:235.95pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Period January 1, to December 31, 2018</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:150.05pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:42.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note</B></P>
</TD><TD valign=bottom style='width:68.15pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Swiss Code</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Of</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Obligation</B></P>
</TD><TD valign=bottom style='width:45.75pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Reclass</B></P>
</TD><TD valign=bottom style='width:62.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Effect of</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Transition</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>to IFRS</B></P>
</TD><TD colspan=2 valign=bottom style='width:59.8pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>IFRS</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Revenue</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,992,849</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(62,177)</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,930,672</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Material costs</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>F</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,225,167)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,225,167)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Gross profit</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>767,682</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>705,505</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Personnel expenses</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(721,114)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(38,974)</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(760,088)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Travelling expenses</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,813)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,813)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Repair and maint.costs</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(112,110)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(112,110)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Insurance costs</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(27,046)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(27,046)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Administration expenses</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(31,487)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(31,487)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Consult., legal and audit fees</P>
</TD><TD valign=middle style=width:42.8pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(29,666)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(29,666)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other Operating expenses</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>E</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,671)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(34,179)</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(53,390)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>EBITDA</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(191,225)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(327,095)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Depreciation Property, plant</P>
</TD><TD valign=middle style=width:42.8pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>and equipment</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,826)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,826)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Amortization of int. assets</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(5,944)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(5,944)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>EBIT</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(199,995)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(335,865)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Financial income</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Financial expenses</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(73,870)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,427)</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(75,297)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Profit before tax</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(273,865)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(411,162)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>extraordinary expenses</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>E</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(43,930)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>43,930</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>extraordinary income</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>E</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,211</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(9,211)</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Tax income / expense</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>ACF</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Profit for the year</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(308,584)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(341,265)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Re-measurement of DBO</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>82,182</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>82,182</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Related tax</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(13,971)</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(13,971)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>OCI for the year, net of tax</P>
</TD><TD valign=middle style=width:42.8pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>68,211</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:150.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Total comp. inc. for the year</P>
</TD><TD valign=middle style=width:42.8pt><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:68.15pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(308,584)</P>
</TD><TD valign=bottom style=width:45.75pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style=width:59.8pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(273,054)</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>39</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;line-height:12.65pt;margin:0'><FONT style=line-height:12.65pt><B>Notes to the financial statements</B></FONT></P>
<P style='font:10pt Times New Roman;margin:0'><B>for the year ended December 31, 2018</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>24.</B></KBD><KBD style=margin-left:36pt></KBD><B>Transition to IFRS (continued)</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Notes to the reconciliation</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Notes to the transition as of January 31, 2018 and the period from January 1 to December 31, 2018</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>A)</KBD>The Company has applied IAS 19 Employee Benefits to its post-employment benefit plan: The effect is to increase non-current employee benefit liabilities by CHF 142,614 at 31 December 2018. A deferred tax asset was capitalized using the Company&#8217;s tax rate of 17%, which resulted in a deferred tax asset of CHF 24,244.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>B)</KBD>Reclass of holiday/social security accrual&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>C)</KBD>Capitalization of unused tax losses of CHF 2,209,782 using the Company&#8217;s tax rate of 17%, which resulted in a deferred tax asset of CHF 375,663.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>D)</KBD>The amount of CHF 15,000 is related to a business combination before the transition date to IFRS. The Company applies the exemption, that IFRS 3 Business Combinations should not be applied to either acquisitions of subsidiaries that are considered businesses under IFRS, or acquisitions of interests in associates and joint ventures that occurred before 1 January 2017. The amount is fully eliminated against retained earnings. No deferred tax effect was accounted for, as the impairment or depreciation of such a Goodwill is not taxable expense according to Swiss tax law.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>E)</KBD>Reclass of &quot;extraordinary&quot; items&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-22.5pt;margin-left:22.5pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:22.5pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-22.5pt'>F)</KBD>Adjustment of bad debt reserve according to IFRS 9 and related tax effect.&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><FONT style='border-bottom:1px solid #000000'>Explanation of material adjustments to statement of cash flows</FONT></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>According to Swiss Code of Obligations no Cash Flow Statements had to be disclosed. Therefore, no adjustments occurred.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'><B>25.</B></KBD><KBD style=margin-left:36pt></KBD><B>Events occurring after the reporting period</B>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:18pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The Board of directors successfully raised new money. Until Q2 2019, shareholders and third parties invested additional CHF 200,000. It is planned that SwissLink will seek further investors in Q3 2019. For the sale of 51% of Company shares, a Letter of Intent (LOI) is already available.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Besides, no events took place between 31 December 2018 and August 14, 2019 that would require adjustments to the carrying amounts of the assets or liabilities in these financial statements or would need to be disclosed here.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>40</P>
<P style='font:10pt Arial;margin:0'>&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>3
<FILENAME>f8ka090919_ex99z3.htm
<DESCRIPTION>EXHIBIT 99.3 UNAUDITED INTERIM FINANCIALS FOR MARCH 31, 2019
<TEXT>
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<DIV style=margin-left:36pt;width:523.5pt><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=right style='font:10pt Times New Roman;margin:0'><B>EXHIBIT 99.3</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;margin-left:5.6pt'><B>SwissLink Carrier AG (formerly Swissphone Carrier AG)</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;margin-left:5.6pt'><B>Quarterly reporting for the period from 1 January to 31 March 2019</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;margin-left:5.6pt'><B>Unaudited figures</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:5.6pt'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>Registered office:</KBD><KBD style=margin-left:92.15pt></KBD>Schochenm&#252;hlestrasse 4&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:97.75pt;margin-right:283.05pt'>6340 Baar Switzerland</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Arial;margin:0'>1</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0;margin-left:5.6pt'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:5.2pt'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse><TR style=height:7.2pt><TD valign=top style=width:323.7pt;padding-left:5.4pt;padding-right:5.4pt><P style='font:10pt Times New Roman;margin:0'>INCOME STATEMENT</P>
</TD><TD valign=top style=width:30.75pt;padding-left:5.4pt;padding-right:5.4pt><P style='font:10pt Times New Roman;margin:0'>3</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:323.7pt;padding-left:5.4pt;padding-right:5.4pt><P style='font:10pt Times New Roman;margin:0'>BALANCE SHEET</P>
</TD><TD valign=top style=width:30.75pt;padding-left:5.4pt;padding-right:5.4pt><P style='font:10pt Times New Roman;margin:0'>4</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:323.7pt;padding-left:5.4pt;padding-right:5.4pt><P style='font:10pt Times New Roman;margin:0'>STATEMENT OF CASH FLOWS</P>
</TD><TD valign=top style=width:30.75pt;padding-left:5.4pt;padding-right:5.4pt><P style='font:10pt Times New Roman;margin:0'>5</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=width:323.7pt;padding-left:5.4pt;padding-right:5.4pt><P style='font:10pt Times New Roman;margin:0'>STATEMENT OF CHANGES IN SHAREHOLDER&#8217; EQUITY</P>
</TD><TD valign=top style=width:30.75pt;padding-left:5.4pt;padding-right:5.4pt><P style='font:10pt Times New Roman;margin:0'>6</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Arial;margin:0'>2</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Statement of comprehensive income</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>for the period from January 1 to March 31, 2019</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:540.3pt><TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Income statement</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:97.35pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:21.35pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:85.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:97.35pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Period</B></P>
</TD><TD valign=middle style=width:21.35pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year ended </B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>2018</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:97.35pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, 2019</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>To</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>March 31, 2019</B></P>
</TD><TD valign=middle style=width:21.35pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note</B></P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Continuing operations</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Revenue</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,361,292</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>7,930,672</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Material costs</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,150,599)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(7,225,167)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Gross profit</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>210,693</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>705,505</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Personnel expenses</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(112,874)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(760,088)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Travelling expenses</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(4,780)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(18,813)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Repair and maintenance costs</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(36,902)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(112,110)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Insurance costs</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(16,955)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(27,046)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Administration expenses</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(9,191)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(31,487)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Consulting, legal and audit fees</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(29,666)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other Operating expenses</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(6,981)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(53,390)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Operating result before interest and taxes (EBITDA)</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>23,010</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(327,095)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Depreciation PP&amp;E</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(553)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,826)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Amortisation of intangible assets</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(5,944)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Operating result before interest and taxes (EBIT)</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>22,457</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(335,865)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other non operating expenses</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,399)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Financial expenses</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(3,141)</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(75,297)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Profit/Loss before tax</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>17,917</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(411,162)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Tax income</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>69,897</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Profit/Loss for the period/year</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>17,917</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(341,265)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:294.95pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Other comprehensive income</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B><I>Items that will not be reclassified subsequently to profit and loss:</I></B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Re-measurement of defined benefit obligation</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>82,182</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Related tax</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(13,971)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>68,211</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Other comprehensive income / (expenses) for the year, net of tax</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>68,211</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:97.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:85.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:294.95pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total comprehensive income / (expenses) for the year</B></P>
</TD><TD valign=middle style=width:41pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:97.35pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:21.35pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:85.65pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(273,054)</B></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><A name=Income_statement /><A name=_bookmark0 />&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Arial;margin:0'>3</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Balance sheet</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>as at March 31, 2019</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:581.65pt><TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Balance sheet</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:75.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:90.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:78.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>March 31, 2019</B></P>
</TD><TD valign=middle style=width:13.3pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>December 31, 2018</B></P>
</TD><TD valign=middle style=width:13.45pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, 2018</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note</B></P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>ASSETS</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:75.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:90.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:78.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Current assets</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:75.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:90.7pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:13.45pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:78.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash and cash equivalents</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>149,682</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>119,723</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivable (net)</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,270,434</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>626,567</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,233,978</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade accounts receivable, shareholder</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current receivables</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>76,958</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>81,817</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>149,017</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Prepayments / accrued income</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total current assets</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,497,074</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>989,268</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,502,718</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Non-current assets</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Deferred tax assets</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>406,967</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>406,967</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>354,552</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Property, plant and equipment</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>12,018</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,528</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>9,089</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Intangible assets</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>23,775</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total non-current assets</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>418,985</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>408,495</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>387,416</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>TOTAL ASSETS</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,916,059</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,397,763</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,890,134</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:271.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>LIABILITIES AND SHAREHOLDERS' EQUITY</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Current liabilities</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accounts payable, trade</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,209,145</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>737,280</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>931,103</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Accruals and deferred income</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>55,670</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>35,996</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee benefits</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>43,476</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>71,226</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other current liabilities</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>213,305</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>183&#8217;601</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>48&#8217;520</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total current liabilities</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1&#8217;422&#8217;450</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,020,027</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,086,845</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Non-current liabilities</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loan, third party</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>97&#8217;956</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loans, shareholder</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,137,077</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>1,601,825</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loans, related parties</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>642,459</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Deferred tax liabilities</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>3,511</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Employee benefits</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>142,614</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>142,614</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>184,395</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total non-current liabilities</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>2,377,647</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>2,279,691</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>2,432,190</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>TOTAL LIABILITIES</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>3,800,097</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>3,299,718</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>3,519,035</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Shareholders' equity</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Share capital</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:75.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:90.7pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:78.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>100,000</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Retained earnings</P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,984,038)</P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,001,955)</P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(1,728,901)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total Equity</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(1,884,038)</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(1,901,955)</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(1,628,901)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:271.3pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</B></P>
</TD><TD valign=middle style=width:39pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:75.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,916,059</B></P>
</TD><TD valign=bottom style=width:13.3pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:90.7pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,397,763</B></P>
</TD><TD valign=bottom style=width:13.45pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:78.2pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,890,134</B></P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Arial;margin:0'>4</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:15.2pt'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Statement of cash flow</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>for the period from January 1 to March 31, 2019</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:482.4pt><TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Statement of cash flows</B></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap rowspan='3'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Period</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>January 1, 2019</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>To</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>March 31, 2019</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF) </B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap rowspan='3'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Year</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>ended 2018</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF) </B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:43pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Note &nbsp;</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'><B>Cash flow from operating activities</B></FONT></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:91.9pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:26.1pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:79.55pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Profit/Loss for the period/year </P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>17,917</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(341,265)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>Adjustments for:</I></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Depreciation of fixed assets</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>553</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,826</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Amortization of intangible assets</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>5,944</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Change in employee benefits</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(43,476)</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>38,974</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Non-cash financial expense/(income), net</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>11,448</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Tax income <FONT style='border-bottom:1px solid #000000'> &nbsp;</FONT></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(69,897)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:241.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(42,923)</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'><B>(351,970)</B></FONT></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>Changes in:</I></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade and other receivables</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(639,008)</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>674,611</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Trade and other payables and accruals</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>445,899</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(39,068)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Current employee benefits</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(27,750)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:241.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(193,109)</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>607,793</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Income taxes paid</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Cash-flow from operating activities</B></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(218,115)</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>255,823</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'><B>Cash flow from investing activities</B></FONT></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Acquisition for intangible assets</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Acquisition of tangible assets</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(8,223)</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>11,773</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Proceeds from sale of intangible assets</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>29&#8217;719</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Net cash provided / (used in) by investing activities</B></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(8,223)</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>41,492</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><FONT style='border-bottom:1px solid #000000'><B>Cash flow from financing activities</B></FONT></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Proceeds of loans, shareholder</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>535,252</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Proceeds of loans, third party</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>97,956</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Repayment of loans, related parties</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(642,459)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest paid</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(3,201)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Interest on shareholder loans paid</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(12,938)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Bank fees and other finance fees paid</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(14,887)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Net cash used in financing activities</B></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:91.9pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>97,956</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:79.55pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(138,233)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Net increase / (decrease) in cash and cash equivalents</B></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(128,382)</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>159,082</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Cash and cash equivalents at beginning of year</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>280,884</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>119,723</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Effect of foreign exchange rate changes</P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(2,820)</P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>2,079</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:241.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Cash and cash equivalents at end of period/year</B></P>
</TD><TD valign=middle style=width:43pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:91.9pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>149,682</B></P>
</TD><TD valign=bottom style=width:26.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:79.55pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>280,884</B></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'><A name=Statement_of_cash_flows /><A name=_bookmark2 />&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Arial;margin:0'>5</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Statement of changes in shareholders' equity </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>for the period from 1 January to 31 March 2019</B></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:550.1pt><TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Statement of changes in shareholders' equity</B></P>
</TD><TD valign=middle style=width:60pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:60.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:51.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:58.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:60pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:60.85pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:19pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:58.2pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>(in CHF)</B></P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Share capital</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Translation reserve</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Retained earnings</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total equity</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Balance as at 1 January 2018</B></P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>100,000</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(1,728,901)</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(1,628,901)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Loss for the year</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(341,265)</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>(341,265)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other comprehensive income / (expenses)</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>68,211</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>68,211</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>- Remeasurements of defined benefit obligation (see Note 15)</I></P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>82,182</I></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>82,182</I></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>- Related tax (see Note 8)</I></P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>(13,971)</I></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>(13,971)</I></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total comprehensive income / (expenses)</B></P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(273,054)</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(273,054)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Balance as at 31 December 2018</B></P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>100,000</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(2,001,955)</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(1,901,955)</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Profit for the period/year</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>17,917</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>17,917</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'>Other comprehensive income / (expenses)</P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>- Remeasurements of defined benefit obligation (see Note 15)</I></P>
</TD><TD valign=bottom style=width:60pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:60.85pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:51.05pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>-</I></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style=width:58.2pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>-</I></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><I>- Related tax (see Note 8)</I></P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>-</P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>-</I></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><I>-</I></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Total comprehensive income / (expenses)</B></P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>17,917</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>17,917</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=width:263pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;color:#000000'><B>Balance as at 31 March 2019</B></P>
</TD><TD valign=bottom style='width:60pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>100,000</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:60.85pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>-</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:51.05pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>1,984,038</B></P>
</TD><TD valign=bottom style=width:19pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
</TD><TD valign=bottom style='width:58.2pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0;color:#000000'><B>(1,884,038)</B></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'><A name=Statement_of_changes_in_shareholders__eq /><A name=_bookmark3 />&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:6.2pt'>As of 31 March 2019 the share capital consists of 1&#8217;000 shares, each with a par value of CHF 100. The share capital is fully liberated.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Arial;margin:0'>6</P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>4
<FILENAME>f8ka090919_ex99z4.htm
<DESCRIPTION>EXHIBIT 99.4 PRO-FORMAS
<TEXT>
<HTML>
<!-- Produced by EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2019 [PPXAC8S3T1P2VHSMLPLX]. www.edgarsuite.com -->
<HEAD>
<TITLE>Exhibit 99.4 Pro-Formas</TITLE>
</HEAD>
<BODY>
<DIV style=margin-left:36pt;width:540pt><P align=right style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=right style='font:10pt Times New Roman;margin:0'><B>EXHIBIT 99.4</B></P>
<P align=right style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B>IQSTEL INC.</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B>UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'> &nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B> </B>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><FONT style=background-color:#FFFFFF>The following unaudited pro forma combined financial statements give effect to the acquisition of Swisslink Carrier AG (&#8220;Swisslink&#8221;).</FONT> </P>
<P style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:100%><TR style=height:7.2pt><TD valign=top style=padding:0.75pt><P align=center style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=top style='padding:0.75pt;border-bottom:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>Page</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=padding:0.75pt><P style='font:10pt Times New Roman;margin:0'>Unaudited Pro Forma Consolidated Balance Sheet as of March 31, 2019</P>
</TD><TD valign=top style='padding:0.75pt;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>2</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=padding:0.75pt><P style='font:10pt Times New Roman;margin:0'>Unaudited Pro Forma Consolidated Statement of Operations for the Three Months Ended March 31, 2019</P>
</TD><TD valign=top style=padding:0.75pt><P align=center style='font:10pt Times New Roman;margin:0'>3</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=top style=padding:0.75pt><P style='font:10pt Times New Roman;margin:0'>Unaudited Pro Forma Consolidated Statement of Operations for the Year Ended December 31, 2018</P>
</TD><TD valign=top style=padding:0.75pt><P align=center style='font:10pt Times New Roman;margin:0'>4</P>
</TD></TR>
</TABLE>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>1</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>IQSTEL INC.</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>Unaudited Pro Forma Condensed Combined Balance Sheet</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>As of March 31, 2019</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<TABLE align=center style=border-collapse:collapse;width:587.15pt><TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>iQSTEL Inc</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>SwissLink </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Carrier AG</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='width:77.9pt;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Proforma</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Adjustments</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Notes</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Proforma</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>As Adjusted</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'><B>Assets</B></P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:62.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Current Assets</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=width:62.1pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Cash</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>71,084</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>150,460</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(50,000)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>4(a)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>171,544</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Accounts receivable, net</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,853,614</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,277,040</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>3,130,654</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Due form related parties</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>258,020</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>258,020</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Prepaid and other current assets</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>61,554</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>77,358</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:62.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>138,912</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Total Current assets</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,244,272</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,504,858</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(50,000)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>3,699,130</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Deferred tax assets</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>409,083</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>409,083</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Property and equipment, net</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>272,550</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>12,080</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>284,630</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Goodwill</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,465,857</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>4(b)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,465,857</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'><B>Total Assets</B></P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'><B>$</B></P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'><B>2,516,822</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'><B>$</B></P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'><B>1,926,021</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'><B>$</B></P>
</TD><TD valign=bottom style='width:62.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'><B>1,415,857</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'><B>$</B></P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'><B>5,858,700</B></P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'><B>Liabilities and Shareholders' Deficit</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Current Liabilities</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Accounts payable</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,075,033</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,215,433</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,290,466</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Due to related parties</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>23,231</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>23,231</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Loans payable</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>99,415</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>99,415</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Loans payable - related parties</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>90,787</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>90,787</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Convertible notes - net of discount of $607,654</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>151,596</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>151,596</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Other current liabilities</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>355,849</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>214,414</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>570,263</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Derivative liabilities</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>3,084,136</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:62.1pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>3,084,136</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Total Current Liabilities</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>4,880,047</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,429,847</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>6,309,894</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Loan</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>98,465</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>98,465</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Loan - shareholder</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,148,190</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,148,190</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Employee benefits</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>143,356</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>143,356</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Total Liabilities</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>4,880,047</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>3,819,858</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:62.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>8,699,905</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Stockholders&#8217; Deficit</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom><P style='font:10pt Times New Roman;margin:0;text-indent:-7.2pt;margin-left:17.2pt'>Preferred stock: 8,500,000 authorized; $0.0001 par value - no shares issued and outstanding</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom><P style='font:10pt Times New Roman;margin:0;text-indent:-7.2pt;margin-left:17.2pt'>Common stock: 2,000,000,000 authorized; $0.001 par value 15,276,724 shares (pre-adjustment) and 15,620,236 share (post-adjustment) shares issued and outstanding</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>15,277</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>343</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>4(b)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>15,620</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Share capital</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>100,520</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(100,520)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap rowspan='3'><P align=right style='font:10pt Times New Roman;margin:0'>4(c)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Additional paid in capital</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,314,464</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>449,657</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,764,121</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Accumulated deficit</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(3,692,966)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,994,357)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,994,357</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(3,692,966)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Total iQSTEL Inc. Stockholder&#8217;s Deficit</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(2,363,225)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(1,893,837)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:62.1pt;white-space:nowrap;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>2,343,837</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(1,913,225)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:10pt'>Non-controlling interest</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:62.1pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(927,980)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>4(b)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(927,980)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>Total Stockholders&#8217; Deficit</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(2,363,225)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(1,893,837)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:62.1pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>1,415,857</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(2,841,205)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'><B>Total Liabilities and Stockholders' Deficit</B></P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'><B>$</B></P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'><B>2,516,822</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'><B>$</B></P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'><B>1,926,021</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'><B>$</B></P>
</TD><TD valign=bottom style='width:62.1pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'><B>1,415,857</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'><B>$</B></P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'><B>5,858,700</B></P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><I>See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Statements.</I></FONT></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>2</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>IQSTEL INC.</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>Unaudited Pro Forma Condensed Combined Statement of Operations </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>Three Months Ended March 31, 2019 </B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<TABLE style=border-collapse:collapse;width:528.1pt><TR style=height:15pt><TD valign=bottom style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='width:73.45pt;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>iQSTEL Inc</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>SwissLink </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Carrier AG</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Proforma</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Adjustments</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Notes</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Proforma</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>As Adjusted</B></P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:57.65pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000'><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Revenue</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>4,163,203</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,368,371</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>5,531,574</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Cost of Goods Sold</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>3,727,626</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,156,582</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>4,884,208</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Gross Profit</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:57.65pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>435,577</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>211,789</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>647,366</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Operating Expenses</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>General and Administrative Expenses</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>190,507</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>189,930</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>380,437</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Total Operating Expenses</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:57.65pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>190,507</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>189,930</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>380,437</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Operating Loss</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>245,070</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>21,859</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>266,929</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Other Income (Expense)</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Other income</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,600</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,600</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Interest expense</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(265,037)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(2,443)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(267,480)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Other expenses</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(142)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,406)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,548)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Change in fair value of derivative liabilities</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,008,069)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,008,069)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Total other expense</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:57.65pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(1,270,648)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(3,849)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(1,274,497)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'><A name=RANGE!B21 />Net income (loss) before provision for income taxes</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,025,578)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>18,010</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,007,568)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Income taxes</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:57.65pt;white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Net Income (Loss)</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,025,578)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>18,010</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,007,568)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Less: Net income attributable to noncontrolling interest</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>8,825</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>4(d)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>8,825</P>
</TD></TR>
<TR style=height:13.8pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Net loss attributable to shareholders of iQSTEL Inc.</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style='width:57.65pt;white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(1,025,578)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>18,010</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>8,825</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(1,016,393)</P>
</TD></TR>
<TR style=height:13.8pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:57.65pt;white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.8pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Basic and dilutive loss per common share</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style='width:57.65pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(0.07)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(0.07)</P>
</TD></TR>
<TR style=height:14.4pt><TD valign=middle style=width:166.5pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Weighted average number of common shares outstanding</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:57.65pt;white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>15,039,588</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>343,512</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>4(b)(e)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>15,620,236</P>
</TD></TR>
</TABLE>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><I>See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Statements.</I></FONT></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>3</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>IQSTEL INC.</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>Unaudited Pro Forma Condensed Combined Statement of Operations</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><B>Year Ended December 31, 2018</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<TABLE style=border-collapse:collapse;width:540.05pt><TR style=height:15pt><TD valign=bottom style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>iQSTEL Inc.</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>SwissLink </B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Carrier AG</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Proforma</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>Adjustments</B></P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='width:45.65pt;border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Notes</B></P>
</TD><TD valign=bottom style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD colspan=2 valign=bottom style='border-bottom:0.5pt solid #000000' rowspan='2'><P align=center style='font:10pt Times New Roman;margin:0'><B>Proforma</B></P>
<P align=center style='font:10pt Times New Roman;margin:0'><B>As Adjusted</B></P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='width:45.65pt;white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style='white-space:nowrap;border-top:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Revenue</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>13,775,361</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>8,065,493</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>21,840,854</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Cost of Goods Sold</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>12,582,955</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>7,347,995</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>19,930,950</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Gross Profit</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>1,192,406</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>717,498</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>1,909,904</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Operating Expenses</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>General and Administrative Expenses</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,220,301</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>1,117,785</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,338,086</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Total Operating Expenses</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>1,220,301</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>1,117,785</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>2,338,086</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Operating Loss</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(27,895)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(400,287)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(428,182)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Other Income (Expense)</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Other income</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>11,642</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>11,642</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Interest expense</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(460,185)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(17,865)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(478,050)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Other expenses</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(41,498)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(41,498)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Change in fair value of derivative liabilities</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,588,567)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(1,588,567)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Gain on settlement of debt</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,342</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>2,342</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Total other expense</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(2,076,266)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(17,865)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(2,094,131)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'><A name=RANGE!B22 />Net loss before provision for income taxes</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(2,104,161)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(418,152)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(2,522,313)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Income taxes</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>71,085</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>71,085</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Net loss </P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(2,104,161)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(347,067)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(2,451,228)</P>
</TD></TR>
<TR style=height:13.2pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Add: Net loss attributable to noncontrolling interest</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>-</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>(170,063)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P align=center style='font:10pt Times New Roman;margin:0'>4(d)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(170,063)</P>
</TD></TR>
<TR style=height:13.8pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Net loss attributable to shareholders of iQSTEL Inc.</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(2,104,161)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(347,067)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(170,063)</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=middle style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(2,281,165)</P>
</TD></TR>
<TR style=height:13.8pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD></TR>
<TR style=height:13.8pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Basic and dilutive loss per common share</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(0.15)</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>$</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(0.17)</P>
</TD></TR>
<TR style=height:14.4pt><TD valign=middle style=width:171pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0;text-indent:-8.25pt;margin-left:8.25pt'>Weighted average number of common shares outstanding</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'> &nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>13,721,304</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:45.65pt;white-space:nowrap><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=white-space:nowrap><P align=right style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0;margin-left:-0.75pt'>&nbsp;</P>
</TD><TD valign=bottom style='white-space:nowrap;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>13,721,304</P>
</TD></TR>
</TABLE>
<P align=center style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0'><FONT style=background-color:#FFFFFF><I>See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Statements.</I></FONT></P>
<P align=center style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'> &nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>4</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P align=center style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B>IQSTEL INC.</B></P>
<P align=center style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B>Notes to the Unaudited Pro Forma Condensed Combined Financial Statements</B></P>
<P style='font:10pt Times New Roman;margin:0'><I> </I>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'><A name=_Hlk19006338 />On April 1, 2019, iQSTEL Inc. (the &#8220;Company&#8221;) entered into a Company Purchase Agreement (the &#8220;Purchase Agreement&#8221;) by and between the Company and the Ralf Kohler (the &#8220;Seller&#8221;), which agreement provides for the purchase of 51% of the equity and certain assets of SwissLink Carrier AG (&#8220;SwissLink&#8221;) (www.swisslink-carrier.com), a Swiss corporation, by the Company.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>On August 7, 2019, having completed all conditions under the Purchase Agreement, the Company closed the transaction with Seller, and paid $50,000 and issued 343,512 shares of common stock at $1.31 per share to the Seller for the 51% equity interest and certain assets in SwissLink and another 510 shares to Seller for 51% of the loan in SwissLink.</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>The consideration for the acquisition consists of $500,000 USD, payable as follows:</P>
<P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>$50,000 USD shall be paid in cash upon execution of the Purchase Agreement; and &nbsp;</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:10pt Symbol;margin-left:-18pt'>&#61623;</KBD>The balance of $450,000 USD shall be paid at Closing in the form of 343,512 shares of common stock in the Company based upon an agreed upon, as adjusted, price of $1.31 per share. &nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;margin-left:36pt'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>Under the Purchase Agreement, the acquisition includes both the 51% equity interest in SwissLink and what are referred to as Additional Assets, which include telecommunications equipment, telecommunications platform software for international long distance voice exchange (VAMP) designed by SwissLink, intellectual rights of the VAMP, receivables, cash in banks, interconnection and service agreements, company information in file and telecommunication license rights for Switzerland.</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B>NOTE 1. BASIS OF PRO FORMA PRESENTATION</B></P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0'>The unaudited pro forma condensed combined financial statements are based on the Company&#8217;s and SwissLink&#8217;s historical consolidated financial statements as adjusted to give effect to the acquisition of SwissLink and the cash and shares issued as part of the acquisition. The unaudited pro forma combined statements of operations for the three months ended March 31, 2019 and the twelve months ended December 31, 2018 give effect to the SwissLink acquisition as if it had occurred on January 1, 2018. The unaudited proforma combined balance sheet as of March 31, 2019 gives effect to the SwissLink acquisition as if it had occurred on March 31, 2019. </P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>Historical financial information has been adjusted in the pro forma balance sheet to pro forma events that are: (1) directly attributable to the Acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the Company&#8217;s results of operations. The pro forma adjustments presented in the pro forma combined balance sheet and statement of operations are described in Note 4&#8212; Pro Forma Adjustments.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>The unaudited pro forma condensed combined financial information is for illustrative purposes only. These companies may have performed differently had they actually been combined for the periods presented. You should not rely on the pro forma combined financial information as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined companies will experience after the acquisition.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>The unaudited pro forma condensed combined financial statements are presented in United States Dollars (&#8220;USD&#8221;). The financial statements of SwissLink have been translated from Swiss Francs (&#8220;CHF&#8221;) to USD using the closing foreign exchange rate as at March 31, 2019 and December 31, 2018 at a rate of one (1) CHF to USD of $1.0052 and $1.017, respectively.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B>NOTE 2. ACCOUNTING PERIODS PRESENTED</B></P>
<P style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>Certain pro forma adjustments were made to conform SwissLink accounting policies to the Company&#8217;s accounting policies as noted below.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>The unaudited pro forma condensed combined balance sheet as of March 31, 2019 is presented as if the acquisition had occurred on March 31, 2019 and combines the historical balance sheet of the Company at March 31, 2019 and the historical balance sheet of the SwissLink at March 31, 2019.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>The unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2019 and has been prepared by combining the Company&#8217;s historical consolidated statement of operations for the three months ended March 31, 2019, with the historical statement of operations of SwissLink for the three months ended March 31, 2019.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2018 has been prepared by combining the Company&#8217;s historical consolidated statement of operations for the year ended December 31, 2018, with the historical statement of operations of SwissLink for the year ended December 31, 2018.</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>5</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B>NOTE 3. PRELIMINARY PURCHASE PRICE ALLOCATION</B></P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>On April 7, 2019, the Company acquired SwissLink for total consideration of approximately $500,000. The unaudited pro forma condensed combined financial statements include various assumptions, including those related to the preliminary purchase price allocation of the assets acquired and liabilities assumed of SwissLink based on management&#8217;s best estimates of fair value. The final purchase price allocation may vary based on final appraisals, valuations and analysis of fair value of the acquired assets and assumed liabilities. Accordingly, pro forma adjustments are preliminary and have been made solely for illustrative purposes.</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>The following table shows the preliminary allocation of the purchase price of SwissLink to the acquired identifiable assets, assumed liabilities and pro forma goodwill:</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<TABLE align=center style=border-collapse:collapse><TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Total purchase price</P>
</TD><TD valign=bottom style='border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style='width:92.2pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>500,000</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Cash</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>150,460</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Accounts receivable, net</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>1,277,040</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Other current assets</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>77,358</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Deferred tax assets</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>409,083</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Property and equipment, net</P>
</TD><TD valign=bottom style='border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:92.2pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>12,080</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Total identifiable assets</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>1,926,021</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Accounts payable</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,215,433)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Other current liabilities</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>(214,414)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Long term loans</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>(98,465)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Long term loans &#8211; related party</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>(2,148,190)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Employee benefits</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>(143,356)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Total liabilities assumed</P>
</TD><TD valign=bottom style='border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:92.2pt;border-top:0.5pt solid #000000;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(3,819,858)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Net assets</P>
</TD><TD valign=bottom><P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
</TD><TD valign=bottom style=width:92.2pt><P align=right style='font:10pt Times New Roman;margin:0'>(1,893,837)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Non-controlling interest</P>
</TD><TD valign=bottom style='border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:92.2pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>927,980</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Total net assets</P>
</TD><TD valign=bottom style='border-bottom:0.5pt solid #000000'><P style='font:10pt Times New Roman;margin:0'> &nbsp;</P>
</TD><TD valign=bottom style='width:92.2pt;border-bottom:0.5pt solid #000000'><P align=right style='font:10pt Times New Roman;margin:0'>(965,857)</P>
</TD></TR>
<TR style=height:7.2pt><TD valign=bottom style=width:162pt><P style='font:10pt Times New Roman;margin:0'>Goodwill</P>
</TD><TD valign=bottom style='border-bottom:3px double #000000'><P style='font:10pt Times New Roman;margin:0'>$</P>
</TD><TD valign=bottom style='width:92.2pt;border-bottom:3px double #000000'><P align=right style='font:10pt Times New Roman;margin:0'>1,465,857</P>
</TD></TR>
</TABLE>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>&nbsp;</P>
<P style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'><B>NOTE 4. PRO FORMA ADJUSTMENTS</B></P>
<P style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'>The pro forma adjustments are based on our preliminary estimates and assumptions that are subject to change. The following adjustments have been reflected in the unaudited pro forma condensed combined financial information: </P>
<P style='font:10pt Times New Roman;margin:0;background-color:#FFFFFF'> &nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:18pt;background-color:#FFFFFF'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>a)</KBD><KBD style=margin-left:18pt></KBD>To record a prepayment of consideration of $50,000.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:18pt;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:36pt;background-color:#FFFFFF'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:-18pt'>b)</KBD>To record 343,512 shares of the Company&#8217;s unregistered common stock issued in exchange for 51% of equity of SwissLink and recognize goodwill from this acquisition.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;text-indent:-18pt;margin-left:36pt;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:18pt;background-color:#FFFFFF'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>c)</KBD><KBD style=margin-left:18pt></KBD>To eliminate the equity account of SwissLink incurred before the closing date of Purchase Agreement.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:18pt;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:18pt;background-color:#FFFFFF'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>d)</KBD><KBD style=margin-left:18pt></KBD>To record 49% noncontrolling interest.&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:18pt;background-color:#FFFFFF'>&nbsp;</P>
<P align=justify style='font:10pt Times New Roman;margin:0;margin-left:18pt;background-color:#FFFFFF'><KBD style='position:absolute;font:10pt Times New Roman;margin-left:0pt'>e)</KBD><KBD style=margin-left:18pt></KBD>Proforma as adjusted shares, as of March 31, 2019, are not weighted and are actual shares issued and outstanding. &nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>6</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
