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GINSMS Announces Audited Financial Results For The Twelve-Month Period Ended December 31, 2021

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GINSMS Inc.
GINSMS Inc.

CALGARY, Alberta, March 28, 2022 (GLOBE NEWSWIRE) -- GINSMS Inc. (TSXV: GOK) (the “Corporation” or “GINSMS”) is pleased to announce that its audited financial statements for the twelve-month period ended December 31, 2021 have been filed today on SEDAR and are available at www.sedar.com.

On February 11, 2022, GINSMS had disclosed through the issuance of a press release unaudited financial results for the three-month and the twelve-month periods ended December 31, 2021 and provided financial forecasts for the 2022 financial year. This financial disclosure was done in advance of today’s filing of the audited financial statements of the Corporation to allow GINSMS’ ultimate holding company, Beat Holdings Limited (“BHL”), a public company in Japan, to use certain of GINSMS’ financial information in the preparation of BHL’s financial statements.

GINSMS’ financial information for the twelve-month period ended December 31, 2021 was prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

GINSMS is pleased to report that there is no significant change between the audited financial statements filed today and the unaudited financial information it disclosed earlier on February 11, 2022, except for the following amendments:

(1) Amendment of the profit / (loss) per share – basic (In Canadian cents) from (0.002) cents to (0.001) cents for the twelve months ended December 31, 2020. The loss per share – basic (In Canadian cents) for the three months ended December 31, 2020 remained unchanged.

(2) Difference in presentation in Section 5 liquidity and capital resources information. Disclosure of net profit/(loss) before taxation for the three and twelve months ended December 31, 2021 and 2020 in operating activities, instead of disclosure of net profit / (loss) for the period / year in the first press release. Accordingly, the disclosure of deferred tax expenses/ (credit) for the three months ended December 31, 2020 and current tax expenses for the three and twelve months ended December 31, 2021 and 2020 are removed. The other information remained unchanged. The change in presentation is proposed by our auditors.

Selected Liquidity and Capital Resources Information

Financial Highlights

Three-month period ended December 31, 2021
(Unaudited)
$

Three-month period ended December 31,
2020
(Unaudited)
$

Twelve-month period ended December 31, 2021
(Audited)
$

Twelve-month period ended December 31, 2020
(Audited)
$

Cash, beginning of period/year

225,807

264,303

296,312

194,411



Operating activities

Net profit/(loss) before taxation

141,977

87,335

290,605

(2,559

)

Interest expenses on lease liabilities

1,894

3,237

9,653

15,486

Foreign currency exchange (gain)/loss

(8,101

)

(118,487

)

(2,786

)

20,192

(Reversal of allowance for)/allowance for doubtful debts

(9,565

)

515

(9,565

)

2,083

Depreciation of property, plant and equipment

5,825

6,683

23,914

28,686

Depreciation of right-of-use assets

16,813

10,892

63,473

44,340

Changes in working capital items

(42,907

)

104,274

(179,471

)

(100,529

)

Interest expenses on lease liabilities

(1,894

)

(3,237

)

(9,653

)

(15,486

)

Income tax paid

(2,586

)

-

(2,586

)

-

Net cash generated from / (used in) operating activities

101,456

91,212

183,584

(7,787

)

Financing activities

Advance received from a related party

-

-

5,950,591

-

Repayment of advance received from a related party

-

-

(5,950,591

)

-

Advances from related parties

-

2,000

233,180

212,377

Repayment of advances from related parties

(121,628

)

(845

)

(415,782

)

(2,690

)

Principal elements of lease payments

(13,259

)

(8,600

)

(75,823

)

(43,504

)

Net cash (used in) / generated from financing activities

(134,887

)

(7,445

)

(258,425

)

166,183

Investing activities

Purchase of property, plant and equipment

(11,337

)

(7,226

)

(18,357

)

(18,732

)

Net cash used in investing activities

(11,337

)

(7,226

)

(18,357

)

(18,732

)

Effect of exchange rate changes on cash held in foreign currencies

2,902

(44,532

)

(19,173

)

(37,763

)

(Decrease) / Increase in cash

(41,866

)

32,009

(112,371

)

101,901

Cash, end of period/year

183,941

296,312

183,941

296,312

(3) Amendment of disclosure of total non-current assets by geographical location as at December 31, 2021 and December 31, 2020, instead of disclosure of total assets by geographical location as at December 31, 2021 and December 31, 2020.

Total non-current assets by geographical location

As at December 31, 2021
(Audited)

As at December 31, 2020
(Audited)

$

% of total
assets

$

% of total
assets

Indonesia

50,831

62.0

106,592

94.1

Other Asia countries

31,145

38.0

6,738

5.9

Total

81,976

100.0

113,330

100.0

About GINSMS

GINSMS is a mobile technology and services company focusing on 2 areas namely its A2P Messaging Service and its Software Products and Services. GINSMS operates a cloud-based A2P messaging service that allows the termination of SMS to mobile subscribers of more than 200 mobile operators globally. GINSMS also develops and distribute innovative software products and services for mobile operators and enterprises and have successfully deployed more than 100 solutions worldwide. GINSMS has offices in China, Singapore, Hong Kong, Malaysia and Indonesia.

For further information, please contact:

GINSMS Inc.
Joel Chin, CEO
Tel: +65-6441-1029
Email: investor.relations@ginsms.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.



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