<?xml version='1.0' encoding='ASCII'?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:us-roles="http://fasb.org/us-roles/2023" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:ifrs-full="https://xbrl.ifrs.org/taxonomy/2023-03-23/ifrs-full" xmlns:ecd="http://xbrl.sec.gov/ecd/2023" xmlns:country="http://xbrl.sec.gov/country/2023" xmlns:currency="http://xbrl.sec.gov/currency/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:NWGL="http://nature-wood.com/20231231">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html"/>
</head>
<!-- Field: Set; Name: xdx; ID: xdx_02A_IFRS%2D2023%2D(with%2DECD)_currency -->
<!-- Field: Set; Name: xdx; ID: xdx_030_NWGL_nature%2Dwood.com_20231231 -->
<!-- Field: Set; Name: xdx; ID: xdx_04A_20230101_20231231 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_05A_edei%2D%2DDocumentFiscalPeriodFocus_FY -->
<!-- Field: Set; Name: xdx; ID: xdx_055_edei%2D%2DEntityCentralIndexKey_0001948294 -->
<!-- Field: Set; Name: xdx; ID: xdx_07A_XDX_form20%2Df.xdx -->
<!-- Field: Set; Name: xdx; ID: xdx_077_SO_form20%2Df.xdxs -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_069_Pure_4_xbrli%2D%2Dpure -->
<!-- Field: Set; Name: xdx; ID: xdx_063_HKDP_0_iso4217%2D%2DHKD_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_HKD_0_iso4217%2D%2DHKD -->
<!-- Field: Set; Name: xdx; ID: xdx_066_Hectare_0_utr%2D%2Dha -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
 <ix:hidden>
  <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000003" name="dei:AmendmentFlag">false</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000004" name="dei:DocumentFiscalPeriodFocus">FY</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000005" name="dei:EntityCentralIndexKey">0001948294</ix:nonNumeric>
  <ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2022-12-31" id="xdx2ixbrl0122" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2023-12-31" id="xdx2ixbrl0130" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ImpairmentLossRecognizedOnPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0199" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ImpairmentLossRecognizedOnPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl0200" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:BasicEarningsLossPerShare" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="xdx2ixbrl0262" unitRef="USDPShares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="xdx2ixbrl0264" unitRef="USDPShares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:BasicEarningsLossPerShare" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="xdx2ixbrl0266" unitRef="USDPShares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="xdx2ixbrl0268" unitRef="USDPShares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" id="xdx2ixbrl0306" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" id="xdx2ixbrl0307" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31_ifrs-full_StatutoryReserveMember" id="xdx2ixbrl0308" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31_ifrs-full_OtherReservesMember" id="xdx2ixbrl0309" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31_ifrs-full_CapitalReserveMember" id="xdx2ixbrl0310" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31_ifrs-full_RetainedEarningsMember" id="xdx2ixbrl0312" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember" id="xdx2ixbrl0316" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_SharePremiumMember" id="xdx2ixbrl0317" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_StatutoryReserveMember" id="xdx2ixbrl0318" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_OtherReservesMember" id="xdx2ixbrl0319" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_CapitalReserveMember" id="xdx2ixbrl0320" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0321" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_IssuedCapitalMember" id="xdx2ixbrl0336" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_SharePremiumMember" id="xdx2ixbrl0337" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_StatutoryReserveMember" id="xdx2ixbrl0338" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_OtherReservesMember" id="xdx2ixbrl0339" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_CapitalReserveMember" id="xdx2ixbrl0340" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_RetainedEarningsMember" id="xdx2ixbrl0342" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_IssuedCapitalMember" id="xdx2ixbrl0346" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_SharePremiumMember" id="xdx2ixbrl0347" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_StatutoryReserveMember" id="xdx2ixbrl0348" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_OtherReservesMember" id="xdx2ixbrl0349" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_CapitalReserveMember" id="xdx2ixbrl0350" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0351" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_ifrs-full_StatutoryReserveMember" id="xdx2ixbrl0378" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_ifrs-full_OtherReservesMember" id="xdx2ixbrl0379" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0381" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_ifrs-full_RetainedEarningsMember" id="xdx2ixbrl0382" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="xdx2ixbrl0383" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_IssuedCapitalMember" id="xdx2ixbrl0386" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_SharePremiumMember" id="xdx2ixbrl0387" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_StatutoryReserveMember" id="xdx2ixbrl0388" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_OtherReservesMember" id="xdx2ixbrl0389" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_CapitalReserveMember" id="xdx2ixbrl0390" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_RetainedEarningsMember" id="xdx2ixbrl0392" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_IssuedCapitalMember" id="xdx2ixbrl0396" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_SharePremiumMember" id="xdx2ixbrl0397" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_StatutoryReserveMember" id="xdx2ixbrl0398" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_OtherReservesMember" id="xdx2ixbrl0399" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_CapitalReserveMember" id="xdx2ixbrl0400" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0401" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_IssuedCapitalMember" id="xdx2ixbrl0406" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_SharePremiumMember" id="xdx2ixbrl0407" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_StatutoryReserveMember" id="xdx2ixbrl0408" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_OtherReservesMember" id="xdx2ixbrl0409" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_CapitalReserveMember" id="xdx2ixbrl0410" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0411" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AdjustmentsForWritedownOfInventories" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0453" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AdjustmentsForWritedownOfInventories" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl0454" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AdjustmentForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0457" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AdjustmentForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl0458" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AdjustmentsForGainOnLeaseModification" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0473" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AdjustmentsForGainOnLeaseModification" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl0474" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ProceedsFromOtherBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0569" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ProceedsFromOtherBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl0570" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0577" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl0578" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="xdx2ixbrl0863" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="xdx2ixbrl0864" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl0865" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="xdx2ixbrl0874" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl0876" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="xdx2ixbrl0883" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="xdx2ixbrl0885" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="xdx2ixbrl0886" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl0887" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl0888" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl0890" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="xdx2ixbrl0896" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="xdx2ixbrl0897" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl0899" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="xdx2ixbrl0918" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl0920" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl0924" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="xdx2ixbrl0929" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl0931" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="xdx2ixbrl0933" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl0934" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl0935" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="xdx2ixbrl0936" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="xdx2ixbrl0938" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="xdx2ixbrl0940" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="xdx2ixbrl0941" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl0942" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl0943" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl0945" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="xdx2ixbrl0951" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="xdx2ixbrl0952" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl0954" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl0956" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl0965" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl0973" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl0976" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl0984" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl0987" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl0995" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="xdx2ixbrl0996" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl0997" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl0998" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="xdx2ixbrl0999" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl1001" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="xdx2ixbrl1004" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl1006" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="xdx2ixbrl1007" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl1008" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1009" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1011" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl1017" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="xdx2ixbrl1018" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1020" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl1027" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1030" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl1037" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1040" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl1047" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="xdx2ixbrl1048" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl1049" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1050" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1052" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="xdx2ixbrl1054" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl1057" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="xdx2ixbrl1058" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1060" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1062" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember" id="xdx2ixbrl1067" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1070" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember" id="xdx2ixbrl1077" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember" id="xdx2ixbrl1078" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl1079" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1080" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember" id="xdx2ixbrl1081" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1082" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl1083" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember" id="xdx2ixbrl1084" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember" id="xdx2ixbrl1085" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember" id="xdx2ixbrl1087" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember" id="xdx2ixbrl1088" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl1089" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1090" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember" id="xdx2ixbrl1091" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1092" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl1093" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember" id="xdx2ixbrl1094" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember" id="xdx2ixbrl1095" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember" id="xdx2ixbrl1097" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember" id="xdx2ixbrl1098" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl1099" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1100" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember" id="xdx2ixbrl1101" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1102" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl1103" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember" id="xdx2ixbrl1104" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember" id="xdx2ixbrl1106" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember" id="xdx2ixbrl1107" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl1108" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1109" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember" id="xdx2ixbrl1110" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1111" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl1112" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember" id="xdx2ixbrl1113" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember" id="xdx2ixbrl1115" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl1117" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1118" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1120" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl1121" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember" id="xdx2ixbrl1122" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember" id="xdx2ixbrl1125" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember" id="xdx2ixbrl1127" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1128" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember" id="xdx2ixbrl1130" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember" id="xdx2ixbrl1131" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember" id="xdx2ixbrl1132" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1148" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_ConstructionInProgressMember" id="xdx2ixbrl1158" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ImpairmentLossRecognisedInProfitOrLossForeignExchangeTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="xdx2ixbrl1214" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="xdx2ixbrl1227" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AccumulatedAmortizationForeignExchangeTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_TimberConcessionAndCuttingRightsMember" id="xdx2ixbrl1246" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AccumulatedAmortizationForeignExchangeTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_TimberConcessionAndCuttingRightsMember" id="xdx2ixbrl1262" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AdjustmentsForWritedownOfInventories" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1310" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AcquisitionOfCuttingRightsInTimberConcessionPrepayments" contextRef="AsOf2023-12-31" id="xdx2ixbrl1325" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PrepaymentForAcquisitionOfPropertyPlantAndEquipmentPrepayments" contextRef="AsOf2022-12-31" id="xdx2ixbrl1332" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearMember" id="xdx2ixbrl1434" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2022-12-31" id="xdx2ixbrl1535" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2022-12-31_custom_NonRelatedPartiesMember" id="xdx2ixbrl1545" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ConvertedToShares" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1636" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ForeignExchangeGain" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1638" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2023-12-31" id="xdx2ixbrl1641" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:IssueOfNewSharesForTheInitialPublicOffering" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1658" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1661" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_UnallocatedMember_custom_LogsMember" id="xdx2ixbrl1694" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_UnallocatedMember_custom_FlooringMember" id="xdx2ixbrl1699" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_UnallocatedMember_custom_DeckingMember" id="xdx2ixbrl1704" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_DirectPurchaseODMMember_custom_SawnTimberMember" id="xdx2ixbrl1707" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_UnallocatedMember_custom_SawnTimberMember" id="xdx2ixbrl1709" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_UnallocatedMember" id="xdx2ixbrl1714" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_UnallocatedMember_custom_LogsMember" id="xdx2ixbrl1724" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_UnallocatedMember_custom_FlooringMember" id="xdx2ixbrl1729" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_UnallocatedMember_custom_DeckingMember" id="xdx2ixbrl1734" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_DirectPurchaseODMMember_custom_SawnTimberMember" id="xdx2ixbrl1737" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_UnallocatedMember_custom_SawnTimberMember" id="xdx2ixbrl1739" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_UnallocatedMember" id="xdx2ixbrl1744" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_UnallocatedMember_custom_LogsMember" id="xdx2ixbrl1754" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_UnallocatedMember_custom_FlooringMember" id="xdx2ixbrl1759" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_UnallocatedMember_custom_DeckingMember" id="xdx2ixbrl1764" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_DirectPurchaseODMMember_custom_SawnTimberMember" id="xdx2ixbrl1767" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_UnallocatedMember_custom_SawnTimberMember" id="xdx2ixbrl1769" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_UnallocatedMember" id="xdx2ixbrl1774" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:GovernmentGrantsOther" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1850" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:GovernmentGrantsOther" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1851" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:GainOnLeaseModification" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1855" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:GainOnLeaseModification" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl1856" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:InterestExpensesOnOtherBorrowingsRelatedParties" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1875" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:InterestExpensesOnOtherBorrowingsRelatedParties" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl1876" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:WritedownOfInventoriesIncludedInCostOfRevenue" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1927" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:WritedownOfInventoriesIncludedInCostOfRevenue" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl1928" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1931" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl1932" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" contextRef="From2022-01-012022-12-31_country_HK" id="xdx2ixbrl1977" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2023-01-012023-12-31_country_HK" id="xdx2ixbrl2002" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2022-01-012022-12-31_country_HK" id="xdx2ixbrl2003" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:UtilizationOfTaxLossesPreviouslyNotRecognized" contextRef="From2023-01-012023-12-31_country_HK" id="xdx2ixbrl2006" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TaxEffectFromChangeInTaxRate" contextRef="From2022-01-012022-12-31_country_HK" id="xdx2ixbrl2011" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" contextRef="From2023-01-012023-12-31_country_HK" id="xdx2ixbrl2014" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" contextRef="From2022-01-012022-12-31_country_HK" id="xdx2ixbrl2015" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="xdx2ixbrl2060" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="xdx2ixbrl2062" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="xdx2ixbrl2066" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="xdx2ixbrl2072" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="xdx2ixbrl2074" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="xdx2ixbrl2076" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="xdx2ixbrl2078" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2084" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2086" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2090" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2098" unitRef="HKDP" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2100" unitRef="HKDP" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2102" unitRef="HKDP" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2104" unitRef="HKDP" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="xdx2ixbrl2110" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="xdx2ixbrl2112" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="xdx2ixbrl2114" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="xdx2ixbrl2116" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="xdx2ixbrl2122" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="xdx2ixbrl2124" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="xdx2ixbrl2126" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="xdx2ixbrl2128" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2134" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2136" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2138" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:NumberOfShareOptionsExpiredInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2140" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2148" unitRef="HKDP" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2150" unitRef="HKDP" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2152" unitRef="HKDP" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019" contextRef="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2154" unitRef="HKDP" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="xdx2ixbrl2176" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderThreeMember_custom_MrHonPanSeMember" id="xdx2ixbrl2188" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_custom_RelatedPartyUltimateBeneficialShareholderMember" id="xdx2ixbrl2195" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeChangchengMember" id="xdx2ixbrl2223" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2021-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeChangchengMember" id="xdx2ixbrl2225" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2022-12-31_currency_MOP" id="xdx2ixbrl2279" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_LowMember" id="xdx2ixbrl2370" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_LowMember" id="xdx2ixbrl2374" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2420" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="xdx2ixbrl2421" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2424" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="xdx2ixbrl2425" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2432" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="xdx2ixbrl2433" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2436" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2440" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="xdx2ixbrl2441" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2448" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="xdx2ixbrl2449" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2452" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="xdx2ixbrl2453" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="xdx2ixbrl2464" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="xdx2ixbrl2465" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_custom_CustomerAMember" id="xdx2ixbrl2538" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2022-12-31_custom_CustomerAMember" id="xdx2ixbrl2540" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2021-12-31_custom_CustomerAMember" id="xdx2ixbrl2542" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2021-12-31_custom_CustomerAMember" id="xdx2ixbrl2544" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_custom_CustomerBMember" id="xdx2ixbrl2550" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2022-12-31_custom_CustomerBMember" id="xdx2ixbrl2552" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2021-12-31_custom_CustomerBMember" id="xdx2ixbrl2554" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2021-12-31_custom_CustomerBMember" id="xdx2ixbrl2556" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_custom_CustomerCMember" id="xdx2ixbrl2558" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2023-12-31_custom_CustomerCMember" id="xdx2ixbrl2560" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_custom_CustomerDMember" id="xdx2ixbrl2570" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2023-12-31_custom_CustomerDMember" id="xdx2ixbrl2572" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_custom_CustomerEMember" id="xdx2ixbrl2582" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2023-12-31_custom_CustomerEMember" id="xdx2ixbrl2584" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_custom_CustomerFMember" id="xdx2ixbrl2594" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2023-12-31_custom_CustomerFMember" id="xdx2ixbrl2596" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_custom_CustomerGMember" id="xdx2ixbrl2606" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2023-12-31_custom_CustomerGMember" id="xdx2ixbrl2608" unitRef="Pure" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_BankBorrowingsMember" id="xdx2ixbrl2622" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_BankBorrowingsMember" id="xdx2ixbrl2625" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_custom_OtherBorrowingsMember" id="xdx2ixbrl2629" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_OtherBorrowingsMember" id="xdx2ixbrl2630" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_OtherBorrowingsMember" id="xdx2ixbrl2633" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_ConvertibleBondsMember" id="xdx2ixbrl2638" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_ConvertibleBondsMember" id="xdx2ixbrl2639" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_ConvertibleBondsMember" id="xdx2ixbrl2643" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2023-12-31_custom_ConvertibleBondsMember" id="xdx2ixbrl2644" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="xdx2ixbrl2646" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="xdx2ixbrl2649" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="xdx2ixbrl2655" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="xdx2ixbrl2657" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_BankAndOtherBorrowingsMember" id="xdx2ixbrl2670" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_BankAndOtherBorrowingsMember" id="xdx2ixbrl2673" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_ConvertibleBondsMember" id="xdx2ixbrl2678" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_ConvertibleBondsMember" id="xdx2ixbrl2679" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_ConvertibleBondsMember" id="xdx2ixbrl2681" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="xdx2ixbrl2686" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="xdx2ixbrl2689" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseLiabilitiesMember" id="xdx2ixbrl2694" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseLiabilitiesMember" id="xdx2ixbrl2695" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseLiabilitiesMember" id="xdx2ixbrl2697" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl2702" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl2705" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="ifrs-full:CapitalCommitments" contextRef="AsOf2022-12-31" id="xdx2ixbrl2715" unitRef="USD" xs:nil="true"/>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="nwgl-20231231.xsd" xlink:type="simple"/>
  </ix:references>
 <ix:resources>
    <xbrli:context id="From2023-01-01to2023-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_dei_BusinessContactMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:EntityAddressesAddressTypeAxis">dei:BusinessContactMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:UnderlyingEquityInstrumentAndDepositaryReceiptsAxis">NWGL:AmericanDepositarySharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:UnderlyingEquityInstrumentAndDepositaryReceiptsAxis">NWGL:AmericanDepositarySharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:UnderlyingEquityInstrumentAndDepositaryReceiptsAxis">NWGL:AmericanDepositarySharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_ifrs-full_IssuedCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:IssuedCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_ifrs-full_SharePremiumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_ifrs-full_StatutoryReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:StatutoryReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_ifrs-full_OtherReservesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_ifrs-full_CapitalReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:CapitalReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_ifrs-full_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_NetAccumulatedComprehensiveLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">NWGL:NetAccumulatedComprehensiveLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_IssuedCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:IssuedCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_SharePremiumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_StatutoryReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:StatutoryReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_OtherReservesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_CapitalReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:CapitalReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_NetAccumulatedComprehensiveLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">NWGL:NetAccumulatedComprehensiveLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_IssuedCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:IssuedCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_SharePremiumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_StatutoryReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:StatutoryReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_OtherReservesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_CapitalReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:CapitalReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_NetAccumulatedComprehensiveLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">NWGL:NetAccumulatedComprehensiveLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_IssuedCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:IssuedCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_SharePremiumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_StatutoryReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:StatutoryReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_OtherReservesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_CapitalReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:CapitalReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_NetAccumulatedComprehensiveLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">NWGL:NetAccumulatedComprehensiveLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_IssuedCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:IssuedCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_SharePremiumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_StatutoryReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:StatutoryReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_OtherReservesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_CapitalReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:CapitalReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_NetAccumulatedComprehensiveLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">NWGL:NetAccumulatedComprehensiveLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_IssuedCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:IssuedCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_SharePremiumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_StatutoryReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:StatutoryReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_OtherReservesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_CapitalReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:CapitalReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_NetAccumulatedComprehensiveLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">NWGL:NetAccumulatedComprehensiveLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_IssuedCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:IssuedCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_SharePremiumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_StatutoryReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:StatutoryReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_OtherReservesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_CapitalReserveMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:CapitalReserveMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_NetAccumulatedComprehensiveLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">NWGL:NetAccumulatedComprehensiveLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SwiftTopCapitalResourcesLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:SwiftTopCapitalResourcesLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SwiftTopCapitalResourcesLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:SwiftTopCapitalResourcesLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ParquetNatureSARLMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:ParquetNatureSARLMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ParquetNatureSARLMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:ParquetNatureSARLMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ChoiChonInvestmentCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:ChoiChonInvestmentCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ChoiChonInvestmentCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:ChoiChonInvestmentCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SouthAmericanWoodSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:SouthAmericanWoodSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SouthAmericanWoodSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:SouthAmericanWoodSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_GrupoMadereroAmazSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:GrupoMadereroAmazSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_GrupoMadereroAmazSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:GrupoMadereroAmazSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_EandTForestalSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:EandTForestalSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_EandTForestalSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:EandTForestalSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_MadereraIndustrialIsabelitaSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:MadereraIndustrialIsabelitaSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_MadereraIndustrialIsabelitaSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:MadereraIndustrialIsabelitaSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_NuevoSanMartinSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:NuevoSanMartinSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_NuevoSanMartinSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:NuevoSanMartinSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SepahuaTropicalForestSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:SepahuaTropicalForestSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SepahuaTropicalForestSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:SepahuaTropicalForestSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_LatinoamericanForestSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:LatinoamericanForestSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_LatinoamericanForestSACMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">NWGL:LatinoamericanForestSACMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_FixturesAndFittingsMember_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:FixturesAndFittingsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_FixturesAndFittingsMember_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:FixturesAndFittingsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_OfficeEquipmentMember_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_OfficeEquipmentMember_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_LeaseholdImprovementsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LeaseholdImprovementsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_LandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:LandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_HKDToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:HKDToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_HKDToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:HKDToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_HKDToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:HKDToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_HKDToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:HKDToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_HKDToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:HKDToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_HKDToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:HKDToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_CNYToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:CNYToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_CNYToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:CNYToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_CNYToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:CNYToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_CNYToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:CNYToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_CNYToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:CNYToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_CNYToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:CNYToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_EURToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:EURToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_EURToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:EURToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_EURToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:EURToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_EURToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:EURToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_EURToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:EURToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_EURToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:EURToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_PENToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:PENToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_PENToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:PENToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_PENToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:PENToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_PENToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:PENToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_PENToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:PENToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_PENToUSDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CurrencyInWhichInformationIsDisplayedAxis">NWGL:PENToUSDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedImpairmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_FreeholdLandMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FreeholdLandMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_PropertiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:PropertiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_LeaseholdImprovementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:LeaseholdImprovementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_ConstructionInProgressMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_MachineryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MachineryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_FurnituresAndFittingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">NWGL:FurnituresAndFittingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_MotorVehiclesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:MotorVehiclesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_TimberConcessionAndCuttingRightsMember_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_TimberConcessionAndCuttingRightsMember_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAndAmortisationMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_TimberConcessionAndCuttingRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:TimberConcessionAndCuttingRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_OtherIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsOtherThanGoodwillAxis">NWGL:OtherIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_HarvestingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:HarvestingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_HarvestingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:HarvestingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_TimberConcessionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:TimberConcessionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_NotLaterThanOneMonthMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneMonthMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_NotLaterThanOneMonthMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneMonthMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_NotLaterThanTwoMonthMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">NWGL:NotLaterThanTwoMonthMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_NotLaterThanTwoMonthMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">NWGL:NotLaterThanTwoMonthMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_NotLaterThanThreeMonthsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanThreeMonthsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_NotLaterThanThreeMonthsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanThreeMonthsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneMonthAndNotLaterThanThreeMonthsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_LaterThanOneYearMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_LaterThanOneYearMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2024-04-25_custom_NonadjustingEventMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:NonadjustingEventsAfterReportingPeriodAxis">NWGL:NonadjustingEventMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2024-04-25</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_FloatingInterestRateMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FloatingInterestRateMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_FloatingInterestRateMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FloatingInterestRateMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_FixedInterestRateMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FixedInterestRateMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_FixedInterestRateMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfInterestRatesAxis">ifrs-full:FixedInterestRateMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_RelatedPartiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:RelatedPartiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_NonRelatedPartiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:NonRelatedPartiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_WeightedAverageMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:WeightedAverageMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_WeightedAverageMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">ifrs-full:WeightedAverageMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_NonRelatedPartiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:NonRelatedPartiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_currency_EUR">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:EUR</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_currency_EUR">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:EUR</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_currency_CNY">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:CNY</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_currency_CNY">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:CNY</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-09-28">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-09-28</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-10-09">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-10-09</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-09-14">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-09-14</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-09-14_custom_AmericanDepositarySharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:UnderlyingEquityInstrumentAndDepositaryReceiptsAxis">NWGL:AmericanDepositarySharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-09-14</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-09-14">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-09-14</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-09-012023-09-14">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-09-01</xbrli:startDate>
        <xbrli:endDate>2023-09-14</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_DirectPurchaseODMMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ManufacturingMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UnallocatedMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_DirectPurchaseODMMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ManufacturingMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UnallocatedMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_DirectPurchaseODMMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ManufacturingMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UnallocatedMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_DirectPurchaseODMMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ManufacturingMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UnallocatedMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_DirectPurchaseODMMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ManufacturingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UnallocatedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_DirectPurchaseODMMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ManufacturingMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_UnallocatedMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_DirectPurchaseODMMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ManufacturingMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_UnallocatedMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_DirectPurchaseODMMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ManufacturingMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_UnallocatedMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_DirectPurchaseODMMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ManufacturingMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_UnallocatedMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_DirectPurchaseODMMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ManufacturingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_UnallocatedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_DirectPurchaseODMMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_ManufacturingMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_UnallocatedMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_LogsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:LogsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_DirectPurchaseODMMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_ManufacturingMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_UnallocatedMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_FlooringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:FlooringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_DirectPurchaseODMMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_ManufacturingMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_UnallocatedMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_DeckingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:DeckingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_DirectPurchaseODMMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_ManufacturingMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_UnallocatedMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_SawnTimberMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ProductsAndServicesAxis">NWGL:SawnTimberMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_DirectPurchaseODMMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_ManufacturingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_UnallocatedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_DirectPurchaseODMMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_ManufacturingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_UnallocatedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_DirectPurchaseODMMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:DirectPurchaseODMMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_ManufacturingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:ManufacturingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UnallocatedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">NWGL:UnallocatedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_ReportableSegmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ifrs-full:ReportableSegmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_EuropeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:EuropeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_srt_EuropeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:EuropeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_srt_EuropeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:EuropeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_SouthAmericaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:SouthAmericaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_srt_SouthAmericaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:SouthAmericaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_srt_SouthAmericaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:SouthAmericaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_NorthAmericaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:NorthAmericaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_srt_NorthAmericaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:NorthAmericaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_srt_NorthAmericaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">srt:NorthAmericaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SouthEastAsiaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">NWGL:SouthEastAsiaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SouthEastAsiaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">NWGL:SouthEastAsiaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SouthEastAsiaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">NWGL:SouthEastAsiaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TimingOfTransferOfGoodsOrServicesAxis">ifrs-full:GoodsOrServicesTransferredAtPointInTimeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TimingOfTransferOfGoodsOrServicesAxis">ifrs-full:GoodsOrServicesTransferredAtPointInTimeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TimingOfTransferOfGoodsOrServicesAxis">ifrs-full:GoodsOrServicesTransferredAtPointInTimeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_PE_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:PE</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_PE_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:PE</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_country_PE_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:PE</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_country_PE_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:PE</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_country_PE_ifrs-full_BottomOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:PE</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:RangeAxis">ifrs-full:BottomOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_country_PE_ifrs-full_TopOfRangeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:PE</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">ifrs-full:TopOfRangeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_FR">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:FR</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_country_FR">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:FR</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_country_FR">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:FR</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_MO">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MO</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_country_MO">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MO</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_country_MO">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MO</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_HK">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:HK</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_country_HK">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:HK</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_country_HK">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:HK</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_AmericanDepositarySharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:UnderlyingEquityInstrumentAndDepositaryReceiptsAxis">NWGL:AmericanDepositarySharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_EquitySettledShareOptionSchemeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceTwoMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceTwoMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceTwoMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceTwoMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="NWGL:ExerciseRangeAxis">NWGL:ExercisePriceTwoMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_EquitySettledShareOptionSchemeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfSharebasedPaymentArrangementsAxis">NWGL:EquitySettledShareOptionSchemeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderOneMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderOneMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_UltimateBeneficialShareholderOneMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderOneMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UltimateBeneficialShareholderOneMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderOneMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderTwoMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderTwoMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_UltimateBeneficialShareholderTwoMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderTwoMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UltimateBeneficialShareholderTwoMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderTwoMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderThreeMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderThreeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_UltimateBeneficialShareholderThreeMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderThreeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UltimateBeneficialShareholderThreeMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderThreeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_RelatedPartyUltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:RelatedPartyUltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_RelatedPartyUltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:RelatedPartyUltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_RelatedPartyUltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:RelatedPartyUltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">NWGL:UltimateBeneficialShareholderMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:MrHonPanSeOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeDaziranMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:JointVenturesWhereEntityIsVenturerMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:FoShanSundeDaziranMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeDaziranMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:JointVenturesWhereEntityIsVenturerMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:FoShanSundeDaziranMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeDaziranMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:JointVenturesWhereEntityIsVenturerMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:FoShanSundeDaziranMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeDaziranMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:JointVenturesWhereEntityIsVenturerMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:FoShanSundeDaziranMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeChangchengMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:JointVenturesWhereEntityIsVenturerMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:FoShanSundeChangchengMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeChangchengMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:JointVenturesWhereEntityIsVenturerMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:FoShanSundeChangchengMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeChangchengMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:JointVenturesWhereEntityIsVenturerMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:FoShanSundeChangchengMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeChangchengMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CategoriesOfRelatedPartiesAxis">ifrs-full:JointVenturesWhereEntityIsVenturerMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">NWGL:FoShanSundeChangchengMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_currency_HKD">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:HKD</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_currency_HKD">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:HKD</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_currency_PEN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:PEN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_currency_PEN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:PEN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_currency_MOP">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:MOP</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_currency_MOP">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:MOP</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_currency_HKD">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:HKD</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_currency_HKD">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:HKD</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_currency_HKD">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:HKD</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_currency_EUR">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:EUR</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_currency_EUR">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:EUR</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_currency_EUR">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:EUR</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_currency_CNY">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:CNY</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_currency_CNY">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:CNY</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_currency_CNY">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:CNY</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_currency_PEN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:PEN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_currency_PEN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:PEN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_currency_PEN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:PEN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_currency_MOP">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:MOP</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_currency_MOP">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:MOP</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_currency_MOP">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:MOP</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_LowRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:LowRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsNotCreditimpairedMember_ifrs-full_TradeReceivablesMember_custom_LowRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CreditImpairmentOfFinancialInstrumentsAxis">ifrs-full:FinancialInstrumentsNotCreditimpairedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">ifrs-full:TradeReceivablesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:LowRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_TwelvemonthExpectedCreditLossesMember_custom_OtherFinancialAssetsMember_custom_LowRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:TwelvemonthExpectedCreditLossesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">NWGL:OtherFinancialAssetsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:LowRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_WatchListMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:WatchListMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsNotCreditimpairedMember_ifrs-full_TradeReceivablesMember_custom_WatchListMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CreditImpairmentOfFinancialInstrumentsAxis">ifrs-full:FinancialInstrumentsNotCreditimpairedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">ifrs-full:TradeReceivablesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:WatchListMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_TwelvemonthExpectedCreditLossesMember_custom_OtherFinancialAssetsMember_custom_WatchListMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:TwelvemonthExpectedCreditLossesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">NWGL:OtherFinancialAssetsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:WatchListMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_DoubtsfulMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:DoubtsfulMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsNotCreditimpairedMember_ifrs-full_TradeReceivablesMember_custom_DoubtsfulMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CreditImpairmentOfFinancialInstrumentsAxis">ifrs-full:FinancialInstrumentsNotCreditimpairedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">ifrs-full:TradeReceivablesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:DoubtsfulMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsNotCreditimpairedMember_custom_OtherFinancialAssetsMember_custom_DoubtsfulMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CreditImpairmentOfFinancialInstrumentsAxis">ifrs-full:FinancialInstrumentsNotCreditimpairedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">NWGL:OtherFinancialAssetsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:DoubtsfulMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_LossMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:LossMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsCreditimpairedMember_ifrs-full_TradeReceivablesMember_custom_LossMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CreditImpairmentOfFinancialInstrumentsAxis">ifrs-full:FinancialInstrumentsCreditimpairedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">ifrs-full:TradeReceivablesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:LossMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsCreditimpairedMember_custom_OtherFinancialAssetsMember_custom_LowRiskMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:CreditImpairmentOfFinancialInstrumentsAxis">ifrs-full:FinancialInstrumentsCreditimpairedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">NWGL:OtherFinancialAssetsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:LowRiskMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_WriteOffMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:WriteOffMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_TradeReceivablesMember_custom_WriteOffMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">ifrs-full:TradeReceivablesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:WriteOffMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_OtherFinancialAssetsMember_custom_WriteOffMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ClassesOfFinancialInstrumentsAxis">NWGL:OtherFinancialAssetsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypesOfRisksAxis">NWGL:WriteOffMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_LowMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:LifetimeExpectedCreditLossesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:MethodOfAssessmentOfExpectedCreditLossesAxis">ifrs-full:ExpectedCreditLossesIndividuallyAssessedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:InternalCreditGradesAxis">NWGL:LowMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_LowMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:LifetimeExpectedCreditLossesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:MethodOfAssessmentOfExpectedCreditLossesAxis">ifrs-full:ExpectedCreditLossesIndividuallyAssessedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:InternalCreditGradesAxis">NWGL:LowMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_WatchListMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:LifetimeExpectedCreditLossesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:MethodOfAssessmentOfExpectedCreditLossesAxis">ifrs-full:ExpectedCreditLossesIndividuallyAssessedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:InternalCreditGradesAxis">NWGL:WatchListMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_WatchListMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:LifetimeExpectedCreditLossesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:MethodOfAssessmentOfExpectedCreditLossesAxis">ifrs-full:ExpectedCreditLossesIndividuallyAssessedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:InternalCreditGradesAxis">NWGL:WatchListMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_DoubtsfulMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:LifetimeExpectedCreditLossesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:MethodOfAssessmentOfExpectedCreditLossesAxis">ifrs-full:ExpectedCreditLossesIndividuallyAssessedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:InternalCreditGradesAxis">NWGL:DoubtsfulMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_DoubtsfulMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:LifetimeExpectedCreditLossesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:MethodOfAssessmentOfExpectedCreditLossesAxis">ifrs-full:ExpectedCreditLossesIndividuallyAssessedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:InternalCreditGradesAxis">NWGL:DoubtsfulMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_LowMember_ifrs-full_TwelvemonthExpectedCreditLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:InternalCreditGradesAxis">NWGL:LowMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:TwelvemonthExpectedCreditLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_LowMember_ifrs-full_TwelvemonthExpectedCreditLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:InternalCreditGradesAxis">NWGL:LowMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:TwelvemonthExpectedCreditLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AAMember_ifrs-full_TwelvemonthExpectedCreditLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ExternalCreditGradesAxis">NWGL:AAMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:TwelvemonthExpectedCreditLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AAMember_ifrs-full_TwelvemonthExpectedCreditLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ExternalCreditGradesAxis">NWGL:AAMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:TwelvemonthExpectedCreditLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AAPlusMember_ifrs-full_TwelvemonthExpectedCreditLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ExternalCreditGradesAxis">NWGL:AAPlusMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:TwelvemonthExpectedCreditLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AAPlusMember_ifrs-full_TwelvemonthExpectedCreditLossesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:ExternalCreditGradesAxis">NWGL:AAPlusMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="ifrs-full:TypeOfMeasurementOfExpectedCreditLossesAxis">ifrs-full:TwelvemonthExpectedCreditLossesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_CustomerCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_CustomerCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_CustomerCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_CustomerBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_CustomerBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_CustomerBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_CustomerCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_CustomerCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_CustomerCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_CustomerDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_CustomerDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_CustomerDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_CustomerEMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerEMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_CustomerEMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerEMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_CustomerEMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerEMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_CustomerFMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerFMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_CustomerFMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerFMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_CustomerFMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerFMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_CustomerGMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerGMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_CustomerGMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerGMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_CustomerGMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">NWGL:CustomerGMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_BankBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:BankBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_BankBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:BankBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_BankBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:BankBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_OtherBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:OtherBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_OtherBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:OtherBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_OtherBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:OtherBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_ConvertibleBondsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:ConvertibleBondsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ConvertibleBondsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:ConvertibleBondsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_ConvertibleBondsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:ConvertibleBondsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:AmountsDueToAnUltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:AmountsDueToAnUltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:AmountsDueToAnUltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_ifrs-full_LeaseLiabilitiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">ifrs-full:LeaseLiabilitiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">ifrs-full:LeaseLiabilitiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_ifrs-full_LeaseLiabilitiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">ifrs-full:LeaseLiabilitiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_BankAndOtherBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:BankAndOtherBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_BankAndOtherBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:BankAndOtherBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_BankAndOtherBorrowingsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:BankAndOtherBorrowingsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_ConvertibleBondsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:ConvertibleBondsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ConvertibleBondsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:ConvertibleBondsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:AmountsDueToAnUltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">NWGL:AmountsDueToAnUltimateBeneficialShareholderMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_ifrs-full_LeaseLiabilitiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">ifrs-full:LeaseLiabilitiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_ifrs-full_LeaseLiabilitiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001948294</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="ifrs-full:LiabilitiesArisingFromFinancingActivitiesAxis">ifrs-full:LeaseLiabilitiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    <xbrli:unit id="Pure">
      <xbrli:measure>xbrli:pure</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="HKDP">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:HKD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    <xbrli:unit id="HKD">
      <xbrli:measure>iso4217:HKD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Hectare">
      <xbrli:measure>utr:ha</xbrli:measure>
    </xbrli:unit>
  <ix:relationship fromRefs="Fact000246" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000248" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000250" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000252" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000254" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000256" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000258" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000260" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="xdx2ixbrl0262" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="xdx2ixbrl0264" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="xdx2ixbrl0266" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="xdx2ixbrl0268" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000270" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000272" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000274" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000276" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000278" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000280" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000282" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000284" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000286" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000288" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000290" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact000292" toRefs="Footnote000293 Footnote000294"/>
  <ix:relationship fromRefs="Fact001316" toRefs="Footnote001345"/>
  <ix:relationship fromRefs="Fact001317" toRefs="Footnote001345"/>
  <ix:relationship fromRefs="Fact001319" toRefs="Footnote001350"/>
  <ix:relationship fromRefs="Fact001320" toRefs="Footnote001350"/>
  <ix:relationship fromRefs="Fact001322" toRefs="Footnote001355"/>
  <ix:relationship fromRefs="Fact001323" toRefs="Footnote001355"/>
  <ix:relationship fromRefs="xdx2ixbrl1325" toRefs="Footnote001360"/>
  <ix:relationship fromRefs="Fact001326" toRefs="Footnote001360"/>
  <ix:relationship fromRefs="Fact001328" toRefs="Footnote001363"/>
  <ix:relationship fromRefs="Fact001329" toRefs="Footnote001363"/>
  <ix:relationship fromRefs="Fact001331" toRefs="Footnote001366"/>
  <ix:relationship fromRefs="xdx2ixbrl1332" toRefs="Footnote001366"/>
  <ix:relationship fromRefs="Fact001334" toRefs="Footnote001369"/>
  <ix:relationship fromRefs="Fact001335" toRefs="Footnote001369"/>
  <ix:relationship fromRefs="Fact001500" toRefs="Footnote001540"/>
  <ix:relationship fromRefs="Fact001501" toRefs="Footnote001540"/>
  </ix:resources>
 </ix:header>
</div>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 4pt solid; border-bottom: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_903_edei--DocumentType_c20230101__20231231_zW4O6CeqMLRl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000015" name="dei:DocumentType">20-F</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
One)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_edei--DocumentRegistrationStatement_c20230101__20231231_z2qdGghBYrgf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000016" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--DocumentAnnualReport_c20230101__20231231_zVuD59Jk4Clc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000017" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the fiscal year ended <span id="xdx_908_edei--DocumentPeriodEndDate_c20230101__20231231_zQ6bGx6whTq8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayyearen" id="Fact000018" name="dei:DocumentPeriodEndDate"><span id="xdx_90D_edei--CurrentFiscalYearEndDate_c20230101__20231231_zl5WYqhKh5s3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayen" id="Fact000019" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric></span>, <span id="xdx_90E_edei--DocumentFiscalYearFocus_c20230101__20231231_zLOrzdNeuSLc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000020" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></span></ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--DocumentTransitionReport_c20230101__20231231_zHzT2yhqGdW6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000021" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--DocumentShellCompanyReport_c20230101__20231231_zP7ltKVoFY61"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000022" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
of event requiring this shell company report __________</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
file number <span id="xdx_90C_edei--EntityFileNumber_c20230101__20231231_zWLpsXDwcx6j"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityFileNumber">001-41796</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_908_edei--EntityRegistrantName_c20230101__20231231_zaOcoPm1CEs8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000024" name="dei:EntityRegistrantName">NATURE
WOOD GROUP LIMITED</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact
name of Registrant as specified in its charter)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityIncorporationStateCountryCode_c20230101__20231231_z7dUg7APlNo"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000025" name="dei:EntityIncorporationStateCountryCode">British
Virgin Islands</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Jurisdiction
of incorporation or organization)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityAddressAddressLine1_c20230101__20231231_zLyOvtpWfQb2"><span id="xdx_90B_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z8SM6XbvLb6j"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityAddressAddressLine1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000027" name="dei:EntityAddressAddressLine1">Avenida
da Amizade no. 1287</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityAddressAddressLine2_c20230101__20231231_zuJCMx9qJSFk"><span id="xdx_903_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zTjR55cs65Sc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000028" name="dei:EntityAddressAddressLine2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000029" name="dei:EntityAddressAddressLine2">Chong
Fok Centro Comercial</ix:nonNumeric></ix:nonNumeric></span></span>, <span id="xdx_901_edei--EntityAddressPostalZipCode_c20230101__20231231_zafuzIIqjPr2"><span id="xdx_900_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zG0T0aNlHUZ9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000030" name="dei:EntityAddressPostalZipCode"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000031" name="dei:EntityAddressPostalZipCode">13 E</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--EntityAddressCityOrTown_c20230101__20231231_zwwxSiqfS8A"><span id="xdx_909_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zgWSd2i7fSIh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000032" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000033" name="dei:EntityAddressCityOrTown">Macau
S.A.R.</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of principal executive offices)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z6hpCYXYdmL4"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:ContactPersonnelName">Jianjun
Zeng</ix:nonNumeric></span>, Chief Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
+<span id="xdx_906_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zTpor4tt323g"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:CityAreaCode">853</ix:nonNumeric></span> <span id="xdx_907_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zH9RHxWFWjA4"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:LocalPhoneNumber">2855-3594</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
<span id="xdx_906_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zbg8YCV0XAa8"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:ContactPersonnelEmailAddress">johnny@nature-wood.com</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>At
the address of the Company set forth above</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
Telephone, E-mail and Address of Company Contact Person)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(b) of the Act:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 34%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 44%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--Security12bTitle_c20230101__20231231_zGRHfX76dYU7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000038" name="dei:Security12bTitle">American
    depositary shares, each representing eight ordinary shares, par value $0.001 per share</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90E_edei--TradingSymbol_c20230101__20231231_zv87PXsqlrg5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000039" name="dei:TradingSymbol">NWGL</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    <span id="xdx_90B_edei--SecurityExchangeName_c20230101__20231231_zpM5F74u7dQ3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000040" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Stock Market LLC</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>*
Not for trading, but only in connection with the listing of the American depositary shares on The Nasdaq Stock Market LLC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(g): None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--EntityCommonStockSharesOutstanding_iI_c20231231_zNZi2ls0RQF3"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000041" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">132,425,321</ix:nonFraction></span>
ordinary shares were outstanding as of December 31, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&#160;&#9744;&#160;Yes&#160;&#9746;&#160;<span id="xdx_90E_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_z2PVt8dwfg6a"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000042" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.&#160;&#9744;&#160;Yes&#160;&#9746;&#160;<span id="xdx_902_edei--EntityVoluntaryFilers_c20230101__20231231_z6NDh1dD5DTj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000043" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.&#160;&#9746;&#160;<span id="xdx_90D_edei--EntityCurrentReportingStatus_c20230101__20231231_zLx6S7Czg6Q"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>&#160;&#9744;&#160;No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).&#160;&#9746;&#160;<span id="xdx_901_edei--EntityInteractiveDataCurrent_c20230101__20231231_zI9EfK1rnUP8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;&#9744;&#160;No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 27%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--EntityFilerCategory_c20230101__20231231_zBr02jpHh6B2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000046" name="dei:EntityFilerCategory">Accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 27%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--EntityEmergingGrowthCompany_c20230101__20231231_z1fBTt47DcB2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000047" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_901_edei--EntityExTransitionPeriod_c20230101__20231231_zl87UDFEanCk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000048" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_90E_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zSxRwkMY6GGf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000049" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90D_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zID7pPdL1vF7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000050" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    GAAP&#160;&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--DocumentAccountingStandard_c20230101__20231231_z9503usITtwi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued by the International Accounting Standards Board&#160;&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other&#160;&#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which consolidated financial statement
item the registrant has elected to follow.&#160;&#9744;&#160;Item 17&#160;&#9744;&#160;Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities
Exchange Act of 1934).&#160;&#9744;&#160;Yes&#160;&#9746;&#160;<span id="xdx_901_edei--EntityShellCompany_c20230101__20231231_zNpgVr91Lf9h"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000052" name="dei:EntityShellCompany">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.&#160;&#9744;&#160;Yes&#160;&#9746;&#160;<span id="xdx_906_edei--EntityBankruptcyProceedingsReportingCurrent_c20230101__20231231_zanrurwYvhHd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000053" name="dei:EntityBankruptcyProceedingsReportingCurrent">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1.5pt solid; border-bottom: Black 4pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Table
of Contents</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.2in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.2in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#mm_001">PART I.</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#mm_002">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#mm_003">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#mm_004">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#mm_005">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ak_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">44<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ak_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">44</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#ak_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">50</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">59<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">60<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">60</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">60</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">69<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Si_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART II.</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">72<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#Si_008">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#Si_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART III.</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"/></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">77</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">77</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="#Si_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>77</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONVENTIONS
THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
we indicate otherwise, references in this report to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ADSs&#8221;
    are to American depositary shares, each of which represents eight ordinary shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BVI&#8221;
    are to the British Virgin Islands;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BVI
    Act&#8221; are to BVI Business Companies Act, 2004 as amended from time to time</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;FSC&#8221;
    are to the Forest Stewardship Council;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Hong
    Kong&#8221; are to the Hong Kong Special Administrative Region in the People&#8217;s Republic of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IPO&#8221;
    are to the Company&#8217;s initial public offering which was consummated on September 14, 2023;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Macau&#8221;
    are to the Macao Special Administrative Region in the People&#8217;s Republic of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Operating
    Subsidiaries&#8221; are to Swift Top Capital Resources Limited, Parquet Nature (France) S.A.R.L., Choi Chon Investment Company Limited,
    South American Wood S.A.C., Grupo Maderero Amaz S.A.C., E&amp;T Forestal S.A.C., Nuevo San Martin S.A.C.,
    Sepahua Tropical Forest S.A.C., Maderera Industrial Isabelita S.A.C. and Latinoamerican Forest S.A.C., each a subsidiary of our Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ordinary
    Shares&#8221; are to the ordinary shares of our Company, par value of $0.001 per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Our
    Board&#8221; are to the board of Directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;our
    Company&#8221; are to Nature Wood Group Limited, the holding company incorporated in the BVI;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;our
    Forests&#8221; are to parcels of land in Peru with an aggregate area of approximately 615,333 hectares, of which our Group owned
    the natural forest concessions and cutting rights for the exploitation of timber, as at June 30, 2023</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;our
    Group&#8221;, &#8220;the Group&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; are to our Company and its subsidiaries;
    where the discussions in the context relate to business operations and/or financial performance, then the terms &#8220;Company&#8221;,
    &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221;, &#8220;our Company&#8221;, &#8220;our Group&#8221;, &#8220;the Group&#8221;
    and &#8220;our business&#8221; refer to the business operations and/or financial performance of the Operating Subsidiaries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;our
    Director(s)&#8221; are to the director(s) of our Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PEFC&#8221;
    are to Programme for the Endorsement of Forest Certification;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PRC&#8221;
    or &#8220;China&#8221; are to the People&#8217;s Republic of China, excluding Hong Kong, Macau and Taiwan for the purposes of this
    report only;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;RMB&#8221;
    or &#8220;Renminbi&#8221; are to the legal currency of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;sawn
    timber&#8221; are to square timber and commercial materials;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;$&#8221;,
    &#8220;USD&#8221;, &#8220;US$&#8221; or &#8220;U.S. dollars&#8221; are to the legal currency of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;HKD&#8221;
    or &#8220;HK$&#8221; are to the legal currency of Hong Kong;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;EUR&#8221;
    are to the legal currency of the European Union;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MOP&#8221;
    are to the legal currency of Macau;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;SOL&#8221;
    or &#8220;S/&#8221; are to the legal currency of Peru.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F contains forward-looking statements that involve risks and uncertainties, including statements based on our
current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements are made under
the &#8220;safe harbor&#8221; provision under Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and
as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied
by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as &#8220;may&#8221;,
&#8220;will&#8221;, &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;aim&#8221;, &#8220;estimate&#8221;, &#8220;intend&#8221;,
&#8220;plan&#8221;, &#8220;believe&#8221;, &#8220;potential&#8221;, &#8220;continue&#8221;, &#8220;is/are likely to&#8221; or other similar
expressions. The forward-looking statements included in this annual report relate to, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">timing
    of the development of future business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">capabilities
    of our business operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
    future economic performance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    in our market;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued
    market acceptance of our services and products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">protection
    of our intellectual property rights;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the laws that affect our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflation
    and fluctuations in foreign currency exchange rates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to obtain and maintain all necessary government certifications, approvals, and/or licenses to conduct our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued
    development of a public trading market for our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of complying with current and future governmental regulations and the impact of any changes in the regulations on our operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">managing
    our growth effectively;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">projections
    of revenue, earnings, capital structure and other financial items;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in operating results; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">health
    crisis, including due to pandemics such as the COVID-19 pandemic and government measures taken in response thereto.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read these statements in conjunction with the risks disclosed in &#8220;Item 3. Key Information&#8212;3.D. Risk Factors&#8221;
of this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. Moreover,
we operate in an evolving environment. New risks may emerge from time to time, and it is not possible for our management to predict all
risks, nor can we assess the impact of such risks on our business or the extent to which any risk, or combination of risks, may cause
actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements made in this
annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required
by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which
the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and the documents that
we have referred to in this annual report, completely and with the understanding that our actual future results may be materially different
from what we expect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span id="mm_001"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
I.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span id="mm_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
    1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span id="mm_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
    2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OFFER
    STATISTICS AND EXPECTED TIMETABLE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span id="mm_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
    3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KEY
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.A.
<span style="text-decoration: underline">[Reserved]</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.B.
<span style="text-decoration: underline">Capitalization and Indebtedness</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.C.
<span style="text-decoration: underline">Reasons for the Offer and Use of Proceeds</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.D.
<span style="text-decoration: underline">Risk Factors</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should carefully consider each of the following risks and all the other information contained in this 2023 20-F Report in evaluating
us and our common stock. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated.
Our business, financial condition, results of operations and cash flows could be materially and adversely affected by these risks, and,
as a result, the trading price of our common stock could decline. We have in the past been adversely affected by certain of, and may
in the future be affected by, these risks. You should not interpret the disclosure of any risk factor to imply that the risk has not
already materialized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Business and Industry</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
revenues are sensitive to fluctuations of log price and selling price of our products in the forestry industry.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
prices for logs have been volatile and are affected by numerous factors that are not under control, including demand for wood and wood
products, supply from illegal logging, changes in currency exchange rates, economic growth rates, foreign and domestic interest rates,
trade policies, and prevailing fuel and transportation costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, industry-wide increases in the supply of logs during a favorable price period can also lead to downward pressure on prices
through oversupply. Increased production by us and our competitors could lead to oversupply and lower prices. Oversupply and lower prices
may also result from illegal logging activity or decreased government enforcement of logging restrictions. Our revenues and profits are
extremely sensitive to changes in log prices and selling prices of our products. Slight changes in log prices and selling prices of our
products may cause a disproportionally large change in our revenues and our results of operation. If market prices for logs or our products
were to decline, it could have a material adverse effect on our business, financial condition and results of operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face increased costs for new forest acquisitions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the forestry sector develops, sellers may become increasingly sophisticated about the valuation and prices of their forests and may demand
higher premiums for high quality forests. There is no assurance that we will be able to negotiate favorably low prices for our new forest
acquisitions. Rising acquisition costs and intensifying competition for new forests may hamper our expansion plans and have an adverse
impact on the profitability and results of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Forests are subject to environmental regulations in the relevant jurisdictions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operations of our forestry business are subject to a wide range of environmental laws and regulations, which regulate, among other things,
forestry activities, including harvesting, land clearing for forests and the emission, noise or discharge of pollutants, effluents, or
solid waste, water or atmosphere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
laws and regulations have generally become more stringent in recent years and could become even more stringent in the future. We may
be required to obtain certain licenses before we are permitted to occupy certain premises and/or carry out certain activities. They also
protect endangered or threatened wildlife species which may live in our Forests. Some of these environmental laws and regulations could
impose significant costs, expenses, penalties, administrative measures, and liabilities on us for violations of existing conditions attached
to our licenses or commitments of environmental impact assessments, whether or not we caused or knew about them. Violations of such laws
and regulations may result in civil penalties (such as fines and recovery of costs), remediation expenses, potential injunctions and
prohibition orders and criminal penalties. Some environmental statutes impose strict liability, rendering a person liable for environmental
damage without regard to the person&#8217;s negligence or fault.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with, or damages or penalties for violating, current and future environmental laws and regulations could result in a reduction in harvesting
volume, suspension of our activities and may force us to incur significant expenses, which in turn could have a material adverse effect
on our business, financial condition, and results of operations. Any tightening of the requirements prescribed by environmental laws
and regulations in Peru or France, or changes in the manner of interpretation or enforcement of such existing laws or regulations, could
adversely impact our operations by increasing our compliance costs and potential liabilities in connection with such laws and regulations,
including additional capital or operating expenditures, which may place additional demands on our liquidity and adversely affect our
results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on the availability of large numbers of workers to perform manual labor.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on large numbers of workers to harvest logs and perform manual labor. As many of our Forests are located in remote areas far from
population centers, there is a risk that manpower for harvesting logs and for maintaining our Forests will not be available on a continuous
basis due to factors such as rural-urban migration. We are also vulnerable to labor shortages due to strikes, labor stoppages and civil
unrest. Any shortage of labor could increase our costs and reduce our production, which may have a material adverse effect on our business,
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
Forests may not grow in accordance with our expectations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
success of our business depends in part upon the productivity of our existing and future forests. Growth in forests depends on a number
of factors, many of which are beyond our control. These include, but are not limited to, damage by fire, diseases, pests, environmental
pollution, and other natural or man-made disasters, as well as weather, climate, genetic factors and soil conditions. Our ability to
improve the growth speed of our Forests will depend on the factors described above as well as our ability to improve our forest management
practices. As a result, there can be no assurance that our Forest will grow as we expect. Our future business, financial condition and
results of operations may be adversely affected if our Forests grow at a slower rate than we expect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
forest survey and knowledge of our Forests are subject to errors in the survey.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating results depend on our knowledge of forests, especially in Peru and France. We regularly visit our Forests to monitor their
growth and condition. In this process, we use a random sampling method for our survey of forests. We cannot guarantee the reliability
of the results of our survey. In the event that the results of our survey are not reliable, our knowledge of our Forests and our ability
to manage our Forests could be greatly hampered, which may have a material adverse effect on our business, financial condition and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on certain major customers.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each of the years ended December 31, 2023, 2022 and 2021, we had a total of 143, 158 and 115 customers respectively, which had
purchased our wood products. Our five largest customers during the respective periods accounted for approximately 53.2%, 55.3%
and 55.1% of our total turnover respectively; whilst our largest customer accounted for approximately 28.2%, 19.5% and 22.6% of our
total turnover respectively. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face increased operating costs and staff costs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business may face increased operating costs as the forestry industry continues to develop. Our operating expenses for logging activities
consist of our costs of harvesting, such as labor costs, and costs associated with applying for logging permits for our Forests. We expect
labor costs to rise as workers who harvest our logs become more experienced and increase their wage demands. Logging permits for our
Forests are subject to periodic revisions by the local forest bureaus and we expect them to increase as the industry develops. Increases
in our operating expenses for logging activities and staff costs may have a material adverse effect on our business, financial condition
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
inability to obtain logging permits with sufficient logging amounts could reduce our future revenues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
logging permit setting out, among other things, the quota (in terms of the maximum area and/or number of trees) allowable for logging
and the period of logging must be obtained from the local forestry bureaus for harvesting in Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the availability of logging permits is subject to the approval of the relevant local forestry bureau, there is no assurance that we will
be able to continue obtaining logging permits, or that the logging amount given to us under the logging permits will be sufficient for
our operations. Should we fail to obtain logging permits with logging amounts sufficient for our operations, our revenues in the future
may be reduced and our business, financial condition and results of operations may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
inability to obtain certificates from the FSC could reduce our future revenues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023, 2022 and 2021, revenue generated from FSC-certified decking amounted to approximately
$4.7 million, $11.2 million and $9.9 million, representing approximately 18.4%, 20.3% and 20.7% of our
total revenue. This, in turn, requires that we retain and renew our existing FSC Chain of Custody (CoC) certifications. Our retention
and renewal of these certificates depend on our performance in forest management. <b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we will be able to retain or renew our existing certificates or obtain new certificates. If we are unable to renew
or retain certificates, our business, results of operations and financial condition will be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
inability to acquire enough immediately harvestable forests may affect our ability to meet demand.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, our Forests covered an area of approximately 615,333 hectares. We rely on acquisitions of new forests to increase
our timber supply, particularly new forests which are immediately harvestable. There can be no assurance that we will be able to acquire
sufficient immediately harvestable forests in the future to keep up with demand. If we cannot do so, our business, financial condition
and results of operation may be materially adversely affected. <b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
current global market fluctuations and economic downturn could materially and adversely affect our business, financial condition and
results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global capital and credit markets have been experiencing extreme volatility and disruption in recent times. Concerns over inflation or
deflation, energy costs, geopolitical issues, and the availability and cost of credit have contributed to unprecedented levels of market
volatility and diminished expectations for the global economy and the capital and consumer markets in the future. These factors, combined
with volatile oil prices, declining business activities and consumer confidence and increased unemployment, have precipitated an economic
slowdown and a possible prolonged global recession. These events have led to a slowdown in the global economy which a number of economists
predict could be significant and protracted. As a result, the demand for our wood products may significantly decrease, thereby materially
and adversely affecting our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Social
conflicts may disrupt our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
Peru&#8217;s ongoing economic growth and stabilization, high levels of poverty and unemployment and social and political tensions continue
to be pervasive problems in the country. Peru has, from time to time, experienced social and political turmoil, including riots, nationwide
protests, strikes and street demonstrations. In the past, Peru has experienced periods of political instability that has included a succession
of regimes with differing economic policies and programs. Recently, since December 2022, Peru has experienced unrelenting political turmoil.
Part of our operations are conducted in Peru and depend on economic and political developments in the country. As a result, any social
conflicts may disrupt our business operations, which could have a material adverse effect on our business and financial performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Security,
political and economic instability in the Middle East may harm our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
escalating conflicts between Israel and its neighboring countries and Islamist militia and political groups since late 2023, particularly
the Israel-Gaza Strip and attacks targeting vessels in the southern Red Sea, has introduced geopolitical tensions and security risks
within the Middle East region. Such instability may affect the global markets and potentially cause disruptions to the international
trade and financial systems. As such, the conflicts and heightened tensions in the Middle East could have an indirect, adverse impact
on our business and financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are heavily dependent on key personnel and consultants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are heavily dependent on our Directors and management for the success of our operations. Our ability to negotiate successfully with the
forest owners for our forest rights, and to acquire high quality forests, depends on the skills, relationships and reputation of our
senior management. In particular, we rely on the management skills of our chairman, Mr. Hok Pan Se, for our business across borders.
We also rely on the expertise and experience of our forest management staff, procurement and inventory staff, production staff, sales
and marketing staff and consultants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we lose the services of any of our key personnel and/or if we cannot attract or retain quality consultants to advise us, we may lose
our competitive advantage and our business could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face competition from other companies in the forestry industry.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face many local and overseas competitors who also supply wood products to the market. Our primary competitors operate either domestically
or within the Asia Pacific region. In particular, we face competition from a host of small logging firms, some of which may not comply
with environmental and other industry standards to the same extent as we do, resulting in their potentially lower operating costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition
in our industry is influenced by factors including the costs of new forest acquisitions, regulatory compliance, and forest insurance.
Some of our competitors may have lower costs than we do, or, if their operations are located in less developed countries, may be subject
to less stringent environmental and other governmental regulations than we are, because of different or regional laws and business practices.
If we are unable to compete effectively, or if competition increases in the future, our revenues could decline, and there may be material
adverse effects on our business, financial condition, results of operations and cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
forestry industry faces competition from solid wood substitutes.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to competition within the forestry industry, the forest industry faces competition from solid wood substitutes. We face competition
from companies that manufacture wood substitutes, such as imitation wood, fiber-cement wood, ceramic tile and other materials that are
used as alternative materials mainly in construction and furniture production. The demand for wood products is also affected by changes
in consumer trends and tastes. Preference for wood substitutes among manufacturers, construction companies and consumers could decrease
demand for our products and have a material adverse effect on our revenue, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Abnormally
high or prolonged levels of rain at our Forest locations may adversely impact our ability to harvest timber.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
harvesting activity is dependent on, among other things, the weather conditions at our Forest locations. For safety reasons, we discontinue
logging in our Forests during the rainy season, which is usually from late November to May. Abnormally prolonged periods of rainfall
or unusually intense rainfall will reduce the volume of logs we are able to extract, which may have a material adverse effect on our
business, financial condition and results of operations and revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to certain risks relating to the delivery of our products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
often rely on third-party logistics service providers for the delivery of our wood products to customers. Such delivery services could
be suspended and thus interrupt the supply of our wood products if unforeseen events occur which are beyond our control, such as transportation
bottlenecks, natural disasters, disease outbreaks or labor strikes. Any failure of this personnel to provide high-quality or timely delivery
to our customers may negatively impact the purchase experience of our customers, damage our reputation and cause us to lose customers.
Any negative publicity or poor feedback regarding our customer service overall may harm our brand and reputation and in turn cause us
to lose customers and market share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disruption
to the supply of raw materials or increase in raw material prices could materially and adversely affect our Group&#8217;s business, financial
condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
major raw materials used to produce our wood products are logs and floorings. The purchase of wood products and logs together accounted
for approximately 92.0%, 97.8% and 93.9% of the total raw material purchase costs during the years ended December 31,
2023, 2022 and 2021 respectively. However, our Group has not entered into any long-term supply contracts with our suppliers.
In the event that the ban on commercial logging is imposed by the French government or the places where our suppliers are located or
natural disasters, the supply of timber for the production of our wood products and the hosting of timber auctions may be affected. It
is therefore possible that our Group will not be able to purchase sufficient raw materials from our suppliers, in a timely manner and
on commercially acceptable terms, or at all. <b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if we are unable to acquire raw materials from our existing suppliers for any reason, we cannot assure that our Group will
be able to source the raw materials from alternative sources within a reasonable period of time, and at acceptable prices or at all.
Our Group cannot assure that such shortages will not occur in the future. Any failure to obtain adequate supplies of raw materials on
a timely basis may disrupt our Group&#8217;s operation, and may have a material adverse effect on the business, financial condition and
results of operations of our Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
networks and those of our third-party service providers may be vulnerable to cybersecurity risks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
network and those of our third-party service providers and our customers may be vulnerable to unauthorized access, computer attacks,
viruses and other security problems. Persons who circumvent security measures could wrongfully access and obtain or use information on
our network or cause service interruptions, delays or malfunctions in our devices, services or operations, any of which could harm our
reputation, cause demand for our products and services to fall, and compromise our ability to pursue our business plans. Recently, there
have been reported several significant, widespread security attacks and breaches that have compromised network integrity for many companies
and governmental agencies, in some cases reportedly originating from outside the United States. In addition, there are reportedly private
products available in the market today that may attempt to unlawfully intercept communications made using our network. We may be required
to expend significant resources to respond to, contain, remediate, and protect against these attacks and threats, including compliance
with applicable data breach and security laws and regulations, and to alleviate problems, including reputational harm and litigation,
caused by these security incidents. Although we have implemented and intend to continue to implement security measures, these measures
may prove to be inadequate. These security incidents could have a significant effect on our systems, devices and services, including
system failures and delays that could limit network availability, which could harm our business and our reputation and result in substantial
liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Doing Business in China</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are based in Peru, France, Hong Kong and Macau. We have a subsidiary that is established in the PRC, namely Foshan City Linjia
Technology Company Limited, which is engaged in IT consultancy and business consultancy. As of the date of this report, the PRC subsidiary
has not (i) conducted any other business operation in the PRC, (ii) owned any material assets in the PRC, (iii) received loans or additional
investments, (iv) distributed any dividends to shareholders, or (v) subjected to any administrative penalties in the PRC. The PRC subsidiary
does not involve in the major part of our operations and we do not intend to conduct any major part of our operations through it in the
future. Although we have equity ownership in our PRC, Hong Kong and Macau subsidiaries and currently do not have or intend to have any
contractual arrangement to establish a variable interest entity structure with any entity in China, we may still be subject to unique
risks due to uncertainty about any future actions of the Chinese government or authorities in Hong Kong and Macau in relation to business
operations in the PRC, Hong Kong or Macau, or regulatory oversight of overseas listing of companies with operations in the PRC, Hong
Kong or Macau.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 28.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the fact that our operations in the PRC are insignificant, a major part of our operations is based in Hong Kong and Macau, each a Special
Administrative Region of China. Although Hong Kong and Macau have their own governmental and legal system that is independent of the
PRC, it is uncertain whether in the future the Hong Kong or Macau government will implement regulations and policies of the Chinese government,
or adopt regulations and policies of its own that are substantially the same as those of the Chinese government. Moreover, given that
policies, regulations, rules, and the enforcement of laws of the Chinese government may be changed or amended, it is also uncertain in
the future whether our operations in Hong Kong or Macau will be subject to the oversight of the Chinese authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to the risks that are specific to doing business in the PRC. Nevertheless, we believe that the effect of the risks below
on our Group would not be material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Due
to the long arm provisions under the current PRC laws and regulations, if the Chinese government exercises any significant oversight
and discretion over the conduct of our business and intervenes in or influences our operations, our operations and/or the value of our
ADSs could be affected. The policies, regulations, rules, and the enforcement of laws of the Chinese government may also be changed or
amended with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system could be
uncertain.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company is a holding company and we conduct our operations through our Operating Subsidiaries in Peru, France, Hong Kong, Macau and China.
As at the date of this report, we are not materially affected by recent statements by the Chinese Government indicating an extent to
exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. However,
due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation
and interpretation of laws in China. The PRC government may choose to exercise significant oversight and discretion, and the policies,
regulations, rules, and enforcement of laws of the Chinese government to which we are subject may change from time to time. As a result,
the application, interpretation, and enforcement of new and existing laws and regulations in the PRC and our assertions and beliefs of
the risk imposed by the PRC legal and regulatory system could also be uncertain. In addition, these laws and regulations may be interpreted
and applied inconsistently by different agencies or authorities, and inconsistently with current policies and practices. New laws, regulations,
and other government directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations
or any other government actions may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
    or impede our development;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">result
    in negative publicity or increase our operating costs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
    significant management time and attention; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are aware that since 2021, the PRC government has initiated a series of regulatory actions and statements to regulate business
operations in certain areas in China, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly
uncertain how soon legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations or
detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws
and regulations will have on our daily business operation, the ability to accept foreign investments and list on a U.S. or other foreign
exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas
and foreign investment in China-based issuers, which may affect our operations and/or the value of our ADSs. The promulgation of new
laws or regulations, or the new interpretation of existing laws and regulations, in each case that restricts or otherwise unfavorably
impacts the ability or way we conduct our business and could require us to change certain aspects of our business to ensure compliance,
which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals
or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented,
our business, financial condition and results of operations could be adversely affected as well as materially decrease the value of our
ADSs, potentially rendering them worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer ADSs to investors
and cause the value of our ADSs to significantly decline or be worthless.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">statements by the Chinese government have indicated
an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers.
On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly
issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital
market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement
and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system
of extraterritorial application of the PRC securities laws. On December 24, 2021, the CSRC published the drafts of the Provisions of
the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies, and the Administrative Measures
for the Filing of Overseas Securities Offering and Listing by Domestic Companies for public comment. On February 17, 2023, the CSRC published
the formal Overseas Listing Measures to regulate overseas securities offering and listing activities by domestic companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
on December 28, 2021, the CAC, the National Development and Reform Commission (&#8220;<b>NDRC</b>&#8221;), and several other administrations
jointly issued the revised Measures for Cybersecurity Review, or the &#8220;Revised Review Measures&#8221;, which became effective on
February 15, 2022 and replaced the existing Measures for Cybersecurity Review. According to the Revised Review Measures, if an &#8220;online
platform operator&#8221; that is in possession of the personal data of more than one million users intends to list in a foreign country,
it must apply for a cybersecurity review. Moreover, the CAC released the draft of the Regulations on Network Data Security Management
in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an
annual data security review by itself or by engaging a data security service provider and submit the annual data security review report
for a given year to the municipal cybersecurity department before January 31 of the following year. On July 7, 2022, the CAC released
the Measures for the Security Assessment of Cross-Border Data, which becomes effective on September 1, 2022. According to the Measures
for the Security Assessment of Cross-Border Data, where a data processor provides data abroad under any of the following circumstances,
it shall apply for exit security assessment of data to the national cyberspace administration through the local provincial cyberspace
administration: (1) the data processor provides important data abroad; (2) the operators of key information infrastructure and data processors
that process the personal information of more than 1 million people provide personal information abroad; (3) data processors who have
provided 100,000 personal information or 10,000 sensitive personal information abroad in aggregate since January 1 of last year provide
personal information abroad; and (4) other situations required for security assessment as stipulated by the state cyberspace administration.
Given the recency of the issuance of the Measures for the Security Assessment of Cross-Border Data, no guidance on the interpretation
or implementation of such Measures has been published.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell a range of logs and flooring primarily in Hong Kong and Macau respectively, but not in mainland China. Our subsidiaries in Hong
Kong and Macau have not collected or stored any data (including certain personal information) from PRC individuals. As a result, the
likelihood of us being subject to the review of the CAC is remote.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
the event that we rely on dividends and other distributions on equity paid by our PRC or Hong Kong subsidiaries to fund any cash and
financing requirements, we may have, any limitation on the ability of our PRC or Hong Kong subsidiaries to make payments to us could
have a material and adverse effect on our ability to conduct our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, our PRC subsidiary&#8217;s ability to distribute dividends is based upon their distributable earnings. Current PRC regulations
permit our PRC subsidiary to pay dividends to its shareholders only out of its accumulated profits, if any, determined in accordance
with PRC accounting standards and regulations. In addition, our PRC subsidiary, as a Foreign Invested Enterprise, or FIE, is required
to draw 10% of its after-tax profits each year, if any, to fund a common reserve, which may stop drawing its after-tax profits if the
aggregate balance of the common reserve has already accounted for over 50 percent of its registered capital. These reserves are not distributable
as cash dividends. If our PRC subsidiary incurs debt on its own in the future, the instruments governing the debt may restrict its ability
to pay dividends or make other payments to us. Any limitation on the ability of our PRC subsidiary to distribute dividends or other payments
to its shareholders could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial
to our business, pay dividends or otherwise fund and conduct our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends
payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are incorporated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Hong Kong law, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized
losses) or other distributable reserves. Dividends cannot be paid out of share capital. Under the current practice of the Inland Revenue
Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
limitation on the ability of our PRC or Hong Kong subsidiaries to pay dividends or make other distributions to us could materially and
adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise
fund and conduct our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>To
the extent cash or assets in our business is in the PRC or Hong Kong or in our PRC or Hong Kong subsidiaries, the funds or assets may
not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions
and limitations on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may in the future depend on dividends and other distributions on equity paid by our PRC and Hong Kong subsidiaries or depend on our assets
located in China or Hong Kong for our cash and financing requirements. The PRC government imposes controls on the convertibility of the
Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in the availability of foreign
currency may then restrict the ability of our PRC subsidiary to remit sufficient foreign currency to our offshore entities for our offshore
entities to pay dividends or make other payments or otherwise to satisfy our foreign-currency-denominated obligations. Therefore, to
the extent cash or assets in our business is in the PRC or Hong Kong or in our PRC or Hong Kong subsidiaries, the funds or assets may
not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions
and limitations on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting processes may be put forward
by the State Administration of Foreign Exchange of the PRC for cross-border transactions. Any limitation on the ability of our PRC and
Hong Kong subsidiaries to pay dividends or make other kinds of payments to us could materially and adversely limit our ability to grow,
make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Although
the audit report included in this report is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee
that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future investors may be deprived of
the benefits of such inspection. Furthermore, trading in our ADSs may be prohibited under the HFCA Act if the SEC subsequently determines
our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national
securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the Accelerating
Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act and requires the SEC to prohibit an issuer&#8217;s
securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead
of three, and thus reducing the time before our ADSs may be prohibited from trading or delisted.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB,
our auditor is required under the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with
the laws of the United States and professional standards. The PCAOB is currently unable to conduct inspections without the approval of
the Chinese government authorities. Inspections of other auditors conducted by the PCAOB outside mainland China have at times identified
deficiencies in those auditors&#8217; audit procedures and quality control procedures, which may be addressed as part of the inspection
process to improve future audit quality. The lack of PCAOB inspections of audit work undertaken in mainland China prevents the PCAOB
from regularly evaluating auditors&#8217; audits and their quality control procedures. As a result, if there is any component of our
auditor&#8217;s work papers become located in mainland China in the future, such work papers will not be subject to inspection by the
PCAOB. As a result, investors would be deprived of such PCAOB inspections, which could result in limitations or restrictions on our access
to the U.S. capital markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed
by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in
the auditor&#8217;s local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was
signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President&#8217;s Working Group on Financial Markets issued
recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and departments with
respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States.
In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to U.S. investors) associated
with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such
risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
in the HFCA Act. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements
in the HFCA Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued
by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate.
We will be required to comply with these rules if the SEC identifies us as having a &#8220;non-inspection&#8221; year under a process
to be subsequently established by the SEC. The final amendments require any identified registrant to submit documentation to the SEC
establishing that the registrant is not owned or controlled by a government entity in the public accounting firm&#8217;s foreign jurisdiction,
and also require, among other things, disclosure in the registrant&#8217;s annual report regarding the audit arrangements of, and government
influence on, such registrants. Under the HFCA Act (as amended by the Accelerating Holding Foreign Companies Accountable Act, which was
enacted on December 29, 2022), our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor
is not inspected by the PCAOB for two consecutive years, and this ultimately could result in our ADSs being delisted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would amend the
HFCA Act and require the SEC to prohibit an issuer&#8217;s securities from trading on any U.S. stock exchanges if its auditor is not
subject to PCAOB inspections for two consecutive years instead of three, and thus, would reduce the time before our ADSs may be prohibited
from trading or delisted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining,
as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely registered public accounting firms
located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 5, 2021, the SEC approved the PCAOB&#8217;s Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable
Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether it is unable to
inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by
one or more authorities in that jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions,
which determinations were vacated on December 15, 2022. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides
a framework for how the PCAOB fulfills its responsibilities under the HFCA Act, which determinations were vacated on December 15, 2022.
The report further listed in its Appendix A and Appendix B, the Registered Public Accounting Firms Subject to the Mainland China Determination
and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively, which determinations were vacated on December
15, 2022. Our auditor, WWC, P.C. is headquartered in the United States, and did not appear as part of the report under the lists in its
Appendix A or Appendix B.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2022, the PCAOB signed SOP Agreements with the China Securities Regulatory Commission (the &#8220;<b>CSRC</b>&#8221;) and
China&#8217;s Ministry of Finance. The SOP Agreements established a specific, accountable framework to make possible complete inspections
and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022,
the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered
in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect
or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB
will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland
China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor&#8217;s control. However,
if the PCAOB continues to be prohibited from conducting complete inspections and investigations of PCAOB-registered public accounting
firms in mainland China and Hong Kong, the PCAOB is likely to determine by the end of 2023 that positions taken by authorities in the
PRC obstructed its ability to inspect and investigate registered public accounting firms in mainland China and Hong Kong completely,
then the companies audited by those registered public accounting firms would be subject to a trading prohibition on U.S. markets pursuant
to the HFCA Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described
above. Future developments in respect of increasing U.S. regulatory access to audit information are uncertain, as the legislative developments
are subject to the legislative process and the regulatory developments are subject to the rule-making process and other administrative
procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we understand that there has been dialogue among the CSRC, the SEC and the PCAOB regarding the inspection of PCAOB-registered accounting
firms in mainland China, there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if there
is a significant change to current political arrangements between mainland China, Macau and Hong Kong, or if any component of our auditor&#8217;s
work papers become located in mainland China in the future. Delisting of our ADSs would force holders of our ADSs to sell their ADSs.
The market price of our ADSs could be adversely affected as a result of anticipated negative impacts of these executive or legislative
actions, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to comply with work safety or environmental regulations, we could be exposed to penalties, fines, suspensions or action in other
forms.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are subject to the work safety, fire safety and environmental protection laws and regulations promulgated by the PRC government.
These laws and regulations require us to maintain safe working conditions and adopt effective measures to control and properly dispose
of solid waste and other environmental pollutants. We could be exposed to penalties, fines, suspensions or actions in other forms if
we fail to comply with these laws and regulations. The laws and regulations in China may be amended from time to time and changes in
those laws and regulations may cause us to incur additional costs in order to comply with the more stringent rules. In the event that
changes to existing laws and regulations require us to incur additional compliance costs or require costly changes to our production
process, our costs could increase and we may suffer a decline in sales for certain products, as a result of which our business, results
of operations and financial condition could be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increases
in labor costs and enforcement of stricter labor laws and regulations in China and our additional payments of statutory employee benefits
may adversely affect our business and profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
average wage in China has increased in recent years and is expected to continue to grow. The average wage level for our employees has
also increased in recent years. We expect that our labor costs, including wages and employee benefits, will continue to increase. Unless
we are able to pass on these increased labor costs to our customers, our profitability and results of operations may be materially and
adversely affected. In addition, we have been subject to stricter regulatory requirements in terms of entering into labor contracts with
our employees and paying various statutory employee benefits, including pensions, housing funds, medical insurance, work related injury
insurance, unemployment insurance and maternity insurance to designated government agencies for the benefit of our employees. Pursuant
to the PRC Labor Contract Law and its implementation rules, employers are subject to stricter requirements in terms of signing labor
contracts, paying remuneration, determining the term of employee&#8217;s probation and unilaterally terminating labor contracts. In the
event that we decide to terminate some of our employees or otherwise change our employment or labor practices, the PRC Labor Contract
Law and its implementation rules may limit our ability to effect those changes in a desirable or cost-effective manner, which could adversely
affect our business and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to PRC laws and regulations, companies registered and operating in China are required to apply for social insurance registration and
housing fund deposit registration within 30 days of their establishment and to pay for their employees various social insurance including
pension insurance, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance to the extent required
by law. According to the Social Insurance Law, if an employing entity does not pay the full amount of social insurance premiums as scheduled
or required, the social insurance premium collection institution shall order it to make the payment or make up the difference within
the stipulated period and impose a daily fine equivalent to 0.05% of the overdue payment from the day on which the payment is overdue.
If the payment is not made within the prescribed time ordered by the social insurance authority, the authority shall impose a fine ranging
from one to three times of the overdue payment amount. According to the Regulations on Management of Housing Provident Funds, where an
entity fails to deposit the housing provident fund in full within the prescribed deadline, it shall be ordered by the housing provident
fund management center to deposit the fund within a time limit; if it still fails to deposit the fund within the time limit, the housing
provident fund management center may apply to the People&#8217;s Court for enforcement. We have paid social insurance for all employees
and housing provident fund for most of our employees in China. While our payment base of social insurance and housing provident fund
meets the respective local government&#8217;s minimum requirements in respect of the locations of our PRC subsidiary, it is lower than
the national legal standard. As of the date of this report, we have not received any notice of warning or been subject to any material
administrative penalties or other material disciplinary actions from the relevant governmental authorities for our historical shortfall
in social insurance and housing fund contribution. However, as the PRC government enhanced its enforcement measures relating to social
insurance collection, we may be required to make up the contributions for our employees, and may be further subjected to late fees payment
and administrative fines, which may adversely affect our financial condition and results of operations. As the interpretation and implementation
of labor-related laws and regulations are still evolving, we cannot assure you that our current employment practices do not and will
not violate other effective or future labor-related laws and regulations in China, which may subject us to labor disputes or government
investigations. In addition, we may incur additional expenses in order to comply with such laws and regulations, which may adversely
affect our business and profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
enactment of the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the &#8220;Hong Kong
National Security Law&#8221;) could impact our Hong Kong subsidiaries.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2020, the Standing Committee of the PRC National People&#8217;s Congress adopted the Hong Kong National Security Law. This law
defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories
of offences &#8212; secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger
national security &#8212; and their corresponding penalties. On July 14, 2020, former U.S. President Donald Trump signed the Hong Kong
Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities who
are determined to have materially contributed to the erosion of Hong Kong&#8217;s autonomy. The spokesperson of the PRC government has
issued statements that this document was grossly trampled on the international law and basic norms of international relations, seriously
interfered in China&#8217;s internal affairs, and should have been repealed a long time ago. On August 7, 2020 the U.S. government imposed
HKAA-authorized sanctions on eleven individuals, including HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State Department
submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to &#8220;the
failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law.&#8221; The HKAA further authorizes
secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a
significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect foreign
financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It
is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong.
Any such continued tension between the U.S. and the PRC may affect the economy of Hong Kong and in turn, materially and adversely affect
our business and operation. If our subsidiaries in Hong Kong are determined to be in violation of the Hong Kong National Security Law
or the HKAA by competent authorities, our business operations, financial position and results of operations could be materially and adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>A
downturn in Hong Kong, China or the global economy, and the economic and political policies of China could materially and adversely affect
our business and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct our operation through our Operating Subsidiaries in Europe, the U.S. and Asia, primarily in Hong Kong and China. Accordingly,
our business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic
and social conditions in Hong Kong and China generally and by continued economic growth in Hong Kong and China as a whole. The Chinese
economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level
of development, growth rate, control of foreign exchange and allocation of resources. While the Chinese economy has experienced significant
growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The Chinese government
has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit
the overall Chinese economy but may have a negative effect on us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic
conditions in Hong Kong and China are sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy
may affect potential clients&#8217; confidence in the financial market as a whole and have a negative impact on our business, results
of operations and financial condition. Additionally, continued turbulence in the international markets may adversely affect our ability
to access the capital markets to meet liquidity needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Hong Kong legal system embodies uncertainties which could limit the legal protections available to our Company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
Kong is a Special Administrative Region of the PRC and enjoys a high degree of autonomy under the &#8220;one country, two systems&#8221;
principle. The Hong Kong Special Administrative Region&#8217;s constitutional document, the Basic Law, ensures that the current political
situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function with a high degree of autonomy for its affairs,
including currencies, immigration and custom, an independent judiciary system and a parliamentary system. The National People&#8217;s
Congress of the PRC has the right to amend the Basic Law. We cannot assure you that there will not be any amendment to the Basic Law
that may affect the judiciary and legal systems of Hong Kong and guarantee the implementation of the &#8220;one country, two systems&#8221;
principle and the level of autonomy as currently in place at the moment. Any changes in the state of the political environment in Hong
Kong may materially and adversely affect our business and operation. Additionally, intellectual property rights and confidentiality protections
in Hong Kong may not be as effective as in the United States or other countries. These uncertainties could limit the legal protections
available to us, including our ability to enforce our agreements with our clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in China and other
markets where the majority of our clients reside.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political
events, international trade disputes, and other business interruptions could harm or disrupt international commerce and the global economy,
and could have a material adverse effect on us and our customers, service providers and other partners. International trade disputes
could result in tariffs and other protectionist measures which may materially and adversely affect our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tariffs
could increase the cost of goods and products which could affect customers&#8217; investment decisions. In addition, political uncertainty
surrounding international trade disputes and the potential of the escalation to trade war and global recession could have a negative
effect on customer confidence, which could materially and adversely affect our business. We may have also access to fewer business opportunities,
and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United
States or China that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets,
our business, or our results of operations, as well as the financial condition of our clients. and we cannot provide any assurances as
to whether such actions will occur or the form that they may take.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Basic Law of the Hong Kong Special Administrative Region of the People&#8217;s Republic of China, Hong Kong is exclusively in charge
of its internal affairs and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As
a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. However, based on recent political
development, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy
from China. Hong Kong&#8217;s preferential trade status was removed by the United States government and the United States may impose
the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods from mainland China. These and other
recent actions may represent an escalation in political and trade tensions involving the U.S., China and Hong Kong, which could potentially
harm our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues and expenses will be denominated in Hong Kong dollars, EUR, Renminbi and U.S. dollars. Although the exchange rate between the
Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to
the U.S. dollar. Any significant fluctuations in the exchange rates between Hong Kong dollars to the U.S. dollars may have a material
adverse effect on our revenue and financial condition. We have not used any forward contracts, futures, swaps or currency borrowings
to hedge our exposure to foreign currency risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our ADSs</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
active trading market for the ADSs on Nasdaq might not develop or be sustained, their trading prices might fluctuate significantly and
the liquidity of our ordinary shares would be materially affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that an active trading market for the ADSs on Nasdaq will develop or be sustained. If an active trading market of
our ADSs on Nasdaq does not develop or is not sustained, the market price and liquidity of our ADSs could be materially and
adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
incurred increased costs as a result of being a public company, and will continue to incur increased costs particularly after we cease
to qualify as an &#8220;emerging growth company.&#8221;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred significant legal, accounting and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley
Act of 2002, as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices
of public companies. We are an &#8220;emerging growth company&#8221; as defined in the JOBS Act and will remain an emerging growth company
until the earlier of (1) the last day of the fiscal year (a)following the fifth anniversary of the completion of this offering, (b) in
which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which
means the market value of our ADSs that are held by non-affiliates exceeds $700 million as of the last business day of our most recently
completed second fiscal quarter, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior
three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise
applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404
in the assessment of the emerging growth company&#8217;s internal control over financial reporting and permission to delay adopting new
or revised accounting standards until such time as those standards apply to private companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming
and costly. After we are no longer an &#8220;emerging growth company&#8221;, or until five years following the completion of our initial
public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring
compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we
have been required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls
and procedures. We have incurred additional costs in obtaining director and officer liability insurance. In addition, we incur additional
costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve
on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules
and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing
of such costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to meet applicable listing requirements, Nasdaq may delist our ADSs from trading, in which case the liquidity and market price
of our ADSs could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we will be able to meet the continued listing standards of Nasdaq in the future. If we fail to comply with the
applicable listing standards and Nasdaq delists our ADSs, we and our shareholders could face significant material adverse consequences,
including<b>:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited availability of market quotations for our ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    liquidity for our ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    determination that our ADSs are &#8220;penny stock&#8221;, which would require brokers trading in our ADSs to adhere to more stringent
    rules and possibly result in a reduced level of trading activity in the secondary trading market for our ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited amount of news about us and analyst coverage of us; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the
sale of certain securities, which are referred to as &#8220;covered securities.&#8221; Because we expect that our ADSs will be listed
on Nasdaq, such securities will be covered securities. Although the states are preempted from regulating the sale of our securities,
the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent
activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed
on Nasdaq, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our
securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Volatility
in our ADSs price may subject us to securities litigation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market for our ADSs may have, when compared to seasoned issuers, significant price volatility and we expect that our ADS price may continue
to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities
class action litigation against a company following periods of volatility in the market price of its securities. We may, in the future,
be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and could divert management&#8217;s
attention and resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
price and the trading volume of our ADSs may be volatile which could result in substantial losses for investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price and trading volume of our ADSs may be volatile. The market price of our ADSs may fluctuate significantly and rapidly as a result
of the following factors, among others, some of which are beyond our control:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in stock market price and volume;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">depth and liquidity of
    the market for our ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investors&#8217; perceptions
    of us and our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions by institutional
    shareholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in accounting standards,
    policies, guidance, interpretations and principles;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    or departures of our key personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    or legal developments, including involvement in litigation; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    global economic, political and stock market conditions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were instances of extreme stock price run-ups followed by rapid price declines and stock price volatility seemingly unrelated to company
performance following a number of recent initial public offerings, particularly among companies with relatively smaller public floats.
Such volatility, including stock run-up, may be unrelated or disproportionate to the actual or expected operating performance and financial
condition or prospects of such companies, making it difficult for investors to assess the rapidly changing value of our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if the trading volumes of our ADSs are low, persons buying or selling in relatively small quantities may easily influence prices
of our ADSs. This low volume of trades could also cause the price of our ADSs to fluctuate greatly, with large percentage changes in
price occurring in any trading day session. Holders of our ADSs may also not be able to readily liquidate their investment or may be
forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions
may also adversely affect the market price of our ADSs. As a result of this volatility, investors may experience losses on their investment
in our ADSs. A decline in the market price of our ADSs also could adversely affect our ability to issue additional ADSs and our ability
to obtain additional financing in the future. No assurance can be given that an active market in our ADSs will develop or be sustained.
If an active market does not develop, holders of our ADSs may be unable to readily sell the ADSs they hold or may not be able to sell
their shares at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
pre-IPO shareholders will be able to sell their ADSs after the completion of the IPO subject to restrictions under Rule 144.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
pre-IPO shareholders, may be able to sell their ADSs under Rule 144 after completion of the IPO. Because these shareholders have paid
a lower price per ADS than participants in the IPO, when they are able to sell their pre-IPO shares under Rule 144, they may be more
willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the stock following completion
of the IPO, to the detriment of participants in the IPO. Under rule 144, before our pre-IPO shareholders can sell their shares, in addition
to meeting other requirements, they must meet the required holding period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will be a &#8220;controlled company&#8221; within the meaning of Nasdaq rules and we will qualify for and may rely on exemptions from
certain corporate governance requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be a &#8220;controlled company&#8221; within the meaning of Nasdaq Stock Market Rules. As at the date of this report, approximately
68.56% of the issued share capital of the Company is owned by Easy Bliss Limited, which is in turn owned approximately
60.19% by Mr. Hok Pan Se and 39.81% by Ms. Son I Un. Mr. Se Hok Pan is our Director and Ms. Un Son I is the spouse of Mr.
Se Hok Pan. Mr. Hok Pan Se and Ms. Son I Un are deemed to hold the voting and dispositive power over the Ordinary Shares held by Easy
Bliss Limited. Together with Mr. Se&#8217;s personal interest of 2,145,392 Ordinary Shares, Mr. Se has a total interest of 92,932,850
Ordinary Shares, representing 70.18% of the issued share capital of the Company. Under the Nasdaq rules, a company of which more
than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting
together is a &#8220;controlled company&#8221; and may elect not to comply with certain stock exchange rules regarding corporate governance,
including the following requirements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
    a majority of its board of directors consists of independent directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
    its director nominees be selected or recommended for the board&#8217;s selection by a majority of the board&#8217;s independent directors
    in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors,
    in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related
    matters as may be required under the federal securities laws; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
    its compensation committee is composed solely of independent directors with a written charter addressing the committee&#8217;s purpose
    and responsibilities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we elect to be treated as a controlled company and use these exemptions, you may not have the same protections afforded to stockholders
of companies that are subject to all of Nasdaq rules regarding corporate governance, which could make our ADSs less attractive to investors
or otherwise harm our stock price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
management has broad discretion to determine how to use the funds raised in the IPO and may use them in ways that may not enhance our
results of operations or the price of our ADSs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will use the net proceeds from the IPO for our architectural woodworking business and other corporate purposes. Our management will have
significant discretion as to the use of the net proceeds to us from the IPO and could spend the proceeds in ways that do not improve
our results of operations or enhance the market price of our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
disclosure controls and procedures may not prevent or detect all errors or acts of fraud.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the periodic reporting requirements of the Exchange Act. We will design our disclosure controls and procedures to provide
reasonable assurance that information we must disclose in reports we file or submit under the Exchange Act is accumulated and communicated
to management, and recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC.
We believe that any disclosure controls and procedures, no matter how well-conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of
simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or
more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements
due to error or fraud may occur and not be detected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not pay any dividends on the ADSs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021 and up to the date of this report, we did not declare or pay any dividends.
We cannot guarantee when, if, or in what form, dividends will be paid on the ADSs following the listing. A declaration of dividends must
be proposed by our board of directors and will be based on, and limited by, various factors, including our business and financial performance,
capital and regulatory requirements and general business conditions. Furthermore, we may not have sufficient profits to make dividend
distributions to our shareholders in the future, even if our financial statements prepared in accordance with IFRS indicate that our
operations have been profitable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Securities
analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our
share price or trading volume to decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a trading market for our ADSs develops, the trading market will be influenced to some extent by the research and reports that industry
or financial analysts publish about us and our business. We do not control these analysts. As a newly public company, we may be slow
to attract research coverage and the analysts who publish information about our ADSs will have had relatively little experience with
us or our industry, which could affect their ability to accurately forecast our results and could make it more likely that we fail to
meet their estimates. In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us provide inaccurate
or unfavorable research or issue an adverse opinion regarding our share price, our share price could decline. If one or more of these
analysts cease coverage of us or fail to publish reports covering us regularly, we could lose visibility in the market, which in turn
could cause our share price or trading volume to decline and result in the loss of all or a part of your investment in us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investors
may have difficulty enforcing judgments against us, our Directors and management.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of the BVI and all of our Directors and officers reside outside the United States. Moreover, many of
these persons do not have significant assets in the United States. As a result, it may be difficult or impossible to effect service of
process within the United States upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments
predicated upon the civil liability provisions of the U.S. federal securities laws. Even if you are successful in bringing an action
of this kind, the laws of the BVI could render you unable to enforce a judgment against our assets or the assets of our Directors and
officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of U.S. courts obtained against us or our
Directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii)
entertain original actions brought in the BVI against us or our Directors or officers predicated upon the securities laws of the U.S.
or any state in the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. and the BVI do not have a treatment providing for reciprocal recognition and enforcement of judgments of courts of the U.S. in civil
and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the U.S. based on
civil liability, whether or not predicated solely upon the U.S. federal securities laws would not be enforceable in the BVI. A final
and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e.,
not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect
of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the BVI under the common
law doctrine of obligation. Furthermore, it is uncertain that BVI courts would: (1) recognize or enforce judgments of U.S. courts obtained
in actions against us or our Directors or officers predicated upon the civil liability provisions of the U.S. federal securities laws;
or (2) entertain original actions brought against us or other persons predicated upon the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may have more difficulty protecting your interests than you would as a shareholder of a U.S. corporation.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs are governed by the provisions of our memorandum and articles of association, as amended and restated from time to
time, and by the provisions of applicable BVI law. The rights of shareholders and the fiduciary responsibilities of our Directors and
officers under BVI law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in
the U.S., and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
rights and responsibilities are to a large extent governed by the BVI Act and the common law of the BVI. The common law of the BVI is
derived in part from judicial precedent in the BVI as well as from English common law, which has persuasive, but not binding, authority
on a court in the BVI. In addition, BVI law does not make a distinction between public and private companies and some of the protections
and safeguards (such as statutory pre-emption rights, save to the extent expressly provided for in the memorandum and articles of association)
that investors may expect to find in relation to a public company are not provided for under BVI law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be less publicly available information about us than is regularly published by or about U.S. issuers. Also, the BVI regulations governing
the securities of BVI companies may not be as extensive as those in effect in the U.S., and the BVI law and regulations regarding corporate
governance matters may not be as protective of minority shareholders as state corporation laws in the U.S. Therefore, you may have more
difficulty protecting your interests in connection with actions taken by our Directors and officers or our principal shareholders than
you would as a shareholder of a corporation incorporated in the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
laws of BVI may provide less protections for minority shareholders than those under U.S. law, so minority shareholders will not have
the same options for recourse in comparison to the United States if the shareholders are dissatisfied with the conduct of our affairs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the BVI, there is limited statutory protection of minority shareholders other than the provisions of the BVI Act dealing
with shareholder remedies. The principal protections under BVI statutory law are derivative actions, actions brought by one or more shareholders
for relief from unfair prejudice, oppression and unfair discrimination and/or to enforce the BVI Act or the memorandum and articles of
association. Shareholders are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum
and articles of association, and are entitled to payment of the fair value of their respective shares upon dissenting from certain enumerated
corporate transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law since the common
law of the BVI is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will
generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction
with the conduct of the company&#8217;s affairs by the majority of the board of directors. However, every shareholder is entitled to
seek to have the affairs of the company conducted properly according to the law and the constitutional documents of the company. As such,
if those who control the company have persistently disregarded the requirements of company law or the provisions of the company&#8217;s
memorandum and articles of association, then the courts may grant relief. Generally, the areas in which the courts will intervene are
the following: (i) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification
by the majority; (ii) where the company has not complied with provisions requiring approval of a special or extraordinary majority of
shareholders; (iii) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote;
or (iv) acts that constitute fraud on the minority where the wrongdoers control the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
rights may be more limited than the rights afforded to minority shareholders under the laws of states in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as set forth in the BVI Act, shareholders of BVI companies like us have no general rights under BVI law to inspect corporate records
or to obtain copies of lists of shareholders of these companies. Our Directors have the discretion to determine whether or not, and under
what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders,
other than as set forth in the BVI Act. This may make it more difficult for you to obtain the information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by our management, members of the board of directors or controlling shareholders than they would as public shareholders of a company
incorporated in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a foreign private issuer and, as a result, will not be subject to U.S. proxy rules and will be subject to more lenient and less frequent
Exchange Act reporting obligations than a U.S. issuer.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer
under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies,
including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security
registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership
and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the
Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information,
or current reports on Form 8-K upon the occurrence of specified significant events. In addition, our officers, directors and principal
shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange Act
and the rules thereunder. Therefore, our shareholders may not know on a timely basis when our officers, directors and principal shareholders
purchase or sell our shares. In addition, foreign private issuers are not required to file their annual report on Form 20-F until one
hundred twenty (120) days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to
file their annual report on Form 10-K within seventy-five (75) days after the end of each fiscal year. Foreign private issuers also are
exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result
of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we lose our status as a foreign private issuer, we would be required to comply with the Exchange Act reporting and other requirements
applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may
also be required to make changes in our corporate governance practices in accordance with various SEC and Nasdaq rules. The regulatory
and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S.
domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss
of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time-consuming
and costly. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, it
would make it more difficult and expensive for us to obtain and maintain directors&#8217; and officers&#8217; liability insurance, and
we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could
also make it more difficult for us to attract and retain qualified members of our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a foreign private issuer, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ
significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they
would enjoy if we complied fully with corporate governance listing standards.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home
country&#8217;s law for certain governance matters. Certain corporate governance practices in our home country, the BVI, may differ significantly
from Nasdaq corporate governance listing standards. Currently, we do not plan to rely on some home country practices with respect to
our corporate governance. However, if we choose to follow home country practices in the future, our shareholders may be afforded less
protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable
year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our ADSs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation will be a PFIC for any taxable year if either (i) at least 75% of its gross income for such year consists of certain
types of &#8220;passive&#8221; income; or (ii) at least 50% of the value of its assets (based on an average of the quarterly values of
the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income,
or the asset test. Based on our current and expected income and assets, we do not presently expect to be a PFIC for the current taxable
year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we are or will
become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets.
In addition, there can be no assurance that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would
not successfully challenge our position. Fluctuations in the market price of our ADSs may cause us to become a PFIC for the current or
subsequent taxable years because the value of our assets for the purpose of the asset test may be determined by reference to the market
price of our ADSs. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and
the cash raised in the IPO. If we were to be or become a PFIC for any taxable year during which a U.S. Holder holds our ADSs, certain
adverse U.S. federal income tax consequences could apply to such U.S. Holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to pay any dividends on our ADSs in the future due to BVI law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
BVI law, we may only pay dividends to our shareholders if the value of our assets exceeds our liabilities and we are able to pay our
debts as they become due. We cannot give any assurance that we will declare dividends of any amounts, at any rate, or at all in the future.
Future dividends, if any, will be at the discretion of our board of directors, and will depend upon our results of operations, cash flows,
financial condition, payment to us of cash dividends by our subsidiaries, capital needs, future prospects and other factors that our
Directors may deem appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting
requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an
issuer&#8217;s most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than
50% of our ADSs are directly or indirectly held by residents of the United States and we fail to meet additional requirements necessary
to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will be required to file
with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the
forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers,
directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of
the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under
the Nasdaq rules. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting
and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order to maintain
a listing on a U.S. securities exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an emerging growth company, as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements applicable
to other public companies that are not emerging growth companies, including, most significantly, not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we remain an emerging growth company.
As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information
they may deem important.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards
until such date that a private company is otherwise required to comply with such new or revised accounting standards. We do not plan
to opt out of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not
be comparable to companies that comply with public company effective data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may amend the deposit agreement without consent from holders of ADSs and, if such holders disagree with our amendments, their choices
will be limited to selling the ADSs or cancelling and withdrawing the underlying Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may agree with the depositary to amend the deposit agreement without consent from holders of ADSs. If an amendment increases fees to
be charged to ADS holders or prejudices a substantial existing right of ADS holders, it will not become effective until 30 days after
the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, ADS holders are considered, by continuing
to hold their ADSs, to have agreed to the amendment and to be bound by the amended deposit agreement. If holders of ADSs do not agree
with an amendment to the deposit agreement, their choices will be limited to selling the ADSs or cancelling and withdrawing the underlying
Ordinary Shares. No assurance can be given that a sale of ADSs could be made at a price satisfactory to the holder in such circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Holders
of ADSs may be subject to limitations on transfer of their ADSs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADSs
are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time
when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer,
or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary
deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the
deposit agreement, or for any other reason.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span id="mm_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
    4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION
    ON THE COMPANY</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.A.
<span style="text-decoration: underline">History and Development of the Company</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
more than 15 years of experience in forest land operation, our Group has become a diversified enterprise integrating the production and
sales of a range of wood products, including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made
charcoal and essential oils. Our Group has a supply chain throughout South America, Africa and Europe, owning natural forest concessions
and cutting rights for the exploitation of timbers of forests in Peru which covered an area of approximately 615,333 hectares and two
wood processing facilities in Peru as of December, 2023. Among them, our Peru base was established in 2016 and has 114 employees as of
December 31, 2023. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
Mr. Hok Pan Se becoming our principal shareholder in June 2016, he pursued his vision of developing our Group into a vertically-integrated
forestry company by acquiring more new forests with a view to reducing the impact of our business from market fluctuations on raw materials.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2017, we acquired our first wood processing facility in Peru and expanded our product category and started selling decking which
are ready-to-use products directly sold to end customers, as compared to our flooring products sold before 2017 which required reprocessing
before they can be used.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2020, we acquired a second wood processing facility in Peru with equipment and hardware located in the largest distribution area
of wood products in Peru, which contributed substantial growth of our business. To better utilize the biological resources of our Forests,
we introduced essential oils as our new product in November 2020 which are refined from the timber in our Forests and commenced the production
and export of essential oils to our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Corporate Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as of the date of this prospectus and after giving effect to this offering (assuming
the underwriters do not exercise the over-allotment options).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="image_002.jpg" alt=""/>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the entities held by our Group below are direct or indirect subsidiaries of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">South American
    Wood S.A.C. is held 99% by Peru Forestry Investments Co. and 1% by Peruvian Forestry Investments Co., Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grupo Maderero Amaz S.A.C.
    is held 96.95% by Peru Forestry Investments Co. and 3.05% by Peruvian Forestry Investments Co., Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E&amp;T
    Forestal S.A.C. is held 25% by One Talent Enterprises Limited and 75% by Allied Kingdom Enterprises Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nuevo
    San Martin S.A.C. is held 0.01% by One Talent Enterprises Limited and 99.99% by Allied Kingdom Enterprises Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sepahua
    Tropical Forest S.A.C. is held 99.999% by One Talent Enterprises Limited and 0.001% by Allied Kingdom Enterprises Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maderera Industrial Isabelita
    S.A.C. is held 74.98% by Golden Vast Development Limited and 25.02% by Star Max Development Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latinoamerican
    Forest S.A.C. is held 75% by Golden Vast Development Limited and 25% by Star Max Development Limited.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Subsidiaries</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Branching
from our corporate structure above, our subsidiaries as of the date of this prospectus are set forth in the table below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Background</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ownership</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    Activities</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
    Flooring (Europe) Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    BVI company incorporated on October 4, 2011</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by our Company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru
    Forestry Management Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on December 20, 2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by our Company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swift
    Top Capital Resources Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on November 20, 2012</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Nature Flooring (Europe) Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    of logs</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parquet
    Nature (France) S.A.R.L.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    French company incorporated on August 21, 2012</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 99% and 1% by Nature Flooring (Europe) Company Limited and Swift Top Capital Resources Limited, respectively</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    of logs</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foshan
    City Linjia Technology Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    PRC company incorporated on December 20, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Swift Top Capital Resources Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IT
    consultancy, and business consultancy</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Choi
    Chon Investment Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Macau company incorporated on March 12, 2015</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 96.67% and 3.33% by Swift Top Capital Resources Limited and Nature Flooring (Europe) Company Limited, respectively</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    of wood products</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru
    Forestry Investments Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on September 23, 2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Peru Forestry Management Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peruvian
    Forestry Investments Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on September 23, 2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Peru Forestry Management Co., Limited </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Double
    Castle Holdings Limited </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on November 15, 2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Peru Forestry Management Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources Holdings Limited </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on November 15, 2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Peru Forestry Management Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding and holding of trademarks</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
    Talent Enterprises Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on January 10, 2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Peru Forestry Management Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allied
    Kingdom Enterprises Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on November 15, 2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Peru Forestry Management Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Golden
    Vast Development Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on January 10, 2017</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Peru Forestry Management Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stars
    Max Development Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Hong Kong company incorporated on November 15, 2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%
    owned by Peru Forestry Management Co., Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    holding</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">South
    American Wood S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Peruvian company incorporated on December 16, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 99% and 1% by Peru Forestry Investments Co., Limited and Peruvian Forestry Investments Co., Limited, respectively </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    of wood products</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grupo
    Maderero Amaz S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Peruvian company incorporated on July 27, 2016</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 96.95% and 3.05% by Peru Forestry Investments Co., Limited and Peruvian Forestry Investments Co., Limited, respectively </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    of wood products</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhang
    Hermanos S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Peruvian company incorporated on March 3, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 99% and 1% by Double Castle Holdings Limited and Jumbo Sources Holdings Limited, respectively</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inactive</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E&amp;T
    Forestal S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Peruvian company incorporated on May 2, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 25% and 75% by One Talent Enterprises Limited and Allied Kingdom Enterprises Limited, respectively</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing
    of wood products and holding of concession rights</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nuevo
    San Martin S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Peruvian company incorporated on June 5, 2002</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 0.01% and 99.99% by One Talent Enterprises Limited and Allied Kingdom Enterprises Limited, respectively</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing
    and trading of wood products and holding of concession rights</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sepahua
    Tropical Forest S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Peruvian company incorporated on June 5, 2002</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 99.999% and 0.001% by One Talent Enterprises Limited and Allied Kingdom Enterprises Limited, respectively</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding
    of concession rights</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maderera
    Industrial Isabelita S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Peruvian company incorporated on February 22, 2002</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 74.98% and 25.02% by Golden Vast Development Limited and Stars Max Development Limited, respectively </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    of wood products and holding of concession rights</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latinoamerican
    Forest S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    Peruvian company incorporated on March 31, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned
    as to 75% and 25% by Golden Vast Development Limited and Stars Max Development Limited, respectively</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    of wood products</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td><td style="width: 33%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.B.
<span style="text-decoration: underline">Business Overview</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BUSINESS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a global leading vertically-integrated forestry company headquartered in Macau that focuses on FSC business operations. Our operations
cover both up-stream forest management and harvesting, and down-stream wood-processing and distribution. We offer a broad line of products,
including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made charcoal and essential oils, primarily
through our sales network in Europe, South Asia, South America, North America and China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group owns concession rights of forests in Peru which covered an area of approximately 615,333 hectares as of December 31, 2023. As of
December 31, 2023, approximately 14.21% and 3.48% of our Forests are covered by Cumaru and Estoraque, respectively. Cumaru
and Estoraque are valuable hardwood timber which produce strong and durable wood that are well suited for high value markets. In particular,
Cumaru is commonly used for producing flooring, decking and other construction materials, while Estoraque is commonly used for producing
flooring and furniture. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Competitive Strengths</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the following strengths have contributed to our success:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Large,
sustainable and high-quality forest resources base.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a large, sustainable and high-quality forest resource base consisting of forests covering a gross area of approximately 615,333
hectares through the acquisition of concession rights, with existing remaining ownership terms ranging from 3 to 20 years, and each
of the concession rights is renewable for a total term of 20 years. <b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
major timber species is Cumaru (Dipteryx spp.) and Estoraque (Myroxylon Balsamum). Cumaru and Estoraque are valuable hardwood timber
which produce strong and durable wood that are well suited for high value markets. In particular, Cumaru is commonly used for producing
flooring, decking and other construction materials, while Estoraque is commonly used for producing flooring and furniture. As of December
31, 2023, approximately 14.21% and 3.48% of our Forests are covered by Cumaru and Estoraque, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 27; Options: NewSection; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Sustainable,
socially responsible and environmentally friendly FSC-certified forest management system.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
standard of forestry operations was recognized by the FSC, an independent accreditation body that is dedicated to promoting responsible
and sustainable forest management. We are one of the few forestry companies that have successfully implemented FSC-certified operations,
including forest management, harvesting and manufacturing of wood products. We have a professional FSC forest management team, the key
members of which have an average of over 8 years of experience in FSC forest management. Grupo Maderero Amaz S.A.C., a subsidiary of
our Group, first obtained FSC CoC certification in 2016. As at the date of this report, five subsidiaries of our Group (including Choi
Chon Investment Company Limited, E&amp;T Forestal S.A.C., Grupo Maderero Amaz S.A.C., Nuevo San Martin S.A.C. and Latinoamerican Forest
S.A.C) have obtained FSC CoC certifications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the growing public concern about environmental protection, consumers are more willing to pay a premium to buy &#8220;green&#8221; products
that are certified by reputable accreditation bodies or ecolabel organizations. As such, products certified by the FSC, one of the world&#8217;s
most trusted accreditation bodies, have received wide acceptance across the world, especially in the United States and Europe. Revenue
generated from sales of FSC-certified products amounting to approximately $4.7 million, $11.2 million and $9.9 million for years
ended December 31, 2023, 2022 and 2021, respectively, which accounted for approximately 18.4%, 20.3% and 20.7% of our revenue for
the respective periods. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Our
vertically-integrated business model enables us to achieve operational efficiency and better quality control.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we are one of the few forestry companies that are vertically-integrated from purchasing timber, harvesting, manufacturing
to distribution. The integration of upstream harvesting and downstream processing allows us to more effectively control the cost and
quality of our products and to better satisfy our customers&#8217; requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
many other timber processing companies who have to source all raw materials from suppliers, we are able to capture the benefit of our
own log harvesting business to secure a stable supply of logs. We are also able to lower the overall operation cost as we could avoid
issues such as price increase in raw materials from upstream suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also believe that such vertically-integrated model enhances our operational efficiency and quality control. We have established a comprehensive
quality control system throughout the process. By conducting quality checks on raw materials and work-in-progress, we are able to identify
defects at the early stages of production, which not only improves our operational efficiency but also helps us to maintain high quality
of our products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
our vertically-integrated operations combined with our sales network and design expertise significantly enhance our ability to be more
responsive to changes in consumer preferences. In addition, we believe that our expertise and technical knowledge enable us to offer
practical advice to our customers in terms of material selection and technical specifications for optimizing product features and lowering
costs. Our involvement in the design and development of our products allows us to secure continuing orders from customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Light-asset
FSC business operations.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023, 2022 and 2021, we signed strategic cooperation agreement and purchased live wood from local forest
owners in Peru for harvesting and managing the forests on our own. Before the timber is harvested, we would be responsible for implementing
FSC forest management and obtaining FSC certification for these forests. As of December 31, 2023, we managed approximately 112,600 hectares of forests for local forest owners in Peru. We have also been in negotiation with some local forest owners in Peru regarding
the possible FSC forest management collaboration. Such collaboration allows us to maintain a stable supply of logs for manufacture of
FSC-certified products. We believe that our light-asset FSC business operations enable us to expand our forest resources without substantial
capital expenditure and increase the profitability of our products. <b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 28; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Experienced
management team with extensive industry knowledge.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
chairman and Director, Mr. Hok Pan Se, has extensive experience in the wood industry. Mr. Se began his career in the flooring products
industry in 1995 and has over 20 years of experience in the flooring products industry. Since 2007, Mr. Se has been a director and chairman
of Nature Home Holding Company Limited, a company which was then listed on The Stock Exchange of Hong Kong Limited and the largest solid
wood flooring companies in China in terms of sales volume from 2019 to 2021. As at the date of this report, Mr. Se also held the following
prominent positions outside of our Group: member of the Standing Committee of the Gansu Provincial Committee of the Chinese People&#8217;s
Political Consultative Conference (CPPCC), one of the draftsmen for the National Standard for Solid Wood Flooring in China, vice-chairman
of Flooring Committee of China Timber Circulation Association, member of the China Association for Quality Inspection, member of the
China Timber Standardization Technical Committee, honorary president of Macau General Association of Real Estate, vice president of The
Industry and Commerce Association of Macau as well as adjunct professor at Nanjing Forestry University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
Mr. Se&#8217;s involvement, we have built a strong team of experienced professionals in operations, forest management, general management
and financial management through years of operation. The key members of our management team (including our chief executive officer, Mr.
Jianjun Zen) have an average of 10 years&#8217; experience in the wood industry. Further,
our head of forest engineer, Mr. Richard Elvis Reategui Guzman, has over 19 years of experience in FSC forest management and production.
Their keen business insight developed from years of experience in the wood industry enables us to discover and grasp potential business
opportunities more quickly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Products</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell a broad line of products, including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made
charcoal and essential oils. The table below sets out our revenue by product type during the years ended December 31, 2023, 2022 and
2021: <b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31,
    2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">(&#8216;000)</td><td style="text-align: center; font-style: italic">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">%</td><td style="text-align: center; font-style: italic">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">(&#8216;000)</td><td style="text-align: center; font-style: italic">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">(&#8216;000)</td><td style="text-align: center; font-style: italic">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">%</td><td style="text-align: center; font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Logs</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">10,415</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">40.9</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">27,798</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">50.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">21,146</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">44.4</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Flooring</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,049</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23.8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,993</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,939</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Decking</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,658</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30.1</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,800</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24.9</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,032</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sawn timber</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,335</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.2</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,748</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.2</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,567</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Total</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">25,457</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">55,339</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">47,684</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023, 2022 and 2021, we sold our wood products principally to our customers located in China, Europe, South
America, North America and Southeast Asia. The following table sets out our revenue by the location of our customers: <b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended<br/> December 31 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended<br/> December 31 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">$ (&#8216;000)</td><td style="font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">%</td><td style="font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">$ (&#8216;000)</td><td style="font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">%</td><td style="font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">$ (&#8216;000)</td><td style="font-style: italic">&#160;</td><td style="font-style: italic">&#160;</td>
    <td colspan="2" style="font-style: italic; text-align: center">%</td><td style="font-style: italic">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Location of customers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%">China</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">15,492</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">60.9</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">37,861</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">68.4</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">32,367</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">67.9</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Europe</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,095</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">31.8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,278</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,788</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26.8</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">South America</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,365</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,532</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,307</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.8</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">North America</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">110</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">171</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.4</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Southeast Asia</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">395</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1.5</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">631</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1.1</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">51</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.1</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,457</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">55,339</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">47,684</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 29; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pricing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Group has adopted a pricing policy largely based on production costs, transportation costs, profit margin and the market price of similar
products, taking into account factors such as costs of major raw materials, in particular logs and flooring, the prices of which may
fluctuate from time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Marketing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that based on our proven track record, our relationships with our customers, our extensive supply network, our reputation and
our years of experience in the wood industry, we do not rely heavily on marketing and promotional activities. Our sales and marketing
team is generally responsible for liaising and maintaining our relationships with customers and keeping abreast of market developments
and potential business opportunities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition
in the international timber market will become more intense in the future. Environmental protection-related policies have been introduced
one after another, and the number of countries restricting log exports has increased again, implying that the competition in the international
seller&#8217;s timber market is bound to be more intense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is believed that there will still be a number of restrictions on the export trade of forest products in export markets in the near future
and exports of forest products will continue to be hampered by trade obstacles like formaldehyde, tariffs, and double anti-barriers.
To get around these obstacles, businesses will have to invest in third-party nations while also stepping up their R&amp;D efforts to
create more innovative and value-added products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to fluctuations in quarterly sales volumes due to seasonal factors. These seasonal factors are common in the building products
industry. Seasonal changes in levels of building activity affect our building products businesses, which are dependent on housing, repair
and remodeling activities and light commercial construction activities. We typically report lower sales in the first and fourth quarters
due to the impact of poor weather on the construction market, and we generally have higher sales in the second and third quarters, reflecting
an increase in construction due to more favorable weather conditions. In addition, the sales volumes and selling price of decking would
generally increase a few months before the summer holiday and Christmas holiday, i.e. from February to May and from October to December.
There would also be a surge in demand for flooring products in the second and third quarters of each year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Properties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
headquarters are located at Avenida da Amizade no. 1287, Chong Fok Centro Comercial, 13 E Macau S.A.R. The following table sets forth
the location, use and size of our owned and leased facilities as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Location</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leased/Owned</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
    Area</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lima,
    Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500
    m<sup>2</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pucallpa,
    Peru </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factory
    for production</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3
    hectares</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iberia,
    Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factory
    for production</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10
    hectares</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Val
    de Marne, France</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60
    m<sup>2</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong,
    China</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">318
    m<sup>2</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dalian,
    China</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span><span style="font-family: DengXian; font-size: 10pt">/</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dormitory</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66
    m<sup>2</sup></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 30; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we registered the following trademark(s) in various jurisdiction:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trademark</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
    number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of registrant</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place/
    organization of registration</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of registration</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expiry
    date</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 15px; width: 57px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">304974670</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    27, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    26, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 19px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">304854006</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20, 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    12, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    11, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><img src="form20-f_003.jpg" alt=""/></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">304853999</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20, 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    12, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    11, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_004.jpg" alt="" style="height: 25px; width: 59px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">304848391</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    6, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    5, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">304672909</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20, 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
    Kong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    17, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104238</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organisation
    Africaine de Propri&#233;t&#233; Intellectuelle</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104237</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,
    44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organisation
    Africaine de Propri&#233;t&#233; Intellectuelle</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1951226</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mexico</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1951224</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mexico</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1951222</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mexico</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1951221</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mexico</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3951071</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,
    19, 20, 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">India</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    20, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    20, 2028</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 31; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 15px; width: 57px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32721353</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 8%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    28, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    27, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 15px; width: 57px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32719850</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    28, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    27, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 15px; width: 57px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32706736</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    14, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    13, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 15px; width: 57px"/>&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32724193</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    21, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    20, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 15px; width: 57px"/>&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32724208</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    21, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    20, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 15px; width: 57px"/>&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32700983</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    28, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    27, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 19px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">194542337</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">France</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    11, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    11, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="" style="height: 50px; width: 50px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">193432336</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">France</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    11, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    11, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">184484355</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20, 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">France</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    20, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    20, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_005.jpg" alt="" style="height: 45px; width: 63px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">018092356</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20, 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Europe</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    9, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    9, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="" style="height: 50px; width: 50px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">018050158</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Europe</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    10, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    10, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 19px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">018048861</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Europe</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    10, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    10, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="" style="height: 50px; width: 50px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6290204</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    9, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    9, 2031</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 19px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6290203</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    9, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    9, 2031</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 32; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 19px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">00290961</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 8%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    14, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    14, 2030</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 19px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">00290960</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    14, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    14, 2030</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 19px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">00290959</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    14, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    14, 2030</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt="" style="height: 17px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">00284584</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt="" style="height: 17px; width: 61px"/>&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">00284583</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt="" style="height: 17px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">00284582</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_006.jpg" alt="" style="height: 17px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001184164</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="" style="height: 50px; width: 50px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">00284103</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    27, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_003.jpg" alt="" style="height: 50px; width: 50px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111766</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabon</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    11, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    11, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt="" style="height: 19px; width: 61px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111765</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jumbo
    Sources</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holdings
    Limited</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,
    19, 20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabon</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    11, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    11, 2029</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we registered the following domain name:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Domain
    name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registered
    owner</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
    date</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expiry
    date</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.nature-wood.com</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foshan
    City Linjia Technology Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    27, 2018</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    27, 2026</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2021 and 2022 and 2023, we were not involved in any proceedings with regard to, and we did not receive notice
of any claim of, infringement of any intellectual property rights that may be threatened or pending in which we may be involved either
as a claimant or respondent which would have a material impact on our business, financial conditions or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 33; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
and Regulatory Compliance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2021, 2022 and 2023, we obtained the certificates that are required and material for our business and operations,
which demonstrates our commitment to sustainable forest management. Further, we have complied in all material aspects with the relevant
laws and regulations and there was no incident relating to our material certificates that are material to our business and operations
which constitutes non-compliance during the years ended December 31, 2021. 2022 and 2023. The following table sets out the details of
the material certificates held by our Group as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certificate</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 16%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Holding
    entity</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuing
    authority</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certification
    code</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of grant</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of expiry</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC
    CoC certification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Choi
    Chon Investment Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GFA-COC-004626</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    16, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    15, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC
    CoC certification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E&amp;T
    Forestal S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CU-COC-849518</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    12, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    11, 2027</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC
    CoC certification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grupo
    Maderero Amaz S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CU-COC-849115</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    14, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    13, 2026</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC
    CoC certification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nuevo
    San Martin S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CU-COC-866344</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    10, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    9, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC
    CoC certification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latinoamerican
    Forest S.A.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FSC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NC-COC-069610</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    9, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    28, 2027</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEFC
    CoC certification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swift
    Top Capital Resources Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEFC
    and China Forest Certification Council</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BV-CFCC/PEFC-</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COC-10594257</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March,
    11, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    10, 2026</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGULATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section sets forth a summary of the most significant rules and regulations that affect our business activities in Peru, France and the
PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview
of the Laws and Regulations Relating to Our Business and Operations in Peru</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following sets forth a summary of the major laws and regulations applicable to our business in relation to forestry business in Peru.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
relating to forestry operation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Peru the forestry regulations are published at the national (Congress of the Republic, Executive Branch, ministries), regional and local
(municipal) levels. Resolutions and circulars intended for administrations may complete this regulatory system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
with a national scope are integrated in:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Organic Act for the sustainable use of natural resources, approved by Law No. 26821;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Forest and Wildlife Act, approved by Law No. 29763; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Regulations for Forest Management, approved by Supreme Decree No. 018-2015-MINAGRI. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legislation relating to forest exploitation is relatively complex given the numerous regulations that coexist and apply under specific
criteria (e.g., forest zoning, the kind of forest, the surface area of the cut to be carried out, the presence or absence of native and
rural communities, etc.).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Peruvian forestry regulator (&#8220;<b>OSINFOR</b>&#8221;) is the entity responsible for supervising and controlling the sustainable
use and conservation of forest and wildlife resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 34; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
forests are state-owned. Therefore, the rights of exploitation, logging, disposal, and use (including but not limited to the fruits and
products of their natural resources) can only be granted in favor of private parties through the process of public auction of concession
agreements, by the forestry regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
a concession is granted, the concessionaire must pay economic compensation in favor of the Peruvian government for the right of use granted
over the forest. Said compensation is calculated on the basis of payment per area and/or payment for the exploitation value of the natural
resource.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lastly,
the right of use granted in favor of the concessionaire shall be duly secured by a guarantee of faithful compliance, which must be valid
during the entirety of the concession period. The guarantees deemed suitable by the forestry regulations are (i) letter of guarantee
or guarantee policy issued by an entity authorized by the Peruvian financial regulator, (ii) cash deposit in an account owned by the
grantor, or (iii) real guarantee over a movable asset or real state property, which cannot fall on assets that already constitute a guarantee
in favor of third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Environmental Matters</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the National System of Environmental Impact Assessment Act approved by Law No. 27446, and its Regulations enacted by Supreme Decree
No. 019-2009-MINAM, the execution of projects may not be started, and no national, sectorial, regional or local authority may approve
them if they do not previously have an environmental certification contained in a resolution issued by the competent authority. According
to the magnitude of the negative impact, they are classified as: (i) Category I for low-impact activities requiring an Environmental
Impact Declaration (&#8220;<b>DIA</b>&#8221;); (ii) Category II for moderate-impact activities requiring a semi-detailed Environmental
Impact Assessment (&#8220;<b>EIAsd</b>&#8221;); or (iii) Category III for high-impact activities requiring a detailed Environmental Impact
Assessment (&#8220;<b>EIAd</b>&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
environmental obligations are set within the Environmental Act, environmental management instruments (Environmental Impact Assessment,
among others) or in the orders issued by the authority in charge of environmental control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
owner is responsible for the proper management of the environmental emission, effluents, noise, vibrations and solid waste generated
as a result of the processes and operations at its facilities, as well as, for any damage to the environment caused.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lastly,
the Agency for Environmental Assessment and Enforcement (&#8220;<b>OEFA</b>&#8221;) is a specialized public and technical agency, registered
with the Ministry of Environment, responsible for the environmental control of commitments of environmental management instruments, environmental
law and administrative measures. OEFA has many regulations about classification and scale of fines and might impose administrative measures
such as suspension of activities if there is potential or real damage to the environment or human health.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Dividend Distributions</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">According
to the General Companies Act, companies duly incorporated under Peruvian law may pay dividends only if their supreme body (i.e. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
General Shareholders Meeting<span style="background-color: white">) approves the distribution of up to 100% of their accumulated profit
(after payment of income tax).</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Peruvian
regulations require to set aside as legal reserve at least 10% of the company after-tax profit, until the legal reserve equals 20% of
the shareholders&#8217; equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Additionally,
according to Article 40 of the General Companies Act, in order to distribute dividends, profits must be determined in accordance with
the individual financial statements of the company duly approved by the general shareholders&#8217; meeting of the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
it must be considered that dividends distributions are levied with a 5% tax in Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 35; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Foreign Investments and Foreign Exchange Control</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
official currency of Peru is the SOL. The country has a free-floating exchange rate regime, with the central bank occasionally intervening
only for purposes of inflation control. There are no restrictions or limitations on the number of bank accounts in foreign currency or
the remittance of funds abroad that an individual or legal entity may make.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to Supreme Decree No. 150-2007-EF foreign investments made by non-domiciled individuals and/or legal entities must be channeled through
(i) companies of the Peruvian financial system or (ii) non-domiciled banking or financial companies. Thus, the transfer of funds from
foreign territories (i.e. USA or offshore) to Peru should be exercisable without any significant strain that could otherwise render the
operation unviable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
consequence of the aforementioned, the financial relations between Peruvian and foreign individuals are free due to the lack of exchange
control or strain currency regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Labor</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peruvian
labor regime is a sum of specific regulations that regulate the hiring, labor conditions and benefits and extinction of the labor contract,
among others. This regulation is complemented by collective agreements &#8211; signed with labor unions &#8211; and/or individual agreements,
signed directly with the employee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
the most important regulation of the private sector, we have regulations that govern the minimum wage, compensation for time of service,
legal bonus, paid leave, weekly rest, maximum working time and overtime, profit sharing, family allowance, and contributions and taxes
levied on the remuneration of employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Foreign Trade</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the General Customs Act, approved by Legislative Decree No. 1053, and its regulations, the Peruvian Tax Authority (&#8220;<b>SUNAT</b>&#8221;)
is responsible for controlling the entry or exit and transportation of goods inside the Peruvian customs territory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
General Customs Act and its regulations govern customs infractions and their respective sanctions, which are classified as fines and
administrative sanctions: (i) suspension; (ii) cancellation; and (iii) disablement. It is essential to mention that SUNAT has the power
to apply the sanctions objectively or subjectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peruvian
companies must obtain a valid single taxpayers&#8217; registration number (&#8220;<b>RUC</b>&#8221;) before they can carry out trade
operations, such as import and export. The primary documents required by the administration for the definitive export of goods out of
the country are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customs
    declaration of goods.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transport
    document, depending on the mode of transport.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invoice,
    document of the participant or operator, or ballot sale, or any other proof of transfer of goods to a customer domiciled abroad;
    or affidavit of value and description of goods where there is no sale.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    document testifying to the power vested in the customs clearance agent: transport document duly endorsed or special power of attorney.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    other document required for export due to the nature of the goods.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2009, Peru executed a free trade agreement (&#8220;<b>FTA</b>&#8221;) with the PCR, which entered into force since March 1,
2010. Customs affairs and trade facilitation are covered in such agreement, helping Peruvian products enter the Chinese market under
more competitive conditions by eliminating and/or reducing tariffs applicable to certain goods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 36; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Tax
legal regime applicable to forestry in general, and companies performing forestry activities in certain areas of the Amazon</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Fourteenth Complementary Final Rule of Law No. 29763, starting in 2022, any person carrying out forestry activities may enjoy
of the preferential income tax regime set forth in Law No. 31110 for agricultural companies. The applicable rates which companies engaged
in those activities may be subject to are the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    case of companies the net revenues of which do not exceed 1,700 tax units, 15%.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    case of companies with net revenues exceeding 1,700 tax units, (i) 15% in 2022, 20% in 2023 and 2024 25% in 2025 through 2027, and
    29.5% starting on 2028.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of the tax unit is set by the Peruvian government on a yearly basis. In 2022, it equates S/ 4,600.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to that rule, companies performing forestry activities may also enjoy of an accelerated depreciation rate of 20% on investments in infrastructure
works destined to forestry management and exploitation. This benefit shall be available until 2025, unless extended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prejudice to the former, companies located in the departments of Loreto and Madre de Dios, and in the districts of Iparia and Masisea
of the Coronel Portillo province, and in the provinces of Atalaya and Purus of the department of Ucayali, may enjoy of a 5% preferential
income tax rate so long as they carry out forest extraction activities. This benefit is set to expire in 2048.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview
of the Laws and Regulations Relating to Our Business and Operations in France</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following sets forth a summary of the major laws and regulations applicable to our business in relation to forestry business in France.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Forestry Operation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the field of forestry, regulations are published at the national (Council of State, ministries), regional and departmental (prefectures)
or communal (town councils) level. Their scope of application is therefore broad. Circulars intended for administrations may complete
this regulatory system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions with a national scope are integrated in:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Forestry Code;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Environment Code; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Rural and Maritime Fishing Code. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concerning
public forests, it is necessary to mention the National Book of Forestry Prescriptions (CNPEF), which is mandatory for all those involved
in public forests - service providers or clients purchasing wood - for forestry operations. This booklet replaces the National Forestry
Regulations (RNEF) for all new agreements signed from 2020 onwards and lists all the applicable requirements in terms of environmental
preservation, protection of forest stands, safety, the conduct of the operation and details the responsibilities of the operator and
the repair of damage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legislation relating to forest exploitation is relatively complex from the point of view of both the owner of the parcel and the operator,
given the numerous rules that coexist and apply under specific criteria (e.g. the size of the property, the nature of the stand, the
surface area of the cut to be carried out, the presence or absence of a document or directive of forest management, etc.).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is noteworthy that the activity of logging is not subject, as such, to the obtaining by the operator of a specific license of general
scope. Instead, any logging on public domain is subject to obtaining a logging permit issued by the National Forestry Organization (under
the supervision of the Ministry of Agriculture and the Ministry of the Environment) for a particular cut / parcel. With respect to logging
within a private forest, it is the responsibility of the forest owner, depending on the situation, either to set up a Simple Management
Plan approved by the Regional Center of Forest Ownership (CRPF), or to obtain a prior administrative authorization (from the prefecture
or from the town council) in order to enable harvesting on his property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 37; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the legal provisions, there are a number of standards:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    the European level, the &#8220;EN&#8221; standards known as &#8220;harmonized&#8221;, give presumption of conformity of a product
    in relation to the European Directives concerned; they are taken over in France by the AFNOR (French Association for Standardization);
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    the worldwide level, the &#8220;ISO&#8221; standards.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
standard only becomes mandatory if a regulatory text refers to it. In the other cases, it is simply a technical specification of voluntary
application. As mentioned in the &#8220;Business&#8221; section above, our French subsidiary, PARQUET NATURE (FRANCE), holds a certificate
of conformity issued by the PEFC. This certificate establishes that our subsidiary meets the requirements for PEFC Chain of Custody according
to several standards within the scope of round woods and sawn woods &#8211; Physical Separation Method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lastly,
there are prescriptions fixed by the general sales clause, in the case of purchase of standing timber from a forest owner. These clauses
impose, for example, the respect of the infrastructures and timber of the remaining stand. They are not of a regulatory nature but contractual
between the seller (forest owner or his representative) and the buyer (forest operator).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Foreign Investments and Foreign Exchange Control</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
relations between France and foreign countries are free. As an exception, in a limited number of sectors related to national defense
or likely to jeopardize public order and activities that are essential to guaranteeing the country&#8217;s interests, Article L. 151-3
of the Monetary and Financial Code requires prior authorization for foreign investments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
investments in France by non-residents must be reported to the French Treasury under certain circumstances. In accordance with Article
R152-3 of the Monetary and Financial Code, if a non-resident acquires 10% or more of the equity or voting rights in a resident company,
or if foreign-held equity or voting rights in a company rise above the 10% threshold, a return must be filed by a non-resident (for statistical
reasons) with the Banque de France if the amount of the transactions exceeds EUR 15 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lastly,
a foreign investment is subject to authorization under the IEF procedure if three conditions are cumulatively met: condition relating
to the source of the investment; condition relating to the nature of the planned transaction; condition relating to the nature of the
target company&#8217;s activity, such as aerospace, civil protection, cybersecurity, artificial intelligence, robotics, some data centers,
some semiconductors. If one of these conditions is not met, the investment is not subject to authorization. These criteria are provided
for in the Monetary and Financial Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no exchange control or currency regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Labor</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment
relationships in France are mainly regulated by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EU
    regulations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Labor Code.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industry
    and company collective bargaining agreements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internal
    regulations and practices.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
    contractual terms.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 38; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment
contracts must be drawn up for each specific job category, according to employment legislation and collective agreements in force. Statutory
rights including notice period, minimum salaries, severance payment etc. are frequently enhanced by national industry sector collective
bargaining agreements, which may apply simply on the basis of the company&#8217;s business activity and location.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
French social security system requires contributions from both employers and employees. Employees&#8217; social security contributions
are withheld from salary by the employer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Staff
representation</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
workers in small and medium sized enterprises have the right to be represented by a collective body: the members of the &#8220;Comit&#233;
Social et Economique&#8221;, who are elected by the employees. The CSE is mandatory for all enterprises with at least 11 employees. The
numbers of the elects increase with the enterprise&#8217;s size.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Business Operation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Registration</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the commencement of business operations in France, any company must be registered with the Trade and Companies Registrar (<i>Registre
du commerce et des soci&#233;t&#233;s</i>) (RCS). Each establishment operated by any company must also be registered separately with
the relevant Register of Commerce and Companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Reporting
Requirements</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
French trading company, including French branches of foreign companies, must comply with accounting requirements and keep annual book
accounts (balance sheet, profit and loss account, and, if required, management reports, minutes of the annual meeting regarding the approval
of the accounts and allocation of profit), which must be filed with the Commercial and Companies Registry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">French
law imposes beneficial ownership reporting requirements on all unlisted companies and foreign companies with a French branch. These companies
must identify and disclose the identity of any individual who:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directly
    or indirectly owns more than 25% of the company&#8217;s capital or voting rights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercises
    control over the company within the meaning of the Commercial Code.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Statutory
Auditors</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
auditor must be appointed by commercial companies that exceed at least two of the three thresholds requiring the appointment of a statutory
auditor (i.e. (i) turnover of 8 million Euros, (ii) total balance sheet of 4 million Euros and (iii) 50 employees).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
French subsidiary, PARQUET NATURE (FRANCE), is subject to the obligation to appoint auditors, with which it is in compliance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Personal Data Protection</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizations
processing personal data (which includes employee data, customer data, and business contact information) must comply with the General
Data Protection Regulation (GDPR), which is applicable since May 25, 2018, and with the French Data Protection Act of January 6, 1978,
as modified in June 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 39; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizations
are also encouraged to appoint a Data Protection Officer we will oversee several missions to assist them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
independent administrative authority is responsible for monitoring compliance with the legislation and has the power to impose sanctions,
namely the Commission nationale de l&#8217;informatique et des libert&#233;s (CNIL).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Anti-Money Laundering (AML) <span style="background-color: white">and Counter-Terrorism Financing (CTF)</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
in 2016, France took several important steps to strengthen its approach to anti-money laundering. These steps included incorporating
EU Directives into the country&#8217;s laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 1, 2016, France transposed the Fourth EU Directive on anti-money laundering (AMLD4) by Order no 2020-115 of 12 February 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
relating to the fight against AML/CFT are found primarily in the Penal Code and the Monetary and Financial Code (CMF).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CMF imposes the following main obligations on financial institutions and other designated businesses concerning AML/CTF requirements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    due diligence, with a duty to clearly: (i) identify/verify the customer&#8217;s identity, (ii) identify/verify the beneficial owner&#8217;s
    identity, (iii) obtain information on the nature and purpose of the business relationship to establish the customer&#8217;s risk
    profile, (iv) establish ongoing monitoring to report risky transactions and to maintain and update customer information.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligation
    to keep information record for five years from the account closure date or from the termination date of the business relationship.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligation
    to report specific transactions or suspicious operations and activities, where applicable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligation
    to implement AML procedures and policies, as well as internal controls and compliance programs. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Intelligence Processing and Action against Illicit Financial Networks Unit (&#8220;<b>TRACFIN</b>&#8221;) is the designated financial
intelligence unit and the national reporting authority for collecting, analyzing, and enriching information reported by, <i>inter alia</i>,
financial institutions and other businesses subject to AML requirement. The designated businesses subject to AML requirements are listed
under Article L. 561-2 of the Monetary and Financial Code. Amongst the non-financial entities subject to AML requirements include real
estate agents, accountants, auditors, auction sellers, notaries, gambling and betting operators, sports agents, art and antiques dealers
and lawyers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aside
from the above-mentioned specific requirements, all companies and economic interest groups registered in France, all foreign commercial
companies with a branch in France and all other legal entities registered in France are required to file at the Trade and Companies Registry
a document identifying their beneficial owners, and the type of control over the legal entity such owners exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
French subsidiary, PARQUET NATURE (FRANCE) is not deemed <span style="background-color: white">to be a reporting institution. Nevertheless,
we are required to comply with the provisions </span>relating to the fight against AML/CFT.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to Intellectual Property</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">French
law on intellectual property rights is the result of national statutory and regulatory provisions, statutory provisions implementing
international and multilateral agreements, and European regulations having direct effect in France as a Member State of the European
Union.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this respect, France is a party to the Paris Convention for the Protection of Industrial Property of 20 March 1883, which introduces
key mechanisms, such as the priority right.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 40; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">France
is also a party to a number of special agreements. Some of these allow for an international filing of applications for registered intellectual
property rights: for trademarks, the Madrid Agreement Concerning the International Registration of Marks of 14 April 1891 and the Madrid
Protocol of 27 June 1989.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
implementation of these international rules and the articulation of French law and notably French intellectual property law with these
international rules is codified with French national substantive law in the French Intellectual Property Code (CPI).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">French
law as codified in the CPI provides for specific provisions regarding several intellectual property rights, including trademarks. Trade
secrets law is codified in the French Commerce Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Relating to the Commercial Relationships</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
France, commercial relationships between professionals are mainly regulated by the Commercial Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Code establishes the obligations to be respected by professionals in relationships between professionals (B2B relationships) at the several
steps of the commercial relationships: negotiation, billing, payment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
negotiations, the seller is required to communicate his general terms and conditions of sale to any business customer who requests them,
however, the establishment of these general conditions of sale is not an obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
general terms and conditions of sale are issued, some mandatory mentions must appear such as (the list is not exhaustive): terms of sale
and payment, the elements for determining the price, such as the unit price scale and any price reductions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issuing of invoices is also regulated. Several mandatory mentions must appear on the invoice such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties&#8217;
    name and address;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    of sale or service;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantity
    and precise name of products or services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unit
    price before tax and possible discounts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    date for payment and penalties for late payment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invoice
    address, if different from the customer&#8217;s, and purchase order number if applicable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
mentions are set out in the Commercial Code relating to the identification of the company (i.e.: registration number, registered office).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
should be noted that in addition to the rules of the Commercial Code on this topic, there are those of tax law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment is also subject to regulations, this latter must respect the deadlines set out in the Commercial Code failure to do so may result
in sanctions (i.e.: administrative fine, interest on arrears, fixed compensation for recovery costs).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview
of the Laws and Regulations Relating to Our Business and Operations in China</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Related to Foreign Investment</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Investment
activities in China by foreign investors are principally governed by the Catalog of Industries for Encouraging Foreign Investment (the
&#8220;<b>Encouraged Industries Catalog</b>&#8221;) and the Special Management Measures (<b>Negative List</b>) for the Access of Foreign
Investment (the &#8220;Negative List&#8221;), which were promulgated and are amended from time to time by the Ministry of Commerce (&#8220;<b>MOFCOM</b>&#8221;)
and the National Development and Reform Commission (the &#8220;<b>NDRC</b>&#8221;), and together with the PRC Foreign Investment Law
(the &#8220;<b>FIL</b>&#8221;), and their respective implementation rules and ancillary regulations. The Encouraged Industries Catalog
and the Negative List lay out the basic framework for foreign investment in China, classifying businesses into three categories in terms
of the level of participation permitted to foreign investment: &#8220;encouraged&#8221;, &#8220;restricted&#8221; and &#8220;prohibited.&#8221;
Industries not listed in the Encouraged Industries Catalog are generally deemed as falling into a fourth category of &#8220;permitted&#8221;
industries unless specifically restricted by other PRC laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 41; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
October 26, 2022, MOFCOM and the NDRC released the Encouraged Industries Catalogue (2022 Version), which became effective
on January 1, 2023, to replace the then existing Encouraged Industries Catalog. On December 27, 2021, MOFCOM and the NDRC released
Negative List (2021 Version), which became effective on January 1, 2022, to replace the then existing Negative List. The Negative List
(2021 Version) sets forth the industries in which foreign investments are restricted or prohibited. Industries that are not listed in
the Negative List (2021 Version) are generally permitted to foreign investment unless otherwise specifically restricted by other PRC
rules and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
March 15, 2019, the National People&#8217;s Congress (the &#8220;<b>NPC</b>&#8221;) promulgated the FIL, which became effective on January
1, 2020 and replaced the main body of laws and regulations then governing foreign investment in China. Pursuant to the FIL, &#8220;foreign
investments&#8221; refer to investment activities conducted by foreign investors directly or indirectly in China, which include any of
the following circumstances: (1) foreign investors setting up foreign-invested enterprises in China solely or jointly with other investors,
(2) foreign investors obtaining shares, equity interests, interests in property or other similar rights and interests of enterprises
within China, (3) foreign investors investing in new projects in China solely or jointly with other investors, and (4) investment by
other means as specified in laws, administrative regulations, or as stipulated by the State Council.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 55.05pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">According
to the FIL, foreign investment shall enjoy pre-entry national treatment, except for those foreign invested entities that operate in industries
deemed to be either &#8220;restricted&#8221; or &#8220;prohibited&#8221; in the Negative List. The FIL provides that foreign invested
entities operating in &#8220;restricted&#8221; or &#8220;prohibited&#8221; industries will require entry clearance and other approvals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 26, 2019, the State Council promulgated the Implementing Rules of Foreign Investment Law, which became effective on January
1, 2020. The implementation rules further clarified that the state encourages and promotes foreign investment, protects the lawful rights
and interests of foreign investors, regulates foreign investment administration, continues to optimize foreign investment environment,
and advances a higher-level of openness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 30, 2019, MOFCOM and the State Administration for Market Regulation (the &#8220;<b>SAMR</b>&#8221;) jointly promulgated the
Measures for Information Reporting on Foreign Investment, which became effective on January 1, 2020. Pursuant to the Measures for Information
Reporting on Foreign Investment, where a foreign investor carries out investment activities in China directly or indirectly, the foreign
investor or the foreign-invested enterprise shall submit information relating to the investment to the competent commerce department.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Related to Foreign Exchange</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
Administration of Foreign Exchange</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Regulations on the Control of Foreign Exchange, which were promulgated by the State Council on January 29, 1996, came into effect
on April 1, 1996, and were amended on January 14, 1997, and August 5, 2008, payments for transactions that take place within the PRC
must be made in RMB. RMB is convertible into other currencies for current account items, such as trade-related receipts and payments
and payment of interest and dividends. The conversion of RMB into other currencies and remittance of the converted foreign currency outside
the PRC for capital account items, such as direct equity investments, loans and repatriation of investment, requires the prior approval
from the SAFE or its local office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 42; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SAFE
Circular No. 59</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct <span style="background-color: white">Investment</span>,
promulgated by SAFE on November 19, 2012, which became effective on December 17, 2012, and was further amended on May 4, 2015, October
10, 2018 and December 30, 2019, approval is not required for opening a foreign exchange account and depositing foreign exchange into
the accounts relating to the direct investments. SAFE Circular No. 59 also simplified foreign exchange-related registration required
for the foreign investors to acquire the equity interests of Chinese companies and further improve the administration on foreign exchange
settlement for FIEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SAFE
Circular No. 13</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Circular on Further Simplifying and Improving the Foreign Currency Management Policy on Direct Investment, effective from June
1, 2015, and was further amended on December 30, 2019, which cancels the administrative approvals of foreign exchange registration of
direct domestic investment and direct overseas investment and simplifies the procedure of foreign exchange-related <span style="background-color: white">registration</span>,
the investors shall register with banks for direct domestic investment and direct overseas investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SAFE
Circular No. 19</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notice of the State Administration of Foreign Exchange on Reforming the Mode of Management of Settlement of Foreign Exchange Capital
of Foreign-Funded Enterprises, or the SAFE Circular No.19, which was promulgated by the SAFE on <span style="background-color: white">March
</span>30, 2015, and became effective on June 1, 2015, and was further amended on December 30, 2019, provides that a foreign-invested
enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital
account for which the relevant foreign exchange administration has confirmed monetary capital contribution rights and interests (or for
which the bank has registered the injection of the monetary capital contribution into the account). Pursuant to the SAFE Circular No.19,
for the time being, FIEs are allowed to settle 100% of their foreign exchange capitals on a discretionary basis; a foreign- invested
enterprise shall truthfully use its capital for its own operational purposes within the scope of business; where an ordinary foreign-
invested enterprise makes domestic equity investment with the amount of foreign exchanges settled, the invested enterprise shall first
go through domestic re-investment registration and open a corresponding account for foreign exchange settlement pending payment with
the foreign exchange administration or the bank at the place where it is registered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the foregoing, when setting up a new foreign-invested enterprise, the foreign invested enterprise shall register with the bank located
at its registered place after obtaining the business license, and if there is any change in capital or other changes relating to the
basic information of the foreign-invested enterprise, including without limitation any increase in its registered capital or total investment,
the foreign invested enterprise shall register such changes with the bank located at its registered place after obtaining the approval
from or completing the filing with competent authorities. Pursuant to the relevant foreign exchange laws and regulations, the above-mentioned
foreign exchange registration with the banks will typically take less than four weeks upon the acceptance of the registration application.
If we intend to provide funding to our WFOE through capital injection at or after their establishment, we shall register the establishment
of and any follow-on capital increase in our wholly foreign owned subsidiaries with the State Administration for Industry and Commerce
or its local counterparts, file such and register such with the local banks for the foreign exchange related matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Offshore
Investment</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Under
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Circular of the State Administration of Foreign
Exchange on Issues Concerning the Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment
by Domestic Residents via Special Purpose Vehicles, or the SAFE Circular 37, issued by the SAFE and effective on July 4, 2014, PRC residents
are required to register with the local SAFE branch prior to the establishment or control of an offshore special purpose vehicle, or
SPV, which is defined as offshore enterprises directly established or indirectly controlled by PRC residents for offshore equity financing
of the enterprise assets or interests they hold in China. An amendment to registration or subsequent filing with the local SAFE branch
by such PRC resident is also required if there is any change in basic information of the offshore company or any material change with
respect to the capital of the offshore company. At the same time, the SAFE has issued the Operation Guidance for the Issues Concerning
Foreign Exchange Administration over Round-trip Investment regarding the procedures for SAFE registration under the SAFE Circular 37,
which became effective on July 4, 2014, as an attachment of Circular 37. On February 13, 2015, SAFE promulgated the SAFE Circular No.
13, effective from June 1, 2015, which further amended SAFE Circular 37 by requiring domestic residents to register with qualified banks
rather than SAFE or its local branches in connection with their establishment or control of an offshore entity established for the purpose
of overseas investment or financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 43; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the relevant rules, failure to comply with the registration procedures set forth in SAFE Circular 37 may result in bans on the foreign
exchange activities of the relevant onshore company, including the payment of dividends and other distributions to its offshore parent
or affiliates, and may also subject relevant PRC residents to penalties under PRC foreign exchange administration regulations. In addition,
the failure of the Chinese resident shareholders to complete Circular 37 registration may subject each of the shareholders to fines of
less than RMB50,000. Mr. Hok Pan Se, our director and controlling shareholder, who is a permanent resident of Macau, is not required
to apply for the registration. We cannot assure you that each of our Chinese resident shareholders has completed or will complete the
registration process as required by Circular 37.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Related to Dividend Distributions</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
principal laws and regulations regulating the dividend distribution of dividends by foreign-invested enterprises in China include the
PRC Company Law and the FIL. The PRC company law was recently amended on December 29, 2023 and will come into force on July
1, 2024. Under the current regulatory regime in China, foreign-invested enterprises in China may pay dividends only out of their
accumulated profit, if any, determined in accordance with PRC accounting standards and regulations. A PRC company, including foreign-invested
enterprise, is required to set aside as general reserves at least 10% of its after-tax profit, until the cumulative amount of such reserves
reaches 50% of its registered capital unless the provisions of laws regarding foreign investment otherwise provided, and shall not distribute
any profits until any losses from prior fiscal years have been offset. Profits retained from prior fiscal years may be distributed together
with distributable profits from the current fiscal year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Intellectual Property Rights</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Trademarks</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">According
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to the current Chinese trademark law and regulations,
a trademark which has been approved and registered by the trademark office is a registered trademark, including a trademark of goods,
services, collective trademark and certification trademark. The trademark registrant shall enjoy the exclusive right to use the trademark
and the protections afforded by law. The trademark law also specifies the scope of registered trademarks, procedures for registration
of trademarks and the rights and obligations of trademark owners. As of the date of this report, we have completed trademark registration
of six trademarks in China and own the exclusive right to use such trademark.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Domain Names</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ministry of Industry and Information Technology of the PRC, or the MIIT, promulgated the Measures on Administration of Internet Domain
Names, or the Domain Name Measures, on August 24, 2017, which took effect on November 1, 2017 and replaced the Administrative Measures
on China Internet Domain Name promulgated by the MIIT on November 5, 2004. According to the Domain Name Measures, the MIIT is in charge
of the administration of PRC internet domain names. The domain name registration follows a first-to-file principle. Applicants for registration
of domain names shall provide true, accurate and complete information of their identities to the domain name registration service institutions.
The applicant will become the holder of such domain names upon completion of the registration procedure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Employment and Social Welfare</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Labor
Contract Law</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Labor Contract Law of the PRC, or the Labor Contract Law, which was promulgated on June 29, 2007 and amended on December 28, 2012, is
primarily aimed at regulating the rights and obligations of employers and employees, including the establishment, performance and termination
of such relationship. Pursuant to the Labor Contract Law, labor contracts shall be concluded in writing if labor relationships are to
be or have been established between employers and the employees. Employers are prohibited from forcing employees to work above certain
time limit and employers shall pay employees for overtime work in accordance with certain national regulations. In addition, employee
wages shall be no lower than local standards on minimum wages and shall be paid to employees timely.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 44; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Social
Insurance and Housing Fund</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Social Insurance Law of the PRC that was promulgated by the SCNPC on October 28, 2010, and came into force as of July 1, 2011, and
most recently amended on December 29, 2018, together with other laws and regulations, employers are required to pay basic pension insurance,
unemployment insurance, basic medical insurance, employment injury insurance, maternity insurance, and other social insurance for its
employees at specified percentages of the salaries of the employees, up to a maximum amount specified by the local government regulations
from time to time. When an employer fails to pay social insurance premiums in full, relevant social insurance collection agency shall
order it to make up for any shortfall within a prescribed time limit, and may impose a late payment fee at the rate of 0.05% per day
of the outstanding amount from the due date. If such employer still fails to make up for the shortfalls within the prescribed time limit,
the relevant administrative authorities shall impose a fine of one to three times the outstanding amount upon such employer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Regulations on the Management of Housing Fund which was promulgated by the State Council in April 3, 1999 and recently
amended in March 24, 2019, employers must register at the designated administrative centers and open bank accounts for depositing employees&#8217;
housing funds. Employer and employee are also required to pay and deposit housing funds, with an amount no less than 5% of the monthly
average salary of the employee in the preceding year in full and on time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Tax</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Enterprise
Income Tax</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 16, 2007, the National People&#8217;s Congress promulgated the PRC Enterprise Income Tax Law, which was amended on February 24,
2017 and December 29, 2018. On December 6, 2007, the State Council enacted the Regulations for the Implementation of the Enterprise Income
Tax Law, which became effective on January 1, 2008 and was amended on April 23, 2019. Under the Enterprise Income Tax Law and the relevant
implementing regulations, both resident enterprises and non-resident enterprises are subject to tax in China. Resident enterprises are
defined as enterprises that are established in China in accordance with PRC laws, or that are established in accordance with the laws
of foreign countries but are actually or in effect controlled from within China. Non-resident enterprises are defined as enterprises
that are organized under the laws of foreign countries and whose actual management is conducted outside China, but have established institutions
or premises in China, or have no such established institutions or premises but have income generated from inside China. Under the Enterprise
Income Tax Law and relevant implementing regulations, a uniform corporate income tax rate of 25% is applied. However, if non-resident
enterprises have not formed permanent establishments or premises in China, or if they have formed permanent establishments or premises
in China but there is no actual relationship between the relevant income derived in China and the established institutions or premises
set up by them, withholding income tax is set at the rate of 10% with respect to their income sourced from inside the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Withholding
Income Tax</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.45pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Enterprise Income Tax Law and its implementation rules provide that since January 1, 2008, an income tax withholding rate of 10% will
normally apply to dividends declared to non-PRC resident investors that do not have an establishment or place of business in China, or
that have such establishment or place of business but the relevant income is not effectively connected with the establishment or place
of business, to the extent such dividends are derived from sources within China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 45; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital, and other applicable PRC laws, if a Hong Kong resident
enterprise is determined by the competent PRC tax authority to have met the relevant conditions and requirements under this arrangement
and other applicable laws, the 10% withholding tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise
may be reduced to 5%. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax
Treaties issued on February 20, 2009, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from
such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the
preferential tax treatment. Pursuant to the Circular on Several Questions regarding the &#8220;Beneficial Owner&#8221; in Tax Treaties,
which was issued on February 3, 2018 by SAT and became effective on April 1, 2018, when determining the applicant&#8217;s status as the
&#8220;beneficial owner&#8221; regarding tax treatment in connection with dividends, interest, or royalties in the tax treaties, several
factors, including, without limitation, whether the applicant is obligated to pay more than 50% of his or her income in twelve months
to residents in a third country or region, whether the business operated by the applicant constitutes the actual business activities,
and whether the counterparty country or region to the tax treaties does not levy any tax or grant any tax exemption on relevant incomes
or levy tax at an extremely low rate, will be taken into account, and such factors will be analyzed according to the actual circumstances
of the specific cases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.45pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Value-Added
Tax</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Provisional Regulations on Value-Added Tax were promulgated by the State Council on December 13, 1993, became effective on January
1, 1994, and were subsequently amended from time to time. The Detailed Rules for the Implementation of the PRC Provisional Regulations
on Value-Added Tax (2011 Revision) were promulgated by the Ministry of Finance on December 25, 1993 and subsequently amended in 2008
and 2011. On November 19, 2017, the State Council promulgated the Decisions on Abolishing the PRC Provisional Regulations on Business
Tax and Amending the PRC Provisional Regulations on Value-Added Tax. Pursuant to these regulations, rules and decisions, all enterprises
and individuals engaged in sale of goods, provision of processing, repair, and replacement services, sales of services, intangible assets,
real property, and the importation of goods within the PRC are value-added tax, or VAT, taxpayers. On March 20, 2019, the Ministry of
Finance, the State Administration of Taxation, or SAT, and the General Administration of Customs jointly issued the Announcement on Relevant
Policies on Deepening the Reform of Value-Added Tax. Pursuant to this announcement, the generally applicable VAT rates are simplified
as 13%, 9%, 6%, and 0%, which became effective on April 1, 2019, and the VAT rate applicable to small-scale taxpayers is 3%. If a small-scale
taxpayer&#8217;s total monthly sales amount does not exceed RMB100 thousand and its quarterly sales volume does not exceed RMB300 thousand,
the VAT will be exempted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax
on Indirect Transfer</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, SAT issued the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non PRC Resident Enterprises,
or Bulletin 7. Pursuant to Bulletin 7, an &#8220;indirect transfer&#8221; of assets, including equity interests in a PRC resident enterprise,
by non-PRC resident enterprises, may be recharacterized and treated as a direct transfer of PRC taxable assets if such arrangement does
not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax. When determining whether there is a &#8220;reasonable
commercial purpose&#8221; in the transaction arrangement, features to be taken into consideration include, inter alia, whether the main
value of the equity interest of the relevant offshore enterprise derives directly or indirectly from PRC taxable assets; whether the
assets of the relevant offshore enterprise mainly consists of direct or indirect investment in China or if its income is mainly derived
from China; and whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have a real commercial
nature which is evidenced by their actual function and risk exposure. Pursuant to Bulletin 7, where the payer fails to withhold any or
sufficient tax, the transferor shall declare and pay such tax to the tax authority by itself within the statutory time limit. Late payment
of applicable tax will subject the transferor to default interest. Bulletin 7 does not apply to transactions of sale of shares by investors
through a public stock exchange where such shares are acquired on a public stock exchange. On October 17, 2017, SAT issued the Announcement
of the State Administration of Taxation on Issues Concerning the Withholding of Non- resident Enterprise Income Tax at Source, or Bulletin
37, which was amended by the Announcement of the State Administration of Taxation on Revising Certain Taxation Normative Documents issued
on June 15, 2018 by SAT. Bulletin 37 further elaborates the relevant implemental rules regarding the calculation, reporting, and payment
obligations of the withholding tax by the non-resident enterprises. Nonetheless, there remain uncertainties as to the interpretation
and application of Bulletin 7. Bulletin 7 may be determined by the tax authorities to be applicable to our offshore transactions or sale
of our shares or those of our offshore subsidiaries where non-resident enterprises, being the transferors, are involved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 46; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
Related to Securities Offering and Listing Overseas</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2023, the CSRC published the Overseas Listing Measures, which became effective on March 31, 2023. Pursuant to these Measures,
PRC domestic companies that directly or indirectly offer or list their securities in an overseas market are required to file with the
CSRC within three business days after submitting their listing application documents to the regulator in the place of intended listing.
The identification of indirect overseas offering and listing by a domestic enterprise shall follow the principle of substance over form,
where an issuer falls under both of the following conditions, it shall be deemed as indirect overseas offering and listing by a domestic
enterprise, if:(i) 50% or more of the issuer&#8217;s operating revenue, total profit, total assets or net assets as documented in its
audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies, and (ii) the main
parts of the issuer&#8217;s business activities are conducted in the Chinese Mainland, or its main places of business are located in
the Chinese Mainland, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled
in the Chinese mainland. If a PRC domestic company fails to complete the filing procedure or conceals any material fact or falsifies
any major content in its filing documents, such domestic company may be subject to penalties or administrative actions, such as order
to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable
persons may also be subject to penalties, such as warnings and fines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulation
on Data Protection and Cybersecurity</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Personal
Information Protection Law</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">According
to the Personal Information Protection Law of PRC, which came into force on November 1, 2021, no organization or individual may illegally
collect, use, process, or transmit any personal information of another person, or illegally deal in, provide, or disclose any personal
information of another person. Any personal information processor to provide personal information abroad shall meet certain conditions
and take necessary measure to ensure that the activities carried out by overseas recipients on such personal information shall meet the
same standards of protection provided in this Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Cybersecurity
Law</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">According
to Cybersecurity Law of the People&#8217;s Republic of China, which came into force on June 1, 2017, the network operators shall neither
collect personal information unrelated to the service they provide, collect or use personal information in violation of the PRC laws
and regulations, disclose, distort or damage personal information they collect, nor provide such information to others without the agreement
of the person whose information is collected except on certain circumstances provided in this Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Data
Security Law</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">According
to Data Security Law of the People&#8217;s Republic of China, which came into force on September 1, 2021, the government shall establish
a classified and graded data protection system to protect the data security. Any organization or individual collecting data shall adopt
lawful and proper methods and shall not steal data or obtain them by other illegal means.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.C.
<span style="text-decoration: underline">Organizational Structure</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as at April 25, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_007.jpg" alt="" style="height: 560px; width: 1100px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 47; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.D.
<span style="text-decoration: underline">Property, plant and equipment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not own any property and we rent the following leased properties from independent third parties for our operations:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Location</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leased/Owned</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
    Area</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lima,
    Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">500
    m<sup>2</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pucallpa,
    Peru </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factory
    for production</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3
    hectares</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Iberia,
    Peru</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factory
    for production</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10
    hectares</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Val
    de Marne, France</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60
    m<sup>2</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong,
    China</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">318
    m<sup>2</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dalian,
    China</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dormitory</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leased</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66
    m<sup>2</sup></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_001"></span>ITEM
    4A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNRESOLVED
    STAFF COMMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_002"></span>ITEM
    5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read the following discussion and analysis of the Group&#8217;s financial condition and results of operations in conjunction with
the Group&#8217;s consolidated financial statements and the related notes included elsewhere in this annual report. This discussion may
contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Group&#8217;s actual results
may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set
forth under &#8220;Item 3. Key Information &#8212; 3.D. Risk Factors&#8221; or in other parts of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.A.
<span style="text-decoration: underline">Operating Results</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company incorporated as an exempted company under the laws of the BVI. As a holding company with no material operations
of our own, we conduct our substantial operations mainly in Peru, France, Hong Kong and Macau, through our Operating Subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a vertically-integrated forestry company which focuses on FSC business operations, with facilities located in Peru. We produce a
range of products, including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made charcoal and
essential oils. Our Group owns natural forest concessions and cutting rights for the exploitation of timbers on parcels of land in Peru
which covered an area of approximately 615,333 hectares. We also work with local forest owners in Peru and engage in timber auctions
in France for supply of logs. We are committed to sustainable management of forests, efficient use of resources, continuous development
of new products, and providing high-quality products to our customers consistently. Our goal is to become a leading player in the wood
industry and provide sustainable and high-quality wood products at an affordable price to our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
commenced our FSC business operations in 2016, when Grupo Maderero Amaz S.A.C., a subsidiary of our Group, first obtained FSC CoC certification
and began to sell FSC-certified products. As at the date of this report, five subsidiaries of our Group (including Choi Chon Investment
Company Limited, E&amp;T Forestal S.A.C., Grupo Maderero Amaz S.A.C., Nuevo San Martin S.A.C. and Latinoamerican Forest S.A.C) have obtained
FSC CoC certifications. We also have built a professional forest management team to implement FSC forest management. Our forest management
team is led by our head of forest engineer who is qualified to carry out FSC forest management and the key members of our team have an
average of over 8 years of experience in FSC forest management. According to the industry report issued by Frost &amp; Sullivan in
October 2022, FSC-certified products can be sold at a premium of around 5% to 15% over non-FSC-certified products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products and services provide significant value for consumers, through our &#8220;NATU&#8221; brand. We also seek to maximize consumers&#8217;
access to our products and services through competitive pricing and regular evaluations of our pricing arrangements and contracts with
our distributors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers include importers, retailers and processors located in China, Peru, France, Hong Kong, Luxembourg, Belgium, the United States
and South Asia, and we expect to expand our existing markets in Europe and North America by establishing an agency system, as well as
expand into new geographic markets, such as the United Arab Emirates, Australia and Korea, where we believe there is significant market
demand for decking.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 48; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Macroeconomic
Environment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Coronavirus
(COVID-19) Update</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outbreak of COVID-19, which was declared a pandemic by the World Health Organization in March 2020, has created significant volatility,
uncertainty and disruption in the global economy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2020, the Chinese government issued a series of policies to prevent the spread of COVID-19. The Chinese government has shown
signs of relaxing its COVID-19 policies. For instance, the Chinese government has eased the border restrictions by reopening certain
border crossing points between mainland China and Hong Kong to travelers since January 8, 2023. On March 15, 2020, Peru announced a nationwide
lockdown due to the pandemic, which was lifted in June of the same year. After that, various pandemic prevention measures have been introduced
in various countries and regions around the world.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regard to our production base in Peru, during the lockdown period, production in all of our factories was suspended for around three
months, many businesses ceased to operate and shops were closed, and all government departments (including, among others, the forestry
bureau and tax bureau) did not work normally, which hindered our business operations in terms of production, delivery as well as raw
materials procurement. The pandemic and lockdown measures also raised concerns over health and safety among the workers and led to changes
in their mentality, which resulted in instability in personnel and high turnover rate, in turn affecting the normal work progress in
our production base. Furthermore, the resulting inflation, which significantly raised diesel prices, electricity fees as well as employee
base salary, had an impact on our costs of operation. To mitigate the inflationary pressures, we have adjusted prices to our customers
to reflect changes in our operating costs. Other control measures imposed as a response to the pandemic also led to delay in the development
of various parts of the forests, resulting in a period of supply shortage and rising costs of raw materials for our business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regard to our sales, COVID-19 related lockdown and other control measures imposed in other countries which form part of the overseas
market for our products had and may continue to have an impact on our international exports. For instance, the Chinese market will not
be able to receive delivery of our products during the period of lockdown, and consumers&#8217; demand for wooden floors will decline,
which will significantly affect the quantity and price of flooring materials we sell in China. In addition, as the price of sea freight
has increased by 300% as compared with that before the pandemic, this has led to higher overall costs for our customers. The shortage
in supply of cargo containers, reduction in shipping frequency and longer shipping period have also affected the shipment and delivery
of our products to a certain extent. Additionally, the pandemic has resulted in the shutdown of factory production, rising costs, delays
in transportation and delivery, and shortage in supply of raw materials, which raised the price of wood products in the whole market.
At the same time, due to the impact of the pandemic on the global economy, market consumption was weak, resulting in a backlog of goods,
which in turn affected the number of orders placed by our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the second half of 2022, COVID-19 has subsided and many countries lifted entirely its epidemic prevention measures in the first quarter
of 2023. Now, this far-reaching epidemic can be regarded as over. During the years ended December 31, 2023, 2022 and 2021, COVID-19 has
had a limited impact on the Company&#8217;s operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Russia-Ukraine
Conflict</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the Russian-Ukrainian war, the conflicts in the Middle East and the weakening global economic growth momentum, there has been a decline
in consumer demand for wood. In light of the changing market conditions, we have downsized the operations in Peru and underwent a cost
control and reduction exercise to make its operations competitively efficient and cost effective whilst seeking new profitable growth
opportunities.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Recent
Developments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2023, the Company completed its IPO of 750,000 ordinary shares represented by ADSs at a price of $9 per ADS. In October 2023,
the underwriter for the IPO exercised its over-allotment option in part to purchase 85,868 ADSs. The total gross proceeds received from
the IPO, including proceeds from the exercise of the over-allotment option, was $7.5 million. The ADSs began trading on September 12,
2023 on The Nasdaq Capital Market under the ticker symbol &#8220;NWGL&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2023, an aggregate of 20,475,377 ordinary shares was issued to the convertible bond holders of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Factors that Affect Operating Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the following key factors may affect our financial condition and results of operations:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to achieve product certification approvals for all our products in the jurisdictions we planned to expand into;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to acquire concession rights;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 49; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to commercialize our logs, flooring, decking, sawn timber, recycled charcoal, synthesized charcoal, machine-made charcoal
    and essential oils products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to launch successful marketing and sales activities to sell our products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to enter into production agreements with our existing and potential suppliers for our flooring and decking products at competitive
    prices;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to raise additional funds for accelerating business growth; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to attract and retain professional personnel specializing in FSC forest management, manufacturing, procurement, and sales
    and marketing; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to enhance our operational efficiency; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">force
    majeure factors, such as disasters and warfare.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following provides a summary of our consolidated results of operations for the years ended December 31, 2023, 2022 and 2021:
<b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the year ended December 31,
    2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">$<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#8216;000)</span></td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">$<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#8216;000)</span></td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">$<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#8216;000)</span></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Revenue</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">25,457</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">55,339</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">47,684</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Cost of revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(23,072</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(35,423</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(31,272</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gross profit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,385</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19,916</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,412</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net foreign exchange gains (losses)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">167</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(959</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,516</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other income, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,114</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,823</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,625</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Impairment loss recognized on property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,245</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Selling and distribution expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,552</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(8,632</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(9,343</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,263</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,021</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,347</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Finance income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Finance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,605</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,928</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,872</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">(Loss) profit before income tax</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(11,976</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">5,211</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,960</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income tax credits (expenses)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(432</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(628</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">(Loss) profit for the year</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(11,933</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,779</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,332</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Other comprehensive income (loss):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange difference arising from translation of foreign operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">435</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(315</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(174</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Other comprehensive income (loss)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">435</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(315</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(174</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total comprehensive (loss) income for the year</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(11,498</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,464</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,158</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 50; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
    the year ended December 31, 2023</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
    the year ended December 31, 2022</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
    the year ended December 31, 2021</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">$(&#8216;000)</p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">$(&#8216;000)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">$<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&#8216;000)</span></td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,457</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,339</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 12%">47,684</td>
    <td style="width: 1%">&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
    of revenue</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23,072</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(35,423</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(31,272</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
    Profit</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,385</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,916</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">16,412</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
    Expenses</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
    and distribution expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,552</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,632</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">(9,343</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative
    expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,263</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(3,347</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-operating expenses, net</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,546</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,052</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(1,762</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Loss)
    profit</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> before income tax</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,976</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,211</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">1,960</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    tax credits (expenses)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(432</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(628</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    comprehensive income (loss)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">435</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(315</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(174</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    difference arising from translation of foreign operations</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">435</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(315</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(174</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    comprehensive (loss) income for the year</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,498</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,464</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">1,158</td>
    <td>&#160;</td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generate our revenues from sales of logs from Peru or France, sales of decking and flooring either manufactured in Peru or sourced from
our suppliers in Gabon, and sales of sawn timbers processed in Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below are the revenues generated from our business and the percentage of total revenues for the years indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>For the year ended December 31, 2021</b></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">$(&#8216;000)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">$(&#8216;000)</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Logs</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">10,415</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">40.9</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">27,798</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">50.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">21,146</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">44.4</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Flooring</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,049</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23.8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,993</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,939</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Decking</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,658</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30.1</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,800</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24.9</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,032</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sawn timber</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,335</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.2</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,748</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.2</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,567</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><b>Total</b></td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left"><b>$</b></td><td style="font-weight: bold; text-align: right"><b>25,457</b></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><b>100.0</b></td><td style="font-weight: bold; text-align: left"><b>%</b></td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left"><b>$</b></td><td style="font-weight: bold; text-align: right"><b>55,339</b></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><b>100.0</b></td><td style="font-weight: bold; text-align: left"><b>%</b></td><td>&#160;</td>
    <td style="text-align: left"><b>$</b></td><td style="text-align: right"><b>47,684</b></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><b>100.0</b></td><td style="text-align: left"><b>%</b></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
was approximately $25.5 million and $55.3 million for the years ended December 31, 2023 and 2022, respectively, representing a decrease
of approximately 54.0%. In light of global economic downturn following the COVID-19 pandemic, different industries have been adversely
impacted worldwide, particularly those related to construction and home improvement. In the first half of 2023, global economic conditions
were further affected by the Russian-Ukrainian war resulting in the decrease in demand of the home building and home renovation
products in Europe and China. In the second half of the year, the pressure of the above conditions continue and the outbreak of the
Israel-Palestine conflict further weakened the market conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
was approximately $55.3 million and $47.7 million for the years ended December 31, 2022 and 2021, respectively, representing an increase
of approximately 16.1%, primarily attributable to the increase in revenue generated from sales of logs by 31.5% and from decking by 14.7%,
as a result of the increase in selling price from our existing customers in China and Europe respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenue</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of revenue for the years ended December 31, 2023 and 2022 was $23.1 million and $35.4 million, respectively, representing
a decrease of approximately 34.9% which was primarily due to the global economic downturn that has significantly impacted the
home building and home renovation sectors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of revenue for the years ended December 31, 2022 and 2021 was $35.4 million and $31.3 million, respectively. The increase was attributable
to the increase in raw materials incurred in line with the revenue.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">Set forth below table are
the gross profit and gross profit margin generated from our business for the years indicated:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the year ended December 31, 2023</b></span></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended December 31,
    2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
                                            the year ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
                                            31, 2021</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross profit</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross profit margin</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross profit</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross profit margin</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross profit</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross profit margin</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>$ (&#8216;000)</i></span></td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center; font-style: italic">&#160;</td>
    <td colspan="2" style="text-align: center; font-style: italic">$ (&#8216;000)</td><td style="text-align: center; font-style: italic">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>$ (&#8216;000)</i></span></td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Logs</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">2,994</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">28.8</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">13,028</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">46.9</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">9,761</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">46.2</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Flooring</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(771</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12.8</td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,611</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,816</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Decking</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">394</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.1</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,200</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,091</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sawn timber</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(232</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(17.4</td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">77</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.4</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">744</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Total</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,385</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.4</td><td style="text-align: left">%</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left"><span style="font-style: normal; font-weight: normal">$</span></td><td style="font-weight: bold; text-align: right"><span style="font-style: normal; font-weight: normal">19,916</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">16,412</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34.4</td><td style="text-align: left">%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit for the years ended December 31, 2023 and 2022 were $2.4 million and $19.9 million, respectively, representing a
decrease of approximately 88.0%. The significant decrease in gross profit was primarily due to the unfavorable market
conditions arising in the construction and home improvement sector attributable to the Russian-Ukrainian war and the
Israel-Palestine conflict.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit for the years ended December 31, 2022 and 2021 were $19.9 million and $16.4 million, respectively, representing an increase of
approximately 21.3% as compared to that for the year ended December 31, 2021. The increase in gross profit was primarily attributable
to the increase in unit price of logs and decking.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<!-- Field: Page; Sequence: 51; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Foreign Exchange  Gains (Losses)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
foreign exchange gains were approximately $0.2 million for the year ended December 31, 2023. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
foreign exchange losses were approximately $1.0 million and $1.5 million for the years ended December 31, 2022 and 2021, respectively.
The decrease in net foreign exchange losses in 2022 was due to the slight foreign exchange rate fluctuation of USD against PEN as compared
to significant depreciation of PEN against USD in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
Expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
expenses for the years ended December 31, 2023 and 2022 were $9.8 million and $13.7 million, respectively. The operating expenses for
the year ended December 31, 2023 decreased by approximately 28.4% as compared to that for the year ended December 31, 2022. The
decrease in operating expenses was primarily attributable to decrease in shipping cost by approximately $3.7 million in line with decrease in revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operating expenses for the years ended December 31, 2022 and 2021 were $13.7 million and $12.7 million, respectively. The increase
in operating expenses was primarily attributable to increase in employee benefits to award our employees for the remarkable results
of the Group in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> Other Income, Net</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, our other income, net amounting to approximately $1.1 million, $1.8 million
and $1.6 million respectively was primarily consisted of VAT tax concessions and sales of side products and spare parts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance
Costs</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
finance cost amounting to approximately $1.6 million, $1.9 million and $1.9 million for the years ended December 31, 2023, 2022 and
2021, respectively consists of i) interest expenses on bank borrowings, other borrowings, shareholder
loans, lease liabilities and convertible bonds, and ii) bank charges. The decrease in interest expense in 2023 was primarily
due to conversion of convertible bonds during the year while the increase in interest expense in 2022 was attributable to the increase
in bank interest rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income
tax (credits) expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were income tax credits of approximately $43,000 for the year ended December 31, 2023 while income tax expenses of approximately $0.4
million and $0.6 million for the years ended December 31, 2022 and 2021 were recorded, which was mainly due to decrease
in taxable profits of the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total
comprehensive (loss) income for the year</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023 and 2022, our total comprehensive loss was approximately $11.5 million and total comprehensive
income was approximately $4.5 million, respectively. The turnaround from total comprehensive income to loss was primarily due to decrease
in revenue resulting from the challenging global economic conditions that have particularly impacted the home building and home renovation
sectors. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2022 and 2021, our total comprehensive income was approximately $4.5 million and $1.2 million respectively.
The increase in comprehensive income was primarily due to the increase in profits of logs and decking.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments
and Contingencies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
Expenditures</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have contractual obligations for ongoing capital expenditures at the end of the reporting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>2023</b></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><b>2022</b></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>$(&#8216;000)</i></span></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: italic 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: italic 10pt Times New Roman, Times, Serif; text-align: center">$(&#8216;000)</td><td style="font: italic 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left">Contracted, but not provided for:</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Property, plant and equipment</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">700</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


<!-- Field: Page; Sequence: 52; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lease
liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group entered into short-term and long-term lease agreements for offices. The Group&#8217;s lease obligations under the operating leases
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">$(&#8216;000)</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">$(&#8216;000)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    one year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
    than one year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">134</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    lease liabilities</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">198</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">173</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contingencies</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is currently not a defendant in any material legal proceedings, investigation, or claims.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects the major categories of cash flows (in thousands). For additional details, please see the Consolidated Statement
of Cash Flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
    the</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>year
    ended</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
    the</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>year
    ended</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2022</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>For the year ended December&#160;31, 2021</b></td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$(&#8216;000)</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">$(&#8216;000)</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">$(&#8216;000)</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
    (used in) generated from operating activities</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(239</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,871</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 14%">3,251</td>
    <td style="width: 1%">&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
    used in investing activities</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,153</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,429</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(2,482</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
    (used in) generated from financing activities</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(287</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,545</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
    </span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">395</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effect
    of exchange rate changes</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">575</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(360</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(1,173</td>
    <td>)</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in cash during the year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,679</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,897</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">1,164</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
    beginning of the year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,083</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,545</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">3,554</td>
    <td>&#160;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
    end of the year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,979</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,083</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">3,545</td>
    <td>&#160;</td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
(used in) generated from operating activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was approximately $0.2 million for the year ended December 31, 2023 and net cash generated
from operating activities was approximately $5.9 million for the year ended December 31, 2022, respectively. The decrease
in cash generated from operations was mainly due to decrease in revenue of the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash generated from operating activities was approximately $5.9 million and $3.3 million for the years ended December 31, 2022
and 2021, respectively. The increase in cash generated from operations was mainly due to the increase in net profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
used in investing activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities was approximately $1.2 million, $1.4 million and $2.5 million for the years ended December
31, 2023, 2022 and 2021, respectively. The cash used in investing activities was primarily for acquisition of intangible assets for
the year ended December 31, 2023 and property, plant and equipment for the years ended December 31, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
(used in) generated from financing activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities was $0.3 million and $2.5 million for the years ended December 31, 2023 and 2022, respectively.
The cash used in financing activities was primarily attributable to interest paid and repayment to an ultimate beneficial shareholder offset
by proceeds from issue of shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities was $2.5 million for the year ended December 31, 2022 but generated from financing activities was $0.4
million for the year ended December 31, 2021, respectively. The cash used in financing activities was primarily attributable to the net
repayment to bank borrowings for the year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.B.
<span style="text-decoration: underline">Liquidity and Capital Resources</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
to fund working capital is a significant priority for the Group&#8217;s bunker business. Our views concerning liquidity are based on
currently available information and if circumstances change significantly, the future availability of trade credit or other sources of
financing may be reduced, and our liquidity would be adversely affected accordingly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, the Group has financed its operations primarily through internally-generated cash flows, proceed from IPO and financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to stakeholders
through the optimization of the balance between debt and equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 53; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company reviews the capital structure on an ongoing basis. As a part of this review, the directors consider the cost of capital and the
risks associated with each class of capital. The Company will balance its overall capital structure through the payment of dividends,
new share issues and the issue of new debt or the repayment of existing debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to the year ended December 31, 2022, the shares of the Company were successfully listed in Nasdaq and net proceeds of $5.1 million
were raised with new shares issued. This provides us with a new source of capital to fund our business and expansion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the information currently available, we believe that our cash and cash equivalents as of December 31, 2023 and available funds from
our credit facility, as described below, together with cash flows generated by operations, are sufficient to fund our working capital
and capital expenditure requirements for at least the next twelve months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.C.
<span style="text-decoration: underline">Research and Development, Patent and Licenses, etc.</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable. The Company has not undertaken any Research and Development activities in the past three years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.D.
<span style="text-decoration: underline">Trend Information</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended December 31, 2023 that are reasonably likely to have a material effect on our total net revenues, income, profitability,
liquidity or capital reserves, or that caused the disclosed financial information to be not necessarily indicative of future operating
results or financial conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.E.
<span style="text-decoration: underline">Critical Accounting Estimates</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are prepared in accordance with International Financial Reporting Standards (or &#8220;<b>IFRSs</b>&#8221;)
as issued by the International Accounting Standards Board (the &#8220;<b>IASB</b>&#8221;). The preparation of consolidated financial
statements in conformity with IFRS requires the Company to make certain estimates and assumptions that affect the amounts reported and
disclosed in the consolidated financial statements and related notes. Our material accounting policies are set forth in note 2
to our audited consolidated financial statements included in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_003"></span>ITEM
    6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.A.
<span style="text-decoration: underline">Directors and Senior Management</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding our directors and senior management as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Executive officers</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hok Pan Se</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    chairman of the Board</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Zhihua Liang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    senior consultant</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Kam Pang Chim</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    financial officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Jianjun Zeng</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    executive officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Heung Ming Henry Wong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Kin Shing Charles Lau</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Mu Xu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 54; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a summary of the business experience of each of our executive officers and directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Hok Pan Se</i></b>, age 63, is our Director and chairman of the Board, and is primarily responsible for the overall strategic planning,
business development and management of our Group. Mr. Se began his career in the flooring products industry in 1995 and has over 20 years
of experience in the flooring products industry. Since 2007, Mr. Se has been a director and chairman of Nature Home Holding Company Limited
(&#8220;<b>Nature Home</b>&#8221;), a company which was formerly listed on The Stock Exchange of Hong Kong Limited (stock code: 2083)
and privatized in October 2021. As at the date of this report, Mr. Se also held the following prominent positions outside of our Group:
member of the Standing Committee of the Gansu Provincial Committee of the Chinese People&#8217;s Political Consultative Conference (CPPCC),
one of the draftsmen for the National Standard for Solid Wood Flooring in China, vice-chairman of Flooring Committee of China Timber
Circulation Association, member of the China Association for Quality Inspection, member of the China Timber Standardization Technical
Committee, honorary president of Macau General Association of Real Estate, vice president of The Industry and Commerce Association of
Macau as well as adjunct professor at Nanjing Forestry University. To recognize Mr. Se&#8217;s contribution to the field, he has received
the following awards: the Most Influential Figures in the 15-Year Development of China&#8217;s Flooring Industry (2010), 2015 Top Ten
Persons of the Year in China&#8217;s Timber and Wood Products Industry, 2016 World Flooring Industry Business Summit Outstanding Entrepreneur,
2016 Elected Person for China Home Furnishing Industry Hall of Fame, 2016 Person of the China Economic News as well as Top Ten People
in China&#8217;s Home Furnishing Industry in 2017.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Zhihua Liang</i></b>, age 59, is our Director and senior consultant, and is primarily responsible for our Group&#8217;s human resources
management and manufacturing strategic planning. Mr. Liang has extensive experience in the flooring industry as well as human resources
and production management. Mr. Liang has been a director of our Group since January 2018. Mr. Liang held different major positions in
Nature Home and its subsidiaries (the &#8220;Nature Home Group&#8221;) from 2006 to 2019, including serving as the general manager of
human resources and the production department of the Nature Home Group. Mr. Liang was appointed as an executive director and the president
of the Nature Home in January 2014 and ceased to be the president of Nature Home in February 2018. Mr. Liang was re-designated as a non-executive
director of Nature Home since March 2019. He was awarded the &#8220;Foshan Dacheng Entrepreneur&#8221; in 2019 and the &#8220;Outstanding
Entrepreneur&#8221; in Gaogang District of Taizhou in 2017. Mr. Liang obtained his Bachelor of Preventive Medicine degree from the Guangdong
Pharmaceutical University in July 1990.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Kam Pang Chim</i></b>, age 46, is our chief financial officer, and is primarily responsible for formulating corporate strategies, overall
management of financial, mergers and acquisitions and capital market affairs of our Group. Mr. Chim has over ten years of experience
in finance performance control, multi-location finance team management and fundraising. Mr. Chim has worked as the chief financial officer
of a subsidiary of our Group since September 2019. Prior to joining our Group, from August 2009 to January 2019, Mr. Chim served in the
positions of chief financial officer in an OTC trade public company in the U.S. and a then HK listed company, and was primarily responsible
for initial public offerings, strategic planning, business model development and finance management. Mr. Chim obtained his Bachelor of
Business Administration degree from Lingnan University in November 2003.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Jianjun Zeng</i></b>, age 40, is our chief executive officer, and is primarily responsible for the overall coordination of management
and operation of our Group. Mr. Zeng has 10 years of strategic management experience in multinational groups and 16 years of experience
in wood industry, and Mr. Zeng has acted as the chief executive officer of our Group since August 2020. Prior to that, from January 2019
to August 2020, he worked as the general manager of the commercial and resilient floor center at Nature Home (China) Co., Ltd (a member
of the Nature Home Group), and was responsible for the overall operation of resilient flooring, including product development, production
and sales. From June 2017 to January 2019, Mr. Zeng worked as the marketing director of the international business department at Nature
Home (China) Co., Ltd., and was responsible for overseas marketing management. Mr. Zeng obtained his Bachelor of International Economics
degree from Guangdong University of Finance &amp; Economics in June 2006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Heung Ming Henry Wong, </i></b>age 54, has been appointed as our independent Director, and the chairman of each of the audit committee,
compensation committee and nominating and corporate governance committee since September 11, 2023. Mr. Wong has more than 29 years of
experience in finance, accounting, internal controls and corporate governance in Singapore, China and Hong Kong. Mr. Wong has served
as an independent director of several listed companies on Nasdaq including E-Home Household Service Holding Ltd. (stock ticker: EJH)
since March 2023, Ostin Technology Group Co., Ltd. (stock ticker: OST) since April 2022, TD Holdings, Inc. (stock ticker: GLG) since
August 2021. He also served as an independent director of Meihua International Medical Technologies Co., Ltd. (stock ticker: MHUA) from
April 2022 to June 2022. Mr. Wong has also been serving as an independent non-executive director for several listed companies in Hong
Kong including Sansheng Holdings (Group) Co. Ltd (stock code: 2183) since August 2022, Raffles Interiors Limited (stock code: 1376) since
March 2020 which he became the non-executive chairman and the lead independent non-executive director since September 2022, Helens International
Holdings Company Limited (stock code: 9896) since August 2021, and Shifang Holding Limited (stock code: 1831) from November 2010 to April
2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 55; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Wong also worked as the chief financial officer and senior finance executives of various companies, including being the chief financial
officer of Meten Holding Group Ltd, a company listed on Nasdaq (stock ticker: METX), Frontier Services Group Limited, a company listed
in Hong Kong (stock code: 0500) and Beijing Oriental Yuhong Waterproof Technology Co., Ltd., a leading waterproof materials manufacturer
in China and a company listed on the Shenzhen Stock Exchange (stock code: 2271). Mr. Wong has been helping a number of companies listed
in oversea stock exchanges including that of the United States and Hong Kong. Mr. Wong began his career in an international accounting
firm and moved along in audit fields by taking some senior positions both in internal and external audits including being a senior manager
and a manager in PricewaterhouseCoopers, Beijing office and Deloitte Touche Tohmatsu, Hong Kong, respectively. Mr. Wong graduated from
the City University of Hong Kong in 1993 with a bachelor&#8217;s degree in Accountancy and also obtained a master&#8217;s degree in Electronic
Commerce from The Open University of Hong Kong in 2003. He is a fellow member of the Association of Chartered Certified Accountants and
the Hong Kong Institute of Certified Public Accountants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dr.
Kin Shing Charles Lau, </i></b>age 68, has been appointed as our independent Director, and a member of each of the audit committee, compensation
committee and nominating and corporate governance committee since September 11, 2023. Dr. Lau is a chartered accountant with over 35
years of corporate management experiences from multi-national firms, specializing in corporate governance, corporate finance, internal
control and risk management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Lau has been an independent non-executive director of Zibuyu Group Limited since October 2022, a company listing in Hong Kong (stock
code: 2420) and KOS International Holdings Limited since February 2021, a company listed in Hong Kong (stock code: 8042), and an independent
director of Lingyi Itech (Guangdong) Company since June 2021, a company listed on the Shenzhen Stock Exchange (stock code: 2600). Dr.
Lau successively served as the chief financial officer, an executive director and the company secretary of Sitoy Group Holdings Limited
from August 2015 to July 2021, a company listed in Hong Kong (stock code: 1023), and has been its non-executive director since August
2021. From December 2013 to August 2015, he served as the chief operating officer of Imaginex Group, primarily responsible for financial
management and logistics services. Dr. Lau also worked at China Public Procurement Limited from December 2012 to March 2014 as its executive
director, chief investment officer and company secretary, a company listed in Hong Kong (stock code: 1094). Prior to that, he successively
served as the chief financial officer and a joint company secretary of Miramar Hotel and Investment Company, Limited from March 2010
to August 2012, a company listed in Hong Kong (stock code: 71). Before that, he served as a vice president and the internal control director
of China Resources Enterprise Limited from February 2000 to April 2010, a company listed in Hong Kong (stock code: 291) (currently known
as China Resources Beer (Holdings) Company Limited).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
Lau obtained a Bachelor&#8217;s degree in Accounting from Curtin University of Technology (currently known as Curtin University) in August
1993, a Master of Business Administration degree from the University of South Australia in May 1998 and a Doctorate degree of Business
Administration from the University of Newcastle, Australia in July 2008. Dr. Lau was admitted as a Certified Practising Accountant by
CPA Australia in March 2001 and a Certified Public Accountant by the Hong Kong Institute of Certified Public Accountants in July 2001.
He also became a fellow of CPA Australia in June 2001, a fellow of the Association of Chartered Certified Accountants in the United Kingdom
in March 2003, and a fellow of the Chartered Professional Accountants of British Columbia in Canada in June 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Mu Xu,</i></b> age 30, has been appointed as our independent Director, and a member of each of the audit committee, compensation committee
and nominating and corporate governance committee since September 11, 2023. Mr. Xu is a legal counsel in ZLF Law Office since October
2020. Mr. Xu graduated from Liaoning University in 2015 with a Bachelor of Law degree and also obtained a Master of Law degree from Washington
University in 2016. After that, Mr. Xu obtained his Juris Doctor degree from the University of California, Davis in 2019. Mr. Xu is admitted
to practice law in the State of New York.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 56; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ages and positions of other key employees of our Group are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
    employees</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Richard Elvis Reategui Guzman</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head of forest engineer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Ka Wai Se</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head of sales department</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Patrick Orain</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head of procurement</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a summary of the business experience of other key employees of our Group:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Richard Elvis Reategui Guzman</i></b>, age 48, is the head of forest engineer of our Group&#8217;s subsidiary, Maderera Industrial
Isabelita S.A.C., since 2018, and is primarily responsible for forest planning in Peru, coordinating the management of the forest data
chain related to chain-of-custody (CoC) certification and the development of FSC certification. He has over 19 years of experience in
forestry, possessing in-depth knowledge on forest development processes, forestry certificates and production. Prior to joining our Group,
from 2016 to 2017, he was the head of forest management at a forestry and logging company based in Peru, responsible for controlling
and verifying traceability, and monitoring deforestation activities. From 2009 to 2015, he worked as a forest engineer, responsible for
controlling and monitoring on-site forest harvesting and the transportation of logs, and the management of FSC certification. In between
2003 and 2008, Mr. Reategui Guzman had worked as a forest census coordinator and supervisor, responsible for forest census and the supervision
of harvesting and piling work, and a forest assistant, responsible for researching the installation and evaluation of permanent sampling
plots. Mr. Reategui Guzman obtained the title of forestry engineer and published scientific articles in the library of the Peruvian Amazonian
Institute. Mr. Reategui Guzman graduated from the National University of the Peruvian Amazon with the title as a forest engineer in May
2008.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Ka Wai Se, </i></b>age 31, is the head of sales department of our Group&#8217;s subsidiary, Swift Top Capital Resources Limited, and
is primarily responsible for coordinating and planning our Group&#8217;s marketing and sales strategies. He is a son of Mr. Hok Pan Se,
our Director and chairman of the Board. Mr. Se joined our Group in June 2017 as a project manager of customer relationship management
system for flooring in China, and has since June 2018 worked as the sales manager of Nature Wood China, being in charge of the sales
in the European market. Prior to joining our Group, Mr. Se worked in Adfaith management consulting Inc from July to August 2014. Mr.
Se obtained his Bachelor in Biotechnology degree from University College London in September 2015, and obtained a Master of Research
degree in computational methods in ecology and evolution from Imperial College London in September 2016.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Patrick Orain, </i></b>age 60, is the head of procurement of our Group&#8217;s subsidiary, Parquet Nature (France) S.A.R.L. since September
2018, and is primarily responsible for the planning, design and procurement management of local products in France. Mr. Orain is the
third generation in his family to engage in the trading of wood. Prior to joining our Group, from 1984 to 2018, Mr. Orain worked as a
wood trader in other companies, being responsible for exports of wood products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 57; Options: NewSection; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Diversity</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Board Diversity Matrix</span></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country
    of Principal Executive Office</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 59%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Macau</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
    Private Issuer</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
    Prohibited Under Home Country Law</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
    Number of Directors</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Five</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Part
    I: Gender Identity</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
    Not Disclose Gender</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Part
    II: Demographic Background</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underrepresented
    individual in home country jurisdiction</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 59%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LGBTQ+</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
    not disclose demographic background</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at the date of this report, our Company is in the course of identifying suitable female board candidates and intends to have at least
two diverse Directors by December 31, 2026.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Zhihua Liang, our Director and senior consultant, is the brother-in-law of Mr. Hok Pan Se, our Director and chairman of the Board. Mr.
Ka Wai Se, our head of sales department, is a son of Mr. Hok Pan Se, our Director and chairman of the Board. Except as disclosed, no
other Director or executive officer has a family relationship as defined in Item 401 of Regulation S-K.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.B.
<span style="text-decoration: underline">Compensation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is the compensation paid during the fiscal year ended December 31, 2023, for each of our executive officers and directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023<br/>
    Compensation</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hok Pan Se</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Zhihua Liang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Kam Pang Chim</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">364,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Jianjun Zeng</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span>,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Heung Ming Henry Wong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Kin Shing Charles Lau</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Mu Xu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">564,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.C.
<span style="text-decoration: underline">Board Practices</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
of Office</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors are appointed for a term expiring at the next-following annual general meeting of our shareholders or until they are removed
from the office in accordance with our articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreement with our Chief Executive Officer and Chief Financial Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into employment agreements with each of our executive officers (other than Directors) and a consultancy agreement with Zhihua
Liang, our Director, in connection with his position as senior consultant of our Group. The executive officers and Zhihua Liang (in his
capacity as senior consultant of the Group) are entitled to a fixed salary and other company benefits, each as determined by the Board
from time to time. We may terminate the employment of an executive officer or senior consultant under applicable laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 58; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
executive officer has agreed during and after the termination or expiry of his or her employment agreement, not to reveal to any person
or use all information, know-how and records that is confidential or not, which may come to their knowledge during their employment,
except as authorized or required by their duties to do so. The restriction shall cease to apply to information or knowledge which may
come into the public domain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
Service Contracts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 26, 2023, we entered into Director Agreements (the &#8220;<b>Director Agreements</b>&#8221;) with each of our directors. The term
of each such appointment commenced from September 14, 2023 and shall continue until the director&#8217;s successor is duly elected or
appointed and qualified or until the director&#8217;s earlier death, disqualification, resignation or removal from office, pursuant to
the terms of the Director Agreement, the Company&#8217;s then current Memorandum and Articles of Association, as may be amended from
time to time, or any applicable laws, rules, or regulations. Each of our directors will receive a monthly remuneration of nil during
their terms of service. None of the Director Agreements provides for benefits upon termination of appointment of our directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Committees
of the Board</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have established and will maintain three committees under the board of directors: an audit committee, a compensation committee, and a
nominating and corporate governance committee. We have adopted the charter for each of the three committees. Each committee&#8217;s members
and functions are described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee consists of Mr. Heung Ming Henry Wong, Dr. Kin Shing Charles Lau, and Mr. Mu Xu and is chaired by Mr. Heung Ming Henry
Wong. We have determined that each of these three Directors satisfies the &#8220;independence&#8221; requirements of the Nasdaq Listing
Rules and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined
that each of these three directors qualifies as an &#8220;audit committee financial expert.&#8221; The audit committee oversees our accounting
and financial reporting processes and the audits of our financial statements. The audit committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed
    by the independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with the independent registered public accounting firm any audit problems or difficulties and management&#8217;s responses;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
    the annual audited financial statements with management and the independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor
    and control major financial risk exposures;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually
    reviewing and reassessing the adequacy of our audit committee charter;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
    separately and periodically with management and the independent registered public accounting firm;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reporting
    regularly to the board.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 59; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee consists of Mr. Heung Ming Henry Wong, Dr. Kin Shing Charles Lau, and Mr. Mu Xu and is chaired by Mr. Heung Ming
Henry Wong. We have determined that each of these three Directors satisfies the &#8220;independence&#8221; requirements of the Nasdaq
Listing Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms
of compensation, relating to our Directors and executive officers. Our chief executive officer may not be present at any committee meeting
during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive
    officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and recommending to the board for determination with respect to the compensation of our non-employee directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    periodically and approving any incentive compensation or equity plans, programs or other similar arrangements; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person&#8217;s
    independence from management.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
nominating and corporate governance committee consists of Mr. Heung Ming Henry Wong, Dr. Kin Shing Charles Lau, and Mr. Mu Xu and is
chaired by Mr. Heung Ming Henry Wong. We have determined that each of these three Directors satisfies the &#8220;independence&#8221;
requirements of the Nasdaq Listing Rules. The nominating and corporate governance committee assists the board in selecting individuals
qualified to become our Directors and in determining the composition of the board and its committees. The nominating and corporate governance
committee is responsible for, among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recommending
    nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills,
    experience, expertise, diversity and availability of service to us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as
    well as of the nominating and corporate governance committee itself;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
    and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments
    in the law and practice of corporate governance and our compliance with such laws and practices; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    the performance and effectiveness of the board as a whole.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Private Issuer Exemption</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer&#8221; as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq,
we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq
corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual
    or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4)
    days of their occurrence, and from the disclosure requirements of Regulation FD.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 60; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders
    of U.S. companies that are subject to the Exchange Act.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such
    waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private
    issuer exemption.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices
in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq&#8217;s
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If
we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the
same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If
we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are permitted to follow certain corporate governance rules that conform to BVI requirements in lieu of many of the Nasdaq corporate
governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including the
requirement to hold annual meetings of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duties
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
BVI law, our Directors owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good
faith and with a view to our best interests. When exercising powers or performing duties as a director, the director is required to exercise
the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, without limitation,
the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken
by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree
to the company acting in a manner that contravenes our memorandum and articles of association or the BVI Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Compensation Plan Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not adopted any equity compensation plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding
Equity Awards at Fiscal Year-End</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s share option scheme (the &#8220;<b>Scheme</b>&#8221;) was adopted pursuant to an ordinary resolution of the shareholders
passed on September 1, 2019 for the primary purpose of providing incentives to directors and eligible employees, which expired on September
12, 2023. Under the Scheme, the directors of the Company may grant options to eligible employees, including directors of the Company
and its subsidiaries, to subscribe for shares in the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, the number of shares in respect of which options had been granted and remained outstanding under the Scheme was
7,800,000 (2022: 8,160,000), representing 5.9% (2022: 7.8%) of the shares of the Company in issue. The total number of shares in
respect of which options may be granted under the Scheme is not permitted to exceed 10% of the shares of the Company in issue at any
point in time, without prior approval from the Company&#8217;s shareholders. The number of shares issued and to be issued in respect
of which options granted and may be granted to any individual in any one year is not permitted to exceed 1% of the shares of the Company
in issue at any point in time, without prior approval from the Company&#8217;s shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 61; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
granted must be taken up within 1 month of the date of grant, upon payment of HK$1 per option. Options may be exercised at any time from
the date of grant of the share option to the 10<sup>th</sup> anniversary of the date of grant. The exercise price is HK$4.661 per share
(equivalent to HK$37.288 per ADS).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of number of options granted to our directors, executive officers and key employees are as follows as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Name</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Number of share</p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">options granted</p></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left">Mr. Hok Pan Se</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">2,157,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr. Zhihua Liang</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">500,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr. Kam Pang Chim</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,082,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr. Jianjun Zeng</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,203,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr. Ka Wai Se</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">768,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.D.
<span style="text-decoration: underline">Employees</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we had 114 full-time employees who were employed by our Group and were based in Peru, France, Hong Kong, Macau
and China, respectively. The following table sets forth a breakdown of our employees by function as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Peru</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">France</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Hong Kong</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Macau</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">China</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 40%">Management</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">2</p></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right">9</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Forest management</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales and marketing</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">-</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Production</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">46</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">46</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Procurement and inventory</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">-</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Finance</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Administration and human resources</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">13</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Quality control</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">5</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">86</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">14</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">114</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.E.
<span style="text-decoration: underline">Share Ownership</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, as of the date of this report, the beneficial ownership of our ordinary shares by each executive officer
and director, by each person known by us to beneficially own more than 5% of our ordinary shares and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on 132,425,321 ordinary shares
issued and outstanding. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment
power with respect to, or the power to receive the economic benefit of ownership of, the securities. In computing the number of shares
beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to
acquire within 60 days, including through the exercise of any option or other right or the conversion of any other security. However,
these shares are not included in the computation of the percentage ownership of any other person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 62; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Ordinary Shares Beneficially Owned</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Percentage Owned</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Directors and Executive Officers</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-size: 10pt">Hok Pan Se <sup>(1) (2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">92,932,850</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">70.18</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Zhihua Liang <sup>(3)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3.78</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Kam Pang Chim</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jianjun Zeng</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Heung Ming Henry Wong</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mu Xu</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Kin Shing Charles Lau</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">All directors and executive officers as a group (7
    individuals)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">97,932,850</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">73.96</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">5% and Greater Principal Shareholders:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Easy Bliss Limited <sup>(1)</sup></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">90,787,458</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">68.56</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Hok Pan Se <sup>(1) (2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">92,932,850</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">70.18</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Son I Un <sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">90,787,458</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">68.56</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>

<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Huang Qing Cai</p></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,544,303</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5.70</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Chan Wing Luk</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7,516,484</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">5.68</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Easy
    Bliss Limited is owned as to 60.19% by Mr. Hok Pan Se and 39.81% by Ms. Son I Un. Mr. Se Hok Pan is our Director and
    Ms. Un Son I is the spouse of Mr. Se Hok Pan. Mr. Hok Pan Se and Ms. Son I Un are deemed to hold the voting and dispositive power
    over the Ordinary Shares held by Easy Bliss Limited. Mr. Hok Pan Se and Ms. Son I Un did not enter into any voting arrangement or
    agreement.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hok Pan Se directly holds 2,145,392 Ordinary Shares which were converted from a convertible bond in October 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(3)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">More Choice Global Limited, a wholly-owned company
    of Mr. Zhihua Liang, is the record holder of 5,000,000 Ordinary Shares.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.F.
<span style="text-decoration: underline">Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_001"></span>ITEM
    7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.A.
<span style="text-decoration: underline">Major Shareholders</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.B.
<span style="text-decoration: underline">Related Party Transactions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below are the related party transactions of our Group that occurred during the past three fiscal years up to the date of this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Name</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Relationship</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Nature</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended <br/> December 31, 2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended <br/> December 31, 2022</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">For the year ended<br/> December 31, 2021</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">Mr. Hok Pan Se</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">Ultimate beneficial shareholder</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left">Interest expense on shareholder loans</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">197,066</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right">405,872</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right">429,927</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Mr. Hok Pan Se</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ultimate beneficial shareholder</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Interest expense on convertible bonds</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71,865</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">102,149</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">51,875</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Fo Shan Sunde Daziran Investment Management Limited</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Joint control over the entity by ultimate beneficial shareholder</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Lease payments made</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,263</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">24,197</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21,156</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Fo Shan Sunde Changcheng Management Limited</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Joint control over the entity by ultimate beneficial shareholder</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Lease payments made</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,523</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">330,717</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">532,218</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">502,958</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 63; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.C.
<span style="text-decoration: underline">Interests of Experts and Counsels</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_002"></span>ITEM
    8.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.A.
<span style="text-decoration: underline">Consolidated Statements and Other Financial Information</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended consolidated financial statements filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.B.
<span style="text-decoration: underline">Significant Changes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
significant change has occurred since the date of our consolidated financial statements filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_003"></span>ITEM
    9.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
    OFFER AND LISTING</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.A.
<span style="text-decoration: underline">Offer and Listing Details</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ADSs are listed on the Nasdaq Capital Market under the symbol &#8220;NWGL&#8221;, and began trading on September 12, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.B.
<span style="text-decoration: underline">Plan of Distribution</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.C.
<span style="text-decoration: underline">Markets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
our disclosures above under &#8220;9.A. Offer and Listing Details.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.D.
<span style="text-decoration: underline">Selling Shareholders</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.E.
<span style="text-decoration: underline">Dilution</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.F.
<span style="text-decoration: underline">Expenses of the Issue</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_004"></span>ITEM
    10.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADDITIONAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.A.
<span style="text-decoration: underline">Share Capital</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, the number of maximum authorized shares of our Company is 200,000,000 shares of a single class with
a par value of $0.001 each. As of the date of this report, 132,425,321 ordinary shares are issued and outstanding. All of our issued
and outstanding ordinary shares are fully paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 64; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.B.
<span style="text-decoration: underline">Memorandum and Articles of Association</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
on our Memorandum and Articles of Association is incorporated herein by reference to the section headed &#8220;Description of Share Capital
and Governing Documents&#8221; of the Company&#8217;s Registration Statement on Form F-1 in connection with the IPO filed on August 22,
2023 (Registration No. 333-271425).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.C.
<span style="text-decoration: underline">Material Contracts</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the two years immediately preceding the date of this report, we have not entered into any material contracts other than in the ordinary
course of business and other than those described below and in Item 6 &#8220;Directors, Senior Management and Employees&#8221;, Item
7 &#8220;Major Shareholders and Related Party Transactions&#8221; or filed (or incorporated by reference) as exhibits to this annual
report or otherwise described or referenced in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the IPO, the Company entered into an underwriting agreement with Prime Number Capital LLC (as representatives of the
underwriters named therein), dated September 12, 2023, attached as Exhibit 1.1 to the Company&#8217;s Current Report on Form 6-K filed
on September 15, 2023 and incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.D.
<span style="text-decoration: underline">Exchange Controls</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
foreign exchange controls exist in the BVI. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.E.
<span style="text-decoration: underline">Taxation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BVI
Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company and all distributions, interest and other amounts paid by our Company to persons who are not resident in the BVI are exempt from
the Income Tax Ordinance in the BVI. No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons
who are not resident in the BVI with respect to any shares, debt obligation or other securities of our Company. All instruments relating
to transfers of property to or by our Company and all instruments relating to transactions in respect of the shares, debt obligations
or other securities of our Company and all instruments relating to other transactions relating to the business of our Company are exempt
from payment of stamp duty in the BVI provided that they do not relate to real estate in the BVI. There are currently no withholding
taxes or exchange control regulations in the BVI applicable to our Company or its shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
in Peru</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a general summary of material Peruvian tax matters under Peruvian law, as in effect on the date of this report and
describes the principal tax consequences of the ownership of American Depositary Shares of non-Peruvian companies which, in turn,
are the direct or indirect owners of shares of Peruvian entities, as the ADS, by non-resident individuals or entities
(&#8220;<b>Non-Peruvian Holders</b>&#8221;). Legislative, judicial or administrative changes or interpretations may, however, be
forthcoming. Any such changes or interpretations could affect the tax consequences to holders of shares and could alter or modify
the conclusions set forth herein. This summary does not purport to be a legal opinion, nor is it intended to be a comprehensive
description of all of the tax considerations that may be relevant to a decision to make an investment in the ADSs. In addition, it
does not describe any tax consequences arising under the laws of any taxing jurisdiction other than Peru or applicable to an
individual or entity resident of Peru or to a person with a permanent establishment in Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of Peruvian taxation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">individuals
    are residents of Peru, if they are Peruvian nationals who have established their place of residence in Peru or if they are foreign
    nationals with a permanence of 183 days in Peru in any 12-month period (in the latter case, the condition of Peruvian resident can
    only be acquired as of the 1st of January of the year following the fulfillment of residence conditions); and,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal
    entities are residents of Peru if they are established or incorporated in Peru.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 65; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
in France</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following brief description of French enterprise income taxation is designed to highlight the enterprise-level taxation on our earnings,
which will affect the amounts of dividends, if any, we are ultimately able to pay to our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#216;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
    income Tax in France (&#8220;CIT&#8221;)</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main legislation that governs a person&#8217;s income tax in France is the &#8220;Code G&#233;n&#233;ral des Imp&#244;ts&#8221;
(French tax code, hereafter &#8220;FTC&#8221;). The regulatory body implementing and enforcing the FTC is the &#8220;Direction G&#233;n&#233;rale
des Finances Publiques&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax year is generally the calendar year, although a company may choose a different tax year-end date. The tax year is 12 months but can
be shorter or longer in certain cases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CIT
base is territorial, which means that a French resident company is subject to CIT on its French-source income (i.e., deriving from business
carried on in France, real estate located in France, capital gains, dividends or interests).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
company is French tax resident if its registered office or place of effective management is in France (generally defined as the place
where the directors&#8217; meetings concerning management and control of the company are held). A company incorporated under French commercial
law is deemed to be tax resident.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxable
income corresponds to the business net profit (i.e., on the corporate&#8217;s income less its deductible expenses).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
standard CIT rate is 25%. A reduced rate of 15% applies to small and medium corporations for their net taxable profits below &#8364;38,120.
In addition to corporation tax, a social surtax of 3.3% applies to taxpayers, where their corporate tax liability of the relevant fiscal
year exceeds &#8364;763,000. The surtax is assessed on the amount of the corporation tax due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and capital gains are generally considered as ordinary income and are subject to CIT at the standard rate. However, dividends paid by
qualifying subsidiaries and capital gains derived from the sale of qualifying shareholdings may benefit from an exemption regime.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#216;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign-Sourced
    Income</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
indicated above, CIT base is territorial. Foreign-source income is generally not subject to CIT, except in case of application of anti-avoidance
rules apply, which concerns (notably):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    transfer pricing, under which French entities that are controlled by entities established outside France (or that control such entities
    &#8211; NA in the present case) are subject to CIT on profits transferred, directly or indirectly, to an entity located abroad through
    an increase or decrease in purchase or sales prices, or by any other means). </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    profits made by subsidiaries or establishments located in a NCST (NA in the present case),</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    payments made from France in a Non-Cooperative States or Territories (NCST) (see our developments below on that point).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#216;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Profit
    Distribution and Withholding Tax</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Article 119 bis 2 of the FTC, dividends distributed by corporations which have their registered office in France to non-French tax
residents (individuals or legal entities), are subject to withholding tax in France (being specified that this French domestic law provision
applies unless provided otherwise by a tax treaty provision, which may reduce the withholding tax rate, or even abolish it altogether.
However, there is no double taxation agreement signed between France and BVI).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 66; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to Article 187-1 of the FTC, the tax rate applicable depends on the beneficiary status and his place of location. When the beneficial
owner is a corporation, the applicable withholding tax rate correspond to the standard corporate tax rate (i.e., 25%). A tax exemption
regime may apply for distributions made to entities established in a Member State of the European Union.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
Article 187-2 of the FTC provides that the withholding tax rate is increased to 75%, when the distributed income is paid in an NCST,
regardless of the tax domicile or place of location of the beneficiary. Thus, this increased tax rate does not apply when the payment
is made in an account opened with a bank located in a cooperative State, even though the beneficial owner is himself established in an
NCST. Moreover, pursuant to the safeguard clause provided by Article 187.2 of the FTC, even in case of payment in a NCST to a beneficiary
established in a NCST, the 75% tax rate does not apply if the debtor manages to prove that the distributions have neither the purpose
nor the effect of allowing their location in an NCST for tax evasion purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
in the PRC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with a &#8220;de facto management
body&#8221; within the PRC is considered a resident enterprise and will be subject to the enterprise income tax at the rate of 25% on
its global income. The implementation rules define the term &#8220;de facto management body&#8221; as the body that exercises full and
substantial control over and overall management of the business, production, personnel, accounts and properties of an enterprise. In
April 2009, the State Administration of Taxation issued a circular, known as Circular 82, which provides certain specific criteria for
determining whether the &#8220;de facto management body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located
in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those
controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the State Administration of Taxation&#8217;s
general position on how the &#8220;de facto management body&#8221; test should be applied in determining the tax resident status of all
offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise
group will be regarded as a PRC tax resident by virtue of having its &#8220;de facto management body&#8221; in China only if all of the
following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating
to the enterprise&#8217;s financial and human resource matters are made or are subject to approval by organizations or personnel in the
PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and board and shareholder resolutions
are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we do not meet some of the conditions outlined in the immediately preceding paragraph. For example, as a holding company,
the key assets and records of the Company, including the resolutions and meeting minutes of our board of directors and the resolutions
and meeting minutes of our shareholders, are located and maintained outside the PRC; decisions relating to the offshore subsidiaries&#8217;
human resource matters are made mainly by themselves at their own discretion, without review or approval by organizations or personnel
in the PRC. In addition, we are not aware of any offshore holding companies with a corporate structure similar to ours that has been
deemed a PRC &#8220;resident enterprise&#8221; by the PRC tax authorities. Accordingly, we believe that the Company and its offshore
subsidiaries should not be treated as a &#8220;resident enterprise&#8221; for PRC tax purposes if the criteria for &#8220;de facto management
body&#8221; as set forth in SAT Notice 82 were deemed applicable to us. However, as the tax residency status of an enterprise is subject
to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term &#8220;de facto management
body&#8221; as applicable to our offshore entities, we will continue to monitor our tax status.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Federal Income Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the material U.S. federal income tax consequences of owning and disposing of our ordinary shares. The discussion
below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to a beneficial owner of our shares that is
for U.S. federal income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual citizen or resident of the U.S.;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 67; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under
    the laws of the U.S., any state thereof or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to
    control all substantial decisions of the trust; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
    has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a beneficial owner of our shares is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a &#8220;Non-U.S. Holder.&#8221; The U.S. federal income tax
consequences applicable specifically to non-U.S. Holders is described below under the heading &#8220;Tax Consequences to Non-U.S. Holders
of Ordinary Shares.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is based on the Internal Revenue Code of 1986, as amended, or the Code, its legislative history, existing and proposed Treasury
regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject
to change or different interpretations, possibly on a retroactive basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address all aspects of U.S. federal income taxation that may be relevant to us or to any particular Holder of our
shares based on such Holder&#8217;s individual circumstances. In particular, this discussion considers only Holders that own our shares
as capital assets within the meaning of Section 1221 of the Code. This discussion also does not address the potential application of
the alternative minimum tax or the U.S. federal income tax consequences to Holders that are subject to special rules, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    institutions or financial services entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxpayers
    who have elected mark-to-market accounting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
    or agencies or instrumentalities thereof;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
    estate investment trusts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    expatriates or former long-term residents of the U.S.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that actually or constructively own 5% or more of our voting shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that acquired our shares pursuant to the exercise of employee stock options, in connection with employee stock incentive plans or
    otherwise as compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that hold our shares as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    whose functional currency is not the U.S. Dollars.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 68; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S.
tax laws. Additionally, this discussion does not consider the tax treatment of partnerships or other pass-through entities or persons
who hold our securities through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income
tax purposes) is the beneficial owner of our shares, the U.S. federal income tax treatment of a partner in the partnership will generally
depend on the status of the partner and the activities of the partnership. This discussion also assumes that any distribution made (or
deemed made) regarding our shares and any consideration received (or deemed received) by a Holder connected with selling or other disposition
of such shares will be in U.S. Dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not sought, and will not seek, a ruling from the Internal Revenue Service (the &#8220;<b>IRS</b>&#8221;), or an opinion of counsel
as to any U.S. federal income tax consequence described herein. The IRS may disagree with one or more aspects of the discussion herein,
and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative
rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BECAUSE
OF THE COMPLEXITY OF THE TAX LAWS AND BECAUSE THE TAX CONSEQUENCES TO THE COMPANY OR TO ANY PARTICULAR HOLDER OF OUR SECURITIES MAY BE
AFFECTED BY MATTERS NOT DISCUSSED HEREIN, EACH HOLDER OF OUR SECURITIES IS URGED TO CONSULT WITH ITS TAX ADVISOR REGARDING THE SPECIFIC
TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF STATE, LOCAL AND NON-U.S.
TAX LAWS, AS WELL AS U.S. FEDERAL TAX LAWS AND APPLICABLE TAX TREATIES.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Consequences to U.S. Holders of Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Distributions Paid on Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company, or PFIC, rules discussed below, a U.S. Holder generally will be required to include in gross
income as ordinary income the amount of any cash dividend paid on our ordinary shares. A cash distribution on such shares will be treated
as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated earnings
and profits (as determined for U.S. federal income tax purposes). Such dividend will not be eligible for the dividends-received deduction
generally allowed to domestic corporations regarding dividends received from other domestic corporations. Any distributions in excess
of such earnings and profits generally will be applied against and reduce the U.S. Holder&#8217;s basis in its ordinary shares and, to
the extent in excess of such basis, will be treated as gain from the sale or exchange of such ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regarding
non-corporate U.S. Holders for taxable years beginning before January 1, 2013, dividends may be taxed at the lower applicable long-term
capital gains rate (see &#8220;Item 10.E. &#8212; Additional Information &#8212; Taxation &#8212; Dividends on ADSs or Common Shares&#8221;
below) provided that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ordinary shares are readily tradable on an established securities market in the U.S. or, in the event we are deemed to be a Chinese
    &#8220;resident enterprise&#8221; under the EIT Law, we are eligible for the benefits of the Agreement between the Government of
    the United States of America and the Government of the People&#8217;s Republic of China for the Avoidance of Double Taxation and
    the Prevention of Tax Evasion regarding Taxes on Income, or the &#8220;U.S.-PRC Tax Treaty;&#8221;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are not a PFIC, as discussed below, for either the taxable year in which the dividend was paid or the preceding taxable year; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    holding period requirements are met. Under published IRS authority, shares are considered for purposes of clause (1) above to be
    readily tradable on an established securities market in the U.S. only if they are listed on certain exchanges, which presently include
    the NASDAQ Stock Market but do not include the OTC Bulletin Board.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are not able to maintain listing on Nasdaq, it is anticipated that our ordinary shares will be quoted and traded only on the OTC Bulletin
Board. In that case, any dividends paid on our ordinary shares would not qualify for the lower rate unless we are deemed to be a Chinese
&#8220;resident enterprise&#8221; under the EIT Law and are eligible for the benefits of the U.S.-PRC Tax Treaty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 69; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the special provisions described above, dealing with the taxation of qualified dividend income at the lower long-term capital gains rate,
are extended, this favorable treatment will not apply to dividends in taxable years beginning on or after January 1, 2013. U.S. Holders
should consult their own tax advisors regarding the availability of the lower rate for any dividends paid regarding our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
PRC taxes apply to dividends paid to a U.S. Holder on our ordinary shares, such U.S. Holder may be entitled to a reduced rate of PRC
tax under the U.S-PRC Tax Treaty. In addition, such PRC taxes may be treated as foreign taxes eligible for credit against such Holder&#8217;s
U.S. federal income tax liability (subject to certain limitations). U.S. Holders should consult their own tax advisors regarding the
creditability of any such PRC tax and their eligibility for the benefits of the U.S.-PRC Tax Treaty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
on ADSs or Common Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the &#8220;Passive Foreign Investment Company&#8221; discussion below, if we make distributions and you are a U.S. Holder, the gross
amount of any distributions with respect to your ADSs or common shares (including the amount of any taxes withheld therefrom) will be
includible in your gross income on the day you actually or constructively receive such income as dividend income if the distributions
are made from our current or accumulated earnings and profits, calculated according to U.S. federal income tax principles. With respect
to non-corporate U.S. holders, certain dividends received from a qualified foreign corporation may be subject to a reduced capital gains
rate of taxation. A non-U.S. corporation (other than passive foreign investment corporation) is treated as a qualified foreign corporation
with respect to dividends from that corporation on shares (or ADSs backed by such shares) that are readily tradable on an established
securities market in the United States. U.S. Treasury Department guidance indicates that our ADSs, which are listed on Nasdaq, but not
our common shares, will be readily tradable on an established securities market in the United States. You should consult your own tax
advisor as to the rate of tax that will apply to you with respect to dividend distributions, if any, that you receive from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the &#8220;Passive Foreign Investment Company&#8221; discussion below, to the extent, if any, that the amount of any distribution
by us on ADSs or common shares exceeds our current and accumulated earnings and profits as determined under U.S. federal income tax principles,
it will be treated first as a tax-free return of the U.S. Holder&#8217;s adjusted tax basis in the ADSs or common shares and thereafter
as capital gain. However, we do not intend to calculate our earnings and profits according to U.S. federal income tax principles. Accordingly,
distributions on our ADSs or common shares, if any, will generally be reported to you as dividend distributions for U.S. tax purposes.
Corporations will not be entitled to claim a dividends-received deduction with respect to distributions made by us. Dividends may constitute
foreign source passive income for purposes of the U.S. foreign tax credit rules. You should consult your own tax advisors as to your
ability, and the various limitations on your ability, to claim foreign tax credits in connection with the receipt of dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Other Dispositions of ADSs or Common Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the &#8220;Passive Foreign Investment Company&#8221; discussion below, when you sell or otherwise dispose of ADSs or common shares,
you will recognize capital gain or loss in an amount equal to the difference between the amount realized on the sale or other disposition
and your adjusted tax basis in the ADSs or common shares. Any such gains or losses that you recognize will be treated as U.S. source
income for foreign tax credit purposes. Your adjusted tax basis will equal to the amount you paid for the ADSs or common shares. Any
gain or loss you recognize will be long-term capital gain or loss if your holding period in our ADSs or common shares is more than one
year at the time of disposition. If you are a non-corporate U.S. Holder, including an individual, any such long-term capital gain will
be taxed at preferential rates. Your ability to deduct capital losses will be subject to various limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive
Foreign Investment Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we were not a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for our taxable year ended
December 31, 2022. However, PFIC status is tested each year and depends on the composition of our assets and income and the value of
our assets from time to time. Since we currently hold, and expect to continue to hold, a substantial amount of cash and other passive
assets and, since the value of our assets is to be determined in large part by reference to the market prices of our ADSs and common
shares, which is likely to fluctuate over time, there can be no assurance that we will not be a PFIC for any taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 70; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
note that the portion of our assets that consisted of cash and other passive assets was more significant during the period between our
sale of ATA Online Business in 2018, and our acquisition of the 100% equity interest in Huanqiuyimeng in 2019, than before or after this
period, although we believe this did not result in our becoming a PFIC for either the taxable year ended December 31, 2018 or the taxable
year ended December 31, 2019. There is a change of business exception to PFIC status that, in general terms, applies if a foreign corporation
otherwise would be a PFIC for a year because it has disposed of one or more active businesses, so long as the foreign corporation is
not a PFIC during the two succeeding years, and that might apply to us if we were found to have been a PFIC for either (but not both)
of the taxable years ended December 31, 2018 and December 31, 2019. There is limited guidance as to the application of this exception,
including regulations that were promulgated in July 2019 and were finalized in January 2021, and it is unclear whether this exception
would apply to us, if it were determined, absent this exception, that we were a PFIC for either the taxable year ended December 31, 2018
or the taxable year ended December 31, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be classified as a PFIC in any taxable year, in general, if either: (a) the average quarterly value of our gross assets that produce
passive income or are held for the production of passive income is at least 50% of the average quarterly value of our total gross assets
or (b) 75% or more of our gross income for the taxable year is passive income (such as certain dividends, interest or royalties). For
purposes of the first test: (a) any cash and cash invested in short-term, interest bearing, debt instruments, or bank deposits that are
readily convertible into cash will count as producing passive income or held for the production of passive income, and (b) the total
value of our assets is calculated based on our market capitalization. However, various exceptions can apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation
in which we own, directly or indirectly, at least 25% (by value) of the stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were a PFIC for any taxable year during which you held ADSs or common shares, certain adverse U.S. federal income tax rules would
apply. You would be subject to additional taxes and interest charges on certain &#8220;excess distributions&#8221; we make and on any
gain realized on the disposition or deemed disposition of your ADSs or common shares, regardless of whether we continue to be a PFIC
in the year in which you receive an &#8220;excess distribution&#8221; or dispose of or are deemed to dispose of your ADSs or common shares.
Distributions in respect of your ADSs or common shares during a taxable year would constitute &#8220;excess distributions&#8221; if,
in the aggregate, they exceed 125% of the average amount of distributions with respect to your ADSs or common shares over the three preceding
taxable years or, if shorter, the portion of your holding period before such taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
compute the tax on &#8220;excess distributions&#8221; or any gain, (a) the &#8220;excess distribution&#8221; or the gain would be allocated
ratably to each day in your holding period, (b) the amount allocated to the current year and any tax year prior to the first taxable
year in which we were a PFIC would be taxed as ordinary income in the current year, (c) the amount allocated to other taxable years would
be taxable at the highest applicable marginal rate in effect for that year, and the interest charge generally applicable to underpayments
of tax will be imposed on the resulting tax attributable to each such year. In addition, if we were a PFIC, no distribution that you
might receive from us would qualify for taxation at the preferential rate discussed in the Item 10.E. &#8220;Additional Information &#8212;
Taxation &#8212; Dividends on ADSs or Common Shares&#8221; section above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
certain attribution rules, if we are a PFIC, you will be deemed to own your proportionate share of lower-tier PFICs, and will be subject
to U.S. federal income tax on (a) a distribution on the shares of a lower-tier PFIC and (b) a disposition of shares of a lower-tier PFIC,
both as if you directly held the shares of such lower-tier PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. Holder of a PFIC is required to file an annual report containing such information as the U.S. Treasury may require and may be required
to file Internal Revenue Service Form 8621 regarding distributions received on the ADSs or common shares and any gain realized on the
disposition of the ADSs or common shares. You should consult with your own tax advisor regarding reporting requirements with regard to
your ADSs and common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 71; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were a PFIC in any year, you would generally be able to avoid the &#8220;excess distribution&#8221; rules described above by making
a timely so-called &#8220;mark-to-market&#8221; election with respect to your ADSs provided our ADSs are &#8220;marketable.&#8221; Our
ADSs will be &#8220;marketable&#8221; as long as they remain regularly traded on a national securities exchange, such as Nasdaq. If you
made this election in a timely fashion, you would recognize as ordinary income or ordinary loss the difference between the fair market
value of the ADSs as of the close of your taxable year over your adjusted basis in such ADSs. Any ordinary income resulting from this
election would be taxed as ordinary income rates and would not be eligible for the reduced rate of tax applicable to qualified dividend
income. Any ordinary losses would be limited to the extent of the net amount of previously included income as a result of the mark-to-market
election, if any. Your basis in the ADSs would be adjusted to reflect any such income or loss. You should consult your own tax advisor
regarding potential advantages and disadvantages to you of making a &#8220;mark-to-market&#8221; election with respect to your ADSs.
The mark-to-market election will not be available for any lower tier PFIC that is deemed owned pursuant to the attribution rules discussed
above. We do not intend to provide you with the information you would need to make or maintain a &#8220;Qualified Electing Fund&#8221;
election and therefore, you will not be able to make or maintain such an election with respect to your ADSs or common shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Information Reporting and Backup Withholding Rules</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
payments with respect to the ADSs or common shares and the proceeds received on the sale or other disposition of ADSs or common shares
may be subject to information reporting to the IRS and to backup. Backup withholding will not apply, however, if you (a) are a corporation
or come within certain other exempt categories and, when required, can demonstrate that fact or (b) provide a taxpayer identification
number, certify as to no loss of exemption from backup withholding and otherwise comply with the applicable backup withholding rules.
To establish your status as an exempt person, you will be required to provide certification on IRS Form W-9. Backup withholding is not
an additional tax. The amount of any backup withholding will generally be allowed as a refund or a credit against your U.S. federal income
tax liability, provided that you furnish the required information to the IRS. Certain individuals holding the ADSs or common shares other
than in an account at a U.S. financial institution may be subject to additional information reporting requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTIVE
PURCHASERS OF OUR ADSS AND COMMON SHARES SHOULD CONSULT THEIR OWN TAX ADVISOR REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX
LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES RESULTING FROM PURCHASING, HOLDING OR DISPOSING OF OUR ADSS AND COMMON
SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF THE TAX LAWS OF ANY STATE, LOCAL OR NON-US JURISDICTION AND INCLUDING ESTATE, GIFT
AND INHERITANCE LAWS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.F.
<span style="text-decoration: underline">Dividends and Paying Agents</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.G.
<span style="text-decoration: underline">Statement by Experts</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.H.
<span style="text-decoration: underline">Documents on Display</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed this annual report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of
any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference
is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its
entirety by such reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this report, may be inspected and copied at the public
reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this report by mail from the Public
Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of this material
may be obtained from the SEC&#8217;s Internet site at www.sec.gov. The SEC&#8217;s telephone number is 1-800-SEC-0330. In accordance
with NASDAQ Stock Market Rule 5250(d), we will also post this annual report on Form 20-F on our website at www.nature-wood.com.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 72; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.I.
<span style="text-decoration: underline">Subsidiary Information</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Item 4.A &#8220;Information on the Company &#8211; History and Development of the Company &#8211; Our Subsidiaries&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.J.
<span style="text-decoration: underline">Annual Report to Security Holders</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_005"></span>ITEM
    11.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
management overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has exposure to credit, liquidity and market risks from its use of financial instruments. This note provides information about
the Company&#8217;s exposure to each of these risks, the Company&#8217;s objectives, policies and processes for measuring and managing
risk. Further quantitative disclosures are included throughout these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Credit
risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations
and arises principally from the Company&#8217;s cash held with banks and other financial intermediaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of the financial assets represents the maximum credit exposure which amounted to $11,891,291 and $14,238,660
as at December 31, 2023 and 2022, respectively. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has presumed a significant increase in credit risk from initial recognition when contractual payments are more than
60 days past due. As a result, for low risk category, the loss allowance recognized during the period was limited to 12
months of expected credit losses. For more than 60 days past due, the loss allowance recognized during the period was lifetime
expected credit losses &#8211; not credit-impaired. When there is evidence indicating the asset is credit-impaired, the loss allowance
recognized during the period was lifetime expected credit losses &#8211; credit-impaired. Based on historical information, and adjusted
for forward-looking expectations, the Company recognized the expected credit losses on trade receivables of $483,153 and $229,694
as of December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Market
risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
risk is the risk that changes in market conditions, such as commodity prices, foreign exchange rates, and interest rates will affect
the Company&#8217;s net income or the value of financial instruments. The objective of market risk management is to manage and control
market risk exposures within acceptable limits while maximizing the Company&#8217;s returns.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Foreign
exchange risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency exchange rate risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in foreign exchange
rates. The Company does not currently use foreign exchange contracts to hedge its exposure to currency rate risk as management has determined
that this risk is not significant at this point in time. As such, the Company&#8217;s financial position and financial results may be
adversely affected by unfavorable fluctuations in currency exchange rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 73; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
currency exposure of financial assets and financial liabilities denominated in currencies other than the Group&#8217;s functional currencies
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assets</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liabilities</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2022</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31,</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HKD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,234,627</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">451,108</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,128,951</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,845,542</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUR</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,606,145</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,387,503</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,777,874</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,119,790</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CNY</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">532,019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169,378</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">605,746</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,986</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,806,064</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,205,594</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,475,495</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,347,271</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOP</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">252</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,559</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,697</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Liquidity
risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that the Company will encounter difficulty in meeting obligations associated with the financial liabilities. The Company&#8217;s
financial liabilities consist of trade payables, other payables, bank and other borrowings, amounts due to an ultimate beneficial
shareholder and convertible bonds as at December 31, 2023 and 2022, respectively. The Company had cash and bank balances of approximately
$4.0 million and $5.1 million as at December 31, 2023 and 2022, respectively. The Company&#8217;s policy is to review liquidity
resources and ensure that sufficient funds are available to meet financial obligations as they become due. Further, the Company&#8217;s
management is responsible for ensuring funds exist and are readily accessible to support business opportunities as they arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
payables and accrued liabilities consist of invoices payable to trade suppliers for administration and professional expenditures. The
Company processes invoices within a normal payment period. Trade payables have contractual maturities of less than 90 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Concentration
risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
top five customers accounted for 53.2%, 55.3% and 55.1% of the Group&#8217;s sales for the years ended December 31, 2023,
 2022 and 2021, respectively. Accounts receivable from these customers were $4.1 million and $4.2 million as of December 31, 2023
and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are the top five suppliers accounted for 56.7%, 53.7% and 37.2% of our total purchases, respectively, for the years ended
December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Interest
rate risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group&#8217;s exposure to interest rate risk primarily relates to floating rate bank borrowings outstanding.
</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">In respect of the exposure to interest rate risk arising from floating rate non-derivative financial instruments
held by our Group, such as cash, our Group is not exposed to significant interest rate risk as the interest rates of cash at bank are
not expected to change significantly.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Inflation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflationary factors, such as increases in personnel and overhead costs, could impair our operating results. Although
we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of
inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as
a percentage of sales revenue if the revenues do not increase with such increased costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_006"></span>ITEM
    12.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.A.
<span style="text-decoration: underline">Debt Securities</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.B.
<span style="text-decoration: underline">Warrants and Rights</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 74; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.C.
<span style="text-decoration: underline">Other Securities</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.D.
<span style="text-decoration: underline">American Depositary Shares</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American
Depositary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon, the depositary of our ADR program, collects fees for delivery and surrender of ADSs directly from investors
depositing shares or surrendering ADSs for the purpose of withdrawal, or from intermediaries acting for them. The depositary collects
fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable
property to pay the fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are
paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fess
payable by ADS Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Persons
    depositing or withdrawing shares or ADS holders must pay</i>:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>For</i>:</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
                                            of ADSs, including issuances resulting from a distribution of shares or rights or other property</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation
    of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05
    (or less) per ADS </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    cash distribution to ADS holders</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited
    for issuance of ADSs </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
    of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$.05
    (or less) per ADS per calendar year </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary
    services</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
    or transfer fees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
    and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw
    shares </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
    of the depositary</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cable
                                            (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Converting
    foreign currency to U.S. dollars</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
    taxes, stamp duty or withholding taxes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    necessary</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    charges incurred by the depositary or its agents for servicing the deposited securities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    necessary</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 75; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars
to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for
its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the
exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate
receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used
or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could
be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to
the depositary&#8217;s obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency
conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation
to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined
will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will
not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends
or other distributions from us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign
currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible for,
any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most
favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees
and Other Payments Made by the Depositary to Us</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had received from our depositary a reimbursement of nil during the fiscal year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_010"></span>PART
II.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_007"></span>ITEM
    13.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_008"></span>ITEM
    14.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.E.
<span style="text-decoration: underline">Use of Proceeds</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 11, 2023, the Company&#8217;s Registration Statement on Form F-1 in connection with the IPO filed on August 22, 2023 (Registration
No. 333-271425). In connection therewith, the Company entered into an underwriting agreement with Prime Number Capital LLC (as representatives
of the underwriters named therein), dated September 12, 2023. On September 14, 2023, the Company consummated the IPO of 750,000 ADSs,
par value $0.001 per share at a price of $9 per ADS (the &#8220;<b>Offering Price</b>&#8221;), pursuant to the Underwriting Agreement.
The underwriters were granted a 45-day option to purchase up to additional 112,500 ADSs to cover over-allotments, if any. The underwriters
exercised their over-allotment option in part and, on October 12, 2023, the underwriters purchased an additional 85,868 ADSs at the Offering
Price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 76; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IPO (including the sale of the ADSs to cover over-allotment) generated gross proceeds to the Company of $7.5 million. We incurred listing
expenses totalling $2.4 million and the net offering proceeds to us after deducting the total expenses was $5.1 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_009"></span>ITEM
    15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONTROLS
    AND PROCEDURES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
Disclosure controls and procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted
an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under
the Exchange Act. Controls and other procedures that are designed to provide reasonable assurance that the information that we are required
to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC&#8217;s rules and forms, and that such information is accumulated and communicated to our management, including
our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were
effective as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)
Management&#8217;s annual report on internal control over financial reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of the Company is responsible for establishing, maintaining, and assessing the effectiveness of internal control over financial
reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, under the supervision of our chief executive officer
and chief financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with the <b>IFRSs</b>. Internal control over financial
reporting includes policies and procedures that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
    assets of the Company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    IFRSs, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management
    and directors of the Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s
    assets that could have a material effect on the financial statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with existing policies or procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision of our chief executive officer and chief financial officer, our management conducted an assessment of our internal control
over financial reporting as of December 31, 2023, based on the framework and criteria established in <i>Internal Control &#8212; Integrated
Framework (2013),</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;<b>COSO</b>&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis. In connection with management&#8217;s assessment of our internal control over financial reporting described above,
management has not identified any material weakness in our internal control over financial reporting as of December 31, 2023. We concluded
that our internal control over financial reporting was effective as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 77; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
believes that our consolidated financial statements included in this annual report on Form 20-F have been prepared in accordance with
generally accepted accounting principles. Our chief executive officer and chief financial officer have certified that, based on such
officer&#8217;s knowledge, the financial statements and other financial information included in this annual report on Form 20-F fairly
present in all material respects the financial position, results of operations and cash flows of the Company as of, and for, the periods
presented in this report. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)
Attestation report of the registered public accounting firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report does not include an attestation report of the Company&#8217;s registered public accounting firm on internal control over
financial reporting because the Company is a non-accelerated filer exempted from Section 404(b) of the Sarbanes-Oxley Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)
Changes in Internal Controls over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during
the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal controls
over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_011"></span>ITEM
    16A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AUDIT
    COMMITTEE FINANCIAL EXPERT</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that Mr. Heung Ming Henry Wong, an independent director (under the standards set forth in set forth
in Nasdaq Stock Market Rule 5605(a)(2) and Rule 10A-3 under the Exchange Act) and the chairman of our audit committee, is our audit committee
financial expert.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_012"></span>ITEM
    16B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CODE
    OF ETHICS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a code of business conduct and ethics that applies to all of our employees, officers and directors, including those officers
responsible for financial reporting. The most recent version is available on the Investor Relations section of our website at www.nature-wood.com.
The information contained on our website is not incorporated by reference into this annual report. If we make any substantive amendments
to the code or grant any waiver from a provision of the code to any executive officer or director, we will promptly disclose the nature
of the amendment or waiver on our website, as well as via any other means required by applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_013"></span>ITEM
    16C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by WWC, P.C. (&#8220;<b>WWC</b>&#8221;) and for the periods indicated. We did not pay any other fees to WWC during the periods indicated
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    Ended<br/>
    December 31,</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    Fees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">198,888</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-Related
    Fees</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">198,888</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
Fees&#8221; consisted of the aggregate fees billed for professional services paid for the audit of our annual financial statements and
for any other services that were normally provided in connection with our statutory and regulatory filings or engagements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 78; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
Related Fees&#8221; consisted of the aggregate fees billed for professional services rendered for assurance and related services that
were reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit
Fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Tax
Fees&#8221; consisted of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning.
Included in such Tax Fees were fees for preparation of our tax returns and consultancy and advice on other tax planning matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;All
Other Fees&#8221; consisted of the aggregate fees billed for products and services provided and not otherwise included in Audit Fees,
Audit Related Fees or Tax Fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_014"></span>ITEM
    16D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_015"></span>ITEM
    16E</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no purchases of equity securities made by or on behalf of us or any &#8220;affiliated purchaser&#8221; as defined in Rule 10b-18
of the Exchange Act during the period covered by this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_016"></span>ITEM
    16F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGE
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_017"></span>ITEM
    16G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CORPORATE
    GOVERNANCE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a BVI company listed on the Nasdaq Capital Market, we are subject to Nasdaq Stock Market corporate governance listing standards. However,
the Nasdaq Stock Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the BVI, which is our home country, may differ significantly from Nasdaq Stock Market corporate
governance listing standards. Shareholders of the BVI exempted companies like us have no general rights under the BVI law to inspect
corporate records or to obtain copies of register of members of these companies (other than the memorandum and articles of association,
special resolutions, and the register of mortgages and charges). Our directors have discretion under our articles of association to determine
whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them
available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary
for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the BVI, which is our home country, differ significantly from requirements for companies incorporated
in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to corporate governance
matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic
issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_018"></span>ITEM
    16H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MINE
    SAFETY DISCLOSURE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_019"></span>ITEM
    16I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
    16J.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INSIDER
    TRADING POLICIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board adopted the Insider Trading Policy on April 22, 2024, and a copy of the Insider Trading Policy is filed as an exhibit to
this annual report. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 79; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
    16K.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CYBERSECURITY</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk
Management and strategy</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
data processed in our business does not have a bearing on national security, economy operation, social stability or public health and
security and thus may not be classified as being sensitive. Nevertheless, we</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
have implemented and maintained information security processes designed to identify, assess and manage material risks from cybersecurity
threats to our information systems and critical data, including intellectual property and confidential information that is proprietary,
strategic or competitive in nature. We also maintain critical internal computer networks, as well as third-party hosted services, communications
systems, hardware and software.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management identifies, assesses and manages our cybersecurity threats and risks by monitoring and evaluating our threat
environment and risk profile. The management uses a number of methods to do this, including manual and automated tools,
internal and external threat assessments, and internal and external vulnerability assessments. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on the environment and system, we implement and maintain several technical, physical, and organizational measures, processes, standards
and policies designed to manage and mitigate material risks from cybersecurity threats to our systems and data. These include data
policies and procedures, an information security policy, backup systems, establishment of network security controls, annual employee
training, systems monitoring and penetration testing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
integrate our assessment and management of material risks from cybersecurity threats into our overall risk management processes. For
example, our management generally provides reports and status updates to our Board when it identifies any material risks of cybersecurity
threat,  as the Board monitors our overall enterprise risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
these measures, we may not be successful in preventing, mitigating or recovering from a cybersecurity incident, which could have a material
adverse effect on our operations or financial results or reputation. For a description of the primary risks from cybersecurity threats
that may materially affect our business and how they may do so, see Part I, Item 1A. Risk Factors in this Annual Report on Form 10-K,
including &#8220;&#8212; Our networks and those of our third-party service providers may be vulnerable to cybersecurity risks.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Governance</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
independent Directors address cybersecurity risk management as part of its general oversight function. The independent Directors oversee
our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cybersecurity risk assessment and management processes are implemented and maintained by members of our management team who is responsible
for hiring appropriate personnel, integrating cybersecurity risk considerations into our overall risk management strategy and communicating
key priorities to relevant personnel and approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes
and reviewing security assessments and other security-related reports.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding cyber incidents is reported at the meeting of the management or sooner if warranted. The management will work with
the IT team to help mitigate and remediate cybersecurity incidents of which they are notified. The management is responsible for reporting
cybersecurity incidents to the Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 80; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_020"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_021"></span>ITEM
    17.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    STATEMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_022"></span>ITEM
    18.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    STATEMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are included at the end of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="Si_023"></span>ITEM
    19.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBITS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
                                            No.</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description
                                            of Exhibit</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223032747/ex3-1.htm" style="-sec-extract: exhibit">Amended and Restated Memorandum of Association of the Company (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Current Report on Form 6-K filed with the Securities and Exchange Commission on September 15, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex3-2.htm" style="-sec-extract: exhibit">Amended and Restated Articles of Association of the Company (incorporated by reference to Exhibit 3.2 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023). Agreement, by and between Mr. Hok Pan Se and the registrant, dated as of May 26, 2023</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex4-1.htm" style="-sec-extract: exhibit">Form of Deposit Agreement, among the Registrant, the depositary and the holders and beneficial owners of American Depositary Shares issued thereunder (incorporated by reference to Exhibit 4.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex4-1.htm" style="-sec-extract: exhibit">Specimen American Depositary Receipt (incorporated by reference to Exhibit 4.2 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223032747/ex1-1.htm" style="-sec-extract: exhibit">Underwriting Agreement dated September 12, 2023 (incorporated by reference to Exhibit 1.1 to the Company&#8217;s Current Report on Form 6-K filed with the Securities and Exchange Commission on September 15, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex10-1.htm" style="-sec-extract: exhibit">Director Agreement between Mr. Hok Pan Se and the registrant dated May 26, 2023 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex10-2.htm" style="-sec-extract: exhibit">Director Agreement between Mr. Zhihua Liang and the registrant dated May 26, 2023 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex10-3.htm" style="-sec-extract: exhibit">Employment Agreement between Mr. Kam Pang Chim and the registrant dated May 26, 2023 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex10-4.htm" style="-sec-extract: exhibit">Employment Agreement between Mr. Jianjun Zeng and the registrant dated May 26, 2023 (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex10-5.htm" style="-sec-extract: exhibit">Form of Independent Director Agreement (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex21-1.htm" style="-sec-extract: exhibit">List of subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1948294/000149315223026740/ex99-1.htm" style="-sec-extract: exhibit">Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 to the Company&#8217;s Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex11-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insider Trading Policy</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">97*</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex97.htm">Clawback Policy</a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    with this annual report on Form 20-F</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 81; Value: 53 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
    Wood Group Limited</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Jianjun Zeng</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianjun
    Zeng</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
April 25, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Page; Sequence: 82; Value: 23 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NATURE
WOOD GROUP LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 48px; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page(s)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">Report
    of Independent Registered Public Accounting Firm</a> (PCAOB ID No. <span id="xdx_90F_edei--AuditorFirmId_c20230101__20231231_zyGQQGqGp4N3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:AuditorFirmId">1171</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_002">Consolidated Statement of Financial Position as of December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003">Consolidated
    Statement of Profit or Loss and Other Comprehensive Income for the years ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">Consolidated
    Statement of Changes in Equity for the years ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005">Consolidated
    Statement of Cash Flows for the years ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>


<!-- Field: Page; Sequence: 83; Options: NewSection; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors and Shareholders of</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
Wood Group Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statement of financial position of Nature Wood Group Limited and its subsidiaries (the &#8220;Company&#8221;)
as of December 31, 2023, and 2022, and the related consolidated statements of profit or loss and other comprehensive income, changes
in equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes (collectively
referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and 2022 and the results of its operations and its cash flows for each of the years
in the three-year period ended December 31, 2023, in conformity with International Financial Reporting Standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--AuditorName_c20230101__20231231_z8rMbGzAmuWk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000055" name="dei:AuditorName">WWC,
P.C.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified
Public Accountants</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCAOB
ID No. 1171</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--AuditorLocation_c20230101__20231231_zVjWlqP2XM85"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000056" name="dei:AuditorLocation">San
Mateo, California</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
25,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Page; Sequence: 84; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES<br/>
CONSOLIDATED STATEMENT OF FINANCIAL POSITION<br/>
AS OF DECEMBER 31, 2023 AND 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30F_111_zgGdXfPs9kj4" summary="xdx: Statement - Consolidated Statement of Financial Position" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Note</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20231231_zfDNXmILlJIg" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20221231_zqj5zUnmWHvj" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--AssetsAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold">ASSETS</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--NoncurrentAssetsAbstract_i01B_zeSluSqBBNL1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Non-current assets</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--PropertyPlantAndEquipment_i02I_maNAz3t0_zhLfC4bJGo0k" style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Property, plant and equipment, net</td><td style="width: 2%">&#160;</td>
    <td style="width: 5%; text-align: center">4</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact000064" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,562,021</ix:nonFraction></td><td style="width: 2%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact000065" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,570,748</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--RightofuseAssets_i02I_pp0p0_maNAz3t0_z1el5gMAjcdk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Right-of-use assets, net</td><td>&#160;</td>
    <td style="text-align: center">5</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31" id="Fact000067" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">189,009</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31" id="Fact000068" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">157,068</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--IntangibleAssetsOtherThanGoodwill_i02I_pp0p0_maNAz3t0_zbgnMlaUGlrk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Intangible assets, net</td><td>&#160;</td>
    <td style="text-align: center">6</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2023-12-31" id="Fact000070" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,516,939</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31" id="Fact000071" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">19,305,457</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--NoncurrentPrepayments_i02I_pp0p0_maNAz3t0_z4r03vIvjdg4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Prepayments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">8</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentPrepayments" contextRef="AsOf2023-12-31" id="Fact000073" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">300,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentPrepayments" contextRef="AsOf2022-12-31" id="Fact000074" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,110,595</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--NoncurrentAssets_i02TI_mtNAz3t0_maAzYo7_zK2TXMf2OTdi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total non-current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssets" contextRef="AsOf2023-12-31" id="Fact000076" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,567,969</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:NoncurrentAssets" contextRef="AsOf2022-12-31" id="Fact000077" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,143,868</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--CurrentAssetsAbstract_i01B_z57pTZvb5NY2" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Current assets</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--InventoriesTotal_i02I_maCAzMin_zddhELzB5oXc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Inventories</td><td>&#160;</td>
    <td style="text-align: center">7</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:InventoriesTotal" contextRef="AsOf2023-12-31" id="Fact000082" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,538,813</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:InventoriesTotal" contextRef="AsOf2022-12-31" id="Fact000083" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,127,730</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--CurrentPrepayments_i02I_maCAzMin_zBQQlkvKWFnd" style="vertical-align: bottom; background-color: White">
    <td>Prepayments</td><td>&#160;</td>
    <td style="text-align: center">8</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentPrepayments" contextRef="AsOf2023-12-31" id="Fact000085" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,820,834</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentPrepayments" contextRef="AsOf2022-12-31" id="Fact000086" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,153,330</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--TradeAndOtherCurrentReceivables_i02I_pp0p0_maCAzMin_zXFDFR35fhGk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Trade and other receivables, net</td><td>&#160;</td>
    <td style="text-align: center">9</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentReceivables" contextRef="AsOf2023-12-31" id="Fact000088" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,283,719</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentReceivables" contextRef="AsOf2022-12-31" id="Fact000089" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,552,732</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--CurrentTaxAssetsCurrent_i02I_maCAzMin_zPgVAlfCOsxd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Prepaid income tax</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentTaxAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000091" format="ixt:numdotdecimal" decimals="0" unitRef="USD">501,981</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentTaxAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000092" format="ixt:numdotdecimal" decimals="0" unitRef="USD">383,099</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--RestrictedBankDepositsCurrent_i02I_maCAzMin_zEAbL7e2x2s9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Restricted bank deposits</td><td>&#160;</td>
    <td style="text-align: center">10</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:RestrictedBankDepositsCurrent" contextRef="AsOf2023-12-31" id="Fact000094" format="ixt:numdotdecimal" decimals="0" unitRef="USD">628,156</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:RestrictedBankDepositsCurrent" contextRef="AsOf2022-12-31" id="Fact000095" format="ixt:numdotdecimal" decimals="0" unitRef="USD">603,341</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--CashAndCashEquivalents_i02I_pp0p0_maCAzMin_zyrDefsbOChj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Cash and bank balances</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">10</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact000097" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,979,416</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact000098" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,082,587</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--CurrentAssets_i02TI_pp0p0_mtCAzMin_maAzYo7_maCALzXo0_z6ZuYLev7er2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CurrentAssets" contextRef="AsOf2023-12-31" id="Fact000100" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">29,752,919</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CurrentAssets" contextRef="AsOf2022-12-31" id="Fact000101" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">38,902,819</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--Assets_i01TI_pp0p0_mtAzYo7_zOXRjEZEAS08" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2023-12-31" id="Fact000103" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">54,320,888</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-12-31" id="Fact000104" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">68,046,687</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--EquityAndLiabilitiesAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">LIABILITIES AND EQUITY</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--CurrentLiabilitiesAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--TradeAndOtherCurrentPayables_i02NI_pp0p0_di_maCLzHnz_zsveRCSb7Xoi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Trade and other payables</td><td>&#160;</td>
    <td style="text-align: center">11</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31" id="Fact000112" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,338,192</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" id="Fact000113" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,732,211</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eifrs-full--CurrentContractLiabilities_i02NI_pp0p0_di_maCLzHnz_zT2ezbnOyQud" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Contract liabilities</td><td>&#160;</td>
    <td style="text-align: center">12</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CurrentContractLiabilities" contextRef="AsOf2023-12-31" id="Fact000115" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">775,183</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CurrentContractLiabilities" contextRef="AsOf2022-12-31" id="Fact000116" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">815,455</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_eifrs-full--ShorttermBorrowings_i02NI_pp0p0_di_maCLzHnz_zn5QeVyPDsKc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Bank borrowings</td><td>&#160;</td>
    <td style="text-align: center">13(a)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2023-12-31" id="Fact000118" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,285,470</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31" id="Fact000119" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,000,062</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_eifrs-full--OtherBorrowings_i02NI_pp0p0_di_maCLzHnz_zetewqQtHWW7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other borrowings </td><td>&#160;</td>
    <td style="text-align: center">13(b)/24</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31" id="Fact000121" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">664,479</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0122">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--AmountsDueToUltimateBeneficialShareholderCurrent_i02NI_pp0p0_di_maCLzHnz_zI8ygGsAFnxj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Amounts due to an ultimate beneficial shareholder</td><td>&#160;</td>
    <td style="text-align: center">14/ 24</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AmountsDueToUltimateBeneficialShareholderCurrent" contextRef="AsOf2023-12-31" id="Fact000124" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,021,638</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AmountsDueToUltimateBeneficialShareholderCurrent" contextRef="AsOf2022-12-31" id="Fact000125" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,531,760</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eifrs-full--CurrentLeaseLiabilities_i02NI_pp0p0_di_maCLzHnz_zfFe3Skbz6og" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: center">15</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact000127" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">64,296</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact000128" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">107,945</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_ecustom--ConvertibleBondsCurrent_i02NI_pp0p0_di_maCLzHnz_zrwTMuVmOfNi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Convertible bonds</td><td>&#160;</td>
    <td style="text-align: center">16/ 24</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0130">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31" id="Fact000131" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,210,327</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eifrs-full--CurrentTaxLiabilities_i02NI_di_maCLzHnz_zGufHcotNWOf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CurrentTaxLiabilities" contextRef="AsOf2023-12-31" id="Fact000133" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,560</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CurrentTaxLiabilities" contextRef="AsOf2022-12-31" id="Fact000134" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,653</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eifrs-full--CurrentLiabilities_i02NTI_di_maLzd91_mtCLzHnz_msCALzXo0_zTJzS1mL8MI6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact000136" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,170,818</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000137" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,565,413</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--CurrentAssetsLiabilities_i02TI_mtCALzXo0_zAcZVYzQGaqi" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net current assets</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentAssetsLiabilities" contextRef="AsOf2023-12-31" id="Fact000139" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,582,101</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CurrentAssetsLiabilities" contextRef="AsOf2022-12-31" id="Fact000140" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,337,406</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--NoncurrentLiabilitiesAbstract_i01B_zrRQrzKESF0h" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--NoncurrentPortionOfOtherNoncurrentBorrowings_i02NI_di_maNLzIuN_zvvzfQnHPPu4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Bank borrowings</td><td>&#160;</td>
    <td style="text-align: center">13(a)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:NoncurrentPortionOfOtherNoncurrentBorrowings" contextRef="AsOf2023-12-31" id="Fact000145" format="ixt:numdotdecimal" decimals="0" unitRef="USD">533,760</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:NoncurrentPortionOfOtherNoncurrentBorrowings" contextRef="AsOf2022-12-31" id="Fact000146" format="ixt:numdotdecimal" decimals="0" unitRef="USD">836,532</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--AmountsDueToUltimateBeneficialShareholderNonCurrent_i02NI_di_maNLzIuN_zeap16lKgsk5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Amounts due to an ultimate beneficial shareholder</td><td>&#160;</td>
    <td style="text-align: center">14/ 24</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AmountsDueToUltimateBeneficialShareholderNonCurrent" contextRef="AsOf2023-12-31" id="Fact000148" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,300,650</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AmountsDueToUltimateBeneficialShareholderNonCurrent" contextRef="AsOf2022-12-31" id="Fact000149" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,087,553</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eifrs-full--NoncurrentLeaseLiabilities_i02NI_di_maNLzIuN_zjBqF7eNgxt2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">15</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact000151" format="ixt:numdotdecimal" decimals="0" unitRef="USD">133,972</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact000152" format="ixt:numdotdecimal" decimals="0" unitRef="USD">65,513</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40F_eifrs-full--NoncurrentLiabilities_i02NTI_di_maLzd91_mtNLzIuN_zau4e54gBvV2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total non-current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NoncurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,968,382</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:NoncurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000155" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,989,598</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--Liabilities_i01NTI_di_mtLzd91_maEALzNsn_zwjAgbFwpc9d" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31" id="Fact000157" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,139,200</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31" id="Fact000158" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,555,011</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--EquityAbstract_i01B_zujZhOJRwwq" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Capital and reserves</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--IssuedCapital_i02NI_di_msEATOOzgVC_maEATOOz0Eb_maEATOOznPN_zn4MNDgEIRYf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Share capital</td><td>&#160;</td>
    <td style="text-align: center">17</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2023-12-31" id="Fact000163" format="ixt:numdotdecimal" decimals="0" unitRef="USD">132,425</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2022-12-31" id="Fact000164" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,263</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eifrs-full--CapitalReserve_i02NI_di_maEATOOzgVC_maEATOOz0Eb_maEATOOznPN_zmmkJezXH697" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Capital reserves</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CapitalReserve" contextRef="AsOf2023-12-31" id="Fact000166" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,052,790</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CapitalReserve" contextRef="AsOf2022-12-31" id="Fact000167" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,891,887</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_406_eifrs-full--AccumulatedOtherComprehensiveIncome_i02NI_di_maEATOOzgVC_maEATOOz0Eb_maEATOOznPN_zrrV0vF9X438" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Accumulated comprehensive losses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:AccumulatedOtherComprehensiveIncome" contextRef="AsOf2023-12-31" id="Fact000169" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,003,527</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:AccumulatedOtherComprehensiveIncome" contextRef="AsOf2022-12-31" id="Fact000170" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">505,474</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--EquityAttributableToOwnersOfParent_i02NTI_di_maEALzNsn_mtEATOOznPN_zcAkkcIqeuFc" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:EquityAttributableToOwnersOfParent" contextRef="AsOf2023-12-31" id="Fact000172" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,181,688</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:EquityAttributableToOwnersOfParent" contextRef="AsOf2022-12-31" id="Fact000173" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,491,676</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--EquityAndLiabilities_i01NTI_di_mtEALzNsn_zvTmH0ms9Ha7" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities and equity</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="ifrs-full:EquityAndLiabilities" contextRef="AsOf2023-12-31" id="Fact000175" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,320,888</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="ifrs-full:EquityAndLiabilities" contextRef="AsOf2022-12-31" id="Fact000176" format="ixt:numdotdecimal" decimals="0" unitRef="USD">68,046,687</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 85; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_003"></span>NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30D_113_zaNp53GfnsIh" summary="xdx: Statement - Consolidated Statement of Profit or Loss and Other Comprehensive Income" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Note</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20230101__20231231_zX2d7O7rxLu8" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20220101__20221231_zoOB72uNYkY9" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20210101__20211231_zki3jlDGn8Sj" style="border-bottom: Black 1.5pt solid; text-align: center">202<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--Revenue_maGPzfez_zPKGV3iDARy" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 45%">Revenue</td><td style="width: 2%">&#160;</td>
    <td style="width: 5%; text-align: center">18</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-01to2023-12-31" id="Fact000178" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,456,775</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31" id="Fact000179" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,339,277</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 12%"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31" id="Fact000180" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,684,127</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--CostOfSales_iN_di_msGPzfez_z1rJCL6S9e8f" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Cost of revenue</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CostOfSales" contextRef="From2023-01-01to2023-12-31" id="Fact000182" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,071,638</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CostOfSales" contextRef="From2022-01-012022-12-31" id="Fact000183" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,423,411</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CostOfSales" contextRef="From2021-01-012021-12-31" id="Fact000184" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,272,086</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_403_eifrs-full--GrossProfit_iT_mtGPzfez_maPLBTztCM_z9hXRe05FV5f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gross profit</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GrossProfit" contextRef="From2023-01-01to2023-12-31" id="Fact000186" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,385,137</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GrossProfit" contextRef="From2022-01-012022-12-31" id="Fact000187" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,915,866</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:GrossProfit" contextRef="From2021-01-012021-12-31" id="Fact000188" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,412,041</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_maPLBTztCM_zGcbCdQ1b5Xj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net foreign exchange gains (losses)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000190" format="ixt:numdotdecimal" decimals="0" unitRef="USD">166,849</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" contextRef="From2022-01-012022-12-31" id="Fact000191" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">958,564</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" contextRef="From2021-01-012021-12-31" id="Fact000192" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,515,866</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_405_eifrs-full--OtherGainsLosses_maPLBTztCM_zzOLPimpnmv5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other income, net</td><td>&#160;</td>
    <td style="text-align: center">19</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherGainsLosses" contextRef="From2023-01-01to2023-12-31" id="Fact000194" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,113,651</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherGainsLosses" contextRef="From2022-01-012022-12-31" id="Fact000195" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,823,162</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherGainsLosses" contextRef="From2021-01-012021-12-31" id="Fact000196" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,625,523</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_407_ecustom--ImpairmentLossRecognizedOnPropertyPlantAndEquipment_iN_di_msPLBTztCM_zwt1kYffb0T5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Impairment loss recognized on property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: center">4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:ImpairmentLossRecognizedOnPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000198" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,244,688</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0199">-</span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0200">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--SellingGeneralAndAdministrativeExpense_iN_di_msPLBTztCM_zaWhJQbhLLpl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Selling and distribution expenses</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:SellingGeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000202" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,551,860</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:SellingGeneralAndAdministrativeExpense" contextRef="From2022-01-012022-12-31" id="Fact000203" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,632,192</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:SellingGeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31" id="Fact000204" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,342,690</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_403_eifrs-full--AdministrativeExpense_iN_di_msPLBTztCM_z2uDJXXUNxH9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Administrative expenses</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000206" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,263,450</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2022-01-012022-12-31" id="Fact000207" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,020,733</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdministrativeExpense" contextRef="From2021-01-012021-12-31" id="Fact000208" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,347,182</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_403_eifrs-full--FinanceIncome_maPLBTztCM_zPPbr5IiDqZ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Finance income</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:FinanceIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000210" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,239</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:FinanceIncome" contextRef="From2022-01-012022-12-31" id="Fact000211" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,573</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:FinanceIncome" contextRef="From2021-01-012021-12-31" id="Fact000212" format="ixt:numdotdecimal" decimals="0" unitRef="USD">892</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--FinanceCosts_iN_di_msPLBTztCM_zYE7Kj73ZMea" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Finance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">20</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-01to2023-12-31" id="Fact000214" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,605,060</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31" id="Fact000215" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,928,292</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31" id="Fact000216" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,872,175</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_40A_eifrs-full--ProfitLossBeforeTax_iT_maPLzVKE_mtPLBTztCM_zgxIu5mX2nP9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">(Loss) profit before income tax</td><td>&#160;</td>
    <td style="text-align: center">21</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000218" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,976,182</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31" id="Fact000219" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,210,820</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-01-012021-12-31" id="Fact000220" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,960,543</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--IncomeTaxExpenseContinuingOperations_iN_di_msPLzVKE_zHkd0vpFHj3e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax credits (expenses)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">22</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000222" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">42,854</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2022-01-012022-12-31" id="Fact000223" format="ixt:numdotdecimal" decimals="0" unitRef="USD">431,925</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2021-01-012021-12-31" id="Fact000224" format="ixt:numdotdecimal" decimals="0" unitRef="USD">628,253</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_40B_eifrs-full--ProfitLoss_iT_mtPLzVKE_maCIzMWN_zdgWbSMqX339" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">(Loss) profit for the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000226" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,933,328</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000227" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,778,895</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000228" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,332,290</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--OtherComprehensiveIncomeAbstract_iB_z82BOMhDVaw3" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Other comprehensive income (loss):</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations_i01_maOCIzx95_zpKzNTICTKLj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Exchange difference arising from translation <br/> of foreign operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000234" format="ixt:numdotdecimal" decimals="0" unitRef="USD">435,275</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations" contextRef="From2022-01-012022-12-31" id="Fact000235" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">314,831</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations" contextRef="From2021-01-012021-12-31" id="Fact000236" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">174,231</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_40C_eifrs-full--OtherComprehensiveIncome_i01T_mtOCIzx95_maCIzMWN_z0b9anPrysp3" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Other comprehensive income (loss)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000238" format="ixt:numdotdecimal" decimals="0" unitRef="USD">435,275</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2022-01-012022-12-31" id="Fact000239" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">314,831</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncome" contextRef="From2021-01-012021-12-31" id="Fact000240" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">174,231</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_406_eifrs-full--ComprehensiveIncome_iT_mtCIzMWN_zBIHBD9y51H1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total comprehensive (loss) income for the year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000242" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,498,053</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31" id="Fact000243" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,464,064</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2021-01-012021-12-31" id="Fact000244" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,158,059</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(LOSS)
    EARNINGS PER SHARE &#8211; BASIC AND DILUTED <sup>(1) (2)</sup></b></span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA" id="xdx_905_eifrs-full--BasicEarningsLossPerShare_pid_uUSDPShares_c20230101__20231231_fKDEpKDIp_z5GL2VhNjPXh" title="(LOSS) EARNINGS PER SHARE BASIC"><span id="xdx_90C_eifrs-full--DilutedEarningsLossPerShare_pid_uUSDPShares_c20230101__20231231_fKDEpKDIp_zKxBLvo485Vc" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA" title="(LOSS) EARNINGS PER SHARE DILUTED">(<ix:nonFraction name="ifrs-full:BasicEarningsLossPerShare" contextRef="From2023-01-01to2023-12-31" id="Fact000246" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2023-01-01to2023-12-31" id="Fact000248" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.11</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eifrs-full--BasicEarningsLossPerShare_pid_uUSDPShares_c20220101__20221231_fKDEpKDIp_zm4dFLTci1k3" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA" title="(LOSS) EARNINGS PER SHARE BASIC"><span id="xdx_90F_eifrs-full--DilutedEarningsLossPerShare_pid_uUSDPShares_c20220101__20221231_fKDEpKDIp_zy0gGBxUQHo6" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA" title="(LOSS) EARNINGS PER SHARE DILUTED"><ix:nonFraction name="ifrs-full:BasicEarningsLossPerShare" contextRef="From2022-01-012022-12-31" id="Fact000250" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2022-01-012022-12-31" id="Fact000252" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.05</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_909_eifrs-full--BasicEarningsLossPerShare_pid_uUSDPShares_c20210101__20211231_fKDEpKDIp_z7Q3ufmNP3Zc" title="(LOSS) EARNINGS PER SHARE BASIC" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_904_eifrs-full--DilutedEarningsLossPerShare_pid_uUSDPShares_c20210101__20211231_fKDEpKDIp_zzCzL2URh0Vh" title="(LOSS) EARNINGS PER SHARE DILUTED" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><ix:nonFraction name="ifrs-full:BasicEarningsLossPerShare" contextRef="From2021-01-012021-12-31" id="Fact000254" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2021-01-012021-12-31" id="Fact000256" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></ix:nonFraction></span></span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(LOSS)
    EARNINGS PER ADS &#8211; BASIC AND DILUTED <sup>(1) (2)</sup></b></span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA" id="xdx_901_eifrs-full--BasicEarningsLossPerShare_pid_uUSDPShares_c20230101__20231231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zcCQwJsH74i1" title="(LOSS) EARNINGS PER SHARE BASIC"><span id="xdx_90B_eifrs-full--DilutedEarningsLossPerShare_pid_uUSDPShares_c20230101__20231231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_ztbSY9wbd365" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA" title="(LOSS) EARNINGS PER SHARE DILUTED">(<ix:nonFraction name="ifrs-full:BasicEarningsLossPerShare" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact000258" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="ifrs-full:DilutedEarningsLossPerShare" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact000260" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.85</ix:nonFraction></ix:nonFraction></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--BasicEarningsLossPerShare_pid_uUSDPShares_c20220101__20221231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zI3REP4pExCk" title="(LOSS) EARNINGS PER SHARE BASIC" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_90B_eifrs-full--DilutedEarningsLossPerShare_pid_uUSDPShares_c20220101__20221231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zEcB6kd9phT" title="(LOSS) EARNINGS PER SHARE DILUTED" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span style="-sec-ix-hidden: xdx2ixbrl0262"><span style="-sec-ix-hidden: xdx2ixbrl0264">-</span></span></span></span></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eifrs-full--BasicEarningsLossPerShare_pid_uUSDPShares_c20210101__20211231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zFtBeHxjWhT6" title="(LOSS) EARNINGS PER SHARE BASIC" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_90E_eifrs-full--DilutedEarningsLossPerShare_pid_uUSDPShares_c20210101__20211231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zMWUS54uXxc1" title="(LOSS) EARNINGS PER SHARE DILUTED" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span style="-sec-ix-hidden: xdx2ixbrl0266"><span style="-sec-ix-hidden: xdx2ixbrl0268">-</span></span></span></span></span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(LOSS)
EARNINGS PER SHARE</b></span></p>

</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Weighted average number of ordinary shares used in computing basic and diluted
    (loss) earnings per share/ADS <sup>(1) (2)</sup></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20230101__20231231_fKDEpKDIp_zTdTMCKTFR5e" title="Weighted average number of ordinary shares used in computing basic (loss) earnings per share" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_90D_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20230101__20231231_fKDEpKDIp_zTozKjCg6nMg" title="Weighted average number of ordinary shares used in computing diluted (loss) earnings per share" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_904_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20230101__20231231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zak5xnnUaaq2" title="Weighted average number of ordinary shares used in computing basic (loss) earnings per ADS" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_903_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20230101__20231231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zUAo0eIkzAoj" title="Weighted average number of ordinary shares used in computing diluted (loss) earnings per ADS" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000270" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2023-01-01to2023-12-31" id="Fact000272" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact000274" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact000276" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">111,911,839</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_905_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20220101__20221231_fKDEpKDIp_z9noFIH1Qu7h" title="Weighted average number of ordinary shares used in computing basic (loss) earnings per share" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_903_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20220101__20221231_fKDEpKDIp_zKjN3P6SwFok" title="Weighted average number of ordinary shares used in computing diluted (loss) earnings per share" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_907_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20220101__20221231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zTlFVPlhax15" title="Weighted average number of ordinary shares used in computing basic (loss) earnings per ADS" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_903_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20220101__20221231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zM2HW9fsrYCb" title="Weighted average number of ordinary shares used in computing diluted (loss) earnings per ADS" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2022-01-012022-12-31" id="Fact000278" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2022-01-012022-12-31" id="Fact000280" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="Fact000282" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="Fact000284" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">105,263,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span id="xdx_908_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20210101__20211231_fKDEpKDIp_zohIVLzoIVBj" title="Weighted average number of ordinary shares used in computing basic (loss) earnings per share" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_90F_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20210101__20211231_fKDEpKDIp_zGsq8p7D6RZb" title="Weighted average number of ordinary shares used in computing diluted (loss) earnings per ADS" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_906_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20210101__20211231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_z1BL8Y2eRQlb" title="Weighted average number of ordinary shares used in computing basic (loss) earnings per ADS" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><span id="xdx_90D_eifrs-full--WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares_c20210101__20211231__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_fKDEpKDIp_zeNoTgCxcsw2" title="Weighted average number of ordinary shares used in computing diluted (loss) earnings per ADS" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudCBvZiBQcm9maXQgb3IgTG9zcyBhbmQgT3RoZXIgQ29tcHJlaGVuc2l2ZSBJbmNvbWUA"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2021-01-012021-12-31" id="Fact000286" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2021-01-012021-12-31" id="Fact000288" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingBasicEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="Fact000290" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="ifrs-full:WeightedAverageNumberOfInstrumentsUsedInCalculatingDilutedEarningsLossPerInstrumentParticipatingEquityInstrumentsOtherThanOrdinaryShares" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="Fact000292" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">105,263,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span></td>
    <td>&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F09_zOi7SqPOJv0j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F13_zVpTUKTkXCJ6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000293" xml:lang="en-US">Each
    ADS represents eight ordinary shares.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F03_zV98UqVSRq0l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zF54563ZbQH4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000294" xml:lang="en-US">Since
    there is antidilutive effect on dilutive (loss) earnings per share/ADS, basic and dilutive (loss) earnings per share/ADS
    should remain the same.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 86; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_004"></span>NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_306_114_zLllyk9S6Mc2" summary="xdx: Statement - Consolidated Statement of Changes in Equity" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B8_ifrs-full--ComponentsOfEquityAxis_ifrs-full--IssuedCapitalMember_zazeamvb844l"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BB_ifrs-full--ComponentsOfEquityAxis_ifrs-full--SharePremiumMember_zRPWSMVeOoz9"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B8_ifrs-full--ComponentsOfEquityAxis_ifrs-full--StatutoryReserveMember_z0n9Ug8GyCqj"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BC_ifrs-full--ComponentsOfEquityAxis_ifrs-full--OtherReservesMember_zRFTbVaSGA3e"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B4_ifrs-full--ComponentsOfEquityAxis_ifrs-full--CapitalReserveMember_zVnPAqqxljMe" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BB_ifrs-full--ComponentsOfEquityAxis_ifrs-full--AccumulatedOtherComprehensiveIncomeMember_z0t6mW1IZ7Pc"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B3_ifrs-full--ComponentsOfEquityAxis_ifrs-full--RetainedEarningsMember_zxWP7f14aq18"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B8_ifrs-full--ComponentsOfEquityAxis_custom--NetAccumulatedComprehensiveLossesMember_z56S0O87j4o4"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B9_zKFwFSi1D2j7"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Capital
    reserves</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Accumulated
    comprehensive losses</span></td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; padding-bottom: 1.5pt; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Note</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Share
    capital</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Share
    premium</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Statutory
    Surplus reserve</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Other
    reserve</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Total
    capital reserve</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Accumulated
    other comprehensive losses</span></td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Accumulated
    (losses) profits</span></td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Total
    accumulated comprehensive losses</span></td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Total</span></td><td style="text-align: left; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">USD</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; vertical-align: bottom"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_43A_c20210101__20211231_eifrs-full--Equity_iS_zwWxKg5VSFR7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt"><b>Balance at January 1, 202<span style="font-family: Times New Roman, Times, Serif">1</span></b></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_IssuedCapitalMember" id="Fact000296" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,263</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_SharePremiumMember" id="Fact000297" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,834,431</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_StatutoryReserveMember" id="Fact000298" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,860</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_OtherReservesMember" id="Fact000299" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,596</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_CapitalReserveMember" id="Fact000300" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,891,887</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000301" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">374,607</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_ifrs-full_RetainedEarningsMember" id="Fact000302" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,752,990</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000303" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,127,597</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2020-12-31" id="Fact000304" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,869,553</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_zop54Iui8all" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Exchange difference arising from translation of foreign operations</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0306">-</span></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0307">-</span></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0308">-</span></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0309">-</span></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0310">-</span></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000311" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">174,231</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0312">-</span></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000313" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">174,231</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2021-01-012021-12-31" id="Fact000314" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">174,231</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--ProfitLoss_z4Yr8ZAGkISi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">Profit for the year</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0316">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0317">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0318">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0319">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0320">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0321">-</span></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_ifrs-full_RetainedEarningsMember" id="Fact000322" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,332,290</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000323" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,332,290</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000324" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,332,290</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_43F_c20220101__20221231_eifrs-full--Equity_iS_zLtvaytqAjU9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt"><b>Balance at December 31, 2021 and January 1, 2022</b></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_IssuedCapitalMember" id="Fact000326" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,263</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_SharePremiumMember" id="Fact000327" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,834,431</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_StatutoryReserveMember" id="Fact000328" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,860</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_OtherReservesMember" id="Fact000329" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,596</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_CapitalReserveMember" id="Fact000330" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,891,887</ix:nonFraction></span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000331" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">548,838</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_ifrs-full_RetainedEarningsMember" id="Fact000332" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,420,700</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000333" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,969,538</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2021-12-31" id="Fact000334" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,027,612</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_zk0hZe305hXe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 40%"><span style="font-size: 9pt">Exchange difference arising from translation of foreign operations</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0336">-</span></span></td><td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0337">-</span></span></td><td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0338">-</span></span></td><td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0339">-</span></span></td><td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0340">-</span></span></td><td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000341" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">314,831</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left; width: 1%"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0342">-</span></span></td><td style="vertical-align: bottom; text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000343" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">314,831</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left; width: 1%"><span style="font-size: 9pt">)</span></td><td style="width: 1%"><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left; width: 1%"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right; width: 3%"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2022-01-012022-12-31" id="Fact000344" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">314,831</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left; width: 1%"><span style="font-size: 9pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--ProfitLoss_zXg7lo3QOjZk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-size: 9pt">Profit for the year</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0346">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0347">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0348">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0349">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0350">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0351">-</span></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_ifrs-full_RetainedEarningsMember" id="Fact000352" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,778,895</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000353" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,778,895</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000354" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,778,895</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_433_c20230101__20231231_eifrs-full--Equity_iS_zUVHcDIdbJYd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-size: 9pt">Balance at December 31, 2022 and January 1, 2023</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember" id="Fact000356" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,263</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_SharePremiumMember" id="Fact000357" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,834,431</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_StatutoryReserveMember" id="Fact000358" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,860</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_OtherReservesMember" id="Fact000359" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,596</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_CapitalReserveMember" id="Fact000360" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,891,887</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000361" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">863,669</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_RetainedEarningsMember" id="Fact000362" format="ixt:numdotdecimal" decimals="0" unitRef="USD">358,195</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000363" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">505,474</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31" id="Fact000364" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,491,676</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_433_c20230101__20231231_eifrs-full--Equity_iS_zZxQWtViUmgb" style="display: none; vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-size: 9pt">Balance</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_IssuedCapitalMember" id="Fact000366" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,263</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_SharePremiumMember" id="Fact000367" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,834,431</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_StatutoryReserveMember" id="Fact000368" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,860</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_OtherReservesMember" id="Fact000369" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,596</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_CapitalReserveMember" id="Fact000370" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,891,887</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000371" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">863,669</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_ifrs-full_RetainedEarningsMember" id="Fact000372" format="ixt:numdotdecimal" decimals="0" unitRef="USD">358,195</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000373" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">505,474</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">)</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-12-31" id="Fact000374" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,491,676</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--IssueOfEquity_zjP29R3c92ck" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 9pt">Issue of new shares</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">17</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_ifrs-full_IssuedCapitalMember" id="Fact000376" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,162</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_ifrs-full_SharePremiumMember" id="Fact000377" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,160,903</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0378">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0379">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-012023-12-31_ifrs-full_CapitalReserveMember" id="Fact000380" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,160,903</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0381">-</span></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0382">-</span></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0383">-</span></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2023-01-01to2023-12-31" id="Fact000384" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,188,065</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation_z97HnzFKcj8l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Exchange difference arising from translation of foreign operations</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0386">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0387">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0388">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0389">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0390">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000391" format="ixt:numdotdecimal" decimals="0" unitRef="USD">435,275</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0392">-</span></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-012023-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000393" format="ixt:numdotdecimal" decimals="0" unitRef="USD">435,275</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" contextRef="From2023-01-01to2023-12-31" id="Fact000394" format="ixt:numdotdecimal" decimals="0" unitRef="USD">435,275</ix:nonFraction></span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLoss_zbdD3rszpoc1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-size: 9pt">Loss for the year</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0396">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0397">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0398">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0399">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0400">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0401">-</span></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_RetainedEarningsMember" id="Fact000402" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,933,328</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000403" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,933,328</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000404" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,933,328</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">)</span></td></tr>
  <tr id="xdx_403_eifrs-full--ProfitLoss_zbD10g9t1CYg" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Profit
    (Loss) for the year</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0406">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0407">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0408">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0409">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0410">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0411">-</span></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_ifrs-full_RetainedEarningsMember" id="Fact000412" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,933,328</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-012023-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000413" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,933,328</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="ifrs-full:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000414" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,933,328</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="vertical-align: bottom; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_434_c20230101__20231231_eifrs-full--Equity_iE_z4OglIVzbB3k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-size: 9pt">Balance at December 31, 2023</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_IssuedCapitalMember" id="Fact000416" format="ixt:numdotdecimal" decimals="0" unitRef="USD">132,425</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_SharePremiumMember" id="Fact000417" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,995,334</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_StatutoryReserveMember" id="Fact000418" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,860</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_OtherReservesMember" id="Fact000419" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,596</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_CapitalReserveMember" id="Fact000420" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,052,790</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000421" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">428,394</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_RetainedEarningsMember" id="Fact000422" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,575,133</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000423" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,003,527</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31" id="Fact000424" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,181,688</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_437_c20230101__20231231_eifrs-full--Equity_iE_zwSSGvZT1uO5" style="display: none; vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_IssuedCapitalMember" id="Fact000426" format="ixt:numdotdecimal" decimals="0" unitRef="USD">132,425</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_SharePremiumMember" id="Fact000427" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,995,334</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_StatutoryReserveMember" id="Fact000428" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,860</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_OtherReservesMember" id="Fact000429" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,596</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_CapitalReserveMember" id="Fact000430" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,052,790</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" id="Fact000431" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">428,394</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_ifrs-full_RetainedEarningsMember" id="Fact000432" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,575,133</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31_custom_NetAccumulatedComprehensiveLossesMember" id="Fact000433" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,003,527</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-12-31" id="Fact000434" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,181,688</ix:nonFraction></span></td><td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 87; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENT OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_303_112_z8wquCZF8uv" summary="xdx: Statement - Consolidated Statement of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20230101__20231231_zWCKu9XinKPh" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_495_20220101__20221231_zHUrWIpQbrce" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20210101__20211231_zanYDQhZLzDc" style="border-bottom: Black 1.5pt solid; text-align: center">202<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--CashFlowsFromUsedInOperatingActivitiesAbstract_iB_zxFSniQCF6m8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Operating activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--ProfitLossBeforeTax_i01_maOCFBMzCPY_zlM8O8WDNLTi" style="vertical-align: bottom; background-color: White">
    <td style="width: 46%; text-align: left">(Loss) profit before income tax</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000440" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,976,182</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31" id="Fact000441" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,210,820</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 14%"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-01-012021-12-31" id="Fact000442" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,960,543</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--AdjustmentsForReconcileProfitLossAbstract_i01B_zvlTz6d3KFh6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Adjustments for:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_ecustom--AdjustmentsForExpectedCreditLossesRecognizedOnTradeReceivables_i02N_di_msOCFBMzCPY_ztBLrgtbdc8j" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Expected credit losses recognized on trade receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForExpectedCreditLossesRecognizedOnTradeReceivables" contextRef="From2023-01-01to2023-12-31" id="Fact000448" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">253,459</ix:nonFraction></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForExpectedCreditLossesRecognizedOnTradeReceivables" contextRef="From2022-01-012022-12-31" id="Fact000449" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">73,537</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForExpectedCreditLossesRecognizedOnTradeReceivables" contextRef="From2021-01-012021-12-31" id="Fact000450" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">96,891</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_400_ecustom--AdjustmentsForWritedownOfInventories_i02_maOCFBMzCPY_zZLcUQzhm8a8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Write-down of inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForWritedownOfInventories" contextRef="From2023-01-01to2023-12-31" id="Fact000452" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,933,391</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0453">-</span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0454">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_ecustom--AdjustmentForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_i02N_di_msOCFBMzCPY_zYIcCohfLkSi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Impairment loss recognized on property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000456" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,244,688</ix:nonFraction></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0457">-</span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0458">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_ecustom--AdjustmentsForDepreciationOfPropertyPlantAndEquipment_i02_maOCFBMzCPY_zz6q36Knl4Bl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Depreciation of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForDepreciationOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000460" format="ixt:numdotdecimal" decimals="0" unitRef="USD">863,287</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForDepreciationOfPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact000461" format="ixt:numdotdecimal" decimals="0" unitRef="USD">707,747</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForDepreciationOfPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact000462" format="ixt:numdotdecimal" decimals="0" unitRef="USD">509,177</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_407_ecustom--AdjustmentsForDepreciationOfRightOfUseAsset_i02_maOCFBMzCPY_zLkPgxovucT6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Depreciation of right-of-use asset</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForDepreciationOfRightOfUseAsset" contextRef="From2023-01-01to2023-12-31" id="Fact000464" format="ixt:numdotdecimal" decimals="0" unitRef="USD">99,360</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForDepreciationOfRightOfUseAsset" contextRef="From2022-01-012022-12-31" id="Fact000465" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,479</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="NWGL:AdjustmentsForDepreciationOfRightOfUseAsset" contextRef="From2021-01-012021-12-31" id="Fact000466" format="ixt:numdotdecimal" decimals="0" unitRef="USD">86,769</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--AdjustmentsForAmortisationExpense_i02_maOCFBMzCPY_znOJL8mOzJJb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amortization of intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForAmortisationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000468" format="ixt:numdotdecimal" decimals="0" unitRef="USD">950,624</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForAmortisationExpense" contextRef="From2022-01-012022-12-31" id="Fact000469" format="ixt:numdotdecimal" decimals="0" unitRef="USD">904,315</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForAmortisationExpense" contextRef="From2021-01-012021-12-31" id="Fact000470" format="ixt:numdotdecimal" decimals="0" unitRef="USD">834,575</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_403_ecustom--AdjustmentsForGainOnLeaseModification_i02N_di_msOCFBMzCPY_zeWBpkOBjSzk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Gain on lease modification</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AdjustmentsForGainOnLeaseModification" contextRef="From2023-01-01to2023-12-31" id="Fact000472" format="ixt:numdotdecimal" decimals="0" unitRef="USD">703</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0473">-</span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0474">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_i02_maOCFBMzCPY_z3lBDwdLvW6b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Profit) loss on disposal of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000476" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,669</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" contextRef="From2022-01-012022-12-31" id="Fact000477" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,423</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" contextRef="From2021-01-012021-12-31" id="Fact000478" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,116</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--AdjustmentsForInterestExpense_i02_maOCFBMzCPY_ztAX0WQSOhC2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForInterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000480" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,498,152</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForInterestExpense" contextRef="From2022-01-012022-12-31" id="Fact000481" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,808,990</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForInterestExpense" contextRef="From2021-01-012021-12-31" id="Fact000482" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,737,321</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--AdjustmentsForInterestIncome_i02N_di_msOCFBMzCPY_zfo4nPfPaRQ8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForInterestIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000484" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,239</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForInterestIncome" contextRef="From2022-01-012022-12-31" id="Fact000485" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,573</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForInterestIncome" contextRef="From2021-01-012021-12-31" id="Fact000486" format="ixt:numdotdecimal" decimals="0" unitRef="USD">892</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_403_eifrs-full--CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_i02T_maOIOOCz6L7_mtOCFBMzCPY_zyIWeFAE8Tl2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Operating cash flows before movements in working capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" contextRef="From2023-01-01to2023-12-31" id="Fact000488" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,160,832</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" contextRef="From2022-01-012022-12-31" id="Fact000489" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,790,892</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" contextRef="From2021-01-012021-12-31" id="Fact000490" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,274,500</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--AdjustmentsForDecreaseIncreaseInInventories_i02_maOIOOCz6L7_z3HfFx1bx5P5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Decrease (increase) in inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" contextRef="From2023-01-01to2023-12-31" id="Fact000492" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,655,526</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" contextRef="From2022-01-012022-12-31" id="Fact000493" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,176,217</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" contextRef="From2021-01-012021-12-31" id="Fact000494" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,007,539</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_407_eifrs-full--AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables_i02_maOIOOCz6L7_z9zzDLUKe7sd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Decrease (increase) in prepayments, trade and other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" contextRef="From2023-01-01to2023-12-31" id="Fact000496" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,054,403</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" contextRef="From2022-01-012022-12-31" id="Fact000497" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">360,436</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" contextRef="From2021-01-012021-12-31" id="Fact000498" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,672,117</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_406_eifrs-full--AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables_i02_maOIOOCz6L7_zqXujX1zuX1h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Decrease) increase in trade and other payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2023-01-01to2023-12-31" id="Fact000500" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,508,602</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2022-01-012022-12-31" id="Fact000501" format="ixt:numdotdecimal" decimals="0" unitRef="USD">929,767</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" contextRef="From2021-01-012021-12-31" id="Fact000502" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,300</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--AdjustmentsForIncreaseDecreaseInContractLiabilities_i02_maOIOOCz6L7_zuo4LMHXVZd4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">(Decrease) increase in contract liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInContractLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000504" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">40,272</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInContractLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000505" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">608,006</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForIncreaseDecreaseInContractLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000506" format="ixt:numdotdecimal" decimals="0" unitRef="USD">732,146</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities_i02T_mtOIOOCz6L7_maITPCAzWj9_zHsKnygk7W3f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash generated from operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000508" format="ixt:numdotdecimal" decimals="0" unitRef="USD">223</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact000509" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,576,000</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact000510" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,427,290</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--IncomeTaxesPaidClassifiedAsOperatingActivities_i02N_di_msITPCAzWj9_zLjsKaKCt2I5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000512" format="ixt:numdotdecimal" decimals="0" unitRef="USD">239,451</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact000513" format="ixt:numdotdecimal" decimals="0" unitRef="USD">704,838</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact000514" format="ixt:numdotdecimal" decimals="0" unitRef="USD">175,791</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_40B_eifrs-full--CashFlowsFromUsedInOperatingActivities_i01T_mtITPCAzWj9_maIDICAzxeg_z1SQEYmXhQHl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash (used in) generated from operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000516" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">239,228</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact000517" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,871,162</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact000518" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,251,499</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--CashFlowsFromUsedInInvestingActivitiesAbstract_iB_zrJQazRKiKB4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--InterestReceivedClassifiedAsInvestingActivities_i01_maCFFUIzqFK_z9Tr8LJB5Gs8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest received</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000524" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,239</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000525" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,573</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:InterestReceivedClassifiedAsInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000526" format="ixt:numdotdecimal" decimals="0" unitRef="USD">892</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01N_di_msCFFUIzqFK_zOQloSTx9XXe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Purchases of property, plant, and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000528" format="ixt:numdotdecimal" decimals="0" unitRef="USD">116,404</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000529" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,202,289</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000530" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,533,241</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_40A_eifrs-full--ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01_maCFFUIzqFK_zCHkPg8JTgLe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from sales of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000532" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,542</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000533" format="ixt:numdotdecimal" decimals="0" unitRef="USD">38,185</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000534" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,477</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_i01N_di_msCFFUIzqFK_zDnhwYx89tpc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Purchases of intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000536" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,057,831</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000537" format="ixt:numdotdecimal" decimals="0" unitRef="USD">314,168</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000538" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,336</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_40E_ecustom--CashFlowsFromUsedInDecreaseIncreaseInRestrictedBankDeposits_i01_maCFFUIzqFK_zrVPqyheuI8h" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">(Increase) decrease in restricted bank deposits</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="NWGL:CashFlowsFromUsedInDecreaseIncreaseInRestrictedBankDeposits" contextRef="From2023-01-01to2023-12-31" id="Fact000540" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">24,815</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:CashFlowsFromUsedInDecreaseIncreaseInRestrictedBankDeposits" contextRef="From2022-01-012022-12-31" id="Fact000541" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,687</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:CashFlowsFromUsedInDecreaseIncreaseInRestrictedBankDeposits" contextRef="From2021-01-012021-12-31" id="Fact000542" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,103</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--CashFlowsFromUsedInInvestingActivities_i01T_mtCFFUIzqFK_maIDICAzxeg_zWg5C3Pe0vFe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000544" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,153,269</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000545" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,429,012</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000546" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,482,105</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_z0otV33E057l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_407_ecustom--AdvancesFromUltimateBeneficialShareholder_i01_maCFFUIzZNb_zsagcGK2fgyb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Advances from an ultimate beneficial shareholder</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdvancesFromUltimateBeneficialShareholder" contextRef="From2023-01-01to2023-12-31" id="Fact000552" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,579,641</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AdvancesFromUltimateBeneficialShareholder" contextRef="From2022-01-012022-12-31" id="Fact000553" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,767,902</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="NWGL:AdvancesFromUltimateBeneficialShareholder" contextRef="From2021-01-012021-12-31" id="Fact000554" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,400,896</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40C_ecustom--RepaymentsToUltimateBeneficialShareholder_i01N_di_msCFFUIzZNb_zgsLyQjur0de" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Repayments to an ultimate beneficial shareholder</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:RepaymentsToUltimateBeneficialShareholder" contextRef="From2023-01-01to2023-12-31" id="Fact000556" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,872,847</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:RepaymentsToUltimateBeneficialShareholder" contextRef="From2022-01-012022-12-31" id="Fact000557" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,528,710</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="NWGL:RepaymentsToUltimateBeneficialShareholder" contextRef="From2021-01-012021-12-31" id="Fact000558" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,499,827</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_400_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_i01_maCFFUIzZNb_z2JHvaCQJe11" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from bank borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000560" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,492,404</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000561" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,477,387</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000562" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,977,364</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--RepaymentsOfBorrowingsClassifiedAsFinancingActivities_i01N_di_msCFFUIzZNb_zuwiilhUuguh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Repayments of bank borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000564" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,637,447</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000565" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,346,613</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000566" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,668,049</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_40B_ecustom--ProceedsFromOtherBorrowingsClassifiedAsFinancingActivities_i01_maCFFUIzZNb_zLUhF2cZ3Tmf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from other borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:ProceedsFromOtherBorrowingsClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000568" format="ixt:numdotdecimal" decimals="0" unitRef="USD">663,211</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0569">-</span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0570">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_ecustom--RepaymentOfLeaseLiability_i01N_di_msCFFUIzZNb_zgWn7yDaarr2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Repayments of lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:RepaymentOfLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact000572" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,956</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:RepaymentOfLeaseLiability" contextRef="From2022-01-012022-12-31" id="Fact000573" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,957</ix:nonFraction></td><td style="text-align: left">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="NWGL:RepaymentOfLeaseLiability" contextRef="From2021-01-012021-12-31" id="Fact000574" format="ixt:numdotdecimal" decimals="0" unitRef="USD">77,889</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_407_eifrs-full--ProceedsFromIssuingShares_i01_maCFFUIzZNb_zHF81kVNgNVj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from issue of shares, net of expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-01-01to2023-12-31" id="Fact000576" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,092,321</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0577">-</span></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0578">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--InterestPaidClassifiedAsFinancingActivities_i01N_di_msCFFUIzZNb_zWZG6r3EgM44" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000580" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,498,152</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000581" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,808,990</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:InterestPaidClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000582" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,737,321</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_40C_eifrs-full--CashFlowsFromUsedInFinancingActivities_i01T_mtCFFUIzZNb_maIDICAzxeg_zlHQP1D5YTg1" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash (used in) generated from financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000584" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">286,825</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:CashFlowsFromUsedInFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000585" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,544,981</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:CashFlowsFromUsedInFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000586" format="ixt:numdotdecimal" decimals="0" unitRef="USD">395,174</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--IncreaseDecreaseInCashAndCashEquivalents_iT_mtIDICAzxeg_zIkkLxLEMrM9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net (decrease) increase in cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2023-01-01to2023-12-31" id="Fact000588" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,679,322</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2022-01-012022-12-31" id="Fact000589" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,897,169</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" contextRef="From2021-01-012021-12-31" id="Fact000590" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,164,568</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--CashAndCashEquivalents_iS_zLC3zKPMsIW9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash and bank balances at beginning of year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact000592" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,082,587</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2021-12-31" id="Fact000593" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,545,458</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2020-12-31" id="Fact000594" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,554,117</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--EffectOfExchangeRateChangesOnCashAndCashEquivalents_z8DOj1Pn1gVb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Effect of foreign exchange rate changes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2023-01-01to2023-12-31" id="Fact000596" format="ixt:numdotdecimal" decimals="0" unitRef="USD">576,151</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2022-01-012022-12-31" id="Fact000597" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">360,040</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2021-01-012021-12-31" id="Fact000598" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,173,227</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">)</td></tr>
  <tr id="xdx_404_eifrs-full--CashAndCashEquivalents_iE_ztJXk6eE3JU1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and bank balances at end of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact000600" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,979,416</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact000601" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,082,587</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2021-12-31" id="Fact000602" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,545,458</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 88; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000604" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zRCB5UqD0uY4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_828_zifO0HvbUlPg">ORGANIZATION AND PRINCIPAL
  ACTIVITIES</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Organization
and reorganization</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
Wood Group Limited (the &#8220;Company&#8221; or the &#8220;Group&#8221;) was incorporated in the British Virgin Islands on September
22, 2011. The registered office of the Company is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British
Virgin Islands. The principal place of business of the Company is Avenida da Amizade n.o1287, Chong Fok Centro Comercial, 13 E Macau
S.A.R.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000606" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zhfuNSUUGgag" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s principal subsidiaries, as of the date of this report, are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zACflYJ5WTIl" style="display: none">SCHEDULE
OF PRINCIPAL SUBSIDIARIES</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="17" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
    of effective ownership</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of <br/>
    incorporation</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2023</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
    31, 2022</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place
                                            of</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>incorporation</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal
    <br/>
    activities</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 13%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"/>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 13%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 13%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--SwiftTopCapitalResourcesLimitedMember_zopgBOGRPJSg" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SwiftTopCapitalResourcesLimitedMember" id="Fact000608" name="ifrs-full:NameOfSubsidiary">Swift
    Top Capital Resources Limited</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--SwiftTopCapitalResourcesLimitedMember_zRw1Pasn3mR4" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SwiftTopCapitalResourcesLimitedMember" id="Fact000610" name="NWGL:DateOfIncorporation">November
    20, 2012</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--SwiftTopCapitalResourcesLimitedMember_zmK0xky50bOi" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_SwiftTopCapitalResourcesLimitedMember" id="Fact000612" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--SwiftTopCapitalResourcesLimitedMember_z6KWVQg3aRna" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_SwiftTopCapitalResourcesLimitedMember" id="Fact000614" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--SwiftTopCapitalResourcesLimitedMember_zM9YEX5YXh92" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SwiftTopCapitalResourcesLimitedMember" id="Fact000616" name="ifrs-full:PrincipalPlaceOfBusiness">Hong
    Kong</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--SwiftTopCapitalResourcesLimitedMember_zg9Cp7wXMbQ7" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SwiftTopCapitalResourcesLimitedMember" id="Fact000618" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Trading
    of logs</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--ParquetNatureSARLMember_zzRdcZXmJKs1" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ParquetNatureSARLMember" id="Fact000620" name="ifrs-full:NameOfSubsidiary">Parquet
    Nature (France) S.A.R.L.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--ParquetNatureSARLMember_zezUP3IoQDVl" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ParquetNatureSARLMember" id="Fact000622" name="NWGL:DateOfIncorporation">August
    21, 2012</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--ParquetNatureSARLMember_zcccYon4iQ1a" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_ParquetNatureSARLMember" id="Fact000624" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--ParquetNatureSARLMember_zqeunUP5U8B8" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_ParquetNatureSARLMember" id="Fact000626" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--ParquetNatureSARLMember_zo2OzeAqXKob" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ParquetNatureSARLMember" id="Fact000628" name="ifrs-full:PrincipalPlaceOfBusiness">France</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--ParquetNatureSARLMember_zinS5YQHh515" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ParquetNatureSARLMember" id="Fact000630" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Trading
    of logs</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--ChoiChonInvestmentCompanyLimitedMember_z5WilLJ80V8l" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ChoiChonInvestmentCompanyLimitedMember" id="Fact000632" name="ifrs-full:NameOfSubsidiary">Choi
    Chon Investment Company Limited</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--ChoiChonInvestmentCompanyLimitedMember_zRYTC7xUKG02" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ChoiChonInvestmentCompanyLimitedMember" id="Fact000634" name="NWGL:DateOfIncorporation">March
    12,2015</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--ChoiChonInvestmentCompanyLimitedMember_zOaWSaFe8Mzj" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_ChoiChonInvestmentCompanyLimitedMember" id="Fact000636" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--ChoiChonInvestmentCompanyLimitedMember_zuruoljbQ2Kk" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_ChoiChonInvestmentCompanyLimitedMember" id="Fact000638" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--ChoiChonInvestmentCompanyLimitedMember_zEWbgAXSpyZi" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ChoiChonInvestmentCompanyLimitedMember" id="Fact000640" name="ifrs-full:PrincipalPlaceOfBusiness">Macau</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--ChoiChonInvestmentCompanyLimitedMember_zcghNjW55Mbj" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ChoiChonInvestmentCompanyLimitedMember" id="Fact000642" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Trading
    of wood products</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--SouthAmericanWoodSACMember_zskTOwdU0t15" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SouthAmericanWoodSACMember" id="Fact000644" name="ifrs-full:NameOfSubsidiary">South
    American Wood S.A.C.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--SouthAmericanWoodSACMember_zK69ny2cwcr9" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SouthAmericanWoodSACMember" id="Fact000646" name="NWGL:DateOfIncorporation">December
    16, 2019</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--SouthAmericanWoodSACMember_zO7ikfw2DTT5" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_SouthAmericanWoodSACMember" id="Fact000648" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--SouthAmericanWoodSACMember_zZcHDnTzjPx2" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_SouthAmericanWoodSACMember" id="Fact000650" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--SouthAmericanWoodSACMember_zVNnWsFPX9jh" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SouthAmericanWoodSACMember" id="Fact000652" name="ifrs-full:PrincipalPlaceOfBusiness">Peru</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--SouthAmericanWoodSACMember_z4kSn7boIV4i" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SouthAmericanWoodSACMember" id="Fact000654" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Trading
    of wood products</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--GrupoMadereroAmazSACMember_zWCiWjI8ybU4" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GrupoMadereroAmazSACMember" id="Fact000656" name="ifrs-full:NameOfSubsidiary">Grupo
    Maderero Amaz S.A.C.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--GrupoMadereroAmazSACMember_ziQ2mt5C8so1" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GrupoMadereroAmazSACMember" id="Fact000658" name="NWGL:DateOfIncorporation">July
    27, 2016</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--GrupoMadereroAmazSACMember_zvdNRmKlKUn4" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_GrupoMadereroAmazSACMember" id="Fact000660" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--GrupoMadereroAmazSACMember_zSJUhNEjkn16" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_GrupoMadereroAmazSACMember" id="Fact000662" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--GrupoMadereroAmazSACMember_zcP3XkIEItic" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GrupoMadereroAmazSACMember" id="Fact000664" name="ifrs-full:PrincipalPlaceOfBusiness">Peru</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--GrupoMadereroAmazSACMember_zSo47wWBzrAj" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_GrupoMadereroAmazSACMember" id="Fact000666" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Trading
    of wood products</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--EandTForestalSACMember_zQ5crrXHXIE3" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EandTForestalSACMember" id="Fact000668" name="ifrs-full:NameOfSubsidiary">E&amp;T
    Forestal S.A.C.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--EandTForestalSACMember_zFzE7OqupTA2" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EandTForestalSACMember" id="Fact000670" name="NWGL:DateOfIncorporation">May
    2&#65292;2014</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--EandTForestalSACMember_zj0h0NLwwaXb" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_EandTForestalSACMember" id="Fact000672" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--EandTForestalSACMember_zaszZp93nyV4" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_EandTForestalSACMember" id="Fact000674" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--EandTForestalSACMember_zZgMaNGTwbBh" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EandTForestalSACMember" id="Fact000676" name="ifrs-full:PrincipalPlaceOfBusiness">Peru</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--EandTForestalSACMember_zhfTZZHwImBj" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EandTForestalSACMember" id="Fact000678" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Manufacturing
    of wood products and holding of concession rights</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--MadereraIndustrialIsabelitaSACMember_z0KQcmi7psQh" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MadereraIndustrialIsabelitaSACMember" id="Fact000680" name="ifrs-full:NameOfSubsidiary">Maderera Industrial Isabelita S.A.C.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--MadereraIndustrialIsabelitaSACMember_zuDmfxvpjcVk" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MadereraIndustrialIsabelitaSACMember" id="Fact000682" name="NWGL:DateOfIncorporation">February
    22, 2002</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--MadereraIndustrialIsabelitaSACMember_zZ3DytdOhucd" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_MadereraIndustrialIsabelitaSACMember" id="Fact000684" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--MadereraIndustrialIsabelitaSACMember_zYkwAl5tI5o3" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_MadereraIndustrialIsabelitaSACMember" id="Fact000686" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--MadereraIndustrialIsabelitaSACMember_zYsxcQJLlSlj" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MadereraIndustrialIsabelitaSACMember" id="Fact000688" name="ifrs-full:PrincipalPlaceOfBusiness">Peru</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--MadereraIndustrialIsabelitaSACMember_zWxeJ50XwPTd" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MadereraIndustrialIsabelitaSACMember" id="Fact000690" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Trading
    of wood products and holding of concession rights</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--NuevoSanMartinSACMember_z9nu9psnEPi8" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_NuevoSanMartinSACMember" id="Fact000692" name="ifrs-full:NameOfSubsidiary">Nuevo
    San Martin S.A.C.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--NuevoSanMartinSACMember_z4EoGkEcA78h" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_NuevoSanMartinSACMember" id="Fact000694" name="NWGL:DateOfIncorporation">June
    5, 2002</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--NuevoSanMartinSACMember_zpZulXyaxewg" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_NuevoSanMartinSACMember" id="Fact000696" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--NuevoSanMartinSACMember_zBEAa8GCaHD7" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_NuevoSanMartinSACMember" id="Fact000698" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--NuevoSanMartinSACMember_zwuoGGLNVAha" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_NuevoSanMartinSACMember" id="Fact000700" name="ifrs-full:PrincipalPlaceOfBusiness">Peru</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--NuevoSanMartinSACMember_z4Q54L78wPR5" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_NuevoSanMartinSACMember" id="Fact000702" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Manufacturing
    and trading of wood products and holding of concession rights</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--SepahuaTropicalForestSACMember_zo3stjLORTe1" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SepahuaTropicalForestSACMember" id="Fact000704" name="ifrs-full:NameOfSubsidiary">Sepahua
    Tropical Forest S.A.C.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--SepahuaTropicalForestSACMember_zuQN3PJ8D966" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SepahuaTropicalForestSACMember" id="Fact000706" name="NWGL:DateOfIncorporation">June
    5, 2002</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--SepahuaTropicalForestSACMember_zYcH8DlWSQf5" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_SepahuaTropicalForestSACMember" id="Fact000708" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--SepahuaTropicalForestSACMember_z7qaNBHuWQ32" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_SepahuaTropicalForestSACMember" id="Fact000710" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--SepahuaTropicalForestSACMember_zjPXLrPfClD1" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SepahuaTropicalForestSACMember" id="Fact000712" name="ifrs-full:PrincipalPlaceOfBusiness">Peru</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--SepahuaTropicalForestSACMember_zWjbODQo6El4" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SepahuaTropicalForestSACMember" id="Fact000714" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Holding
    of concession rights</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--NameOfSubsidiary_c20230101__20231231__dei--LegalEntityAxis__custom--LatinoamericanForestSACMember_zcSrhumbysQg" title="Name of subsidiary"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LatinoamericanForestSACMember" id="Fact000716" name="ifrs-full:NameOfSubsidiary">Latinoamerican
    Forest S.A.C.</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--DateOfIncorporation_c20230101__20231231__dei--LegalEntityAxis__custom--LatinoamericanForestSACMember_zUfW3s4MSan1" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LatinoamericanForestSACMember" id="Fact000718" name="NWGL:DateOfIncorporation">March
    31, 2022</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--LatinoamericanForestSACMember_zy0ej4WRqFvi" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_LatinoamericanForestSACMember" id="Fact000720" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--LatinoamericanForestSACMember_zhibliq0zeW6" title="Percentage of effective ownership"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-01-012022-12-31_custom_LatinoamericanForestSACMember" id="Fact000722" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--PrincipalPlaceOfBusiness_c20230101__20231231__dei--LegalEntityAxis__custom--LatinoamericanForestSACMember_zpFOH6CpMWm" title="Place of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LatinoamericanForestSACMember" id="Fact000724" name="ifrs-full:PrincipalPlaceOfBusiness">Peru</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__dei--LegalEntityAxis__custom--LatinoamericanForestSACMember_zUdxxVUsrMR4" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LatinoamericanForestSACMember" id="Fact000726" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Trading
    of wood products</ix:nonNumeric></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AB_zapwpxeyLba1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 89; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Principal
activities</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an investment holding company. The principal activities of the Company are conducted through its subsidiaries which are in
the business of selling logs, sales of wood products from extraction, and processing of logs. The Company is headquartered in Macau and
conducts its primary operations through its significant direct and indirectly held subsidiaries that are incorporated and domiciled in
Peru, namely E&amp;T Forestal S.A.C., Nuevo San Martin S.A.C., Sepahua Tropical Forest S.A.C., Maderera Industrial
Isabelita S.A.C., Latinoamerican Forest S.A.C., South American Wood S.A.C. and Grupo Maderero Amaz S.A.C., and in France namely
Parquet Nature (France) S.A.R.L., and in Macau and Hong Kong namely Choi Chon Investment Company Limited and Swift Top Capital Resources
Limited respectively.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000728" name="ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfChangesInAccountingPoliciesExplanatory_z8SgoJfa3BEd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_829_z5OZVp9jubbg">SUMMARY OF MATERIAL ACCOUNTING
  POLICY INFORMATION</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000730" name="NWGL:DescriptionOfAccountingPolicyExplanatory"><p id="xdx_84C_ecustom--DescriptionOfAccountingPolicyExplanatory_zwco1PuUnMv2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span id="xdx_864_zASkG4T9B7Yh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BASIS
OF ACCOUNTING</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- The consolidated financial statements
have been prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below, and in accordance
with International Financial Reporting Standards (or &#8220;IFRSs&#8221;) as issued by the International Accounting Standards
Board (the &#8220;IASB&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical
cost is generally based on the fair value of the consideration given in exchange for goods and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants
would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement
and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions
that are within the scope of IFRS 2 <i>Share-based Payment</i>, leasing transactions that are accounted for in accordance with IFRS 16
<i>Leases</i>, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS
2 <i>Inventories</i> or value in use in IAS 36 <i>Impairment of Assets</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which
the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety,
which are described as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement
    date;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly
    or indirectly; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
    3 inputs are unobservable inputs for the asset or liability.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000732" name="NWGL:DescriptionOfAdoptionOfNewAndRevisedStandardsExplanatory"><p id="xdx_841_ecustom--DescriptionOfAdoptionOfNewAndRevisedStandardsExplanatory_zW6ffUQKOZe4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_z7akqVBxWvD2">ADOPTION
OF NEW AND REVISED STANDARDS</span></b> &#8211; The Group has applied a number of new and revised <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFRSs issued by the International Accounting Standards Board (&#8220;IASB&#8221;) that are
mandatorily effective for an accounting period that begins on or after January 1, 2023:</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    to IAS 8, <i>Definition of accounting estimates</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    to IAS 1 and IFRS Practice Statement 2<i>, Disclosure of accounting policies</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    to IAS12, <i>Deferred Tax related to Assets and Liabilities arising from a Single Transaction</i></span></td></tr>
  </table>
<p style="margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the date of authorization of these consolidated financial statements, the management determined that the adoption of the above/other
IFRSs and amendments to IFRS have not had any material impact on the consolidated financial statements of the
Group in the period of their initial adoption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000734" name="ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory_zvmFWpIuHY9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span id="xdx_86E_zYyoQFYi3IG4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NEW
AND REVISED IFRS STANDARDS IN ISSUE BUT NOT YET EFFECTIVE</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
At the date of authorization of these consolidated financial statements, the Group has not adopted the new and revised IFRSs and
amendments to IFRS that have been issued but are not yet effective to them. The Company do not anticipate that the adoption of these
new and revised IFRS (I) pronouncements in future periods will have a material impact on the Group&#8217;s and the Company&#8217;s consolidated
financial statements in the period of their initial adoption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 90; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of these consolidated financial statements in conformity with IFRS requires management to exercise its judgement in the process
of applying the Group&#8217;s accounting policies. It also requires the use of certain critical accounting estimates and assumptions.
The areas involving a higher degree of judgement or complexity, or areas where estimates and assumptions are significant to the consolidated
financial statements are disclosed in Note 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000736" name="ifrs-full:DisclosureOfBasisOfConsolidationExplanatory"><p id="xdx_845_eifrs-full--DisclosureOfBasisOfConsolidationExplanatory_z1lURToWSfv2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zZtANNK9D8Vi">BASIS
OF CONSOLIDATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group consolidates the accounts of its subsidiaries and eliminates all significant intercompany balances and transactions in its consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary
corporations are all entities (including structured entities) over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. Subsidiary corporations are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date on that control ceases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing the consolidated financial statements, transactions, balances, and unrealized gains on transactions between group entities
are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred
asset. Accounting policies of subsidiary corporations have been changed where necessary to ensure consistency with the policies adopted
by the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisition
of entities under an internal reorganization scheme does not result in any change in economic substance. Accordingly, the consolidated
financial statements of the Company are a continuation of the acquired entities and is accounted for as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    results of entities are presented as if the internal reorganization occurred from the beginning of the earliest period presented
    in the consolidated financial statements;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company will consolidate the assets and liabilities of the acquired entities at the pre-combination carrying amounts. No adjustments
    are made to reflect fair values, or recognize any new assets or liabilities, at the date of the internal reorganization that would
    otherwise be done under the acquisition method; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    new goodwill is recognized as a result of the internal reorganization. The only goodwill that is recognized is the existing goodwill
    relating to the combining entities. Any difference between the consideration paid/transferred and the equity acquired is reflected
    within equity as merger reserve or deficit.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000738" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForFinancialAssetsExplanatory_z9neUYrAvmfj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zwX9w4q5DFCk">FINANCIAL
ASSETS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Classification
    and measurement</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group reclassifies debt instruments when and only when its business model for managing those assets changes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>At
subsequent measurement - Debt instrument - </i>Debt instruments mainly comprise of trade and other receivables (excluding prepayments),
restricted bank deposits, cash and bank balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
instruments 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. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not
part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these
financial assets is included in interest income using the effective interest rate method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 91; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes a loss allowance for ECL on financial assets which are subject to impairment assessment under IFRS 9. The amount of
ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The Group always recognizes lifetime ECL for accounts receivables. The ECL on these financial assets are estimated using a provision
matrix based on the Group&#8217;s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic
conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time
value of money where appropriate. For all other financial instruments, the Group measures the loss allowance equal to 12-month ECL, unless
when there has a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of
whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of a default occurring since initial
recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Significant
increase in credit risk</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring
on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date
of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable
and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking
information considered includes the future prospects of the industries in which the Group&#8217;s debtors operate, obtained from economic
expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organizations, as well as consideration
of various external sources of actual and forecast economic information that relate to the Group&#8217;s operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, the following information is taken into account when assessing whether credit risk has increased significantly:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    actual or expected significant deterioration in the financial instrument&#8217;s external (if available) or internal credit rating;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
    deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default
    swap prices for the debtor;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">existing
    or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the
    debtor&#8217;s ability to meet its debt obligations;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    actual or expected significant deterioration in the operating results of the debtor;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
    increases in credit risk on other financial instruments of the same debtor;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results
    in a significant decrease in the debtor&#8217;s ability to meet its debt obligations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrespective
of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition
when contractual payments are more than 60 days past due, unless the Group has reasonable and supportable information that demonstrates
otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 92; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recognition
    and derecognition</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regular
way purchases and sales of financial assets are recognized on trade date &#8211; the date on which the Group commits to purchase or sell
the asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
Group has transferred substantially all risks and rewards of ownership.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000740" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_zmnoBNzxaa1d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zQY32JoIOX64">Financial
liabilities and equity instruments</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Classification
as debt or equity</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
and equity instruments issued by a Group entity are classified as either financial liabilities or as equity in accordance with substance
of the contractual arrangements and the definitions of a financial liability and an equity instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
instruments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by a Group are recognized at the proceeds received, net of direct issue costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for derivative financial instruments which are stated at fair value through profit or loss, all other financial liabilities are subsequently
measured at amortized cost using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Convertible
bonds</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
bonds that can be converted to equity share capital at the option of the holder, where the number of shares that would be issued on conversion
and the value of the consideration that would be received at that time do not vary, are accounted for as compound financial instruments
which contain a liability component, a derivative component, and an equity component. Convertible bonds issued by the Group that contain
both financial liability and equity components are classified separately into respective liability, derivative and equity components
on initial recognition. On initial recognition, the fair value of the liability component is determined using the prevailing market interest
rate for similar non-convertible debts. The difference between the proceeds of the issue of the convertible bonds and the fair value
assigned to the liability component, representing the call option for conversion of the convertible bonds into equity, is included in
equity as convertible bonds reserve. The liability component is subsequently carried at amortized cost using the effective interest method.
The equity component will remain in equity until conversion or redemption of the bond. When the convertible bond is converted, the equity
component of convertible bond and the carrying value of the liability component at the time of conversion are transferred to share capital
and share premium as consideration for the shares issued. If the bond is redeemed, the convertible bonds reserve is released directly
to retained profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 93; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derecognition
of financial liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group derecognizes financial liabilities when, and only when, the Group&#8217;s obligations are discharged, cancelled or expired. The
difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any
non-cash assets transferred or liabilities assumed, is recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Offsetting
financial instruments</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset
and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000742" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_zqaFg9FwVCQb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zAwDVDmeh3J6">SHARE-BASED
PAYMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity-settled
share-based payment transactions</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Share
options granted to employees</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity-settled
share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the
grant date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the equity-settled share-based payments determined at the grant date without taking into consideration all non- market
vesting conditions is expensed on a straight-line basis over the vesting period, based on the Group&#8217;s estimate of equity instruments
that will eventually vest, with a corresponding increase in equity (share-based payments reserve). At the end of each reporting period,
the Group revises its estimate of the number of equity instruments expected to vest based on assessment of all relevant non-market vesting
conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense
reflects the revised estimate, with a corresponding adjustment to the share-based payments reserve. For shares/share options that vest
immediately at the date of grant, the fair value of the shares/share options granted is expensed immediately to profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
share options are exercised, the amount previously recognized in share-based payments reserve will be transferred to share capital and
share premium. When the share options are forfeited after the vesting date or are still not exercised at the expiry date, the amount
previously recognized in share-based payments reserve will continue to be held in share-based payments reserve/will be transferred to
retained earnings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;When
shares granted are vested, the amount previously recognized in share-based payments reserve will be transferred to share capital and
share premium.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 94; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000744" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_z4h0tzWAK88e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zfymI1JKsKTb">PROPERTY,
PLANT AND EQUIPMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Measurement</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Property,
    plant and equipment</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property<i>,
    plant </i>and equipment are initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated
    impairment losses.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(ii)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Components
    of costs</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    cost of an item of property, plant and equipment initially recognized includes its purchase price and any cost that is directly attributable
    to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Depreciation
    </i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000746" name="NWGL:DisclosureOfDetailedInformationOfEstimatedUsefulLifeExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationOfEstimatedUsefulLifeExplanatory_zKvUAhGTwtmf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
on other items of property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over
their estimated useful lives as followed;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zlqKi4lekPmi" style="display: none">SCHEDULE
OF ESTIMATED USEFUL LIVES</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Properties</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PropertiesMember_zJbGvd6sNRKb" title="Useful life property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PropertiesMember" format="ixt-sec:duryear" id="Fact000748" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">20</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machineries</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MachineryMember_z6mRYDz7kfC" title="Useful life property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_MachineryMember" format="ixt-sec:duryear" id="Fact000750" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">10</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor
    vehicles</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MotorVehiclesMember_zED9xp4bS3te" title="Useful life property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_MotorVehiclesMember" format="ixt-sec:duryear" id="Fact000752" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></span>
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture
    and fittings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--FixturesAndFittingsMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zVP7euIMqGS1" title="Useful life property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FixturesAndFittingsMember_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact000754" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">4</ix:nonNumeric></span>
    &#8211; <span id="xdx_902_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--FixturesAndFittingsMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zYHJu5or8Jkk" title="Useful life property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FixturesAndFittingsMember_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact000756" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></span> years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zeDL7NLwDG95" title="Useful life property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_OfficeEquipmentMember_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact000758" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">4</ix:nonNumeric></span>
    &#8211; <span id="xdx_90A_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zgwlm2cZ8XI7" title="Useful life property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_OfficeEquipmentMember_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact000760" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></span> years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    Improvements</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zSz9yOkPwGCd" title="Useful life property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_LeaseholdImprovementsMember" format="ixt-sec:duryear" id="Fact000762" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></span>
    years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zDjo3ABi7OSh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eifrs-full--DepreciationExpense_do_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LandMember_zCXQ3dyZk8Ij" title="Depreciation"><span id="xdx_90E_eifrs-full--DepreciationExpense_do_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--ConstructionInProgressMember_zXDVdTGDZ6Z6" title="Depreciation"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2023-01-012023-12-31_ifrs-full_LandMember" id="Fact000764" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2023-01-012023-12-31_ifrs-full_ConstructionInProgressMember" id="Fact000766" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">No</ix:nonFraction></ix:nonFraction></span></span>
depreciation is charged on freehold lands and construction in progress.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
residual values estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate,
at each balance sheet date. The effects of any revision are recognized in profit or loss when the changes arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization
of these costs ceases and the construction in progress is transferred to property, plant and equipment when all of the activities necessary
to prepare the assets for their intended use are substantially complete. No depreciation is provided in respect of construction in progress.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Subsequent
    expenditure</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
expenditure relating to property and equipment that has already been recognized is added to the carrying amount of the asset only when
it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured
reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(d)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Disposal</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
disposal of an item of property and equipment, the difference between the disposal proceeds and its carrying amount is recognized in
profit or loss within &#8220;Other losses - net&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 95; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000768" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_zrqzmY3hbUvd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_z0h8nPcqsWGg">INTANGIBLE
ASSETS </span>- </b>Timber concessions and cutting rights with finite useful lives, which give the Group rights to harvest trees in the allocated
concession forests in designated areas in Peru.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at
the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination
with finite useful lives are carried at costs less accumulated amortization and any accumulated impairment losses. Timber concessions
and cutting rights are amortized on a straight-line basis, over the terms of license of respective timber concessions and cutting rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
intangible assets are initially recognized at cost less accumulated amortization and accumulated impairment losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains and losses
from de-recognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the
assets, are recognized in profit or loss when the asset is derecognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000770" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_zkwDuePPsfD9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zJgIZszTsIMf">IMPAIRMENT
OF NON-FINANCIAL ASSETS </span>- </b>Intangible assets and property, plant and equipment are tested for impairment whenever there is any objective
evidence or indication that these assets may be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use)
is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from
other assets. If this is the case, the recoverable amount is determined for the Cash Generating units (&#8220;CGU&#8221;) to which the
asset belongs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU)
is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognized as an impairment
loss in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss for an asset is reversed if, and 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. The carrying amount of this asset is increased to its revised recoverable
amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization
or depreciation) had no impairment loss been recognized for the asset in prior years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reversal of impairment loss for an asset other than goodwill is recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000772" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><p id="xdx_84A_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_ze0XX6Azugm4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zTZbz6iKNhhl">INVENTORIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
of manufactured products, logs, timbers, and other raw materials are valued at the lower of weighted average cost and net realizable
value. Processing materials and supplies are valued at the lower of weighted average cost and replacement cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000774" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForLeasesExplanatory_zaBhFZ0q4PEi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zqzGSP1K2MT5">LEASES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>When
the Group is the lessee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the inception of the contract, the Group assesses if the contract contains a lease. A contract 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. Reassessment is only required
when the terms and conditions of the contract are changed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 96; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
    assets</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets
are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the
commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been
obtained are added to the carrying amount of the right- of-use assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of
the useful life of the right-of-use asset or the end of the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial measurement of a lease liability is measured at the present value of the lease payments discounted using the implicit rate in
the lease if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing
rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
payments include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed
    payment (including in-substance fixed payments), less any lease incentives receivables;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
    lease payment that are based on an index or rate, initially measured using the index or rate as at the commencement date;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    expected to be payable under residual value guarantees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    exercise price of a purchase option if is reasonably certain to exercise the option; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of penalties for terminating the lease, if the lease term reflects the Group exercising that option.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
contracts that contain both lease and non-lease components, the Group allocates the consideration to each lease component on the basis
of the relative stand-alone price of the lease and non-lease component. The Group has elected to not separate lease and non-lease component
for property leases and account these as one single lease component.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is measured at amortized cost using the effective interest method. Lease liability shall be remeasured when:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is a change in future lease payments arising from changes in an index or rate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is a change in the Group&#8217;s assessment of whether it will exercise an extension option; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is modification in the scope or the consideration of the lease that was not part of the original term.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liability is remeasured with a corresponding adjustment to the right-of-use assets, or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
    and low-value leases</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has elected to not recognized right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months
or less and leases of low value leases. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis
over the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 97; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
    lease payments</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease
liability. The Group shall recognize those lease payments in profit or loss in the periods that triggered those lease payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000776" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_zHDlCJshC3id" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zpXhpUj02uB6">EMPLOYEE
BENEFITS </span>- </b>Employee benefits are recognized as an expense unless the cost qualifies to be capitalized as an asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Defined
    contribution plans</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the
Central Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions
have been paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employee
    leave entitlement</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual
leave as a result of services rendered by employees up to the balance sheet date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000778" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zM90C8mOda2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zKUrLcCdTmvk">PROVISIONS
</span>- </b>Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the
cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is
recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured
reliably.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 98; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000780" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zJseDHfG7h1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_z5m8gei7y9p3">REVENUE
RECOGNITION </span>- </b>Revenue is recognized to depict the transfer of promised services to clients at an amount that reflects the consideration
to which an entity expects to be entitled in exchange for those services. Specifically, the Company uses a five-step approach to recognize
revenue:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
    1: Identify the contract(s) with a client</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
    2: Identify the performance obligations in the contract</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
    3: Determine the transaction price</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
    4: Allocate the transaction price to the performance obligations in the contract</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Step
    5: Recognize revenue when (or as) the Company satisfies a performance obligation</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue when (or as) a performance obligation is satisfied, i.e., when &#8220;control&#8221; of the services underlying
the particular performance obligations is transferred to clients.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
performance obligation represents a service (or a bundle of services) that is distinct or a series of distinct services that are substantially
the same.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control
is transferred overtime and revenue is recognized overtime by reference to the progress towards complete satisfaction of the relevant
performance obligation if one of the following criteria is met:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    client simultaneously receives and consumes the benefits provided by the Company&#8217;s performance as the Company performs;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s performance creates or enhances an asset that the client controls as the asset is created or enhanced; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s performance does not create an asset with an alternative use to the Company and the Company has an enforceable right
    to payment for performance completed to date.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Otherwise,
revenue is recognized at a point in time when the customer obtains control of the distinct service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
payments received from clients are recognized as contract liabilities as the Group has not yet satisfied its performance obligation.
Contract liabilities are recognized as revenue when the Group satisfied its performance obligation. The Group may receive payment for
service prior to, or after it satisfies the performance obligation under a service agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><b>Income</b><b> from sales
of logs and manufactured wood products</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from logs and wood products is recognized at a point in time when the goods are delivered and transferred to customers, being at the
point that the customer obtains the control of the goods (for export sales, it would be under the shipping terms of either Freight On
Board (&#8220;FOB&#8221;) or Cost, insurance, and freight (&#8220;CIF&#8221;); for local sales, it would be recognized upon delivery
is made to customer&#8217;s designated receiving location) and the Group has presented right of payment and collection of the consideration
is probable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group receives certain portion of the contract value as deposits from customers or receipts in advance from customers when they sign
the sale and purchase agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits
received on logs and wood products prior to the date of revenue recognition are recorded as contract liabilities under current liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of the Group considers that there are no sales return and warranty policies for our international business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 99; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000782" name="ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForGovernmentGrants_zytNEV7bTw9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_z9sKXL0AZJAl">GOVERNMENT
GRANTS AND SUBSIDIES</span></b> - Grants from the government are recognized as a receivable at their fair value when there is reasonable assurance
that the grant will be received and the Group will comply with all the attached conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants receivable are recognized as income over the periods necessary to match them with the related costs which they are intended to
compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grants
related to assets are presented as deferred income under trade and other payables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000784" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_z3noWfXeC7gj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span id="xdx_860_zZ16Lk9ifJS5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHARE
CAPITAL </b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- </span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against
the capital reserves account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000786" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForIncomeTaxExplanatory_zxL1JJ6N0jE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zHL9BJSXNxJf">INCOME
TAX</span></b> - Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax
authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically
evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and
considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Group measures its tax balances either
based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the
uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
income tax is recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts
in the consolidated financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset
or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time
of the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
deferred income tax liability is recognized on temporary differences arising on investments in subsidiaries, associates and joint ventures,
except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which
the deductible temporary differences and tax losses can be utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
income tax is measured:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    the tax rates that are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability
    is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">based
    on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, to recover or settle
    the carrying amounts of its assets and liabilities except for investment properties. Investment property measured at fair value is
    presumed to be recovered entirely through sale.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
and deferred income taxes are recognized as income or expense in profit or loss, except to the extent that the tax arises from a business
combination or a transaction which is recognized directly in equity. Deferred tax arising from a business combination is adjusted against
goodwill on acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for investment tax credits (for example, productivity and innovation credit) similar to accounting for other tax credits
where a deferred tax asset is recognized for unused tax credits to the extent that it is probable that future taxable profit will be
available against which the unused tax credits can be utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 100; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000788" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zHP28ft4sqrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zSl7SZlK9wm6">FOREIGN
CURRENCY TRANSACTIONS </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(a)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Functional
    and presentation currency</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment
in which the entity operates (&#8220;functional currency&#8221;). The financial statements are presented in US Dollar (&#8220;USD&#8221;),
Hong Kong Dollar (&#8220;HKD&#8221;), China Yuan (&#8220;CNY&#8221;), Euro (&#8220;EUR&#8221;), Peruvian Sol (&#8220;PEN&#8221;) which
is the functional currency of the Group and the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of foreign currencies including, may fluctuate against the USD. Any significant variations of the aforementioned currencies relative
to the USD may materially affect the Company&#8217;s financial condition in terms of reporting in USD. The following table outlines the
currency exchange rates that were used in preparing the accompanying consolidated financial statements:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000790" name="ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory"><p id="xdx_89B_eifrs-full--DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory_zXbosNo2O1K3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BD_z2LRs4fI2Z83" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF CURRENCY EXCHANGE RATE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 1in">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="11" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>202<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></b></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; text-align: left">HKD to USD Year End</td><td style="width: 1%">&#160;</td>
    <td style="width: 2%; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20231231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--HKDToUSDMember_zyplBqlCNjqb" title="Year End" style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2023-12-31_custom_HKDToUSDMember" id="Fact000792" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.128</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20221231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--HKDToUSDMember_zrucUxEjMhwc" title="Year End" style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2022-12-31_custom_HKDToUSDMember" id="Fact000794" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.128</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_984_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20211231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--HKDToUSDMember_zWYdQNtvVRug" title="Year End" style="text-align: right; width: 14%"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2021-12-31_custom_HKDToUSDMember" id="Fact000796" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.128</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">HKD to USD Average Rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--AverageForeignExchangeRate_uPure_c20230101__20231231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--HKDToUSDMember_z8lxzAQc6BB1" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2023-01-012023-12-31_custom_HKDToUSDMember" id="Fact000798" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.128</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--AverageForeignExchangeRate_uPure_c20220101__20221231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--HKDToUSDMember_z4esG4BHDcSg" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2022-01-012022-12-31_custom_HKDToUSDMember" id="Fact000800" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.128</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--AverageForeignExchangeRate_uPure_c20210101__20211231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--HKDToUSDMember_ziNFIzDOEBtd" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2021-01-012021-12-31_custom_HKDToUSDMember" id="Fact000802" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.129</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">CNY to USD Year End</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20231231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--CNYToUSDMember_z6wuUaIFSzm3" title="Year End" style="text-align: right"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2023-12-31_custom_CNYToUSDMember" id="Fact000804" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.141</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20221231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--CNYToUSDMember_zPHOJsdshnbh" title="Year End" style="text-align: right"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2022-12-31_custom_CNYToUSDMember" id="Fact000806" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.144</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20211231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--CNYToUSDMember_zHGksQKX1dl6" title="Year End" style="text-align: right"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2021-12-31_custom_CNYToUSDMember" id="Fact000808" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.157</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">CNY to USD Average Rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--AverageForeignExchangeRate_uPure_c20230101__20231231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--CNYToUSDMember_zt1FyA8E4lI6" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2023-01-012023-12-31_custom_CNYToUSDMember" id="Fact000810" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.141</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--AverageForeignExchangeRate_uPure_c20220101__20221231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--CNYToUSDMember_zCtCG3ERcZL4" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2022-01-012022-12-31_custom_CNYToUSDMember" id="Fact000812" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.148</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--AverageForeignExchangeRate_uPure_c20210101__20211231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--CNYToUSDMember_zusvSFJ8kRgc" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2021-01-012021-12-31_custom_CNYToUSDMember" id="Fact000814" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.155</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">EUR to USD Year End</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20231231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--EURToUSDMember_z4fnKq2ZpbFl" title="Year End" style="text-align: right"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2023-12-31_custom_EURToUSDMember" id="Fact000816" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.110</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20221231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--EURToUSDMember_zMe7VsWKZGUk" title="Year End" style="text-align: right"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2022-12-31_custom_EURToUSDMember" id="Fact000818" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.066</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20211231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--EURToUSDMember_zxXct0RUkDO7" title="Year End" style="text-align: right"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2021-12-31_custom_EURToUSDMember" id="Fact000820" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.132</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">EUR to USD Average Rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--AverageForeignExchangeRate_uPure_c20230101__20231231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--EURToUSDMember_zRLbP6vmUknj" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2023-01-012023-12-31_custom_EURToUSDMember" id="Fact000822" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.099</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--AverageForeignExchangeRate_uPure_c20220101__20221231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--EURToUSDMember_zrMzrGUrQw7" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2022-01-012022-12-31_custom_EURToUSDMember" id="Fact000824" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.052</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--AverageForeignExchangeRate_uPure_c20210101__20211231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--EURToUSDMember_zgnuS09jyVK8" title="Average Rate" style="text-align: right"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2021-01-012021-12-31_custom_EURToUSDMember" id="Fact000826" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1.182</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">PEN to USD Year End</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Year End" style="text-align: right"><p id="xdx_987_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20231231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--PENToUSDMember_zUas3hQs0lGk" title="Year End" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2023-12-31_custom_PENToUSDMember" id="Fact000828" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.270</ix:nonFraction></p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Year End" style="text-align: right"><p id="xdx_981_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20221231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--PENToUSDMember_zf1KQnPLdVzl" title="Year End" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2022-12-31_custom_PENToUSDMember" id="Fact000830" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.262</ix:nonFraction></p></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td title="Year End" style="text-align: right"><p id="xdx_983_eifrs-full--ClosingForeignExchangeRate_iI_uPure_c20211231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--PENToUSDMember_zrEqhnUbJh51" title="Year End" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="ifrs-full:ClosingForeignExchangeRate" contextRef="AsOf2021-12-31_custom_PENToUSDMember" id="Fact000832" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.251</ix:nonFraction></p></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">PEN to USD Average Rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Year End" style="text-align: right"><p id="xdx_983_eifrs-full--AverageForeignExchangeRate_uPure_c20230101__20231231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--PENToUSDMember_zwnqHkluXddl" title="Average Rate" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2023-01-012023-12-31_custom_PENToUSDMember" id="Fact000834" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.268</ix:nonFraction></p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td title="Year End" style="text-align: right"><p id="xdx_981_eifrs-full--AverageForeignExchangeRate_uPure_c20220101__20221231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--PENToUSDMember_z7dJlx2d5SK3" title="Average Rate" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2022-01-012022-12-31_custom_PENToUSDMember" id="Fact000836" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.261</ix:nonFraction></p></td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td title="Year End" style="text-align: right"><p id="xdx_98F_eifrs-full--AverageForeignExchangeRate_uPure_c20210101__20211231__ifrs-full--CurrencyInWhichInformationIsDisplayedAxis__custom--PENToUSDMember_z8UbtDBVYzg9" title="Average Rate" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="ifrs-full:AverageForeignExchangeRate" contextRef="From2021-01-012021-12-31_custom_PENToUSDMember" id="Fact000838" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.256</ix:nonFraction></p></td>
    <td>&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zsNX0vvPqiie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(b)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transactions
    and balances</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
in a currency other than the functional currency (&#8220;foreign currency&#8221;) are translated into the functional currency using the
exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and
from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date
are recognized in profit or loss. Monetary items include primarily financial assets (other than equity investments), contract assets
and financial liabilities. However, in the consolidated financial statements, currency translation differences arising from borrowings
in foreign currencies and net investment in foreign operations, are recognized in other comprehensive income and accumulated in the currency
translation reserve.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
a foreign operation is disposed of or any loan forming part of the net investment of the foreign operation is repaid, a proportionate
share of the accumulated currency translation differences is reclassified to profit or loss, as part of the gain or loss on disposal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-monetary
items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(c)</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Translation
    of Group entities&#8217; financial statements</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a
functional currency different from the presentation currency are translated into the presentation currency as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assets
    and liabilities are translated at the closing exchange rates at the reporting date;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">income
    and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect
    of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the
    dates of the transactions); and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 101; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    resulting currency translation differences are recognized in other comprehensive income and accumulated in the currency translation
    reserve. These currency translation differences are reclassified to profit or loss on disposal or partial disposal with loss of control
    of the foreign operation.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations
and translated at the closing rates at the reporting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000840" name="ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory_z8RMBpPkf0Ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zzVF5KmtJIac">RELATED
PARTIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    person, or a close member of that person&#8217;s family, is related to the group if that person:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">has
    control or joint control over the group; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">has
    significant influence over the group; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    a member of the key management personnel of the group or the group&#8217;s parent. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 31.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    entity is related to the group if any of the following conditions applies:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    entity and the group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to
    the others).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
    entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the
    other entity is a member). </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
    entities are joint ventures of the same third party. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
    entity is a joint venture of a third entity and the other entity is an associate of the third entity. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    entity is a post-employment benefit plan for the benefit of of either the group or an entity related to the group. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    entity is controlled or jointly controlled by a person identified in (a).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity
    (or of a parent of the entity). </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    entity, or any member of a group of which it is a part, provides key management personnel services to the group or to the group&#8217;s
    parent. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that
    person in their dealings with the entity. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000842" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"><p id="xdx_84B_eifrs-full--DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_z98NGDyLgi8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zlF6boXiGRF8">EARNINGS
PER SHARE</span></b> - The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated
by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares
outstanding during the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or
loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held,
if any, for the effects of all dilutive potential ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000844" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_z2USFwedUNxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zdzV9RGyUkye">SEGMENT
REPORTING </span></b>&#8211; Operating segments, and the amounts of each segment item reported in the consolidated financial statements, are
identified from the financial information provided regularly to the group&#8217;s most senior executive management for the purposes of
allocating resources to, and assessing the performance of, the group&#8217;s various lines of business and geographical locations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individually
material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics
and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers,
the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments
which are not individually material may be aggregated if they share a majority of these criteria.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 102; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000846" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zCUy1E23YDK5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 20pt; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_z8dPzRuAC4b3">CRITICAL ACCOUNTING JUDGEMENTS
  AND KEY SOURCES OF ESTIMATION UNCERTAINTY</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the application of the Group&#8217;s accounting policies, which are described in Note 2 to the consolidated financial statements, management
is 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Critical
judgements in applying the Group&#8217;s accounting policies</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no critical judgements, apart from those involving estimation (see below) that the management has made in the process of applying
the Group&#8217;s accounting policy and that has the most significant effect on the amounts recognized in the consolidated financial
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Key
sources of estimation uncertainty</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
disclosed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Impairment of property, plant and equipment (Note 4) and intangible
assets (Note 6)</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determining an appropriate amount of an impairment requires an estimation of recoverable amounts of relevant property,
plant and equipment and intangible assets or the respective cash-generating units (&#8220;CGU&#8221;) to which the property, plant and
equipment and intangible assets belong, which is the higher of value in use and fair value less cost of disposal. If there is any indication
that an asset may be impaired, the recoverable amount shall be estimated for individual asset. If it is not possible to estimate the recoverable
amount of the individual asset, the Group shall determine the recoverable amount of the CGU to which the asset belongs. The value in use
calculation requires the Group to estimate the future cash flows expected to arise from the relevant assets or the CGU and a suitable
discount rate in order to calculate the present value. The discount rate represents rate that reflects current market assessments of time
value of money and the risks specific to the asset or the CGU for which the future cash flow estimates have not been adjusted. Where the
actual future cash flows are less than expected or there is a downward revision of future estimated cash flows due to unfavourable changes
in facts and circumstances, an additional impairment loss may arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Write-down
of inventories (Note 7)</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company performs regular reviews of the carrying amounts of inventories with reference to aged inventories analysis, projections of expected
future saleability of goods and, management experience and judgement. Based on this review, a write-down of inventories will be made
when the estimated net realizable value of inventories decline below their carrying amounts. Due to changes in market environment, actual
saleability of goods may be different from estimation and the consolidated statement of profit or loss in future accounting periods
could be affected by differences in their estimation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 103; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000848" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zA20yQ8snpQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zhOVPMo1vW3f">PROPERTY, PLANT AND EQUIPMENT,
  NET</span></b></span></td></tr>
</table>



<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000850" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><p id="xdx_898_eifrs-full--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_zDZrQGUG2u57" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B6_zQ4vtfFBQQM1" style="display: none">
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4B3_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--FreeholdLandMember_zzP4rEEM9UL5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Freehold land</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4BB_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--PropertiesMember_z8iCTL7ZmfMc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Properties</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4BE_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--LeaseholdImprovementMember_zOxL5HW8IHN" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Leasehold Improvements</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4B2_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--ConstructionInProgressMember_zgYtKfBfedl4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Construction in progress</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4B1_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--MachineryMember_zhGXZbbOQYGf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Machineries</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4B5_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--FurnituresAndFittingsMember_z8FtfJ2JTlu" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Furniture and fittings</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4BD_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--MotorVehiclesMember_zOchtkJR67q3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Motor vehicles</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4B8_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--OfficeEquipmentMember_zCmkRB3GEWeb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Office equipment</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold">Cost:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_438_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--PropertyPlantAndEquipment_iS_zKom8EWcv1k5" style="vertical-align: bottom; background-color: White">
    <td style="width: 28%">At January 1, 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="Fact000852" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,546,665</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="Fact000853" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,837,409</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="Fact000854" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,908</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="Fact000855" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,314,140</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000856" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,021,535</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="Fact000857" format="ixt:numdotdecimal" decimals="0" unitRef="USD">68,393</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000858" format="ixt:numdotdecimal" decimals="0" unitRef="USD">764,190</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000859" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,249</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--PropertyPlantAndEquipment_iS_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z6ly50lGusF9" title="Beginning balance" style="width: 4%; text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000861" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,603,489</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_430_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_zap6UQEdFhz6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0863">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0864">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0865">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="Fact000866" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80,216</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000867" format="ixt:numdotdecimal" decimals="0" unitRef="USD">92,586</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="Fact000868" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,475</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000869" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,017,530</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000870" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,482</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zgnouVzwbkxb" title="Additions" style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000872" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,202,289</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_436_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_zXMMSM5tx1nk" style="vertical-align: bottom; background-color: White">
    <td>Transfer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0874">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="Fact000875" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,340,556</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0876">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="Fact000877" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,340,556</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000878" format="ixt:numdotdecimal" decimals="0" unitRef="USD">394,626</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="Fact000879" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">26,966</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000880" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">394,626</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000881" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,966</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zVQ8DyWqQpFh" title="Transfer" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0883">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_432_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--DisposalsAndRetirementsPropertyPlantAndEquipment_iN_di_ze5tqkXLQqjj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0885">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0886">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0888">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000889" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,300</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0890">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000891" format="ixt:numdotdecimal" decimals="0" unitRef="USD">76,922</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000892" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,648</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--DisposalsAndRetirementsPropertyPlantAndEquipment_iN_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zTfNPknjq3Ql" title="Disposals" style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000894" format="ixt:numdotdecimal" decimals="0" unitRef="USD">79,870</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43F_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--ChangesInPropertyPlantAndEquipment_zYSZqDL4bVPh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0896">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0897">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="Fact000898" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,275</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0899">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000900" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">82</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="Fact000901" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,857</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000902" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,576</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000903" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">211</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--ChangesInPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z5mAfbTQ8HB6" title="Exchange difference" style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000905" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,001</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43D_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--PropertyPlantAndEquipment_iS_z5w3ZgIwR5v2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><b>At December 31, 2022 and January 1, 2023</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="Fact000907" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,546,665</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="Fact000908" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,177,965</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="Fact000909" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,633</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="Fact000910" format="ixt:numdotdecimal" decimals="0" unitRef="USD">53,800</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000911" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,507,365</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="Fact000912" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,045</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000913" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,302,596</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000914" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,838</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td id="xdx_980_eifrs-full--PropertyPlantAndEquipment_iS_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zvBB3I1aiYag" title="Beginning balance" style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000916" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,713,907</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td></tr>
  <tr id="xdx_43B_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_zT8pJw9yR6F2" style="vertical-align: bottom; background-color: White">
    <td>Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0918">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="Fact000919" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,109</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0920">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="Fact000921" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,416</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000922" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,574</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="Fact000923" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,392</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0924">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000925" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,913</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zPZFj73JaQI3" title="Additions" style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000927" format="ixt:numdotdecimal" decimals="0" unitRef="USD">116,404</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_434_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_zS0AZeNMFCG8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Transfer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0929">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="Fact000930" format="ixt:numdotdecimal" decimals="0" unitRef="USD">118,216</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0931">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_ConstructionInProgressMember" id="Fact000932" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">118,216</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0933">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0934">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0935">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0936">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zQy7zE1Y5Aa2" title="Transfer" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0938">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_431_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--DisposalsAndRetirementsPropertyPlantAndEquipment_iN_di_zs0aOQVtifD9" style="vertical-align: bottom; background-color: White">
    <td>Disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0940">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0941">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0942">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0943">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000944" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,401</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0945">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000946" format="ixt:numdotdecimal" decimals="0" unitRef="USD">88,652</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(<ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000947" format="ixt:numdotdecimal" decimals="0" unitRef="USD">184</ix:nonFraction></p></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--DisposalsAndRetirementsPropertyPlantAndEquipment_iN_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zmVHwE8NBGSj" title="Disposals" style="text-align: right">(<ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000949" format="ixt:numdotdecimal" decimals="0" unitRef="USD">90,237</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_436_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--ChangesInPropertyPlantAndEquipment_zmtWC2PN10F6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0951">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0952">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="Fact000953" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">410</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0954">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000955" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0956">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000957" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,913</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000958" format="ixt:numdotdecimal" decimals="0" unitRef="USD">593</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--ChangesInPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zbkEg6Zpqnpd" title="Exchange difference" style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000960" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,203</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_439_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--PropertyPlantAndEquipment_iE_zL0nYS01Y7nc" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><b>At December 31, 2023</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FreeholdLandMember" id="Fact000962" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,546,665</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_PropertiesMember" id="Fact000963" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,332,290</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_LeaseholdImprovementMember" id="Fact000964" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,223</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl0965">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MachineryMember" id="Fact000966" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,516,645</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_FurnituresAndFittingsMember" id="Fact000967" format="ixt:numdotdecimal" decimals="0" unitRef="USD">43,437</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_MotorVehiclesMember" id="Fact000968" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,220,857</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_ifrs-full_OfficeEquipmentMember" id="Fact000969" format="ixt:numdotdecimal" decimals="0" unitRef="USD">63,160</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td id="xdx_980_eifrs-full--PropertyPlantAndEquipment_iE_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zmeg1GYZtzog" title="Ending balance" style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact000971" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,747,277</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">Accumulated depreciation:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_436_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--PropertyPlantAndEquipment_iS_zHKZqGthEPRi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At January 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0973">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="Fact000974" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">266,484</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="Fact000975" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,666</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0976">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact000977" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">830,772</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="Fact000978" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">29,346</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact000979" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">337,940</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact000980" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">18,526</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--PropertyPlantAndEquipment_iS_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zbkiD7z0kSac" title="Beginning balance" style="text-align: right">(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact000982" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,492,734</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43E_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_zxGnNnyRQhEf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Charge for the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0984">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="Fact000985" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">96,261</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="Fact000986" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,522</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0987">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact000988" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">553,706</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="Fact000989" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,100</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact000990" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">36,838</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact000991" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,320</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zMr16PzPeZTb" title="Charge for the year" style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact000993" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">707,747</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43C_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_znwhkHOMOxkf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Transfer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0995">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0996">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0997">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0998">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0999">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="Fact001000" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,619</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1001">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact001002" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">17,619</ix:nonFraction></td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zOTY23uMZe46" title="Transfer" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1004">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_43A_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--DisposalsAndRetirementsPropertyPlantAndEquipment_iN_di_zYzFXhkkQdD3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Eliminated upon disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1006">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1007">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1008">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1009">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact001010" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">162</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact001012" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">48,309</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact001013" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,637</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--DisposalsAndRetirementsPropertyPlantAndEquipment_iN_di_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zsCL1lrSAXc8" title="Beginning balance" style="text-align: right"><ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001015" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">50,108</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43E_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--ChangesInPropertyPlantAndEquipment_zuImvzQBUjW6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1017">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1018">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="Fact001019" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,011</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1020">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact001021" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="Fact001022" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,245</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact001023" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,792</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact001024" format="ixt:numdotdecimal" decimals="0" unitRef="USD">102</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--ChangesInPropertyPlantAndEquipment_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zWmiYJT48IVj" style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001025" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,214</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_433_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--PropertyPlantAndEquipment_iS_znWtuMqOhEQ3" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><b>At December 31, 2022 and January 1, 2023</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="Fact001028" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">362,745</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="Fact001029" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">15,177</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1030">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact001031" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,384,252</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="Fact001032" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">15,582</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact001033" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">321,677</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact001034" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">43,726</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td id="xdx_98C_eifrs-full--PropertyPlantAndEquipment_iS_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_z786vD2utYs5" style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001035" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,143,159</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td></tr>
  <tr id="xdx_432_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_zM4nV9XJPMY9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Charge for the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1037">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="Fact001038" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">156,404</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="Fact001039" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,206</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1040">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact001041" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">450,707</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="Fact001042" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,071</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact001043" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">237,309</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact001044" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,590</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_z0qrurxMAaQ4" style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001045" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">863,287</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_431_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--DisposalsAndRetirementsPropertyPlantAndEquipment_iN_di_zJc2K8FHlG04" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Eliminated upon disposals</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1047">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1048">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1049">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1050">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact001051" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">756</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1052">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact001053" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">70,608</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1054">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--DisposalsAndRetirementsPropertyPlantAndEquipment_iN_di_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zybP8PGA2Fn4" style="text-align: right"><ix:nonFraction name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001055" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">71,364</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43F_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--ChangesInPropertyPlantAndEquipment_zJpSZCqsiTRk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1057">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1058">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="Fact001059" format="ixt:numdotdecimal" decimals="0" unitRef="USD">236</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1060">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact001061" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,299</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1062">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact001063" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,984</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact001064" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">439</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--ChangesInPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zcwuVTyaZXM2" style="text-align: right">(<ix:nonFraction name="ifrs-full:ChangesInPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001065" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,486</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43E_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_eifrs-full--PropertyPlantAndEquipment_iE_z1x1ncdBu5ok" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><b>At December 31, 2023</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1067">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_PropertiesMember" id="Fact001068" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">519,149</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_LeaseholdImprovementMember" id="Fact001069" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">21,147</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1070">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MachineryMember" id="Fact001071" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,836,502</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_FurnituresAndFittingsMember" id="Fact001072" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">20,653</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_MotorVehiclesMember" id="Fact001073" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">491,362</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_OfficeEquipmentMember" id="Fact001074" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">51,755</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td id="xdx_989_eifrs-full--PropertyPlantAndEquipment_iE_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zDN1hCiyHIY7" style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001075" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,940,568</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">Accumulated impairment:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43F_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_eifrs-full--PropertyPlantAndEquipment_iS_z5LvSaSECtK8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At January 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1077">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1078">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1079">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1080">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1081">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1082">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1083">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1084">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--PropertyPlantAndEquipment_iS_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_znYnRQ2yI8a5" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1085">-</span></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_433_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_eifrs-full--PropertyPlantAndEquipment_iS_zNW3leAguAGg" style="display: none; vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"> Beginning balance</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1087">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1088">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1089">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1090">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1091">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1092">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1093">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1094">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--PropertyPlantAndEquipment_iS_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_znzJe409oUtd" style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1095">-</span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr id="xdx_434_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_zi6r7y0BMbVg" style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Charge for the year</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1097">-</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1098">-</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1099">-</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1100">-</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1101">-</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1102">-</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1103">-</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1104">-</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><b>-</b></span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_433_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_eifrs-full--PropertyPlantAndEquipment_iS_zjm0rZVXhYq" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b>At December 31, 2022 and January 1, 2023</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1106">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1107">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1108">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1109">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1110">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1111">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1112">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1113">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
<tr id="xdx_43D_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_zV78VEalVSgg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Charge for the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1115">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember" id="Fact001116" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,575,694</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1117">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1118">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember" id="Fact001119" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,668,994</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1120">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1121">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1122">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_z3RFv2YKs9n3" style="text-align: right">(<ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedImpairmentMember" id="Fact001123" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,244,688</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43B_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_eifrs-full--PropertyPlantAndEquipment_iE_zF2D6n0eXCsh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><b>At December 31, 2023</b></td><td style="font-weight: bold"><b>&#160;</b></td>
    <td style="font-weight: bold; text-align: left"><b>&#160;</b></td><td style="font-weight: bold; text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1125">-</span></b></td><td style="font-weight: bold; text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_custom_PropertiesMember" id="Fact001126" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,575,694</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1127">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1128">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember_ifrs-full_MachineryMember" id="Fact001129" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,668,994</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1130">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1131">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1132">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td id="xdx_981_eifrs-full--PropertyPlantAndEquipment_iE_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_z5Hn4j1gqGDk" style="text-align: right"><b>(<ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_AccumulatedImpairmentMember" id="Fact001133" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,244,688</ix:nonFraction></b></td><td style="text-align: left"><b>)</b></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold">Net book value:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43F_c20220101__20221231_eifrs-full--PropertyPlantAndEquipment_iE_zr2rnLes40d8" style="vertical-align: bottom; background-color: White">
    <td>At December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_FreeholdLandMember" id="Fact001135" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,546,665</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_PropertiesMember" id="Fact001136" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,815,220</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_LeaseholdImprovementMember" id="Fact001137" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,456</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_ConstructionInProgressMember" id="Fact001138" format="ixt:numdotdecimal" decimals="0" unitRef="USD">53,800</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_MachineryMember" id="Fact001139" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,123,113</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_custom_FurnituresAndFittingsMember" id="Fact001140" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,463</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_MotorVehiclesMember" id="Fact001141" format="ixt:numdotdecimal" decimals="0" unitRef="USD">980,919</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31_ifrs-full_OfficeEquipmentMember" id="Fact001142" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,112</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--PropertyPlantAndEquipment_iE_c20220101__20221231_ztq6K4jyon3b" style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact001143" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,570,748</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_433_c20230101__20231231_eifrs-full--PropertyPlantAndEquipment_iE_zkRPXO0b6tQl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><b>At December 31, 2023</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_FreeholdLandMember" id="Fact001145" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,546,665</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_PropertiesMember" id="Fact001146" format="ixt:numdotdecimal" decimals="0" unitRef="USD">237,447</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_LeaseholdImprovementMember" id="Fact001147" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,076</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><span style="-sec-ix-hidden: xdx2ixbrl1148">-</span></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_MachineryMember" id="Fact001149" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,011,149</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_FurnituresAndFittingsMember" id="Fact001150" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,784</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_MotorVehiclesMember" id="Fact001151" format="ixt:numdotdecimal" decimals="0" unitRef="USD">729,495</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_OfficeEquipmentMember" id="Fact001152" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,405</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td id="xdx_984_eifrs-full--PropertyPlantAndEquipment_iE_c20230101__20231231_zNfCMsq8Svtl" style="text-align: right"><b><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001153" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,562,021</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td></tr>
  <tr id="xdx_43E_c20230101__20231231_eifrs-full--PropertyPlantAndEquipment_iE_zda3a59QjxTj" style="display: none; vertical-align: bottom; background-color: White">
    <td>Ending balance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_FreeholdLandMember" id="Fact001155" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,546,665</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_PropertiesMember" id="Fact001156" format="ixt:numdotdecimal" decimals="0" unitRef="USD">237,447</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_LeaseholdImprovementMember" id="Fact001157" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,076</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1158">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_MachineryMember" id="Fact001159" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,011,149</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_custom_FurnituresAndFittingsMember" id="Fact001160" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,784</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_MotorVehiclesMember" id="Fact001161" format="ixt:numdotdecimal" decimals="0" unitRef="USD">729,495</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31_ifrs-full_OfficeEquipmentMember" id="Fact001162" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,405</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eifrs-full--PropertyPlantAndEquipment_iE_c20230101__20231231_zaP2qo3O7vRc" title="Ending balance" style="text-align: right"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001164" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,562,021</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A7_z8OfL2nQjG9g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment
assessment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the reporting period, certain subsidiaries operating in Peru have been severely affected by unfavorable market conditions arising in
the construction and home improvement sector, which indicates that the property, plant and equipment of these subsidiaries may have
impaired. The directors of the Company have therefore performed an impairment assessment on the property, plant and equipment of these
subsidiaries at December 31, 2023 based on a valuation performed by BMI Appraisals Limited, an independent professionally qualified valuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recoverable amount of the property, plant and equipment of these subsidiaries amounted to approximately US$<span id="xdx_905_eifrs-full--RecoverableAmountOfAssetOrCashgeneratingUnit_iI_c20231231_ztXIck91lvfe"><ix:nonFraction name="ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit" contextRef="AsOf2023-12-31" id="Fact001165" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,011,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is determined based on value in use calculation
involving estimation of the future cash flow and the use of assumptions including revenue growth rate, long-term growth rate and discount
rate. As a result of the impairment assessment, an impairment loss of USD<span id="xdx_901_eifrs-full--ImpairmentLoss_c20230101__20231231_zyjTmqUfDEtl"><ix:nonFraction name="ifrs-full:ImpairmentLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001166" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,244,688</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was recognized in profit or loss during
the reporting period.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 104; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001168" name="NWGL:DisclosureOfRightofuseAssetsExplanatory"><p id="xdx_80E_ecustom--DisclosureOfRightofuseAssetsExplanatory_zAosma1ZWZM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zlZsCQJNh2h2">RIGHT-OF-USE-ASSETS,
  NET</span></b></span></td></tr>
</table>



<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001170" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><p id="xdx_890_eifrs-full--DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_zuhxhGwee1Nk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8BD_zVmN3zveUFI8" style="display: none">SCHEDULE
OF RIGHT OF USE ASSETS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leased</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Properties</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%">At January 1, 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--RightofuseAssets_iS_c20220101__20221231_zfo3ih3JrKz" title="Right of use assets net, beginning balance" style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2021-12-31" id="Fact001172" format="ixt:numdotdecimal" decimals="0" unitRef="USD">274,098</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Depreciation charge for the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--DepreciationRightofuseAssets_iN_di_c20220101__20221231_zfo5e8QyzCCk" title="Depreciation charge for the year" style="text-align: right">(<ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-012022-12-31" id="Fact001174" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,479</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--RightofuseAssetsIncreaseDecreaseInRevaluationSurplus_c20220101__20221231_z9iYhf2DAbL7" title="Exchange difference" style="text-align: right">(<ix:nonFraction name="ifrs-full:RightofuseAssetsIncreaseDecreaseInRevaluationSurplus" contextRef="From2022-01-012022-12-31" id="Fact001176" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,551</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">At December 31, 2022 and January 1, 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_980_eifrs-full--RightofuseAssets_iS_c20230101__20231231_zSkXAbEG15X7" title="Right of use assets net, beginning balance" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31" id="Fact001178" format="ixt:numdotdecimal" decimals="0" unitRef="USD">157,068</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Addition</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eifrs-full--AdditionsToRightofuseAssets_c20230101__20231231_zx6P4NgAXIv5" title="Addition" style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2023-01-01to2023-12-31" id="Fact001180" format="ixt:numdotdecimal" decimals="0" unitRef="USD">136,242</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lease modification</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--RightofuseAssetsLeasModification_c20230101__20231231_zqdHQqPpo3a8" title="Lease modification" style="text-align: right">(<ix:nonFraction name="NWGL:RightofuseAssetsLeasModification" contextRef="From2023-01-01to2023-12-31" id="Fact001182" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,035</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Depreciation charge for the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--DepreciationRightofuseAssets_iN_di_c20230101__20231231_zVzQwGwDssI6" title="Depreciation charge for the year" style="text-align: right">(<ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2023-01-01to2023-12-31" id="Fact001184" format="ixt:numdotdecimal" decimals="0" unitRef="USD">99,360</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--RightofuseAssetsIncreaseDecreaseInRevaluationSurplus_c20230101__20231231_zMI9aBY01Vvd" title="Exchange difference" style="text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssetsIncreaseDecreaseInRevaluationSurplus" contextRef="From2023-01-01to2023-12-31" id="Fact001186" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,094</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">At December 31, 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--RightofuseAssets_iE_c20230101__20231231_zSbphzsWgX6d" title="Right of use assets net, ending balance" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-12-31" id="Fact001188" format="ixt:numdotdecimal" decimals="0" unitRef="USD">189,009</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49B_20230101__20231231_zIsUgz7NgqK2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_492_20220101__20221231_zLqNaNrSGFO6" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: center">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed_zrD6YU4P8VA" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Expense relating to short-term lease and other leases with lease terms end within 12 months</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" contextRef="From2023-01-01to2023-12-31" id="Fact001190" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,283</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" contextRef="From2022-01-012022-12-31" id="Fact001191" format="ixt:numdotdecimal" decimals="0" unitRef="USD">66,078</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--CashOutflowForLeases_z37sKFy2yhEd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total cash outflow for leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashOutflowForLeases" contextRef="From2023-01-01to2023-12-31" id="Fact001193" format="ixt:numdotdecimal" decimals="0" unitRef="USD">112,262</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:CashOutflowForLeases" contextRef="From2022-01-012022-12-31" id="Fact001194" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,277</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zbM9GbP6e3Ca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
both years,<span id="xdx_909_eifrs-full--InformationAboutNatureOfLesseesLeasingActivities_c20230101__20231231_zdiMCRuCZgl4" title="Lease description"> <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001196" name="ifrs-full:InformationAboutNatureOfLesseesLeasingActivities">the Group leased offices for its operations. Lease contracts are entered into fixed terms from 1 year to 9 years (2022: 1
year to 9 years). No extension options are available for all leases. Lease terms are negotiated on an individual basis and contain wide
range of different terms and conditions</ix:nonNumeric></span>. In determining the lease term and assessing the length of the non-cancellable period, the Group
applies the definition of a contract and determines the period for which the contract is enforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
leases are operating leases.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 105; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001198" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfIntangibleAssetsExplanatory_zH4Qb98JuQLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zr1Ql4Sydqfb">INTANGIBLE ASSETS, NET</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group currently owns certain natural forest concessions and cutting rights for the exploitation of timbers on parcels of land in Peru,
which are subject to compliance of certain laws and regulations in Peru. The timber concessions and cutting rights have finite useful
lives ranging from <span id="xdx_908_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_dtY_c20230101__20231231__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__custom--TimberConcessionAndCuttingRightsMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z706NWuq08q1" class="xdx_phnt_RGlzY2xvc3VyZSAtIElOVEFOR0lCTEUgQVNTRVRTLCBORVQgKERldGFpbHMgTmFycmF0aXZlKQA_" title="Finite useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TimberConcessionAndCuttingRightsMember_ifrs-full_BottomOfRangeMember" format="ixt-sec:duryear" id="Fact001200" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">23</ix:nonNumeric></span> to <span class="xdx_phnt_RGlzY2xvc3VyZSAtIElOVEFOR0lCTEUgQVNTRVRTLCBORVQgKERldGFpbHMgTmFycmF0aXZlKQA_" id="xdx_908_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_dtY_c20230101__20231231__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__custom--TimberConcessionAndCuttingRightsMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zgfScd5szWg6" title="Finite useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TimberConcessionAndCuttingRightsMember_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact001202" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">40</ix:nonNumeric>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001204" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><p id="xdx_89F_eifrs-full--DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_zXI91ZwZY1r3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_zvUpbSLaSMp5" style="display: none">SCHEDULE OF INTANGIBLE ASSETS</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4BD_ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis_custom--TimberConcessionAndCuttingRightsMember_zP1lFgYDhaB5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Timber concession and cutting rights</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4BF_ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis_custom--OtherIntangibleAssetMember_zjwtXCsB8fz2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Others</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_4BF_zieqTlPfV5qj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="text-decoration: underline">Cost:</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_433_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--IntangibleAssetsOtherThanGoodwill_iS_zkkTdEARtx6e" style="vertical-align: bottom; background-color: White">
    <td style="width: 55%">At January 1, 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001206" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,464,332</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001207" format="ixt:numdotdecimal" decimals="0" unitRef="USD">57,826</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001208" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,522,158</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_40B_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zGzLTb7UDXR1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001210" format="ixt:numdotdecimal" decimals="0" unitRef="USD">313,517</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001211" format="ixt:numdotdecimal" decimals="0" unitRef="USD">651</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001212" format="ixt:numdotdecimal" decimals="0" unitRef="USD">314,168</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_ecustom--ImpairmentLossRecognisedInProfitOrLossForeignExchangeTranslation_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zdI0l2TfAeU8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1214">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:ImpairmentLossRecognisedInProfitOrLossForeignExchangeTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001215" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">251</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:ImpairmentLossRecognisedInProfitOrLossForeignExchangeTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001216" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">251</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_439_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--IntangibleAssetsOtherThanGoodwill_iS_zy94mkX1hQN9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">At December 31, 2022 and January 1, 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001218" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,777,849</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001219" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,226</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001220" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,836,075</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_435_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--IntangibleAssetsOtherThanGoodwill_iS_zNiHw9WrRsG8" style="display: none; vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Cost, balance</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001222" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,777,849</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001223" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,226</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001224" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,836,075</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr id="xdx_40B_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zSNhK0GvXvok" style="vertical-align: bottom; background-color: White">
    <td>Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001226" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,162,073</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1227">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001228" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,162,073</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_439_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--IntangibleAssetsOtherThanGoodwill_iE_ztNk5jXqzkhc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">At December 31, 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001230" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,939,922</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001231" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,226</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001232" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,998,148</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_439_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_eifrs-full--IntangibleAssetsOtherThanGoodwill_iE_zWOcYPHCue1g" style="display: none; vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Cost, balance</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001234" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,939,922</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001235" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,226</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:IntangibleAssetsOtherThanGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001236" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,998,148</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="text-decoration: underline">Accumulated amortization:</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43D_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ecustom--AccumulatedAmortizationIntellectualPropertiesAndGoodwill_iS_z7QieUFK8M22" style="vertical-align: bottom; background-color: White">
    <td>At January 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001238" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,619,497</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001239" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,491</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2021-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001240" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,622,988</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_40D_ecustom--AccumulatedAmortizationChargeForTheYear_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zEpxKpdzkn44" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Charge for the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationChargeForTheYear" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001242" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">888,181</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationChargeForTheYear" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001243" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">16,134</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationChargeForTheYear" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001244" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">904,315</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_ecustom--AccumulatedAmortizationForeignExchangeTranslation_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zwLd7a32Xtg8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1246">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationForeignExchangeTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_OtherIntangibleAssetMember" id="Fact001247" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,315</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationForeignExchangeTranslation" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001248" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,315</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43B_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ecustom--AccumulatedAmortizationIntellectualPropertiesAndGoodwill_iS_zZhCgvdXQYNh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">At December 31, 2022 and January 1, 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001250" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,507,678</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001251" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">22,940</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001252" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,530,618</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_43F_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ecustom--AccumulatedAmortizationIntellectualPropertiesAndGoodwill_iS_z8oN4LgaFWwe" style="display: none; vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Accumulated amortization, balance</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001254" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,507,678</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001255" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">22,940</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001256" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,530,618</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
<tr id="xdx_40C_ecustom--AccumulatedAmortizationChargeForTheYear_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zm4RhiSrrcT" style="vertical-align: bottom; background-color: White">
    <td>Charge for the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationChargeForTheYear" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001258" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">943,607</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationChargeForTheYear" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001259" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,017</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationChargeForTheYear" contextRef="From2023-01-012023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001260" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">950,624</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_ecustom--AccumulatedAmortizationForeignExchangeTranslation_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zjZP1UuLUFdk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange difference</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1262">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AccumulatedAmortizationForeignExchangeTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember_custom_OtherIntangibleAssetMember" id="Fact001263" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AccumulatedAmortizationForeignExchangeTranslation" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001264" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_432_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ecustom--AccumulatedAmortizationIntellectualPropertiesAndGoodwill_iE_z4SgIJA66Tli" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">At December 31, 2023</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001266" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,451,285</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001267" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">29,924</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001268" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,481,209</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_436_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_ecustom--AccumulatedAmortizationIntellectualPropertiesAndGoodwill_iE_zj5W5A4sBKRa" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Accumulated amortization, balance</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_TimberConcessionAndCuttingRightsMember" id="Fact001270" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,451,285</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember_custom_OtherIntangibleAssetMember" id="Fact001271" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">29,924</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="NWGL:AccumulatedAmortizationIntellectualPropertiesAndGoodwill" contextRef="AsOf2023-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001272" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,481,209</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="text-decoration: underline">Net book value:</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_434_c20221231_ecustom--IntangibleAssetsIncludingGoodwill_iI_zYLPbwtohQAc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2022-12-31_custom_TimberConcessionAndCuttingRightsMember" id="Fact001274" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,270,171</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2022-12-31_custom_OtherIntangibleAssetMember" id="Fact001275" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,286</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2022-12-31" id="Fact001276" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,305,457</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43B_c20231231_ecustom--IntangibleAssetsIncludingGoodwill_iI_z34we2LxMrX7" style="vertical-align: bottom; background-color: White">
    <td><b>At December 31, 2023</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2023-12-31_custom_TimberConcessionAndCuttingRightsMember" id="Fact001278" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,488,637</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2023-12-31_custom_OtherIntangibleAssetMember" id="Fact001279" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,302</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2023-12-31" id="Fact001280" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,516,939</ix:nonFraction></b></td><td style="text-align: left"><b>&#160;</b></td></tr>
  <tr id="xdx_433_c20231231_ecustom--IntangibleAssetsIncludingGoodwill_iI_zDQXqCTZADel" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Net
    book value</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2023-12-31_custom_TimberConcessionAndCuttingRightsMember" id="Fact001282" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,488,637</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2023-12-31_custom_OtherIntangibleAssetMember" id="Fact001283" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,302</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:IntangibleAssetsIncludingGoodwill" contextRef="AsOf2023-12-31" id="Fact001284" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,516,939</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A1_zptoafg4Oh7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:
During the year ended December 31, 2023, the Group acquired several timber concession and cutting rights in Peru with an aggregate
area of approximately <span id="xdx_903_ecustom--AggregateArea_iI_uHectare_c20231231__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__custom--TimberConcessionAndCuttingRightsMember_zFKBJodTI6H5" title="Aggregate area"><ix:nonFraction name="NWGL:AggregateArea" contextRef="AsOf2023-12-31_custom_TimberConcessionAndCuttingRightsMember" id="Fact001286" format="ixt:numdotdecimal" decimals="INF" unitRef="Hectare">77,217</ix:nonFraction></span> hectares at a
total sum of consideration for USD<span id="xdx_90D_eifrs-full--PaymentsToSuppliersForGoodsAndServices_c20230101__20231231__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__custom--TimberConcessionAndCuttingRightsMember_zxAVxFDzWejj"><ix:nonFraction name="ifrs-full:PaymentsToSuppliersForGoodsAndServices" contextRef="From2023-01-012023-12-31_custom_TimberConcessionAndCuttingRightsMember" id="Fact001287" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,162,073</ix:nonFraction></span> offsetting against the prepayments made to the suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 106; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001289" name="ifrs-full:DisclosureOfInventoriesExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfInventoriesExplanatory_zC9QFFhBumYd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zRyAEwYznvhl">INVENTORIES</span></b></span></td></tr>
</table>



<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001291" name="NWGL:DisclosureOfDetailedInformationAboutInventoriesExplanatory"><p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutInventoriesExplanatory_zyx7lfIb28Q" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zZIaoh450Td7" style="display: none">SCHEDULE OF INVENTORIES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_490_20231231_zYey6aOqrKoc" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_492_20221231_zFwvbI85NRia" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--CurrentRawMaterialsAndCurrentProductionSupplies_iI_maIzc8J_zI3MnLIKL456" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Raw materials</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:CurrentRawMaterialsAndCurrentProductionSupplies" contextRef="AsOf2023-12-31" id="Fact001293" format="ixt:numdotdecimal" decimals="0" unitRef="USD">549,541</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="ifrs-full:CurrentRawMaterialsAndCurrentProductionSupplies" contextRef="AsOf2022-12-31" id="Fact001294" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,427,134</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--WorkInProgress_iI_maIzc8J_zUZX6xTKs0f2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Work in progress</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:WorkInProgress" contextRef="AsOf2023-12-31" id="Fact001296" format="ixt:numdotdecimal" decimals="0" unitRef="USD">372,190</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:WorkInProgress" contextRef="AsOf2022-12-31" id="Fact001297" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,742,927</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--FinishedGoods_iI_maIzc8J_zSnywpNwvH22" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Finished goods</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:FinishedGoods" contextRef="AsOf2023-12-31" id="Fact001299" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,307,695</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:FinishedGoods" contextRef="AsOf2022-12-31" id="Fact001300" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,566,406</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--SparePartsForProduction_iI_maIzc8J_zB7BNuWHTt8h" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Spare parts for production</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:SparePartsForProduction" contextRef="AsOf2023-12-31" id="Fact001302" format="ixt:numdotdecimal" decimals="0" unitRef="USD">309,387</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:SparePartsForProduction" contextRef="AsOf2022-12-31" id="Fact001303" format="ixt:numdotdecimal" decimals="0" unitRef="USD">391,263</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--Inventories_iTI_mtIzc8J_zPaoJvIwAAQi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Inventories" contextRef="AsOf2023-12-31" id="Fact001305" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,538,813</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Inventories" contextRef="AsOf2022-12-31" id="Fact001306" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,127,730</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Note: <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Write-down
of inventories to net realizable value amounted to USD<span id="xdx_903_ecustom--AdjustmentsForWritedownOfInventories_c20230101__20231231_zNnrK94B7Yx6" title="Adjustments for writedown of inventories"><ix:nonFraction name="NWGL:AdjustmentsForWritedownOfInventories" contextRef="From2023-01-01to2023-12-31" id="Fact001308" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,933,391</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: <span id="xdx_90B_ecustom--AdjustmentsForWritedownOfInventories_dxL_c20220101__20221231_ziUB4WLeugz7" title="Adjustments for writedown of inventories::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1310">Nil</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">).
These were recognized as an expense during the year ended December 31, 2023 and included in &#8220;cost of revenue&#8221; in the consolidated
statement of profit or loss.</span></p>

</ix:nonNumeric><p id="xdx_8AF_z5j7ipv9a6y9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001312" name="ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfPrepaymentsAndOtherAssetsExplanatory_zoEsuUH5Rbf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zYsM2c6Mkq0f">PREPAYMENTS</span></b></span></td></tr>
</table>



<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001314" name="NWGL:DisclosureOfCurrentAndNonCurrentPrepaymentsExplanatory"><p id="xdx_89C_ecustom--DisclosureOfCurrentAndNonCurrentPrepaymentsExplanatory_z7tDJyZpB9Mc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;<span id="xdx_8BF_zRwqpDzIJJKk" style="display: none">SUMMARY OF CURRENT AND NON-CURRENT PREPAYMENTS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_490_20231231_z1QukfdkFZK" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49E_20221231_zyWj90Mivcx6" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Advance payments made for:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--PurchaseOfFlooringAndDeckingProductsPrepayments_iI_zrY5XwWFTCbe" style="vertical-align: bottom; background-color: White">
    <td style="width: 64%; text-align: left">Purchase of flooring and decking products (Note <span id="xdx_F4E_zy73tnNDnlVd">1</span>)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="NWGL:PurchaseOfFlooringAndDeckingProductsPrepayments" contextRef="AsOf2023-12-31" id="Fact001316" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,420,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="NWGL:PurchaseOfFlooringAndDeckingProductsPrepayments" contextRef="AsOf2022-12-31" id="Fact001317" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,801,710</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--PurchaseOfLogsPrepayments_iI_zdsBPGwtzjXk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Purchase of logs (Note <span id="xdx_F42_zAGbwUl0d0ak">2</span>)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:PurchaseOfLogsPrepayments" contextRef="AsOf2023-12-31" id="Fact001319" format="ixt:numdotdecimal" decimals="0" unitRef="USD">625,272</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:PurchaseOfLogsPrepayments" contextRef="AsOf2022-12-31" id="Fact001320" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,478,043</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--HarvestingWorkInConcessionsAndWoodProcessingServicesPrepayments_iI_zjnMLQooSxC4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Harvesting work in concessions and wood processing services (Note <span id="xdx_F47_zmdhZQ5ECt4">3</span>)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:HarvestingWorkInConcessionsAndWoodProcessingServicesPrepayments" contextRef="AsOf2023-12-31" id="Fact001322" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,980,680</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:HarvestingWorkInConcessionsAndWoodProcessingServicesPrepayments" contextRef="AsOf2022-12-31" id="Fact001323" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,890,222</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--AcquisitionOfCuttingRightsInTimberConcessionPrepayments_iI_zM3UIQoAvQY4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Acquisition of cutting rights in timber concession (Note <span id="xdx_F4D_zj1tliM3as1a">4</span>)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1325">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:AcquisitionOfCuttingRightsInTimberConcessionPrepayments" contextRef="AsOf2022-12-31" id="Fact001326" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,104,242</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--HarvestingCostToCapitalizePrepayments_iI_zSkPsO6wmVbc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Harvesting cost (Note <span id="xdx_F4B_zlJfuWul1sJk">5</span>)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:HarvestingCostToCapitalizePrepayments" contextRef="AsOf2023-12-31" id="Fact001328" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,568,630</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:HarvestingCostToCapitalizePrepayments" contextRef="AsOf2022-12-31" id="Fact001329" format="ixt:numdotdecimal" decimals="0" unitRef="USD">600,185</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--PrepaymentForAcquisitionOfPropertyPlantAndEquipmentPrepayments_iI_z4Svha51nxp8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Prepayment for acquisition of property, plant and equipment (Note <span id="xdx_F46_zuFf0gC9X2ie">6</span>)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="NWGL:PrepaymentForAcquisitionOfPropertyPlantAndEquipmentPrepayments" contextRef="AsOf2023-12-31" id="Fact001331" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1332">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--OthersPrepayments_zUlSu8hqTgT8" style="vertical-align: bottom; background-color: White">
    <td id="xdx_F42_zhk4lOl4K4el" style="text-align: left">Others (Note 7)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:OthersPrepayments" contextRef="AsOf2023-12-31" id="Fact001334" format="ixt:numdotdecimal" decimals="0" unitRef="USD">226,252</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:OthersPrepayments" contextRef="AsOf2022-12-31" id="Fact001335" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,389,523</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--PrepaymentsAndAccruedIncomeOtherThanContractAssets_iTI_zCdSfQdEPhT1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 11pt">Total</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PrepaymentsAndAccruedIncomeOtherThanContractAssets" contextRef="AsOf2023-12-31" id="Fact001337" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,120,834</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:PrepaymentsAndAccruedIncomeOtherThanContractAssets" contextRef="AsOf2022-12-31" id="Fact001338" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,263,925</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--PrepaymentsCurrent_iNI_di_zkdCWA2LXco7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: Amounts to be utilized within 12 months shown under current assets</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="NWGL:PrepaymentsCurrent" contextRef="AsOf2023-12-31" id="Fact001340" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,820,834</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="NWGL:PrepaymentsCurrent" contextRef="AsOf2022-12-31" id="Fact001341" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,153,330</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_ecustom--PrepaymentsNonCurrent_iTI_zCXu5O9zklJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amounts to be utilized after 12 months shown under non-current assets</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="NWGL:PrepaymentsNonCurrent" contextRef="AsOf2023-12-31" id="Fact001343" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="NWGL:PrepaymentsNonCurrent" contextRef="AsOf2022-12-31" id="Fact001344" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,110,595</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F06_z4dYY0QJ2scd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zYGHPNsjT1db" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001345" xml:lang="en-US">Included
    in the prepayments, USD<span id="xdx_902_eifrs-full--Prepayments_iI_pn5n6_c20231231__ifrs-full--ProductsAndServicesAxis__custom--FlooringMember_z58zhNCHFWOc" title="Prepayments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Prepayments" contextRef="AsOf2023-12-31_custom_FlooringMember" id="Fact001347" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.4</ix:nonFraction></span> million (2022: USD<span id="xdx_909_eifrs-full--Prepayments_iI_pn5n6_c20221231__ifrs-full--ProductsAndServicesAxis__custom--FlooringMember_z2fqTafYGxhc" title="Prepayments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Prepayments" contextRef="AsOf2022-12-31_custom_FlooringMember" id="Fact001349" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.8</ix:nonFraction></span> million) was advanced for the purchase of flooring and decking
    products in order to secure our supply chain of wood products to our customers.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td id="xdx_F09_zHzSYCEs7ys1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td id="xdx_F1D_zhNXsovVyOAk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:footnote id="Footnote001350" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    in the prepayments, USD<span id="xdx_900_eifrs-full--Prepayments_iI_pn5n6_c20231231__ifrs-full--ProductsAndServicesAxis__custom--LogsMember_zwXsZjoEE3j4" title="Prepayments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Prepayments" contextRef="AsOf2023-12-31_custom_LogsMember" id="Fact001352" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction></span> million (2022: USD<span id="xdx_900_eifrs-full--Prepayments_iI_pn5n6_c20221231__ifrs-full--ProductsAndServicesAxis__custom--LogsMember_zcqE69YjfiOh" title="Prepayments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Prepayments" contextRef="AsOf2022-12-31_custom_LogsMember" id="Fact001354" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.5</ix:nonFraction></span> million) was advanced for the purchase of logs in Peru to secure the
    raw materials supply for our wood processing for production.</span></ix:footnote></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td id="xdx_F05_ziZQLJwYNlr1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zBgu6Pq3thfk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001355" xml:lang="en-US">Included
    in the prepayments, USD<span id="xdx_902_eifrs-full--Prepayments_iI_pn5n6_c20231231__ifrs-full--ProductsAndServicesAxis__custom--HarvestingMember_zmEqADC69iWa" title="Prepayments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Prepayments" contextRef="AsOf2023-12-31_custom_HarvestingMember" id="Fact001357" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.0</ix:nonFraction></span> million (2022: USD<span id="xdx_900_eifrs-full--Prepayments_iI_pn5n6_c20221231__ifrs-full--ProductsAndServicesAxis__custom--HarvestingMember_zyzfjuYhHHX3" title="Prepayments" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:Prepayments" contextRef="AsOf2022-12-31_custom_HarvestingMember" id="Fact001359" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.9</ix:nonFraction></span> million) was advanced for harvesting work in our timber concessions
    and wood processing services.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td id="xdx_F03_zgiVvfPIW0nc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td id="xdx_F12_z4uZAzLZsor9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:footnote id="Footnote001360" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    December 31, 2022, USD<span id="xdx_905_eifrs-full--PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_iI_pn5n6_c20221231__ifrs-full--ProductsAndServicesAxis__custom--TimberConcessionMember_z3pKjUNPlW3i" title="Property prepayments acquisition" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" contextRef="AsOf2022-12-31_custom_TimberConcessionMember" id="Fact001362" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.1</ix:nonFraction></span> million was advanced for the acquisition of timber concession in Peru. The right transfer
    process has been completed with relevant authorities in January 2023. </span></ix:footnote></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td id="xdx_F04_zHEM5f3hiQNe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td id="xdx_F12_zAr6dym6XoW9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:footnote id="Footnote001363" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    in the prepayments, USD<span id="xdx_905_eifrs-full--InventoryRecognisedAsOfAcquisitionDate_iI_pn5n6_c20231231__ifrs-full--ProductsAndServicesAxis__custom--HarvestingMember_zvcsgvdx5KUd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:InventoryRecognisedAsOfAcquisitionDate" contextRef="AsOf2023-12-31_custom_HarvestingMember" id="Fact001364" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.6</ix:nonFraction></span>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (2022: USD<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_906_eifrs-full--InventoryRecognisedAsOfAcquisitionDate_iI_pn5n6_c20221231__ifrs-full--ProductsAndServicesAxis__custom--HarvestingMember_z5cARbPPsqb3"><ix:nonFraction name="ifrs-full:InventoryRecognisedAsOfAcquisitionDate" contextRef="AsOf2022-12-31_custom_HarvestingMember" id="Fact001365" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million) was the harvesting cost to be transferred
    to inventories upon the receipt of logs.</span></ix:footnote></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td id="xdx_F05_zWUJmFhNaE62" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td id="xdx_F1E_zHIglSUrgNP6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:footnote id="Footnote001366" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    December 31, 2023, included in the prepayments was an initial payment of USD<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_902_eifrs-full--PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_iI_pn5n6_c20231231_zQQCVMIQQS49"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" contextRef="AsOf2023-12-31" id="Fact001367" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.3</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million upon signing of a contract by
    a subsidiary for acquiring a property in Peru at a sum of USD<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgQ1VSUkVOVCBBTkQgTk9OLUNVUlJFTlQgUFJFUEFZTUVOVFMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_900_eifrs-full--ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_iI_pn5n6_c20231231_zct3uUVwzsG8"><ix:nonFraction name="ifrs-full:ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001368" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.0</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million. In February 2024, the property
    has been transferred to the Group. The Group&#8217;s capital commitment is disclosed in Note 27. </span></ix:footnote></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td id="xdx_F04_zGrmhfQH3bKi" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td id="xdx_F12_zSYI2HPTjZrl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><ix:footnote id="Footnote001369" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining
    amounts of the prepayments were advance payments made to Group&#8217;s operating expenses of which certain expenses were prepaid
    for services more than 1 year and thus classified under non-current assets.</span></ix:footnote></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AC_zAUA1OOWIpul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001371" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfTradeAndOtherReceivablesExplanatory_zthQU629bNMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_z2AgNOeAUoc2">TRADE AND OTHER RECEIVABLES,
  NET</span></b></span></td></tr>
</table>



<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001373" name="NWGL:DisclosureOfDetailedTradeAndOtherReceivablesExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedTradeAndOtherReceivablesExplanatory_zeXe4N6TWCg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8B7_zNk3Os39kWJg" style="display: none">SCHEDULE OF TRADE AND OTHER RECEIVABLES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20231231_zml5JsGscPkk" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20221231_ziLH2l2QwqS" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--ReceivablesFromContractsWithCustomers_iI_maTAOCRzsit_zbWVeCNEudVl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    receivables &#8211; contracts with customers</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31" id="Fact001375" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,963,636</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31" id="Fact001376" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,184,970</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_msTAOCRzsit_zamBLitIwMX7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Allowance for credit losses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-12-31" id="Fact001378" format="ixt:numdotdecimal" decimals="0" unitRef="USD">483,153</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31" id="Fact001379" format="ixt:numdotdecimal" decimals="0" unitRef="USD">229,694</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40D_eifrs-full--TradeAndOtherReceivables_iTI_mtTAOCRzsit_maTAOCRz3Ma_zfi6kMtjL5lj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade
    receivables, net</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherReceivables" contextRef="AsOf2023-12-31" id="Fact001381" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,480,483</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherReceivables" contextRef="AsOf2022-12-31" id="Fact001382" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,955,276</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--OtherCurrentReceivables_iI_maTAOCRz3Ma_zSGbaG9eJYqk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    receivables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentReceivables" contextRef="AsOf2023-12-31" id="Fact001384" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,803,236</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentReceivables" contextRef="AsOf2022-12-31" id="Fact001385" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,597,456</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--TradeAndOtherCurrentReceivables_iTI_mtTAOCRz3Ma_zOStODwxfMAa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentReceivables" contextRef="AsOf2023-12-31" id="Fact001387" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,283,719</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentReceivables" contextRef="AsOf2022-12-31" id="Fact001388" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,552,732</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement
    in the above allowance for credit losses:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
    balance</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iS_c20230101__20231231_z9IoxWNfvnUd" title="Beginning balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31" id="Fact001390" format="ixt:numdotdecimal" decimals="0" unitRef="USD">229,694</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iS_c20220101__20221231_zhMBgmwpH4X9" title="Beginning balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2021-12-31" id="Fact001392" format="ixt:numdotdecimal" decimals="0" unitRef="USD">156,157</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charged
    for the year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--ExpectedCreditLossesRecognizedOnTradeReceivables_c20230101__20231231_zFBjEYwt6WVi" title="Charged for the year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ExpectedCreditLossesRecognizedOnTradeReceivables" contextRef="From2023-01-01to2023-12-31" id="Fact001394" format="ixt:numdotdecimal" decimals="0" unitRef="USD">253,459</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_ecustom--ExpectedCreditLossesRecognizedOnTradeReceivables_c20220101__20221231_zFqiUXzkW5Sg" title="Charged for the year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ExpectedCreditLossesRecognizedOnTradeReceivables" contextRef="From2022-01-012022-12-31" id="Fact001396" format="ixt:numdotdecimal" decimals="0" unitRef="USD">73,537</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ending
    balance</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iE_c20230101__20231231_zwbdGsSsI6V7" title="Ending balance" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-12-31" id="Fact001398" format="ixt:numdotdecimal" decimals="0" unitRef="USD">483,153</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iE_c20220101__20221231_zqVFN9aGFKEi" title="Ending balance" style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31" id="Fact001400" format="ixt:numdotdecimal" decimals="0" unitRef="USD">229,694</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zp3LXUdd3oD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 107; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001402" name="NWGL:DisclosureOfTradeAndOtherReceivablesCreditPeriodCustomersExplanatory"><p id="xdx_89F_ecustom--DisclosureOfTradeAndOtherReceivablesCreditPeriodCustomersExplanatory_zyPdufqrPmGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
normal credit period for customers is ranging from 0 to 90 days. No interest is charged on the outstanding balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8B6_zPWjO3saqCNg" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE OF CREDIT CUSTOMERS RANGING</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20231231_z7RrBIveoyl1" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20221231_ztHcpWx1ZaF4" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--NotPastDue_iI_maTAORzWVO_zcrWBy8ppCs5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    past due</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:NotPastDue" contextRef="AsOf2023-12-31" id="Fact001404" format="ixt:numdotdecimal" decimals="0" unitRef="USD">132,747</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:NotPastDue" contextRef="AsOf2022-12-31" id="Fact001405" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,488,567</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--PastDue_iI_maTAORzWVO_zGwXDUbTn3l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Past
    due</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PastDue" contextRef="AsOf2023-12-31" id="Fact001407" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,830,889</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PastDue" contextRef="AsOf2022-12-31" id="Fact001408" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,696,403</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_msTAORzWVO_zljRRchqlYi1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Allowance for credit losses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-12-31" id="Fact001410" format="ixt:numdotdecimal" decimals="0" unitRef="USD">483,153</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31" id="Fact001411" format="ixt:numdotdecimal" decimals="0" unitRef="USD">229,694</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40A_eifrs-full--TradeAndOtherReceivables_iTI_mtTAORzWVO_z6MgPBQwiVv5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
    trade receivables</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherReceivables" contextRef="AsOf2023-12-31" id="Fact001413" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,480,483</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherReceivables" contextRef="AsOf2022-12-31" id="Fact001414" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,955,276</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zL3qNrg5jQ5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001416" name="NWGL:DisclosureOfTradeAndOtherReceivablesAgedAnalysisExplanatory"><p id="xdx_89C_ecustom--DisclosureOfTradeAndOtherReceivablesAgedAnalysisExplanatory_zYdXqAYTB83b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is an aged analysis of trade receivables, net of allowance for credit losses, presented based on past due date:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BE_zRlGM0w9mpwe" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SCHEDULE
OF AGED ANALYSIS OF TRADE RECEIVABLES</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20231231_zC9ot8OV9AZa" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20221231_z6UB8b69iyS2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_hifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneMonthMember_z3Kqhy3zgOxj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lt;
    30 days</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneMonthMember" id="Fact001418" format="ixt:numdotdecimal" decimals="0" unitRef="USD">589,052</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneMonthMember" id="Fact001419" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,016,964</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_hifrs-full--MaturityAxis__custom--NotLaterThanTwoMonthMember_zSRfGPzGZ3e5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31
    days to 60 days</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2023-12-31_custom_NotLaterThanTwoMonthMember" id="Fact001421" format="ixt:numdotdecimal" decimals="0" unitRef="USD">356,638</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2022-12-31_custom_NotLaterThanTwoMonthMember" id="Fact001422" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,922,323</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_hifrs-full--MaturityAxis__ifrs-full--NotLaterThanThreeMonthsMember_zKUETlr4aENe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61
    days to 90 days</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanThreeMonthsMember" id="Fact001424" format="ixt:numdotdecimal" decimals="0" unitRef="USD">160,131</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanThreeMonthsMember" id="Fact001425" format="ixt:numdotdecimal" decimals="0" unitRef="USD">346,017</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanOneMonthAndNotLaterThanThreeMonthsMember_zbuqn62qOcn" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91
    days to 180 days</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" id="Fact001427" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,585,027</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneMonthAndNotLaterThanThreeMonthsMember" id="Fact001428" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,392</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_hifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zBdUUNX9jah1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181
    days to 365 days</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001430" format="ixt:numdotdecimal" decimals="0" unitRef="USD">653,559</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001431" format="ixt:numdotdecimal" decimals="0" unitRef="USD">175,013</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_zScVZgGLfvF4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
    than 1 year </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearMember" id="Fact001433" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,329</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1434">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_zTJbhavCAZ22" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2023-12-31" id="Fact001436" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,347,736</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2022-12-31" id="Fact001437" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,466,709</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zwclvXjHrTRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2023, included in the Group&#8217;s trade receivables balance are debtors with aggregate carrying amount of USD<span id="xdx_907_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_c20231231_zEOKmHN2EPU3" title="Allowance account for credit losses of trade receivables"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2023-12-31" id="Fact001439" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,347,736</ix:nonFraction></span>
(2022: USD<span id="xdx_900_ecustom--AllowanceAccountForCreditLossesOfTradeReceivables_iI_c20221231_zkKk8QLHVem1" title="Allowance account for credit losses of trade receivables"><ix:nonFraction name="NWGL:AllowanceAccountForCreditLossesOfTradeReceivables" contextRef="AsOf2022-12-31" id="Fact001441" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,466,709</ix:nonFraction></span>)
which are past due as at the reporting date. Out of the past due balances, USD<span id="xdx_90C_ecustom--AggregateCarringAmountValueAnalysis_iI_c20231231_z1IBHTPJgv93" title="Aggregate carring amount value analysis"><ix:nonFraction name="NWGL:AggregateCarringAmountValueAnalysis" contextRef="AsOf2023-12-31" id="Fact001443" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,241,915</ix:nonFraction></span>
(2022: USD<span id="xdx_901_ecustom--AggregateCarringAmountValueAnalysis_iI_c20221231_zSMKJsbOsmP1" title="Aggregate carring amount value analysis"><ix:nonFraction name="NWGL:AggregateCarringAmountValueAnalysis" contextRef="AsOf2022-12-31" id="Fact001445" format="ixt:numdotdecimal" decimals="0" unitRef="USD">181,405</ix:nonFraction></span>)
has been past due 91 days or more and is not considered as in default because subsequent settlements were made from these
debtors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of and through April 25, 2024, the Group has received approximately USD<span id="xdx_901_eifrs-full--ReceivablesFromContractsWithCustomers_iI_pn5n6_c20240425__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zUQnPAykugab"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2024-04-25_custom_NonadjustingEventMember" id="Fact001446" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.6</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million in settlements of accounts receivables
from its customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of impairment assessment of trade and other receivables are set out in note 25.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001448" name="ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory_zzyS5YXvMSe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zlY9lKi63Tfc">RESTRICTED BANK DEPOSITS
  AND CASH AND BANK BALANCES</span></b></span></td></tr>
</table>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001450" name="NWGL:DisclosureOfDetailedRestrictedBankDepositsCashAndBankBalancesExplanatory"><p id="xdx_89A_ecustom--DisclosureOfDetailedRestrictedBankDepositsCashAndBankBalancesExplanatory_zoKEcKhHRKL6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zGa7Qmvufn5d" style="display: none; text-transform: uppercase">SCHEDULE
OF RESTRICTED BANK DEPOSITS CASH AND BANK BALANCES</span></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -27.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20231231_zPAh0QSBb1T9" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20221231_z23XzhPWxiA" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--RestrictedBankDepositsCurrent_iI_maRBDBz1vI_z3b1qFWDJxKj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    bank deposits</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:RestrictedBankDepositsCurrent" contextRef="AsOf2023-12-31" id="Fact001452" format="ixt:numdotdecimal" decimals="0" unitRef="USD">628,156</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:RestrictedBankDepositsCurrent" contextRef="AsOf2022-12-31" id="Fact001453" format="ixt:numdotdecimal" decimals="0" unitRef="USD">603,341</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--CashAndCashEquivalents_iI_maRBDBz1vI_z8sXD2DhSdCc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and bank balances</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact001455" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,979,416</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact001456" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,082,587</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--CashAndBankBalancesAtCentralBanks_iTI_mtRBDBz1vI_zeu5HdBdlRgf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndBankBalancesAtCentralBanks" contextRef="AsOf2023-12-31" id="Fact001458" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,607,572</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndBankBalancesAtCentralBanks" contextRef="AsOf2022-12-31" id="Fact001459" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,685,928</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AB_z8596k7XwN6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
bank deposits are pledged to banks as security deposits for the auction of logs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of impairment assessment of restricted bank deposits, and cash and bank balances are set out in note 25.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001461" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zyWiEZ2YMks7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_828_zhFcEFxACp2a">TRADE AND OTHER PAYABLES</span></b></span></td></tr>
</table>



<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001463" name="NWGL:DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory"><p id="xdx_891_ecustom--DisclosureOfDetailedInformationAboutTradeAndOtherPayablesExplanatory_z9Up6uyhRaU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span id="xdx_8BD_zNCDWdMPkHDb" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SCHEDULE OF TRADE AND OTHER PAYABLES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20231231_zgUiQriMGJnd" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20221231_zRRqVlNkeWyh" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_maTAOCPzT0Y_zWh0MQ1jy6d8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    payables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2023-12-31" id="Fact001465" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,350,888</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2022-12-31" id="Fact001466" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,992,691</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--OtherCurrentPayables_iI_maTAOCPzT0Y_z9Y7X033YeCk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    payables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2023-12-31" id="Fact001468" format="ixt:numdotdecimal" decimals="0" unitRef="USD">978,536</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31" id="Fact001469" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,218,216</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--AccrualsClassifiedAsCurrent_iI_maTAOCPzT0Y_z1dmcSRHH94l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accruals</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AccrualsClassifiedAsCurrent" contextRef="AsOf2023-12-31" id="Fact001471" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,008,768</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AccrualsClassifiedAsCurrent" contextRef="AsOf2022-12-31" id="Fact001472" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,521,304</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--TradeAndOtherCurrentPayables_iTI_mtTAOCPzT0Y_zSgBWfEjR8x6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2023-12-31" id="Fact001474" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,338,192</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayables" contextRef="AsOf2022-12-31" id="Fact001475" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,732,211</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zzZ8l17RhF37" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
payables and accruals </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consist mainly of staff salaries,
audit fees and other costs of non-trade nature.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 109; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001477" name="NWGL:DisclosureOfContractLiabilitiesExplanatory"><p id="xdx_80A_ecustom--DisclosureOfContractLiabilitiesExplanatory_z0xXfvlNsYb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_829_zfJfTOPLBfml">CONTRACT LIABILITIES</span></b></span></td></tr>
</table>



<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001479" name="NWGL:DisclosureOfDetailedContractLiabilitiesExplanatory"><p id="xdx_898_ecustom--DisclosureOfDetailedContractLiabilitiesExplanatory_zdrBq2OL4955" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span id="xdx_8BC_zHnU6ApDR1jd" style="font: normal 10pt Times New Roman, Times, Serif; display: none; text-transform: none">SCHEDULE OF CONTRACT LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20231231_zLohc9eRGCS" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20221231_zvF54Nvf7RHa" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--CurrentContractLiabilities_i02I_pp0p0_z7BAGmVxKXU4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
    liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentContractLiabilities" contextRef="AsOf2023-12-31" id="Fact001481" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">775,183</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentContractLiabilities" contextRef="AsOf2022-12-31" id="Fact001482" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">815,455</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AC_zJZsJosgsx74" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities relates to advances collected from customers but goods have yet delivered. These will be recognized as revenue once the control
of the goods has been transferred to customers. Management expects that all the unsatisfied performance obligation as at the end of the
reporting period may be recognized as revenue within twelve months from balance sheet date.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001484" name="ifrs-full:DisclosureOfBorrowingsExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfBorrowingsExplanatory_zvPaJRGY2Sxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zeBeATpOHthf">BANK BORROWINGS AND OTHER
  BORROWINGS</span></b></span></td></tr>
</table>



<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001486" name="ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory"><p id="xdx_899_eifrs-full--DisclosureOfDetailedInformationAboutBorrowingsExplanatory_ztIBXz59C7T7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="xdx_8B1_z0cI63YkKvSe" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SCHEDULE OF BANK AND OTHER BORROWINGS</span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20231231_zSb9U8nuHkY2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_493_20221231_z7JDbG4yEpWj" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><i>(a)<span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;&#160;&#160;
    </span><span style="font-size: 10pt"><span style="text-decoration: underline">Bank borrowings</span></span></i> (Note <span id="xdx_F4D_zdAF0WBYAEIg">(i))</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--BankOverdraftsClassifiedAsCashEquivalents_iI_hifrs-full--TypesOfInterestRatesAxis__ifrs-full--FloatingInterestRateMember_zLAj1MDdBzbk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
    overdrafts - variable rate</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:BankOverdraftsClassifiedAsCashEquivalents" contextRef="AsOf2023-12-31_ifrs-full_FloatingInterestRateMember" id="Fact001488" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,779,659</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:BankOverdraftsClassifiedAsCashEquivalents" contextRef="AsOf2022-12-31_ifrs-full_FloatingInterestRateMember" id="Fact001489" format="ixt:numdotdecimal" decimals="0" unitRef="USD">880,765</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--Borrowings_iI_hifrs-full--TypesOfInterestRatesAxis__ifrs-full--FixedInterestRateMember_zQhVTijMXfZb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
    borrowings - fixed rate</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_FixedInterestRateMember" id="Fact001491" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,481,756</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_ifrs-full_FixedInterestRateMember" id="Fact001492" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,560,237</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--Borrowings_iI_hifrs-full--TypesOfInterestRatesAxis__ifrs-full--FloatingInterestRateMember_zAWgyNNiy6f4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
    borrowings - variable rate</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_FloatingInterestRateMember" id="Fact001494" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,557,815</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_ifrs-full_FloatingInterestRateMember" id="Fact001495" format="ixt:numdotdecimal" decimals="0" unitRef="USD">395,592</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--Borrowings_iTI_zyskDETukYE8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31" id="Fact001497" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,819,230</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31" id="Fact001498" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,836,594</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--SecuredBankLoansReceived_iI_zakoJiCTITBg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured
    bank borrowings (Note <span id="xdx_F4A_zqECtTGMc3ue">(ii))</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:SecuredBankLoansReceived" contextRef="AsOf2023-12-31" id="Fact001500" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,708,392</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:SecuredBankLoansReceived" contextRef="AsOf2022-12-31" id="Fact001501" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,437,433</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--UnsecuredBankLoansReceived_iI_zC2Q58RgCpg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured
    bank borrowings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:UnsecuredBankLoansReceived" contextRef="AsOf2023-12-31" id="Fact001503" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,110,838</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:UnsecuredBankLoansReceived" contextRef="AsOf2022-12-31" id="Fact001504" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,399,161</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--Borrowings_iTI_z40gmwR9UbO3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31" id="Fact001506" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,819,230</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31" id="Fact001507" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,836,594</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    carrying amounts of the above borrowings are repayable:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    one year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--ShorttermBorrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zVCMLs07ouXh" title="Total" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001509" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,285,470</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--ShorttermBorrowings_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zl1DPbjGKbX3" title="Total" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001511" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,000,062</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    a period of more than one year but not exceeding two years</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_z3ziqtDRIPT" title="Total" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact001513" format="ixt:numdotdecimal" decimals="0" unitRef="USD">486,964</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zmSSGC0Wk8Qk" title="Total" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact001515" format="ixt:numdotdecimal" decimals="0" unitRef="USD">572,566</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    a period of more than two years but not exceeding five years</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_za2VeMHIn2Hg" title="Total" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact001517" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,796</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--CurrentPortionOfLongtermBorrowings_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zithxfO147oj" title="Total" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentPortionOfLongtermBorrowings" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact001519" format="ixt:numdotdecimal" decimals="0" unitRef="USD">263,966</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--Borrowings_iI_c20231231_zyq4ylMhpwGe" title="Total" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31" id="Fact001521" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,819,230</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--Borrowings_iI_c20221231_zXHHPbRO0DOg" title="Total" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31" id="Fact001523" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,836,594</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Amounts due within one year shown under current liabilities:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--ShorttermBorrowings_iNI_di_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zM7t0AMkuNng" title="Total" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001525" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,285,470</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--ShorttermBorrowings_iNI_di_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_z1d8w6XIZXb5" title="Total" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ShorttermBorrowings" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001527" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,000,062</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40E_eifrs-full--LongtermBorrowings_iI_zgAMDVoRndrh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    shown under non-current liabilities:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2023-12-31" id="Fact001529" format="ixt:numdotdecimal" decimals="0" unitRef="USD">533,760</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LongtermBorrowings" contextRef="AsOf2022-12-31" id="Fact001530" format="ixt:numdotdecimal" decimals="0" unitRef="USD">836,532</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20.7pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amounts shown under non-current liabilitie" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amounts shown under non-current liabilitie" style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20.4pt; text-indent: -0.25in"><span style="font-size: 10pt"><i>(b)</i></span><i><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;&#160;&#160;
    </span><span style="font-size: 10pt"><span style="text-decoration: underline">Other borrowings</span> </span></i><span style="font-size: 10pt">(Note (iii))</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 40pt; text-indent: -0.25in">Unsecured other borrowing<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">s
    &#8211; a related party - fixed rate (Note 24)</span></td>
    <td>&#160;</td>
    <td colspan="2" id="xdx_98C_eifrs-full--OtherBorrowings_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_fKGlpaSk___zLsDk1LM3Kth" style="text-align: right"><ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31_ifrs-full_RelatedPartiesMember" id="Fact001531" format="ixt:numdotdecimal" decimals="0" unitRef="USD">536,530</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: right">-</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 40pt; text-indent: -0.25in">Unsecured other borrowing - fixed rate</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_989_eifrs-full--OtherBorrowings_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonRelatedPartiesMember_fKGlpaSk___z3pCfCObo10f" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31_custom_NonRelatedPartiesMember" id="Fact001532" format="ixt:numdotdecimal" decimals="0" unitRef="USD">127,949</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--OtherBorrowings_iI_zx05jz9QiqF3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; width: 66%; padding-left: 20.7pt"><span style="font-size: 10pt">Total </span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31" id="Fact001534" format="ixt:numdotdecimal" decimals="0" unitRef="USD">664,479</ix:nonFraction></span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1535">-</span></span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 93%; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">(i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Bank
                                            borrowings carry a weighted average effective interest rate at <span id="xdx_901_ecustom--WeightedAverageEffectiveInterestRatePercentage_iI_pid_dp_uPure_c20231231__ifrs-full--RangeAxis__ifrs-full--WeightedAverageMember_zK8O3LbjcWV6" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgQU5EIE9USEVSIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="Weighted average effective interest rate"><ix:nonFraction name="NWGL:WeightedAverageEffectiveInterestRatePercentage" contextRef="AsOf2023-12-31_ifrs-full_WeightedAverageMember" id="Fact001537" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%</span> (2022: <span id="xdx_901_ecustom--WeightedAverageEffectiveInterestRatePercentage_iI_pid_dp_uPure_c20221231__srt--RangeAxis__ifrs-full--WeightedAverageMember_zhvHDydxvZxc" title="Weighted average effective interest rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgQU5EIE9USEVSIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="NWGL:WeightedAverageEffectiveInterestRatePercentage" contextRef="AsOf2022-12-31_ifrs-full_WeightedAverageMember" id="Fact001539" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%</span>).</td></tr>
                                                                                                                                                             <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F06_zQqKYaoNzt5b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zRTf2xS1KJQb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote001540" xml:lang="en-US">Secured
                                            bank borrowings were pledged by the personal guarantee and the private real estate properties
                                            owned by our shareholders.</ix:footnote></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F08_ztmnVDWkwsLb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0A_zpOsg56o2tgk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
in other borrowings, an aggregate loan balance from a related party of USD</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgQU5EIE9USEVSIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90F_eifrs-full--OtherBorrowings_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_zXz9AHTXcHx4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember" id="Fact001541" format="ixt:numdotdecimal" decimals="0" unitRef="USD">536,530</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgQU5EIE9USEVSIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_90B_eifrs-full--OtherBorrowings_iI_dxL_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--RelatedPartiesMember_zhaeSXWTkzob">Nil</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
was unsecured, interest-free or interest bearing at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgQU5EIE9USEVSIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" id="xdx_908_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20231231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zJSlR7CXdfTi"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_ifrs-full_TopOfRangeMember" id="Fact001543" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
p.a. A principal amount of USD<span id="xdx_90F_eifrs-full--OtherBorrowings_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonRelatedPartiesMember_zaM6FCMiZpEk" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgQU5EIE9USEVSIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31_custom_NonRelatedPartiesMember" id="Fact001544" format="ixt:numdotdecimal" decimals="0" unitRef="USD">127,949</ix:nonFraction></span> (2022: <span id="xdx_900_eifrs-full--OtherBorrowings_iI_dxL_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--NonRelatedPartiesMember_zSteb4fzbRNk" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgQU5EIE9USEVSIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1545">Nil</span></span>) was unsecured and interest bearing at <span id="xdx_90C_eifrs-full--BorrowingsInterestRate_iI_dp_uPure_c20231231_zW3yaV1Fehjj" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEJBTksgQU5EIE9USEVSIEJPUlJPV0lOR1MgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31" id="Fact001546" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span>% p.a. All these balances were repayable
within one year after the end of the reporting period.</span></td></tr></table>
</ix:nonNumeric><p id="xdx_8AC_zThTJdkAgi9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001548" name="NWGL:DisclosureOfAmountsDueToAnUltimateBeneficialShareholderExplanatory"><p id="xdx_80B_ecustom--DisclosureOfAmountsDueToAnUltimateBeneficialShareholderExplanatory_zDiZsSpygNIi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82D_zgYr4HlY7uOl">AMOUNTS DUE TO AN ULTIMATE
  BENEFICIAL SHAREHOLDER</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001550" name="NWGL:DisclosureAmountsDueToAnUltimateBeneficialShareholderExplanatory"><p id="xdx_897_ecustom--DisclosureAmountsDueToAnUltimateBeneficialShareholderExplanatory_zGGaUrwLZGq8" style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span id="xdx_8B0_zFnAStRiY6fb" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF AMOUNTS DUE TO AN ULTIMATE BENEFICIAL SHAREHOLDER</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20231231_zaOQkCOs0pWe" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20221231_zARelB85Jgn1" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--OtherLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zuNyuqQxVJ6a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    within one year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001552" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,021,638</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001553" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,531,760</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--OtherLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_ze9FPSzDdM3b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    after one year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearMember" id="Fact001555" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,300,650</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearMember" id="Fact001556" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,087,553</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--OtherLiabilities_iI_z7mwQkXwREt9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2023-12-31" id="Fact001558" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,322,288</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2022-12-31" id="Fact001559" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,619,313</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zP1Ae63Ggp3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as described below, all other amounts are unsecured, interest free and repayable on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="text-decoration: underline">As at December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
in the non-current portion, two promissory notes with principal amounts of USD<span id="xdx_904_ecustom--AmountsDueToUltimateBeneficialShareholdersNonCurrent_iI_c20231231_ze5oPQ2sfhCh"><ix:nonFraction name="NWGL:AmountsDueToUltimateBeneficialShareholdersNonCurrent" contextRef="AsOf2023-12-31" id="Fact001560" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,300,650</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: USD<span id="xdx_908_ecustom--AmountsDueToUltimateBeneficialShareholdersNonCurrent_iI_c20221231_z6VlGMScTFhg"><ix:nonFraction name="NWGL:AmountsDueToUltimateBeneficialShareholdersNonCurrent" contextRef="AsOf2022-12-31" id="Fact001561" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,300,493</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
were unsecured, interest-free and repayable in February 2026.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
in the current portion, an aggregate loan balance of USD<span id="xdx_90E_eifrs-full--CurrentUnsecuredBankLoansReceivedAndCurrentPortionOfNoncurrentUnsecuredBankLoansReceived_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_zLx8DHaycOz4"><ix:nonFraction name="ifrs-full:CurrentUnsecuredBankLoansReceivedAndCurrentPortionOfNoncurrentUnsecuredBankLoansReceived" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember" id="Fact001562" format="ixt:numdotdecimal" decimals="0" unitRef="USD">895,645</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was unsecured, interest bearing at <span id="xdx_906_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zCJTB9V4jPje"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember_ifrs-full_BottomOfRangeMember" id="Fact001563" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
p.a. and repayable in February to March 2024. Principal amounts of USD<span id="xdx_90C_eifrs-full--Borrowings_iI_uUSD_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_zACC3gGVBKNd"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember" id="Fact001564" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,217,405</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">were unsecured, interest-free and repayable in
January to March 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><span style="text-decoration: underline">As at December 31, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Included in the non-current
portion, an aggregate loan balance of USD<span id="xdx_90B_eifrs-full--CurrentUnsecuredBankLoansReceivedAndCurrentPortionOfNoncurrentUnsecuredBankLoansReceived_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_zA3zbQQ73bca" title="Loan balance"><ix:nonFraction name="ifrs-full:CurrentUnsecuredBankLoansReceivedAndCurrentPortionOfNoncurrentUnsecuredBankLoansReceived" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember" id="Fact001566" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,693,351</ix:nonFraction></span>
which was unsecured, interest bearing at <span id="xdx_901_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zkAe3GOZbNI5"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember_ifrs-full_BottomOfRangeMember" id="Fact001567" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%</span> to <span id="xdx_90A_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zNcCHeV4Tlqk"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember_ifrs-full_TopOfRangeMember" id="Fact001568" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction>%</span>
p.a. and repayable in January 2024 was repaid in 2023. Principal amounts of USD<span id="xdx_904_eifrs-full--Borrowings_iI_uUSD_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_zYMkmyFndNbd"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember" id="Fact001569" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,093,709</ix:nonFraction> </span>which
were unsecured, interest-free and repayable in March 2024 were partially repaid in 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Included in the current portion,
a principal amount of USD<span id="xdx_906_ecustom--PrincipalAmountCurrent_iI_c20221231_zImlzDUu0EEl" title="Principal amount current"><ix:nonFraction name="NWGL:PrincipalAmountCurrent" contextRef="AsOf2022-12-31" id="Fact001571" format="ixt:numdotdecimal" decimals="0" unitRef="USD">641,294</ix:nonFraction></span> which was unsecured, interest bearing at <span id="xdx_90E_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_zJfmKx7r8i9h"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember" id="Fact001572" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% p.a. and repayable in January 2023 was repaid in 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 110; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001574" name="ifrs-full:DisclosureOfLeasesExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfLeasesExplanatory_zimwS2HykuHh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zv4uGm1WMDP2">LEASE LIABILITIES</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001576" name="NWGL:DisclosureScheduleOfLeaseLiabilitiesExplanatory"><p id="xdx_890_ecustom--DisclosureScheduleOfLeaseLiabilitiesExplanatory_zkWGEqJTwAMa" style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span id="xdx_8B4_zy5WjBq4NVF9" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF LEASE LIABILITIES</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20231231_ze5APAyZSAsi" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20221231_zUhlCL8WYW29" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--LeaseLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zSSRYJRmgdf4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    one year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001578" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,296</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact001579" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,945</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--LeaseLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zrBaIkfGMc11" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    a period of more than one year but not more than two years</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact001581" format="ixt:numdotdecimal" decimals="0" unitRef="USD">41,440</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact001582" format="ixt:numdotdecimal" decimals="0" unitRef="USD">39,394</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--LeaseLiabilities_iI_hifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zAsbwo9PjLRg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    a period of more than two years but not more than five years</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact001584" format="ixt:numdotdecimal" decimals="0" unitRef="USD">92,532</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact001585" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,119</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--LeaseLiabilities_iI_zfTWwHPbaSj4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities gross</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact001587" format="ixt:numdotdecimal" decimals="0" unitRef="USD">198,268</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact001588" format="ixt:numdotdecimal" decimals="0" unitRef="USD">173,458</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--CurrentLeaseLiabilities_iNI_di_zjZgwmwsxEA1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Amount due for settlement with 12 months shown under current liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact001590" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,296</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact001591" format="ixt:numdotdecimal" decimals="0" unitRef="USD">107,945</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40E_eifrs-full--NoncurrentLeaseLiabilities_iI_zQHxEKBNZ8Od" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due for settlement after 12 months shown under non-current liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2023-12-31" id="Fact001593" format="ixt:numdotdecimal" decimals="0" unitRef="USD">133,972</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact001594" format="ixt:numdotdecimal" decimals="0" unitRef="USD">65,513</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A8_zgecTHnLIuy9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted average incremental borrowing rates applied to lease liabilities range from <span id="xdx_909_eifrs-full--WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_iI_pid_dp_uPure_c20231231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zFKRjw8cf1Zk"><ix:nonFraction name="ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" contextRef="AsOf2023-12-31_ifrs-full_BottomOfRangeMember" id="Fact001595" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_90F_eifrs-full--WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_iI_pid_dp_uPure_c20231231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zn0O7FROGvNe"><ix:nonFraction name="ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" contextRef="AsOf2023-12-31_ifrs-full_TopOfRangeMember" id="Fact001596" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum (2022: <span id="xdx_901_eifrs-full--WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_iI_pid_dp_uPure_c20221231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z6fffiQxmjC2"><ix:nonFraction name="ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" contextRef="AsOf2022-12-31_ifrs-full_BottomOfRangeMember" id="Fact001597" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_907_eifrs-full--WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_iI_pid_dp_uPure_c20221231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zk5sreK2KSFe"><ix:nonFraction name="ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" contextRef="AsOf2022-12-31_ifrs-full_TopOfRangeMember" id="Fact001598" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001600" name="NWGL:DisclosureScheduleOfLeaseObligationsExplanatory"><p id="xdx_892_ecustom--DisclosureScheduleOfLeaseObligationsExplanatory_zfViSkEtxUc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
obligations that are denominated in currencies other than the functional currencies of the relevant group entities are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zkQPBGFhX0vi">SCHEDULE OF LEASE OBLIGATIONS</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20231231_zZi0UV5z7o46" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20221231_zm23782m0wY3" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--LeaseObligations_iI_hsrt--CurrencyAxis__currency--EUR_zPiwRuC2alP1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUR</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:LeaseObligations" contextRef="AsOf2023-12-31_currency_EUR" id="Fact001602" format="ixt:numdotdecimal" decimals="0" unitRef="USD">42,459</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:LeaseObligations" contextRef="AsOf2022-12-31_currency_EUR" id="Fact001603" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,727</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--LeaseObligations_iI_hsrt--CurrencyAxis__currency--CNY_zzPv39a5RzHi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CNY
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:LeaseObligations" contextRef="AsOf2023-12-31_currency_CNY" id="Fact001605" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,076</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:LeaseObligations" contextRef="AsOf2022-12-31_currency_CNY" id="Fact001606" format="ixt:numdotdecimal" decimals="0" unitRef="USD">62,289</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--LeaseObligations_iI_hsrt--CurrencyAxis__currency--CNY_zkWp92XeQgye" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease Obligations   </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:LeaseObligations" contextRef="AsOf2023-12-31_currency_CNY" id="Fact001608" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,076</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:LeaseObligations" contextRef="AsOf2022-12-31_currency_CNY" id="Fact001609" format="ixt:numdotdecimal" decimals="0" unitRef="USD">62,289</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>
</ix:nonNumeric><p id="xdx_8A8_z3KzY4vHVZVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 111; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001611" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfDebtSecuritiesExplanatory_zYlUVbDgoprf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82B_zpuDg2KeYosc">CONVERTIBLE BONDS</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2020, the Group issued HKD denominated <span id="xdx_90C_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20200928_zDmG8LLYIgi6" title="Convertible bonds percentage"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2020-09-28" id="Fact001613" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% convertible bonds of a principal amount of US$<span id="xdx_90A_eifrs-full--BondsIssued_iI_c20200928_zH4XgIRWTqkd" title="Principal amount"><ix:nonFraction name="ifrs-full:BondsIssued" contextRef="AsOf2020-09-28" id="Fact001615" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,272,735</ix:nonFraction></span> (equivalent to HK$<span id="xdx_908_eifrs-full--BondsIssued_iI_uHKD_c20200928_zZkzdHOTXGV9" title="Principal amount"><ix:nonFraction name="ifrs-full:BondsIssued" contextRef="AsOf2020-09-28" id="Fact001617" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">95,200,625</ix:nonFraction></span>)
(the &#8220;Convertible Bonds&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the issue date, the Convertible Bonds can be converted into <span id="xdx_902_ecustom--ConvertibleBondsConversionShares_iI_c20200928_zXn8FLWSaBMk"><ix:nonFraction name="NWGL:ConvertibleBondsConversionShares" contextRef="AsOf2020-09-28" id="Fact001618" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,475,377</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares (the &#8220;Conversion Shares&#8221;).
</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time prior to the Maturity Date, holders of the Convertible Bonds shall have no right to convert all or part of the outstanding Convertible
Bonds unless the criteria for early conversion set out in the Convertible Bond Agreements are satisfied. Otherwise, the Company shall
on the Maturity Date redeem the outstanding principal amount of the Convertible Bonds together with the accrued interest rate of <span id="xdx_902_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20200928_zCvSEfPKQYX3" title="Accrued interest rate percentage"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2020-09-28" id="Fact001620" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% per
annum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the issuance of the Convertible bonds, the loan has been existed for the same amount and the third-party borrower agreed to transfer
their loan amounts in full to become the amounts in the Convertible bonds upon issuance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conversion option embedded in the Convertible bonds meet the definition of equity instrument of the Company and is classified as equity.
Based on the assessment from the valuation expert, there is no value on the conversion option while the liability component was initially
recognized at its fair value and was subsequently measured at amortized cost. On October 9, 2023, upon the criteria for early conversion
set out in the Convertible Bond Agreements were satisfied, all of the outstanding convertible bonds were converted into <span id="xdx_900_ecustom--ConvertibleOfBondsOrdinaryShares_iI_c20231009_zy0BWhI2IiV4" title="Outstanding convertible bonds"><ix:nonFraction name="NWGL:ConvertibleOfBondsOrdinaryShares" contextRef="AsOf2023-10-09" id="Fact001622" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,475,377</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><b>Movement in convertible bonds:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001624" name="NWGL:DisclosureScheduleOfConvertibleBondsRecognizedExplanatory"><p id="xdx_898_ecustom--DisclosureScheduleOfConvertibleBondsRecognizedExplanatory_zhEHYpK5IEab" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zPWFA6X1Jm9">SCHEDULE
OF CONVERTIBLE BONDS RECOGNIZED</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20230101__20231231_zdQT156W9Xp6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20220101__20221231_zPf9ogcxoGD" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--ConvertibleBondsCurrent_iS_z4UhQNIbV7A7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>At
    January 1</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31" id="Fact001626" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,210,327</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2021-12-31" id="Fact001627" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,208,260</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--InterestExpense_zmcWVQoiB036" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001629" format="ixt:numdotdecimal" decimals="0" unitRef="USD">684,163</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2022-01-012022-12-31" id="Fact001630" format="ixt:numdotdecimal" decimals="0" unitRef="USD">972,045</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--InterestPaidOnBonds_iN_di_zL0CR32mIoTf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    paid</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="NWGL:InterestPaidOnBonds" contextRef="From2023-01-01to2023-12-31" id="Fact001632" format="ixt:numdotdecimal" decimals="0" unitRef="USD">684,163</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="NWGL:InterestPaidOnBonds" contextRef="From2022-01-012022-12-31" id="Fact001633" format="ixt:numdotdecimal" decimals="0" unitRef="USD">972,045</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40C_ecustom--ConvertedToShares_zicc4JJtFl67" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Converted
    to shares</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="NWGL:ConvertedToShares" contextRef="From2023-01-01to2023-12-31" id="Fact001635" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,210,327</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1636">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--ForeignExchangeGain_zODRZsYd2qE8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    difference</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1638">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ForeignExchangeGain" contextRef="From2022-01-012022-12-31" id="Fact001639" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,067</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--ConvertibleBondsCurrent_iE_zgrTLoW1aMQd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>At
    December 31</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1641">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31" id="Fact001642" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,210,327</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A5_zjhd5CBHqJw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Imputed
interest expense of the Convertible Bonds is calculated using the effective interest method by applying effective interest rate of <span id="xdx_90A_ecustom--EffectiveInterestRate_iI_pid_dp_uPure_c20231231_zz4kUemaSBJ7" title="Effective interest rate percentage"><ix:nonFraction name="NWGL:EffectiveInterestRate" contextRef="AsOf2023-12-31" id="Fact001644" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>%
per annum to the liability component.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001646" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zXj9DUuOVFha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zkktzzvImmV5">SHARE CAPITAL</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001648" name="NWGL:DisclosureOfShareCapitalExplanatory"><p id="xdx_89F_ecustom--DisclosureOfShareCapitalExplanatory_zn1idsJOhl3g" style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zTT8XWOPP5fj" style="display: none">SCHEDULE
OF SHARE CAPITAL</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20230101__20231231_zV3rELghFlw1" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20220101__20221231_zp0M0H2Fykng" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paid
    up capital:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_c20231231_zHFoF5wFU0i5" title="Ordinary shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNIQVJFIENBUElUQUwgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31" id="Fact001650" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">132,425,321</ix:nonFraction></span>
    ordinary shares</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022:
    <span id="xdx_90A_eifrs-full--NumberOfSharesIssued_iI_c20221231_z3hSQSPtf5Da" title="Ordinary shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31" id="Fact001652" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">105,263,000</ix:nonFraction></span> ordinary shares):</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--IssuedCapital_iS_zD8tbI6RvgF1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    January 1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2022-12-31" id="Fact001654" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,263</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2021-12-31" id="Fact001655" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,263</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--IssueOfNewSharesForTheInitialPublicOffering_zxjB6rZXuDSg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue
    of new shares for the initial public offering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:IssueOfNewSharesForTheInitialPublicOffering" contextRef="From2023-01-01to2023-12-31" id="Fact001657" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,687</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1658">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--IncreaseDecreaseThroughConversionOfConvertibleInstruments_z2UkokACySBh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue
    of new shares for the conversion of Convertible Bonds</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments" contextRef="From2023-01-01to2023-12-31" id="Fact001660" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,475</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="-sec-ix-hidden: xdx2ixbrl1661">-</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--IssuedCapital_iE_zy4Y5CtwOOY9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    December 31</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2023-12-31" id="Fact001663" format="ixt:numdotdecimal" decimals="0" unitRef="USD">132,425</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2022-12-31" id="Fact001664" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,263</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A6_z2cRsZNfINp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 14, 2023, upon completion of the Initial Public Offering, the Company issued <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_c20230914_zXxf2y28zUl6" title="Initial public offering, shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-14" id="Fact001666" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,686,944</ix:nonFraction></span> ordinary shares (equivalent to <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_c20230914__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_zp7o5odDKXY3" title="American depositary shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-09-14_custom_AmericanDepositarySharesMember" id="Fact001668" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">835,868</ix:nonFraction></span>
American Depositary Shares (&#8220;ADS&#8221;)) including over-allotment at a price to the public of US$<span id="xdx_905_ecustom--OverAllotmentPrice_uUSDPShares_c20230101__20230914_z3HExzJkJdo9" title="Over allotment price"><ix:nonFraction name="NWGL:OverAllotmentPrice" contextRef="From2023-01-012023-09-14" id="Fact001670" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">9</ix:nonFraction></span> per ADS, before deducting underwriting
discounts and offering expenses. Each ADS represents eight ordinary shares of the Company. Gross proceeds of the Initial Public Offering
including over-allotment was $<span id="xdx_90A_ecustom--GrossProceedsInitialPublicOfferingIncludingOverAllotment_pn5n6_c20230901__20230914_zTR9JQ10cjqj" title="Initial Public Offering including over-allotment"><ix:nonFraction name="NWGL:GrossProceedsInitialPublicOfferingIncludingOverAllotment" contextRef="From2023-09-012023-09-14" id="Fact001672" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">7.5</ix:nonFraction></span> million and net proceeds of the Initial Public Offering including over-allotment was $<span id="xdx_902_ecustom--NetProceedsInitialPublicOfferingIncludingOverAllotment_pn5n6_c20230901__20230914_zam7k7wLoBp2" title="Initial Public Offering including over-allotment"><ix:nonFraction name="NWGL:NetProceedsInitialPublicOfferingIncludingOverAllotment" contextRef="From2023-09-012023-09-14" id="Fact001674" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.1</ix:nonFraction></span> million,
after deducting underwriting discounts and offering expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
registration statement on Form F-1 (File No. 333-271425) related to the Offering has been filed with, and declared effective on September
11, 2023 by the SEC. The ADSs began trading on September 12, 2023 on the Nasdaq Capital Market under the symbol &#8220;NWGL&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">On October 9, 2023, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company&#8217;s outstanding convertible bonds were converted into <span id="xdx_90B_ecustom--ConvertibleOfBondsOrdinaryShares_iI_c20231009_zVGLnlggJit6" title="Outstanding convertible bonds"><ix:nonFraction name="NWGL:ConvertibleOfBondsOrdinaryShares" contextRef="AsOf2023-10-09" id="Fact001676" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,475,377</ix:nonFraction></span> ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company is authorized to issue a maximum of <span id="xdx_903_eifrs-full--NumberOfSharesAuthorised_iI_c20231231_zxYzGChcAZol" title="Authorized shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-12-31" id="Fact001678" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> (2022: <span id="xdx_90D_eifrs-full--NumberOfSharesAuthorised_iI_c20221231_zMybbe31aJRh" title="Authorized shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2022-12-31" id="Fact001680" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span>) shares and paid up <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_c20231231_zvdGr4TcCRa6" title="Paid up capital ordinary shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31" id="Fact001682" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">132,425,321</ix:nonFraction></span>
(2022: <span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_c20221231_zBCtzRtF5Sz3" title="Paid up capital ordinary shares"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-12-31" id="Fact001684" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">105,263,000</ix:nonFraction></span>) ordinary shares with a par value of USD<span id="xdx_908_eifrs-full--ParValuePerShare_iI_uUSDPShares_c20231231_zyUntUgzLJ78" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-12-31" id="Fact001686" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span>. Each paid up ordinary share carries one vote and carry a right to dividends
as and when declared by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of share option scheme issued by the Group is described in note 23.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 112; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001688" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfEntitysReportableSegmentsExplanatory_zrteweEJYFP" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82B_zckG41CbJZC">REVENUE AND SEGMENT INFORMATION</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is currently organized into two operating divisions &#8211; Direct Purchase and Original Design Manufacturer (&#8220;ODM&#8221;)
Services, and Manufacturing segments. These segments are the basis on which the Group reports its primary segment information to the
chief operating decision marker. The business nature of each segment is disclosed as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Direct
Purchase and ODM Segment</b> &#8211; being the business of sourcing of live wood and owning designed design on wood products for sales
to end customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Manufacturing
Segment</b> &#8211; being the business with involvement in manufacturing of decking, flooring or sawn timbers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment
information of these businesses is presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
    of the reportable segment revenue, profit or loss</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001690" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><p id="xdx_89C_eifrs-full--DisclosureOfOperatingSegmentsExplanatory_zObmMGbaUizf" style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_z9lV8c1pcVFk">SCHEDULE
OF REVENUE AND SEGMENT INFORMATION</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20230101__20231231__ifrs-full--SegmentsAxis__custom--DirectPurchaseODMMember_zKHvNsKxQmac" style="border-bottom: Black 1.5pt solid; text-align: center">Direct Purchase and ODM</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20230101__20231231__ifrs-full--SegmentsAxis__custom--ManufacturingMember_zOuCUUPO2Tq4" style="border-bottom: Black 1.5pt solid; text-align: center">Manufacturing</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20230101__20231231__ifrs-full--SegmentsAxis__custom--UnallocatedMember_zvwbuuo9Ot17" style="border-bottom: Black 1.5pt solid; text-align: center">Unallocated</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20230101__20231231__ifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember_zHdvzh7PPB73" style="border-bottom: Black 1.5pt solid; text-align: center">Total reportable segment</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Direct Purchase and ODM</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Manufacturing</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Unallocated</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total reportable segment</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--LogsMember_zn6KRhT5KKm9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Logs</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_DirectPurchaseODMMember_custom_LogsMember" id="Fact001692" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,024,250</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_ManufacturingMember_custom_LogsMember" id="Fact001693" format="ixt:numdotdecimal" decimals="0" unitRef="USD">390,739</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1694">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_custom_LogsMember" id="Fact001695" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,414,989</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--FlooringMember_zVqpTXgMRh2a" style="vertical-align: bottom; background-color: White">
    <td>Flooring</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_DirectPurchaseODMMember_custom_FlooringMember" id="Fact001697" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,844,633</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_ManufacturingMember_custom_FlooringMember" id="Fact001698" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,204,279</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1699">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_custom_FlooringMember" id="Fact001700" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,048,912</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--DeckingMember_zfbFXwj1yTW5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Decking</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_DirectPurchaseODMMember_custom_DeckingMember" id="Fact001702" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,712,691</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_ManufacturingMember_custom_DeckingMember" id="Fact001703" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,945,418</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1704">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_custom_DeckingMember" id="Fact001705" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,658,109</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--SawnTimberMember_zaQSPIaNF6T1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Sawn timber</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1707">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_ManufacturingMember_custom_SawnTimberMember" id="Fact001708" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,334,765</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1709">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember_custom_SawnTimberMember" id="Fact001710" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,334,765</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--Revenue_z521VoDJjIN6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Revenue from external customers and segment revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_DirectPurchaseODMMember" id="Fact001712" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,581,574</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_ManufacturingMember" id="Fact001713" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,875,201</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1714">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001715" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,456,775</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--ProfitLossBeforeTax_zWCQM4lZqzva" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Reportable segment results</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-012023-12-31_custom_DirectPurchaseODMMember" id="Fact001717" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">128,996</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-012023-12-31_custom_ManufacturingMember" id="Fact001718" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,651,185</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-012023-12-31_custom_UnallocatedMember" id="Fact001719" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,196,001</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-012023-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001720" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,976,182</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_498_20220101__20221231__ifrs-full--SegmentsAxis__custom--DirectPurchaseODMMember_zsJ5w86H3xXe" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    Purchase and ODM</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20220101__20221231__ifrs-full--SegmentsAxis__custom--ManufacturingMember_zb5VNikoxvBa" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20220101__20221231__ifrs-full--SegmentsAxis__custom--UnallocatedMember_z1WmQrL2LGth" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_498_20220101__20221231__ifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember_zkhql1gnteu7" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    reportable segment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    Purchase and ODM</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    reportable segment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--LogsMember_zBZP3PbW8pti" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Logs</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_DirectPurchaseODMMember_custom_LogsMember" id="Fact001722" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,272,065</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_ManufacturingMember_custom_LogsMember" id="Fact001723" format="ixt:numdotdecimal" decimals="0" unitRef="USD">526,192</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1724">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_LogsMember" id="Fact001725" format="ixt:numdotdecimal" decimals="0" unitRef="USD">27,798,257</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--FlooringMember_zjx1TMo005N4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flooring</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_DirectPurchaseODMMember_custom_FlooringMember" id="Fact001727" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,407,737</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_ManufacturingMember_custom_FlooringMember" id="Fact001728" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,585,698</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1729">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_FlooringMember" id="Fact001730" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,993,435</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--DeckingMember_zpoyhN1SFst9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decking</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_DirectPurchaseODMMember_custom_DeckingMember" id="Fact001732" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,759,307</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_ManufacturingMember_custom_DeckingMember" id="Fact001733" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,040,685</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1734">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_DeckingMember" id="Fact001735" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,799,992</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--SawnTimberMember_z62zqZ0TFGGk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sawn
    timber</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1737">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_ManufacturingMember_custom_SawnTimberMember" id="Fact001738" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,747,593</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1739">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember_custom_SawnTimberMember" id="Fact001740" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,747,593</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--Revenue_zwrd7Cr3r2l8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
    from external customers and segment revenue</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_DirectPurchaseODMMember" id="Fact001742" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,439,109</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_ManufacturingMember" id="Fact001743" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,900,168</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1744">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001745" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,339,277</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eifrs-full--ProfitLossBeforeTax_zQhYyiXRs1pg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reportable
    segment results</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31_custom_DirectPurchaseODMMember" id="Fact001747" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,118,794</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31_custom_ManufacturingMember" id="Fact001748" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,678,217</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31_custom_UnallocatedMember" id="Fact001749" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,586,191</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001750" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,210,820</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20210101__20211231__ifrs-full--SegmentsAxis__custom--DirectPurchaseODMMember_zLQ4fjccy2Ij" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    Purchase and ODM</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20210101__20211231__ifrs-full--SegmentsAxis__custom--ManufacturingMember_zGwHlesgWDi6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20210101__20211231__ifrs-full--SegmentsAxis__custom--UnallocatedMember_zeB4AAioU9Jl" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20210101__20211231__ifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember_z7aet3Mo06og" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    reportable segment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center">For the year ended December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Direct Purchase and ODM</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Manufacturing</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Unallocated</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total reportable segment</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--LogsMember_zfuWtI4uMHLd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Logs</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_DirectPurchaseODMMember_custom_LogsMember" id="Fact001752" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,035,002</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_ManufacturingMember_custom_LogsMember" id="Fact001753" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,110,996</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1754">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_LogsMember" id="Fact001755" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,145,998</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--FlooringMember_zOmxIWUzKSm" style="vertical-align: bottom; background-color: White">
    <td>Flooring</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_DirectPurchaseODMMember_custom_FlooringMember" id="Fact001757" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,167,894</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_ManufacturingMember_custom_FlooringMember" id="Fact001758" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,771,130</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1759">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_FlooringMember" id="Fact001760" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,939,024</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--DeckingMember_zSgtgjJLu0li" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Decking</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_DirectPurchaseODMMember_custom_DeckingMember" id="Fact001762" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,518,545</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_ManufacturingMember_custom_DeckingMember" id="Fact001763" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,513,870</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1764">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_DeckingMember" id="Fact001765" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,032,415</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--Revenue_hifrs-full--ProductsAndServicesAxis__custom--SawnTimberMember_z2XKdRtcTCTe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Sawn timber</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1767">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_ManufacturingMember_custom_SawnTimberMember" id="Fact001768" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,566,690</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1769">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember_custom_SawnTimberMember" id="Fact001770" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,566,690</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--Revenue_zDyGJatfygB6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Revenue from external customers and segment revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_DirectPurchaseODMMember" id="Fact001772" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,721,441</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_ManufacturingMember" id="Fact001773" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,962,686</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1774">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001775" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,684,127</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--ProfitLossBeforeTax_zn4icm6AHCC1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Reportable segment results</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-01-012021-12-31_custom_DirectPurchaseODMMember" id="Fact001777" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,441,324</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-01-012021-12-31_custom_ManufacturingMember" id="Fact001778" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">204,274</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-01-012021-12-31_custom_UnallocatedMember" id="Fact001779" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,276,507</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-01-012021-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001780" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,960,543</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0"></p>
</ix:nonNumeric><p id="xdx_8AA_zTtPqtldFze2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
    of the reportable segment assets and liabilities</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001782" name="NWGL:DescriptionOfScheduleOfReportableSegmentAssetsAndLiabilitiesExplanatory"><p id="xdx_894_ecustom--DescriptionOfScheduleOfReportableSegmentAssetsAndLiabilitiesExplanatory_zb5MEhmVJb8b" style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zxFumfr7UN51" style="display: none">SCHEDULE
OF REPORTABLE SEGMENT ASSETS AND LIABILITIES</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20231231__ifrs-full--SegmentsAxis__custom--DirectPurchaseODMMember_zMASAmfDn49c" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    Purchase and ODM</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20231231__ifrs-full--SegmentsAxis__custom--ManufacturingMember_zYAPXTtL3ULl" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20231231__ifrs-full--SegmentsAxis__custom--UnallocatedMember_zhLY1DarwOx9" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20231231__ifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember_zCNJdrOGZEW3" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    reportable segment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    at December 31, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    Purchase and ODM</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    reportable segment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--Assets_iI_zDmBXwqdYkRj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reportable
    segment assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2023-12-31_custom_DirectPurchaseODMMember" id="Fact001784" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,318,638</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2023-12-31_custom_ManufacturingMember" id="Fact001785" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,414,457</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2023-12-31_custom_UnallocatedMember" id="Fact001786" format="ixt:numdotdecimal" decimals="0" unitRef="USD">587,793</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001787" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,320,888</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--Liabilities_iNI_di_z0q7OVVZ8oE9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reportable
    segment liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31_custom_DirectPurchaseODMMember" id="Fact001789" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,727,139</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31_custom_ManufacturingMember" id="Fact001790" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,069,138</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31_custom_UnallocatedMember" id="Fact001791" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,342,923</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001792" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,139,200</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20221231__ifrs-full--SegmentsAxis__custom--DirectPurchaseODMMember_zQFDyUOqn6Yk" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    Purchase and ODM</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20221231__ifrs-full--SegmentsAxis__custom--ManufacturingMember_zpU2QhJmQMug" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20221231__ifrs-full--SegmentsAxis__custom--UnallocatedMember_zMoFOLSrvUF" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20221231__ifrs-full--SegmentsAxis__ifrs-full--ReportableSegmentsMember_zZzouP9hwGZ8" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    reportable segment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    at December 31, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct
    Purchase and ODM</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    reportable segment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--Assets_iI_zqOZWEWC1jV2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reportable
    segment assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-12-31_custom_DirectPurchaseODMMember" id="Fact001794" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,601,758</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-12-31_custom_ManufacturingMember" id="Fact001795" format="ixt:numdotdecimal" decimals="0" unitRef="USD">49,294,010</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-12-31_custom_UnallocatedMember" id="Fact001796" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,150,919</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001797" format="ixt:numdotdecimal" decimals="0" unitRef="USD">68,046,687</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--Liabilities_iNI_di_zdy6vJJuaQWd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reportable
    segment liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_DirectPurchaseODMMember" id="Fact001799" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,131,264</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_ManufacturingMember" id="Fact001800" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,217,801</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_custom_UnallocatedMember" id="Fact001801" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,205,946</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31_ifrs-full_ReportableSegmentsMember" id="Fact001802" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,555,011</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AC_zrtjX9hNJxo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregation
    of revenue from contracts with customers</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001804" name="ifrs-full:DisclosureOfGeographicalAreasExplanatory"><p id="xdx_897_eifrs-full--DisclosureOfGeographicalAreasExplanatory_zdy58epg6aK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the following table, revenue is disaggregated by the geographical locations of customers and by the timing of revenue recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zN43hJXUMF8c" style="display: none">SCHEDULE
OF REVENUES BY GEOGRAPHICAL LOCATIONS</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_498_20230101__20231231_zPF6rD9UJOEd" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20220101__20221231_zn6Vf9aBPY04" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231_zPxM05Zn5Of5" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 14%">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographical
    locations:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--Revenue_hifrs-full--GeographicalAreasAxis__country--CN_zwOMtmnMvTba" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_country_CN" id="Fact001806" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,491,537</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_country_CN" id="Fact001807" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,860,768</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_country_CN" id="Fact001808" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,366,974</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_406_eifrs-full--Revenue_hifrs-full--GeographicalAreasAxis__srt--EuropeMember_zjnS1uY0rDh4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Europe</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_srt_EuropeMember" id="Fact001810" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,094,986</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_srt_EuropeMember" id="Fact001811" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,278,355</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_srt_EuropeMember" id="Fact001812" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,788,272</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--Revenue_hifrs-full--GeographicalAreasAxis__srt--SouthAmericaMember_zmL8n0Ud5Sd3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">South
    America</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_srt_SouthAmericaMember" id="Fact001814" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,364,773</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_srt_SouthAmericaMember" id="Fact001815" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,531,560</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_srt_SouthAmericaMember" id="Fact001816" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,306,726</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--Revenue_hifrs-full--GeographicalAreasAxis__srt--NorthAmericaMember_zSgmxWy9msZ3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">North
    America</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_srt_NorthAmericaMember" id="Fact001818" format="ixt:numdotdecimal" decimals="0" unitRef="USD">110,057</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_srt_NorthAmericaMember" id="Fact001819" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,107</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_srt_NorthAmericaMember" id="Fact001820" format="ixt:numdotdecimal" decimals="0" unitRef="USD">171,354</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--Revenue_hifrs-full--GeographicalAreasAxis__custom--SouthEastAsiaMember_z45QPTzQaZdi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">South
    East Asia</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_SouthEastAsiaMember" id="Fact001822" format="ixt:numdotdecimal" decimals="0" unitRef="USD">395,422</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_SouthEastAsiaMember" id="Fact001823" format="ixt:numdotdecimal" decimals="0" unitRef="USD">631,487</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_SouthEastAsiaMember" id="Fact001824" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,801</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--Revenue_ziPNz75O7XWe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-01to2023-12-31" id="Fact001826" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,456,775</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31" id="Fact001827" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,339,277</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31" id="Fact001828" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,684,127</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Timing
    of revenue recognition:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--Revenue_hifrs-full--TimingOfTransferOfGoodsOrServicesAxis__ifrs-full--GoodsOrServicesTransferredAtPointInTimeMember_zakvT78HdoL2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
a point in time</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" id="Fact001830" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,456,775</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" id="Fact001831" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,339,277</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" id="Fact001832" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,684,127</ix:nonFraction></td>
    <td>&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A8_zkMpTTKbIvF7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
about major customers is disclosed in note 25 (e).</span></p>
</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001834" name="ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfOtherOperatingIncomeExpenseExplanatory_z3Uu80WkO1R3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_ztcwoHSQnuJa">OTHER INCOME, NET</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001836" name="NWGL:DisclosureOfOtherExpensesIncomeNetExplanatory"><p id="xdx_89E_ecustom--DisclosureOfOtherExpensesIncomeNetExplanatory_zAniFGlGrSF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zcbdBH9MMuv6" style="display: none">SCHEDULE OF OTHER  INCOME, NET</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20230101__20231231_zUlH2AHN1r37" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20220101__20221231_zwk8T6CCSTKl" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_497_20210101__20211231_zf0MQhpLWqjd" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 14%">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_401_ecustom--SalesOfSideProductsAndSpareParts_maOOIEzmWc_zn2mkzqtu87k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    of side products and spare parts</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:SalesOfSideProductsAndSpareParts" contextRef="From2023-01-01to2023-12-31" id="Fact001838" format="ixt:numdotdecimal" decimals="0" unitRef="USD">619,830</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:SalesOfSideProductsAndSpareParts" contextRef="From2022-01-012022-12-31" id="Fact001839" format="ixt:numdotdecimal" decimals="0" unitRef="USD">929,780</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="NWGL:SalesOfSideProductsAndSpareParts" contextRef="From2021-01-012021-12-31" id="Fact001840" format="ixt:numdotdecimal" decimals="0" unitRef="USD">791,110</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40E_ecustom--ValueAddedTaxConcessions_maOOIEzmWc_zVyV4WUsqaNb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT
    tax concessions</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ValueAddedTaxConcessions" contextRef="From2023-01-01to2023-12-31" id="Fact001842" format="ixt:numdotdecimal" decimals="0" unitRef="USD">449,097</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ValueAddedTaxConcessions" contextRef="From2022-01-012022-12-31" id="Fact001843" format="ixt:numdotdecimal" decimals="0" unitRef="USD">762,327</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="NWGL:ValueAddedTaxConcessions" contextRef="From2021-01-012021-12-31" id="Fact001844" format="ixt:numdotdecimal" decimals="0" unitRef="USD">870,411</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_405_ecustom--ProfitLossOnDisposalOfPropertyPlantAndEquipment_maOOIEzmWc_zjjwWjruqlP" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Profit
    (loss) on disposal of property, plant and equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ProfitLossOnDisposalOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact001846" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,669</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ProfitLossOnDisposalOfPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact001847" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,423</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="NWGL:ProfitLossOnDisposalOfPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact001848" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">50,116</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_404_ecustom--GovernmentGrantsOther_maOOIEzmWc_zhpPsTzyZRs4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Government grants</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1850">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1851">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="NWGL:GovernmentGrantsOther" contextRef="From2021-01-012021-12-31" id="Fact001852" format="ixt:numdotdecimal" decimals="0" unitRef="USD">700</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40F_ecustom--GainOnLeaseModification_maOOIEzmWc_zUuc8pZSVCdj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
    on lease modification</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:GainOnLeaseModification" contextRef="From2023-01-01to2023-12-31" id="Fact001854" format="ixt:numdotdecimal" decimals="0" unitRef="USD">703</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1855">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1856">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_ecustom--Others_maOOIEzmWc_zLb99Pth5XX8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:Others" contextRef="From2023-01-01to2023-12-31" id="Fact001858" format="ixt:numdotdecimal" decimals="0" unitRef="USD">40,352</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:Others" contextRef="From2022-01-012022-12-31" id="Fact001859" format="ixt:numdotdecimal" decimals="0" unitRef="USD">122,632</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:Others" contextRef="From2021-01-012021-12-31" id="Fact001860" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,418</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--OtherOperatingIncomeExpense_iT_mtOOIEzmWc_z2DYLAWy8Pg3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001862" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,113,651</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2022-01-012022-12-31" id="Fact001863" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,823,162</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:OtherOperatingIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact001864" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,625,523</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<!-- Field: Split-Segment; Name: 002 -->
</ix:nonNumeric><p id="xdx_8AD_zE5RGtrr53Y6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001866" name="ifrs-full:DisclosureOfFinanceCostExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfFinanceCostExplanatory_zCDJs0pVE899" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_820_zLIMgHBsx38j">FINANCE COSTS</span>&#160;</b></span></td></tr>
</table>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001868" name="NWGL:DisclosureOfFinanceCostsExplanatory"><p id="xdx_896_ecustom--DisclosureOfFinanceCostsExplanatory_zOVmO4YwuGHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zgtlmA8lY4A1" style="display: none">SCHEDULE OF FINANCE COSTS</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20230101__20231231_zITdqyaAbqAa" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20220101__20221231_znZxzllaInp2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_497_20210101__20211231_zP4sYAf0Iz4i" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--InterestExpenseOnBorrowings_maIEzvGL_zUJTPk0NA4j2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expenses on bank borrowings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnBorrowings" contextRef="From2023-01-01to2023-12-31" id="Fact001870" format="ixt:numdotdecimal" decimals="0" unitRef="USD">605,979</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnBorrowings" contextRef="From2022-01-012022-12-31" id="Fact001871" format="ixt:numdotdecimal" decimals="0" unitRef="USD">421,753</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 14%"><ix:nonFraction name="ifrs-full:InterestExpenseOnBorrowings" contextRef="From2021-01-012021-12-31" id="Fact001872" format="ixt:numdotdecimal" decimals="0" unitRef="USD">318,014</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_403_ecustom--InterestExpensesOnOtherBorrowingsRelatedParties_maIEzvGL_zYIeZdoYV1wj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest
                                            expenses on other borrowings </p></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="NWGL:InterestExpensesOnOtherBorrowingsRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact001874" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,638</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1875">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1876">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40E_ecustom--InterestExpensesOnShareholderLoans_maIEzvGL_zRdtGqL8AgLg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expenses on shareholder loans</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:InterestExpensesOnShareholderLoans" contextRef="From2023-01-01to2023-12-31" id="Fact001878" format="ixt:numdotdecimal" decimals="0" unitRef="USD">197,066</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:InterestExpensesOnShareholderLoans" contextRef="From2022-01-012022-12-31" id="Fact001879" format="ixt:numdotdecimal" decimals="0" unitRef="USD">405,872</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="NWGL:InterestExpensesOnShareholderLoans" contextRef="From2021-01-012021-12-31" id="Fact001880" format="ixt:numdotdecimal" decimals="0" unitRef="USD">429,927</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--InterestExpenseOnBonds_maIEzvGL_zET18SYrPbxh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expenses on convertible bonds</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnBonds" contextRef="From2023-01-01to2023-12-31" id="Fact001882" format="ixt:numdotdecimal" decimals="0" unitRef="USD">684,163</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnBonds" contextRef="From2022-01-012022-12-31" id="Fact001883" format="ixt:numdotdecimal" decimals="0" unitRef="USD">972,045</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:InterestExpenseOnBonds" contextRef="From2021-01-012021-12-31" id="Fact001884" format="ixt:numdotdecimal" decimals="0" unitRef="USD">979,654</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--InterestExpenseOnLeaseLiabilities_maIEzvGL_zCQOGinaLUr2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expenses on lease liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001886" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,306</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001887" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,320</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31" id="Fact001888" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,726</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--BankAndSimilarCharges_maIEzvGL_zqJouH4skL3i" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
    charges</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:BankAndSimilarCharges" contextRef="From2023-01-01to2023-12-31" id="Fact001890" format="ixt:numdotdecimal" decimals="0" unitRef="USD">106,908</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:BankAndSimilarCharges" contextRef="From2022-01-012022-12-31" id="Fact001891" format="ixt:numdotdecimal" decimals="0" unitRef="USD">119,302</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:BankAndSimilarCharges" contextRef="From2021-01-012021-12-31" id="Fact001892" format="ixt:numdotdecimal" decimals="0" unitRef="USD">134,854</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_40B_eifrs-full--FinanceCosts_iT_mtIEzvGL_zNJo0dSm2zOl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2023-01-01to2023-12-31" id="Fact001894" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,605,060</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2022-01-012022-12-31" id="Fact001895" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,928,292</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:FinanceCosts" contextRef="From2021-01-012021-12-31" id="Fact001896" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,872,175</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_z1iFhS8zOam7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 114; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001898" name="NWGL:DisclosureOfLossProfitBeforeIncomeTaxExplanatory"><p id="xdx_803_ecustom--DisclosureOfLossProfitBeforeIncomeTaxExplanatory_zwAVl90wJMne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zuUhNRgvRvb3">(LOSS) PROFIT BEFORE
  INCOME TAX</span></b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loss) profit before income tax is arrived at after charging:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001900" name="NWGL:DisclosureOfLossProfitBeforeIncomeTaxesExplanatory"><p id="xdx_898_ecustom--DisclosureOfLossProfitBeforeIncomeTaxesExplanatory_zN2rVJeL1205" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zoVZAJ23ljpi" style="display: none">SCHEDULE OF (LOSS) PROFIT BEFORE INCOME TAX</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20230101__20231231_zxwVLQbaCBEa" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20220101__20221231_z24xrzLCjUd8" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20210101__20211231_zMdbAKDrXbeh" style="border-bottom: Black 1.5pt solid; text-align: center">202<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_eifrs-full--CostOfSales_zU1J14pnAnJ6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
    of revenue</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CostOfSales" contextRef="From2023-01-01to2023-12-31" id="Fact001902" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,071,638</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CostOfSales" contextRef="From2022-01-012022-12-31" id="Fact001903" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,423,411</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 14%"><ix:nonFraction name="ifrs-full:CostOfSales" contextRef="From2021-01-012021-12-31" id="Fact001904" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,272,086</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--DepreciationAndAmortisationExpenseAbstract_iB_zBGmKMcB7oyj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    expenses of:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--DepreciationExpense_i01_zZCNCMKVlLSh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Property, plant and equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001910" format="ixt:numdotdecimal" decimals="0" unitRef="USD">863,287</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2022-01-012022-12-31" id="Fact001911" format="ixt:numdotdecimal" decimals="0" unitRef="USD">707,747</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:DepreciationExpense" contextRef="From2021-01-012021-12-31" id="Fact001912" format="ixt:numdotdecimal" decimals="0" unitRef="USD">509,177</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--DepreciationRightofuseAssets_i01_zzlOlchgk1Yi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Right-of-use assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2023-01-01to2023-12-31" id="Fact001914" format="ixt:numdotdecimal" decimals="0" unitRef="USD">99,360</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-012022-12-31" id="Fact001915" format="ixt:numdotdecimal" decimals="0" unitRef="USD">105,479</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2021-01-012021-12-31" id="Fact001916" format="ixt:numdotdecimal" decimals="0" unitRef="USD">86,769</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40F_eifrs-full--AmortisationIntangibleAssetsOtherThanGoodwill_zFYZ3qBPATG7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    of intangible assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-01to2023-12-31" id="Fact001918" format="ixt:numdotdecimal" decimals="0" unitRef="USD">950,624</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31" id="Fact001919" format="ixt:numdotdecimal" decimals="0" unitRef="USD">904,315</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" contextRef="From2021-01-012021-12-31" id="Fact001920" format="ixt:numdotdecimal" decimals="0" unitRef="USD">834,575</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--IncreaseDecreaseThroughAdjustmentsArisingFromPassageOfTimeAllowanceAccountForCreditLossesOfFinancialAssets_zSscCxlr3JT4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    credit losses recognized on trade receivables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughAdjustmentsArisingFromPassageOfTimeAllowanceAccountForCreditLossesOfFinancialAssets" contextRef="From2023-01-01to2023-12-31" id="Fact001922" format="ixt:numdotdecimal" decimals="0" unitRef="USD">253,459</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughAdjustmentsArisingFromPassageOfTimeAllowanceAccountForCreditLossesOfFinancialAssets" contextRef="From2022-01-012022-12-31" id="Fact001923" format="ixt:numdotdecimal" decimals="0" unitRef="USD">73,537</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughAdjustmentsArisingFromPassageOfTimeAllowanceAccountForCreditLossesOfFinancialAssets" contextRef="From2021-01-012021-12-31" id="Fact001924" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,891</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_405_ecustom--WritedownOfInventoriesIncludedInCostOfRevenue_z2kX3xaXdPS9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Write-down
    of inventories, included in cost of revenue</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:WritedownOfInventoriesIncludedInCostOfRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact001926" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,933,391</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1927">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1928">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_z1HbpFMOEFX9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
    loss recognized on property, plant and equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact001930" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,244,688</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1931">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1932">-</span></td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--AuditorsRemuneration_zKvolEQ0bYf5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auditor&#8217;s
    remuneration</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2023-01-01to2023-12-31" id="Fact001934" format="ixt:numdotdecimal" decimals="0" unitRef="USD">204,246</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2022-01-012022-12-31" id="Fact001935" format="ixt:numdotdecimal" decimals="0" unitRef="USD">212,268</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:AuditorsRemuneration" contextRef="From2021-01-012021-12-31" id="Fact001936" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,977</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40E_eifrs-full--ShorttermEmployeeBenefitsExpenseAbstract_iB_zpwW1LWdEPMk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
    benefits expenses (including directors&#8217; remuneration):</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--ShorttermEmployeeBenefitsExpense_i01_z5AzZBP16Od4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Salaries and allowances</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermEmployeeBenefitsExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001942" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,375,361</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ShorttermEmployeeBenefitsExpense" contextRef="From2022-01-012022-12-31" id="Fact001943" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,877,068</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:ShorttermEmployeeBenefitsExpense" contextRef="From2021-01-012021-12-31" id="Fact001944" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,104,038</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--PostemploymentBenefitExpenseInProfitOrLoss_i01N_di_zm3p9OmWUwB9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Pension scheme contribution</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseInProfitOrLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001946" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">264,116</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseInProfitOrLoss" contextRef="From2022-01-012022-12-31" id="Fact001947" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">396,232</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseInProfitOrLoss" contextRef="From2021-01-012021-12-31" id="Fact001948" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">412,822</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AF_zXX7fCpaL9G7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001950" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfIncomeTaxExplanatory_zLvdPh30zWzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82D_z7XBepzzRgc5">INCOME TAX (CREDITS)
  EXPENSES</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>British
Virgin Islands</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and our subsidiaries incorporated in British Virgin Islands currently enjoy permanent income tax holidays; accordingly, the Company
and our subsidiaries incorporated in the British Virgin Islands do not accrue for income taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Peru</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiaries incorporated in Peru are considered as Peru tax residents under Peru tax laws; accordingly, they are subject to corporate
income tax on their taxable income under Peru tax laws at statutory tax rates ranging from <span id="xdx_908_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--PE__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zXi369ajAsve"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-012023-12-31_country_PE_ifrs-full_BottomOfRangeMember" id="Fact001951" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to <span id="xdx_909_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--PE__srt--RangeAxis__ifrs-full--TopOfRangeMember_zM4UrW2LaIS8"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-012023-12-31_country_PE_ifrs-full_TopOfRangeMember" id="Fact001952" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">29.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
(2022: <span id="xdx_90C_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20220101__20221231__ifrs-full--GeographicalAreasAxis__country--PE__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zCV4eKo01Px6"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31_country_PE_ifrs-full_BottomOfRangeMember" id="Fact001953" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_909_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20220101__20221231__ifrs-full--GeographicalAreasAxis__country--PE__srt--RangeAxis__ifrs-full--TopOfRangeMember_zeXSFQ0bfe9l"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31_country_PE_ifrs-full_TopOfRangeMember" id="Fact001954" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">29.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
2021: <span id="xdx_90B_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20210101__20211231__ifrs-full--GeographicalAreasAxis__country--PE__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z2SIMTjqm0x6"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2021-01-012021-12-31_country_PE_ifrs-full_BottomOfRangeMember" id="Fact001955" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% to <span id="xdx_90C_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20210101__20211231__ifrs-full--GeographicalAreasAxis__country--PE__srt--RangeAxis__ifrs-full--TopOfRangeMember_zq0K23YPNBD8"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2021-01-012021-12-31_country_PE_ifrs-full_TopOfRangeMember" id="Fact001956" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">29.5</ix:nonFraction></span>%),</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> depending on the city where
the subsidiaries are situated and operated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>France</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiary incorporated in France is considered as France tax resident under France tax laws; accordingly, it is subject to corporate
income tax on their taxable income under France tax laws at a statutory tax rate of <span id="xdx_902_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--FR_zZLPdDmeLCV6"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-012023-12-31_country_FR" id="Fact001957" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25.0</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: <span id="xdx_908_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20220101__20221231__ifrs-full--GeographicalAreasAxis__country--FR_zRZtfOMeJvT5"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31_country_FR" id="Fact001958" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">33.3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%,
2021: <span id="xdx_903_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20210101__20211231__ifrs-full--GeographicalAreasAxis__country--FR_zMr9NI20Inng"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2021-01-012021-12-31_country_FR" id="Fact001959" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">26.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>China</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiary incorporated in China is considered as China tax resident under China tax laws; accordingly, it is subject to corporate income
tax on their taxable income under China tax laws at a statutory tax rate of <span id="xdx_903_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--CN_zh1teYwUbPgh"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-012023-12-31_country_CN" id="Fact001960" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: <span id="xdx_909_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20220101__20221231__ifrs-full--GeographicalAreasAxis__country--CN_zMpneWPvlct3"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31_country_CN" id="Fact001961" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%,
2021: <span id="xdx_909_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20210101__20211231__ifrs-full--GeographicalAreasAxis__country--CN_z8uCOZ2u8L6e"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2021-01-012021-12-31_country_CN" id="Fact001962" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Macau</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiary incorporated in Macau is considered as Macau tax resident under Macau tax laws; accordingly, it is subject to corporate income
tax on their taxable income under Macau tax laws at a statutory tax rate of <span id="xdx_90B_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--MO_zyZvoRTTJN9d"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-012023-12-31_country_MO" id="Fact001963" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: <span id="xdx_908_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20220101__20221231__ifrs-full--GeographicalAreasAxis__country--MO_zElfTaYhEn48"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31_country_MO" id="Fact001964" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>%,
2021: <span id="xdx_904_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20210101__20211231__ifrs-full--GeographicalAreasAxis__country--MO_zBgivv7JrVuk"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2021-01-012021-12-31_country_MO" id="Fact001965" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span>%</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Hong
Kong</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiary incorporated in Hong Kong is subject to corporate income tax on their taxable income under Hong Kong tax laws at a statutory
tax rate of <span id="xdx_90A_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__country--HK_zKoZjKYY5r6l"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-012023-12-31_country_HK" id="Fact001966" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction>%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: <span id="xdx_909_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20220101__20221231__ifrs-full--GeographicalAreasAxis__country--HK_zXGdqEdOElR2"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31_country_HK" id="Fact001967" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>%,
2021: <span id="xdx_905_eifrs-full--ApplicableTaxRate_pid_dp_uPure_c20210101__20211231__ifrs-full--GeographicalAreasAxis__country--HK_zV7EtG6V6VFf"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2021-01-012021-12-31_country_HK" id="Fact001968" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>%</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001970" name="NWGL:DisclosureOfIncomeTaxProvisionExplanatory"><p id="xdx_896_ecustom--DisclosureOfIncomeTaxProvisionExplanatory_zDJiC04Atmfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
income tax provision consists of the following components:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zSWcZk8EjPFc" style="display: none">SCHEDULE OF INCOME TAX PROVISION</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20230101__20231231__ifrs-full--GeographicalAreasAxis__country--HK_zMbYglk13Lg5" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20220101__20221231__ifrs-full--GeographicalAreasAxis__country--HK_zWZ1VlRdMPV7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231__ifrs-full--GeographicalAreasAxis__country--HK_ztGIbv6Alapb" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--CurrentTaxExpenseIncome_maCTEIAzwgW_zd1sK5EHxs6k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    tax</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentTaxExpenseIncome" contextRef="From2023-01-012023-12-31_country_HK" id="Fact001972" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,186</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentTaxExpenseIncome" contextRef="From2022-01-012022-12-31_country_HK" id="Fact001973" format="ixt:numdotdecimal" decimals="0" unitRef="USD">431,925</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 14%"><ix:nonFraction name="ifrs-full:CurrentTaxExpenseIncome" contextRef="From2021-01-012021-12-31_country_HK" id="Fact001974" format="ixt:numdotdecimal" decimals="0" unitRef="USD">622,963</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_401_eifrs-full--AdjustmentsForCurrentTaxOfPriorPeriod_maCTEIAzwgW_zoRqoI4sd1kk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Over) under-provision
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of tax in prior years</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" contextRef="From2023-01-012023-12-31_country_HK" id="Fact001976" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">72,040</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1977">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" contextRef="From2021-01-012021-12-31_country_HK" id="Fact001978" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,290</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtCTEIAzwgW_zf9a3EZ9waIl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2023-01-012023-12-31_country_HK" id="Fact001980" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">42,854</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2022-01-012022-12-31_country_HK" id="Fact001981" format="ixt:numdotdecimal" decimals="0" unitRef="USD">431,925</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2021-01-012021-12-31_country_HK" id="Fact001982" format="ixt:numdotdecimal" decimals="0" unitRef="USD">628,253</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zft2o9Cv8MFi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001984" name="NWGL:DisclosureOfIncomeTaxCreditsExpensesReconciledToLossProfitBeforeIncomeTaxExplanatory"><p id="xdx_897_ecustom--DisclosureOfIncomeTaxCreditsExpensesReconciledToLossProfitBeforeIncomeTaxExplanatory_zAChCVftrac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
income tax (credits) expenses for the years can be reconciled to the (loss) profit before income tax per the consolidated statement of
profit or loss as follows:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zbHbvsTBdbK3" style="display: none">SCHEDULE OF INCOME TAX (CREDITS) EXPENSES RECONCILED TO (LOSS) PROFIT BEFORE INCOME TAX</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20230101__20231231__ifrs-full--GeographicalAreasAxis__country--HK_zXq8AdxaYj0a" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20220101__20221231__ifrs-full--GeographicalAreasAxis__country--HK_znDOtKDsLmik" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20210101__20211231__ifrs-full--GeographicalAreasAxis__country--HK_z8mMFyZs1r71" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: right; width: 14%">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--ProfitLossBeforeTax_zzdHMLi1lyM6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loss)
    profit before income tax</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2023-01-012023-12-31_country_HK" id="Fact001986" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">11,976,182</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-01-012022-12-31_country_HK" id="Fact001987" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,210,820</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2021-01-012021-12-31_country_HK" id="Fact001988" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,960,543</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_maITECOz7d6_zMEgxi5DSNBf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    at the respective income tax rates</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" contextRef="From2023-01-012023-12-31_country_HK" id="Fact001990" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,418,569</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" contextRef="From2022-01-012022-12-31_country_HK" id="Fact001991" format="ixt:numdotdecimal" decimals="0" unitRef="USD">847,763</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" contextRef="From2021-01-012021-12-31_country_HK" id="Fact001992" format="ixt:numdotdecimal" decimals="0" unitRef="USD">623,576</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss_maITECOz7d6_zvnJIn2YXtp1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    effect of expenses not deductible for tax purpose</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" contextRef="From2023-01-012023-12-31_country_HK" id="Fact001994" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,683,289</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" contextRef="From2022-01-012022-12-31_country_HK" id="Fact001995" format="ixt:numdotdecimal" decimals="0" unitRef="USD">649,932</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:TaxEffectOfExpenseNotDeductibleInDeterminingTaxableProfitTaxLoss" contextRef="From2021-01-012021-12-31_country_HK" id="Fact001996" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,802,565</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--TaxEffectOfRevenuesExemptFromTaxation2011_iN_di_msITECOz7d6_zEvAhaZ1Shm1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    effect of income not taxable for tax purpose</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011" contextRef="From2023-01-012023-12-31_country_HK" id="Fact001998" format="ixt:numdotdecimal" decimals="0" unitRef="USD">235,534</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011" contextRef="From2022-01-012022-12-31_country_HK" id="Fact001999" format="ixt:numdotdecimal" decimals="0" unitRef="USD">850,911</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="ifrs-full:TaxEffectOfRevenuesExemptFromTaxation2011" contextRef="From2021-01-012021-12-31_country_HK" id="Fact002000" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,037,252</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_407_eifrs-full--TaxEffectOfTaxLosses_maITECOz7d6_zgHpDOkXHJZ4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Tax effect of tax losses not recognized</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2002">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2003">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2021-01-012021-12-31_country_HK" id="Fact002004" format="ixt:numdotdecimal" decimals="0" unitRef="USD">288,070</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_40D_ecustom--UtilizationOfTaxLossesPreviouslyNotRecognized_msITECOz7d6_zHhBMETTNGV1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Utilization of tax losses previously not recognized</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2006">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="NWGL:UtilizationOfTaxLossesPreviouslyNotRecognized" contextRef="From2022-01-012022-12-31_country_HK" id="Fact002007" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">214,859</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">)</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(<ix:nonFraction name="NWGL:UtilizationOfTaxLossesPreviouslyNotRecognized" contextRef="From2021-01-012021-12-31_country_HK" id="Fact002008" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">128,876</ix:nonFraction></td>
    <td>)</td></tr>
  <tr id="xdx_40E_eifrs-full--TaxEffectFromChangeInTaxRate_maITECOz7d6_zZCdQfZkQAke" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Over)
    under-provision</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> in respect of prior years</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:TaxEffectFromChangeInTaxRate" contextRef="From2023-01-012023-12-31_country_HK" id="Fact002010" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">72,040</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2011">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonFraction name="ifrs-full:TaxEffectFromChangeInTaxRate" contextRef="From2021-01-012021-12-31_country_HK" id="Fact002012" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,290</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_maITECOz7d6_z7mNi7TY5ftd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Others</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2014">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2015">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" contextRef="From2021-01-012021-12-31_country_HK" id="Fact002016" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,880</ix:nonFraction></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtITECOz7d6_znQQuIAHdfl6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2023-01-012023-12-31_country_HK" id="Fact002018" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">42,854</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2022-01-012022-12-31_country_HK" id="Fact002019" format="ixt:numdotdecimal" decimals="0" unitRef="USD">431,925</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2021-01-012021-12-31_country_HK" id="Fact002020" format="ixt:numdotdecimal" decimals="0" unitRef="USD">628,253</ix:nonFraction></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A1_zEaA2xLmLqT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 115; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002022" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfSharebasedPaymentArrangementsExplanatory_zPqsK5Pju0ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>23</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_828_z32BJV80Yupa">SHARE-BASED PAYMENTS
  TRANSACTIONS</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity-settled
share option scheme of the Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s share option scheme (the &#8220;Scheme&#8221;) was adopted pursuant to an ordinary resolution of the shareholders passed
on September 1, 2019 for the primary purpose of providing incentives to directors and eligible employees and will expire on the date
of the listing of shares of the Company. Under the Scheme, the directors of the Company may grant options to eligible employees, including
directors of the Company and its subsidiaries, to subscribe for shares in the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, the number of shares in respect of which options had been granted and remained outstanding under the Scheme was <span id="xdx_90E_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zCgTZm2Nktoj" title="Number of options outstanding"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002024" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,800,000</ix:nonFraction></span>
(2022: <span id="xdx_909_eifrs-full--NumberOfOutstandingShareOptions_iI_uShares_c20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zT6BriIKXbpb" title="Number of options outstanding"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002026" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,160,000</ix:nonFraction></span>), representing <span id="xdx_903_ecustom--PercentageOfShareOptionsGrantedInSharebasedPaymentArrangement_iI_pid_dp_uPure_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zTcL60Do0Lk2" title="Percentage of share options granted in sharebased payment arrangement"><ix:nonFraction name="NWGL:PercentageOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002028" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%</span> (2022: <span id="xdx_90A_ecustom--PercentageOfShareOptionsGrantedInSharebasedPaymentArrangement_iI_pid_dp_uPure_c20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zN6cxWuvIFT" title="Percentage of share options granted in sharebased payment arrangement"><ix:nonFraction name="NWGL:PercentageOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002030" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction>%</span>) of the shares of the Company in issue. The total number of shares in respect
of which options may be granted under the Scheme is not permitted to exceed <span id="xdx_90A_ecustom--MaximumPercentageOfShareOptionsGrantedInSharebasedPaymentArrangement_iI_pid_dp_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zjIxIXyxnOhe" title="Maximum percentage of share options granted in sharebased payment arrangement"><ix:nonFraction name="NWGL:MaximumPercentageOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002032" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span> of the shares of the Company in issue at any point in
time, without prior approval from the Company&#8217;s shareholders. The number of shares issued and to be issued in respect of which
options granted and may be granted to any individual in any one year is not permitted to exceed <span id="xdx_902_ecustom--MaximumPercentageOfShareOptionsGrantedToIndividualInSharebasedPaymentArrangement_iI_pid_dp_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zQz0mSezwREg" title="Maximum percentage of share options granted to individual in sharebased payment arrangement"><ix:nonFraction name="NWGL:MaximumPercentageOfShareOptionsGrantedToIndividualInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002034" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction>%</span> of the shares of the Company in issue
at any point in time, without prior approval from the Company&#8217;s shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
granted must be taken up within 1 month of the date of grant, upon payment of HK$<span id="xdx_900_eifrs-full--WeightedAverageSharePrice2019_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zviDDb3CRrDi" title="Price per option"><ix:nonFraction name="ifrs-full:WeightedAverageSharePrice2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002036" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">1</ix:nonFraction></span> per option. Options may be exercised at any time from
the date of grant of the share option to the 10<sup>th</sup> anniversary of the date of grant. The exercise price is HK$<span id="xdx_90D_eifrs-full--ExercisePriceShareOptionsGranted2019_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_ziYQkTs2W2t7" title="Exercise price of options granted"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002038" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span> per share
(equivalent to HK$<span id="xdx_905_eifrs-full--ExercisePriceShareOptionsGranted2019_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__ifrs-full--UnderlyingEquityInstrumentAndDepositaryReceiptsAxis__custom--AmericanDepositarySharesMember_zdVK5iYiszWd" title="Exercise price of options granted"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_AmericanDepositarySharesMember" id="Fact002040" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">37.288</ix:nonFraction></span> per ADS).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002042" name="ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory"><p id="xdx_89C_eifrs-full--DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory_za58MjADTgmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
Details of specific categories of options are as follows:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_zqHmxvUrrgkf" style="display: none">SCHEDULE OF SPECIFIC CATEGORIES OF OPTIONS</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    of grant</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting
    period</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    period</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    Price</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    dates</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eifrs-full--DateOfGrantOfSharebasedPaymentArrangement_pid_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zg7tGeWJLr0i" title="Date of grant"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="Fact002044" name="ifrs-full:DateOfGrantOfSharebasedPaymentArrangement">September
    30, 2019</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested
    upon grant date</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--ExercisePeriodOfSharebasedPaymentArrangement_pid_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zGFEKtn3xXNd" title="Exercise period"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="Fact002046" name="NWGL:ExercisePeriodOfSharebasedPaymentArrangement">September
    30, 2019&#8211;September 29, 2029</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$<span id="xdx_900_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pid_uHKDP_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zBrOg3CkGoKa" title="Exercise Price"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="Fact002048" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span>
    per share</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    yet exercised</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--DateOfGrantOfSharebasedPaymentArrangement_pid_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_z433iNOYSC0b" title="Date of grant"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="Fact002050" name="ifrs-full:DateOfGrantOfSharebasedPaymentArrangement">August
    18, 2020</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested
    upon grant date</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--ExercisePeriodOfSharebasedPaymentArrangement_pid_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zAeKDDxsuu8b" title="Exercise period"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="Fact002052" name="NWGL:ExercisePeriodOfSharebasedPaymentArrangement">August
    18, 2020 &#8211; August 17, 2030</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$<span id="xdx_90F_eifrs-full--ExercisePriceOfOutstandingShareOptions2019_iI_pid_uHKDP_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zwuUDU5hGZK" title="Exercise Price"><ix:nonFraction name="ifrs-full:ExercisePriceOfOutstandingShareOptions2019" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="Fact002054" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span>
    per share</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    yet exercised</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zwyonVQFP778" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002056" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><p id="xdx_899_eifrs-full--DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_zZnNHgNAax7i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
The following table discloses movements of the Scheme during the year:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zhpBZqh01Np3" style="display: none">SCHEDULE OF MOVEMENTS OF THE SCHEME</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option
    grant date</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January 1, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted
    during year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised
    during year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited
    during year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired
    during year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December 31, 2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zaoUMHv7xer9" title="Outstanding Beginning" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="Fact002058" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,957,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zEk9vxfjakul" title="Granted during year" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="-sec-ix-hidden: xdx2ixbrl2060">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zPao2Wkyxee1" title="Exercised during year" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="-sec-ix-hidden: xdx2ixbrl2062">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zTWVoRtwZhJc" title="Forfeited during year" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="Fact002064" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">360,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zPnlvhCzdI72" title="Expired during year" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="-sec-ix-hidden: xdx2ixbrl2066">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zHAx9ILtEiAi" title="Outstanding Ending" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="Fact002068" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,597,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    18, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zqGGdKfyFBJ4" title="Outstanding Beginning" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="Fact002070" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,203,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zvql2h7Lgel7" title="Granted during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2072">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zw87eD9zNl83" title="Exercised during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2074">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zB9qQZDWXyM3" title="Forfeited during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2076">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zQrQmznFdme6" title="Expired during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2078">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zLEBfnvaAOX8" title="Outstanding Ending" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="Fact002080" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,203,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_z84ExI9ISBj3" title="Option, Outstanding Beginning" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002082" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,160,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_ziFP3WqdqDh7" title="Option, Granted during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2084">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_z9nuagyYaJo2" title="Option, Exercised during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2086">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zQEEpH6960W7" title="Option, Forfeited during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002088" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">360,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zKHeIsxI8Ll1" title="Option, Expired during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2090">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_ztT3OQkV8iXe" title="Option, Outstanding Ending" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002092" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,800,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at the end of the year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iE_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zpvvRaX5XiE2" title="Exercisable at the end of the year" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002094" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,800,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average exercise price</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$</span></td>
    <td id="xdx_98D_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zx1bar9eWxw5" title="Weighted average exercise price, Outstanding, Beginning" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002096" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_pid_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zmj9T9xfy5x4" title="Weighted average exercise price, Granted during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2098">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019_pid_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zJETU1JLbHw6" title="Weighted average exercise price, Exercised during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2100">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019_pid_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zu0Xs1l7EJ58" title="Weighted average exercise price, Forfeited during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2102">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_pid_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zHrs2VP2xYj4" title="Weighted average exercise price, Expired during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2104">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$</span></td>
    <td id="xdx_98D_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_pid_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zl6EpSp4pcbd" title="Weighted average exercise price, Outstanding, Ending" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002106" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 116; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table discloses movements of the Scheme during the prior year:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option
    grant date</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at January 1, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted
    during year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised
    during year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited
    during year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired
    during year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December 31, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_z5CKkDGOUii9" title="Outstanding Beginning" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="Fact002108" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,957,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zj8mBbgdqfQj" title="Granted during year" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="-sec-ix-hidden: xdx2ixbrl2110">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zIQYJl0dlJz2" title="Exercised during year" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2112">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_zWsTmv6hEwzc" title="Forfeited during year" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2114">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_z1SNKyIFMTIg" title="Expired during year" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2116">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceOneMember_z5cdR1MCykSh" title="Outstanding Ending" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceOneMember" id="Fact002118" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,957,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    18, 2020</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zzlUp326fkRk" title="Outstanding Beginning" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="Fact002120" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,203,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zO6nFO4mCuw3" title="Granted during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2122">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zK9m9ISoTdif" title="Exercised during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="-sec-ix-hidden: xdx2ixbrl2124">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zICZokeitDP8" title="Forfeited during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="-sec-ix-hidden: xdx2ixbrl2126">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zd0zOMzG4aDe" title="Expired during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="-sec-ix-hidden: xdx2ixbrl2128">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember__custom--ExerciseRangeAxis__custom--ExercisePriceTwoMember_zhxc1yHUNoo8" title="Outstanding Ending" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember_custom_ExercisePriceTwoMember" id="Fact002130" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,203,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zyFuZDk1pdfc" title="Option, Outstanding Beginning" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2021-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002132" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,160,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zgtKIi3Y3De4" title="Option, Granted during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2134">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zOk2XtNTIWBa" title="Option, Exercised during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2136">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zzJtML1dKekk" title="Option, Forfeited during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2138">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zUs2At7ML0Fh" title="Option, Expired during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2140">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zk44eqgjCU23" title="Option, Outstanding Ending" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOutstandingShareOptions" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002142" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,160,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at the end of the year</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--NumberOfShareOptionsExercisableInSharebasedPaymentArrangement_iE_pid_uShares_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zutgVigYpjy4" title="Exercisable at the end of the year" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002144" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,160,000</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average exercise price</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/>
    <span id="xdx_90B_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_uHKDP_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_z7EBnFJJhWA3" title="Weighted average exercise price, Outstanding, Beginning"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2021-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002146" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_pid_uHKDP_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zQBGuMDXqNfa" title="Weighted average exercise price, Granted during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2148">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019_pid_uHKDP_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zQ0MdiuasJfc" title="Weighted average exercise price, Exercised during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2150">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019_pid_uHKDP_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zs0cQxdpGA14" title="Weighted average exercise price, Forfeited during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2152">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_pid_uHKDP_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_z20tvz5SB8M1" title="Weighted average exercise price, Expired during year" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2154">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$</span></td>
    <td id="xdx_983_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_pid_uHKDP_c20220101__20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zrbJMIpdcJ6b" title="Weighted average exercise price, Outstanding, Ending" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002156" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zfInPr8GdTnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of the share options exercised during the year, the weighted average share price at the dates of exercise was HK$<span id="xdx_903_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_pid_uHKDP_c20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zEQJ3ZnEBfm3" title="Options exercised"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002158" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span> (2022:
HK$<span id="xdx_901_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iI_pid_uHKDP_c20221231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zm2QL4AzIurf" title="Options exercised"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2022-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002160" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
    the year ended December 31, 2021, options were granted on 18 August 2020. The estimated fair values of the options granted on this
    date is HK$<span id="xdx_906_eifrs-full--WeightedAverageFairValueAtMeasurementDateShareOptionsGranted_iI_uHKD_c20211231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zeJJQNciiN2l" title="Fair values of options granted"><ix:nonFraction name="ifrs-full:WeightedAverageFairValueAtMeasurementDateShareOptionsGranted" contextRef="AsOf2021-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002162" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">0</ix:nonFraction></span>.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
    fair values were calculated using Hull-White Enhanced Model. The inputs into the model on option grant dates were as follows:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002164" name="ifrs-full:DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory"><p id="xdx_89A_eifrs-full--DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory_zy7fXZai1YVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zqdBOyAWtKGc" style="display: none">SCHEDULE OF MEASUREMENT OF FAIR VALUE SHARE OPTIONS GRANTED</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 93%; border-collapse: collapse; margin-left: 0.75in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underlying
    stock price</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--WeightedAverageSharePriceShareOptionsGranted2019_pid_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_z4XDtgE3Toz4" title="Underlying stock price"><ix:nonFraction name="ifrs-full:WeightedAverageSharePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002166" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">0.235</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    price</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_uHKDP_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zGNF1zdZwiu5" title="Exercise price"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002168" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDP">4.661</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    volatility</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_uPure_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zQgCNpDFfzvl" title="Expected volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002170" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">2.86</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    life</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--DescriptionOfOptionLifeShareOptionsGranted_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_ze3jZqgTKWp8" title="Expected life"><ix:nonFraction name="ifrs-full:DescriptionOfOptionLifeShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002172" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10</ix:nonFraction></span>
    years</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free
    rate</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_z0v2fENGxWX3" title="Risk-free rate"><ix:nonFraction name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" contextRef="From2023-01-012023-12-31_custom_EquitySettledShareOptionSchemeMember" id="Fact002174" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.20</ix:nonFraction></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    dividend yield</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_pid_dp_uPure_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquitySettledShareOptionSchemeMember_zqQ1EyTVaJbe" title="Expected dividend yield"><span style="-sec-ix-hidden: xdx2ixbrl2176">-</span></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AE_z0cYbDqhBYq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    volatility was determined by using the historical volatility of the comparable companies adopted by the independent valuation expert.
    The expected life used in the model has not been adjusted which is based on the exercise period as specified under the terms and
    conditions of the share options.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group did not recognize any share-based payment expense in relation to share options granted by the Company because assessed option
    value by the independent valuation expert on grant date is zero.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 117; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>
</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002178" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfRelatedPartyExplanatory_zzAkOBgi0iji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_820_z0lokiYVDVCd">SIGNIFICANT RELATED PARTY
  TRANSACTIONS</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
companies in these consolidated financial statements refer to members of the ultimate holding company&#8217;s group of companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the Company&#8217;s transactions and arrangements are between members of the group and the effect of these on the basis determined
between the parties is reflected in these consolidated financial statements. The intercompany balances are unsecured, interest-free and
repayable on demand, unless otherwise stated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of the group&#8217;s transactions and arrangements are with related parties and the effect of these on the basis determined between the
parties is reflected in these consolidated financial statements. The balances are unsecured, interest-free and repayable on demand unless
otherwise stated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt"><b>Balances
due to related parties</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002180" name="NWGL:DisclosureOfBalanceDueToRelatedPartiesExplanatory"><p id="xdx_890_ecustom--DisclosureOfBalanceDueToRelatedPartiesExplanatory_z09myDeqLGhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zjbe2C1ub4uk" style="display: none">SCHEDULE
OF BALANCE DUE TO RELATED PARTIES</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">2023</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">2022</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Relationship</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nature</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Mr. Hok Pan Se</td><td>&#160;</td>
    <td style="text-align: left">Ultimate beneficial shareholder</td><td style="text-decoration: underline; font-style: italic"/>
    <td style="text-decoration: underline; font-style: italic; text-align: justify">Non-trade payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 20%; text-align: justify">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 20%; text-align: justify">&#160;</td><td style="width: 2%">&#160;</td>
    <td id="xdx_981_eifrs-full--DescriptionOfNatureOfRelatedPartyRelationship_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderOneMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zPNNsEKH84oa" style="width: 24%; text-align: left"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderOneMember_custom_MrHonPanSeMember" id="Fact002181" name="ifrs-full:DescriptionOfNatureOfRelatedPartyRelationship">Long-term loans (Note 14)</ix:nonNumeric></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderOneMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_z3vm684zs7M1" style="width: 12%; text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderOneMember_custom_MrHonPanSeMember" id="Fact002182" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,300,650</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderOneMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zWWebmP1T3Rh" style="width: 12%; text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderOneMember_custom_MrHonPanSeMember" id="Fact002183" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,087,553</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td id="xdx_98E_eifrs-full--DescriptionOfNatureOfRelatedPartyRelationship_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderTwoMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_z1QHHpEUvTK2" style="text-align: left"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderTwoMember_custom_MrHonPanSeMember" id="Fact002184" name="ifrs-full:DescriptionOfNatureOfRelatedPartyRelationship">Short-term loans (Note 14)</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderTwoMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zy5z9AhZvrRj" style="text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderTwoMember_custom_MrHonPanSeMember" id="Fact002185" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,021,638</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderTwoMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_z9q70Ymqi0sf" style="text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderTwoMember_custom_MrHonPanSeMember" id="Fact002186" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,531,760</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: justify; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td id="xdx_985_eifrs-full--DescriptionOfNatureOfRelatedPartyRelationship_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderThreeMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zHooZAyzZCY9" style="text-align: left; padding-bottom: 1.5pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderThreeMember_custom_MrHonPanSeMember" id="Fact002187" name="ifrs-full:DescriptionOfNatureOfRelatedPartyRelationship">Convertible bonds (Note 16)</ix:nonNumeric></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderThreeMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zlZZCV4C5gG6" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2188">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderThreeMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zyzub2TnSbJa" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderThreeMember_custom_MrHonPanSeMember" id="Fact002189" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,282,589</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td id="xdx_983_eifrs-full--DescriptionOfNatureOfRelatedPartyRelationship_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_zTB52fNBEzRk" style="text-align: left; padding-bottom: 2.5pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderMember" id="Fact002190" name="ifrs-full:DescriptionOfNatureOfRelatedPartyRelationship">Amounts due to an ultimate beneficial shareholder</ix:nonNumeric></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_985_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_z6KNJxGqPmtb" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember" id="Fact002191" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,322,288</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_985_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember_zLUuU5osPh95" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember" id="Fact002192" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,901,902</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Mr. Se Ka Wai</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: justify; padding-bottom: 2.5pt">Related party of an ultimate beneficial shareholder</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td id="xdx_981_eifrs-full--DescriptionOfNatureOfRelatedPartyRelationship_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--RelatedPartyUltimateBeneficialShareholderMember_zKxd8VoBt7ij" style="text-align: left; padding-bottom: 2.5pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_RelatedPartyUltimateBeneficialShareholderMember" id="Fact002193" name="ifrs-full:DescriptionOfNatureOfRelatedPartyRelationship">Other borrowings (Note 13(b))</ix:nonNumeric></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--RelatedPartyUltimateBeneficialShareholderMember_zY9PSEQFAcfd" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_RelatedPartyUltimateBeneficialShareholderMember" id="Fact002194" format="ixt:numdotdecimal" decimals="0" unitRef="USD">536,530</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_983_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--RelatedPartyUltimateBeneficialShareholderMember_zJ0AYXzvQTfb" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2195">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A1_zkiy2YjmO4f8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
loans from related parties are not expected to be repaid within the next 12 months. The Company did not have any outstanding to any officers
or directors as of December 31, 2023 and 2022, and it does not expect to provide long terms loans or credit facilities to officers and
directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transactions
with related parties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002197" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zVAv1ltvSeD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table represents the significant related party transactions for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_ztDWcg5tyCZ1" style="display: none">SCHEDULE
OF RELATED PARTY TRANSACTIONS</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">202<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nature</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hok Pan Se</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ultimate
    beneficial shareholder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--DescriptionOfTransactionsWithRelatedParty_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_z5ORn2c4XCfe" style="font: 10pt Times New Roman, Times, Serif; width: 27%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeMember" id="Fact002198" name="ifrs-full:DescriptionOfTransactionsWithRelatedParty">Interest
    expense on shareholder loans</ix:nonNumeric></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zQGnvr3a7aOa" title="Outstanding of related party transactions" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeMember" id="Fact002200" format="ixt:numdotdecimal" decimals="0" unitRef="USD">197,066</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zr56iS8t9Ha4" title="Outstanding of related party transactions" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeMember" id="Fact002202" format="ixt:numdotdecimal" decimals="0" unitRef="USD">405,872</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_988_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeMember_zjLsUQDlOlCf" title="Outstanding of related party transactions" style="text-align: right; width: 9%"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2021-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeMember" id="Fact002204" format="ixt:numdotdecimal" decimals="0" unitRef="USD">429,927</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Hok Pan Se</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ultimate
    beneficial shareholder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--DescriptionOfTransactionsWithRelatedParty_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeOneMember_zr2Ja7JoQxYj" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeOneMember" id="Fact002205" name="ifrs-full:DescriptionOfTransactionsWithRelatedParty">Interest
    expense on convertible bonds</ix:nonNumeric> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeOneMember_zjbQGhCzbtca" title="Outstanding of related party transactions" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeOneMember" id="Fact002207" format="ixt:numdotdecimal" decimals="0" unitRef="USD">71,865</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeOneMember_zDvhx5LBrM9e" title="Outstanding of related party transactions" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeOneMember" id="Fact002209" format="ixt:numdotdecimal" decimals="0" unitRef="USD">102,149</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--UltimateBeneficialShareholderMember__srt--TitleOfIndividualAxis__custom--MrHonPanSeOneMember_zUo14W7PU6i6" title="Outstanding of related party transactions" style="text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2021-12-31_custom_UltimateBeneficialShareholderMember_custom_MrHonPanSeOneMember" id="Fact002211" format="ixt:numdotdecimal" decimals="0" unitRef="USD">51,875</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fo
    Shan Sunde Daziran Investment Management Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
    control over the entity by ultimate beneficial shareholder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--DescriptionOfTransactionsWithRelatedParty_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesWhereEntityIsVenturerMember__srt--TitleOfIndividualAxis__custom--FoShanSundeDaziranMember_z5Tk58M2BSk1" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeDaziranMember" id="Fact002212" name="ifrs-full:DescriptionOfTransactionsWithRelatedParty">Lease
    payments made</ix:nonNumeric></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesWhereEntityIsVenturerMember__srt--TitleOfIndividualAxis__custom--FoShanSundeDaziranMember_zZdLC8xzWZv8" title="Outstanding of related party transactions" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeDaziranMember" id="Fact002214" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,263</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesWhereEntityIsVenturerMember__srt--TitleOfIndividualAxis__custom--FoShanSundeDaziranMember_zBNiIPF9zN5g" title="Outstanding of related party transactions" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeDaziranMember" id="Fact002216" format="ixt:numdotdecimal" decimals="0" unitRef="USD">24,197</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesWhereEntityIsVenturerMember__srt--TitleOfIndividualAxis__custom--FoShanSundeDaziranMember_zofhuWH9dL1h" title="Outstanding of related party transactions" style="text-align: right"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2021-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeDaziranMember" id="Fact002218" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,156</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fo
    Shan Sunde Changcheng Management Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
    control over the entity by ultimate beneficial shareholder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--DescriptionOfTransactionsWithRelatedParty_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesWhereEntityIsVenturerMember__srt--TitleOfIndividualAxis__custom--FoShanSundeChangchengMember_zRah7PqZXpCg" style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeChangchengMember" id="Fact002219" name="ifrs-full:DescriptionOfTransactionsWithRelatedParty">Lease
    payments made</ix:nonNumeric></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesWhereEntityIsVenturerMember__srt--TitleOfIndividualAxis__custom--FoShanSundeChangchengMember_z6f0ThkSdvTf" title="Outstanding of related party transactions" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_ifrs-full_JointVenturesWhereEntityIsVenturerMember_custom_FoShanSundeChangchengMember" id="Fact002221" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,523</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesWhereEntityIsVenturerMember__srt--TitleOfIndividualAxis__custom--FoShanSundeChangchengMember_zyEPopZW1Vfh" title="Outstanding of related party transactions" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2223">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_980_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__ifrs-full--JointVenturesWhereEntityIsVenturerMember__srt--TitleOfIndividualAxis__custom--FoShanSundeChangchengMember_zvio1hhaJqf6" title="Outstanding of related party transactions" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2225">-</span></td>
    <td>&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A6_ze5TayRAQeVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 118; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002227" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfFinancialInstrumentsExplanatory_zXf7SZAscq67" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_z5CHe0EuUkti">FINANCIAL INSTRUMENTS,
  FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Categories
    of financial instruments</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002229" name="ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_zITgf0OKhSc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets out the financial instruments as at the end of the reporting period:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zsTK0V0aYbO" style="display: none">SCHEDULE
OF FINANCIAL INSTRUMENTS</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 86%; border-collapse: collapse; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20231231_zcyuv6JvQ5kj" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20221231_zqifVuKMxn4h" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--FinancialAssetsAtAmortisedCost_iI_zy81ZzXzQ5t6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    amortized cost</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssetsAtAmortisedCost" contextRef="AsOf2023-12-31" id="Fact002231" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,891,291</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssetsAtAmortisedCost" contextRef="AsOf2022-12-31" id="Fact002232" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,238,660</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--FinancialAssetsAtAmortisedCost_iI_z6FEiSdCi6Rf" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    assets at amortized cost</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssetsAtAmortisedCost" contextRef="AsOf2023-12-31" id="Fact002234" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,891,291</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssetsAtAmortisedCost" contextRef="AsOf2022-12-31" id="Fact002235" format="ixt:numdotdecimal" decimals="0" unitRef="USD">14,238,660</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    liabilities</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iNI_di_zWFZOCe4cZZ7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    amortized cost</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2023-12-31" id="Fact002237" format="ixt:numdotdecimal" decimals="0" unitRef="USD">34,135,421</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2022-12-31" id="Fact002238" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,877,141</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40F_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iNI_di_zioOj6rV2UUh" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    liabilities at amortized cost</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2023-12-31" id="Fact002240" format="ixt:numdotdecimal" decimals="0" unitRef="USD">34,135,421</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2022-12-31" id="Fact002241" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,877,141</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
</table>
</ix:nonNumeric><p id="xdx_8A2_zwBCtEgjgoHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
    instruments subject to offsetting, enforceable master netting arrangements and similar agreements</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group does not have any financial instruments which are subject to enforceable master netting arrangements or similar netting agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
    risk management policies and objectives</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of the Group monitors and manages the financial risks relating to the operations of the Group to ensure appropriate measures
are implemented in a timely and effective manner. These risks include market risk (including currency risk and interest rate risk), credit
risk and liquidity risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Market
    risk management</span></i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group activities are exposed primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Management
monitors risks associated with changes in foreign currency exchanges rates and interest rates and will consider appropriate measures
should the need arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
has been no significant change to the Group&#8217;s exposure to market risk or the manner in which it manages and measures the risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Foreign
    currency risk management</span></i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also transacts business in foreign currencies other than its functional currencies, as further disclosed below, and is therefore
exposed to foreign exchange risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002243" name="NWGL:DisclosureOfFinancialAssetsAndLiabilitiesDenominatedInCurrenciesExplanatory"><p id="xdx_89A_ecustom--DisclosureOfFinancialAssetsAndLiabilitiesDenominatedInCurrenciesExplanatory_zRMFW9fg0zUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
currency exposure of financial assets and financial liabilities denominated in currencies other than the Group&#8217;s functional currencies
are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zyHxpZ1dHwZ6" style="display: none">SCHEDULE
OF FINANCIAL ASSETS AND LIABILITIES DENOMINATED IN CURRENCIES</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 87%; border-collapse: collapse; margin-left: 1.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HKD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--FinancialAssets_iI_c20231231__srt--CurrencyAxis__currency--HKD_zIVD6omRQnG6" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-12-31_currency_HKD" id="Fact002245" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,234,627</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--FinancialAssets_iI_c20221231__srt--CurrencyAxis__currency--HKD_zzUCoagOlvXc" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2022-12-31_currency_HKD" id="Fact002247" format="ixt:numdotdecimal" decimals="0" unitRef="USD">451,108</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--FinancialLiabilities_iI_c20231231__srt--CurrencyAxis__currency--HKD_zlE4ItEyc3ed" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_currency_HKD" id="Fact002249" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,128,951</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--FinancialLiabilities_iI_c20221231__srt--CurrencyAxis__currency--HKD_zla047I84Sb1" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_currency_HKD" id="Fact002251" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,845,542</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUR</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--FinancialAssets_iI_c20231231__srt--CurrencyAxis__currency--EUR_z9wKxoymuZeg" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-12-31_currency_EUR" id="Fact002253" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,606,145</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--FinancialAssets_iI_c20221231__srt--CurrencyAxis__currency--EUR_zQ46de3GLNo5" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2022-12-31_currency_EUR" id="Fact002255" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,387,503</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--FinancialLiabilities_iI_c20231231__srt--CurrencyAxis__currency--EUR_zhckl9IJZyC" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_currency_EUR" id="Fact002257" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,777,874</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--FinancialLiabilities_iI_c20221231__srt--CurrencyAxis__currency--EUR_zgy1msTfOgD6" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_currency_EUR" id="Fact002259" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,119,790</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CNY</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--FinancialAssets_iI_c20231231__srt--CurrencyAxis__currency--CNY_zXiaAUKchN39" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-12-31_currency_CNY" id="Fact002261" format="ixt:numdotdecimal" decimals="0" unitRef="USD">532,019</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--FinancialAssets_iI_c20221231__srt--CurrencyAxis__currency--CNY_zEOedGlwBLf" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2022-12-31_currency_CNY" id="Fact002263" format="ixt:numdotdecimal" decimals="0" unitRef="USD">169,378</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--FinancialLiabilities_iI_c20231231__srt--CurrencyAxis__currency--CNY_zpB7mlDTlPff" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_currency_CNY" id="Fact002265" format="ixt:numdotdecimal" decimals="0" unitRef="USD">605,746</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--FinancialLiabilities_iI_c20221231__srt--CurrencyAxis__currency--CNY_zr6mrHjClRMe" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_currency_CNY" id="Fact002267" format="ixt:numdotdecimal" decimals="0" unitRef="USD">48,986</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--FinancialAssets_iI_c20231231__srt--CurrencyAxis__currency--PEN_z58NNNb3g972" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-12-31_currency_PEN" id="Fact002269" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,806,064</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--FinancialAssets_iI_c20221231__srt--CurrencyAxis__currency--PEN_zK9KNHiRW4e2" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2022-12-31_currency_PEN" id="Fact002271" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,205,594</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--FinancialLiabilities_iI_c20231231__srt--CurrencyAxis__currency--PEN_z3qLD2S7XXt8" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_currency_PEN" id="Fact002273" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,475,495</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--FinancialLiabilities_iI_c20221231__srt--CurrencyAxis__currency--PEN_z7Inaw5GtDHc" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_currency_PEN" id="Fact002275" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,347,271</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOP</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--FinancialAssets_iI_c20231231__srt--CurrencyAxis__currency--MOP_zje9aVmBmel2" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-12-31_currency_MOP" id="Fact002277" format="ixt:numdotdecimal" decimals="0" unitRef="USD">252</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--FinancialAssets_iI_c20221231__srt--CurrencyAxis__currency--MOP_zom3rVqpWQok" title="Financial assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2279">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--FinancialLiabilities_iI_c20231231__srt--CurrencyAxis__currency--MOP_zCpaFO92KuSh" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-12-31_currency_MOP" id="Fact002281" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,559</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--FinancialLiabilities_iI_c20221231__srt--CurrencyAxis__currency--MOP_zCODjXSfERR1" title="Financial liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2022-12-31_currency_MOP" id="Fact002283" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,697</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A2_z8F2gTXJDQmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 119; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign
currency sensitivity</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table details the sensitivity to a <span id="xdx_900_eifrs-full--PercentageOfReasonablyPossibleIncreaseInRiskExposureThatArisesFromContractsWithinScopeOfIFRS17_iI_pid_dp_c20231231_zaynRzH6O1Uj" title="Increase decrease in sensitivity percent"><ix:nonFraction name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInRiskExposureThatArisesFromContractsWithinScopeOfIFRS17" contextRef="AsOf2023-12-31" id="Fact002285" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% increase and decrease in the related foreign currencies against the functional currency
(&#8220;USD&#8221;) with all the other variables held constant. <span id="xdx_90C_eifrs-full--PercentageOfReasonablyPossibleIncreaseInRiskExposureThatArisesFromContractsWithinScopeOfIFRS17_iI_pid_dp_c20231231_ziIEcsZMw1El" title="Increase decrease in sensitivity percent"><ix:nonFraction name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInRiskExposureThatArisesFromContractsWithinScopeOfIFRS17" contextRef="AsOf2023-12-31" id="Fact002287" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% is the sensitivity rate used when reporting foreign currency risk
internally to key management personnel and represents management&#8217;s assessment of the possible change in foreign exchange rates.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period
end for a <span id="xdx_90C_eifrs-full--PercentageOfReasonablyPossibleIncreaseInRiskExposureThatArisesFromContractsWithinScopeOfIFRS17_iI_pid_dp_c20231231_zOyIyflguuD2" title="Increase decrease in sensitivity percent"><ix:nonFraction name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInRiskExposureThatArisesFromContractsWithinScopeOfIFRS17" contextRef="AsOf2023-12-31" id="Fact002289" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% change in foreign currency rates.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002291" name="ifrs-full:DisclosureOfSensitivityAnalysisToChangesInRiskExposuresThatAriseFromContractsWithinScopeOfIFRS17Explanatory"><p id="xdx_897_eifrs-full--DisclosureOfSensitivityAnalysisToChangesInRiskExposuresThatAriseFromContractsWithinScopeOfIFRS17Explanatory_zsc4SlZXDieg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zya2BKSz1GOa" style="display: none">SCHEDULE
OF SENSITIVITY CHANGE IN FOREIGN CURRENCIES RISK</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 91%; border-collapse: collapse; margin-left: 1.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HKD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20230101__20231231__srt--CurrencyAxis__currency--HKD_ziiE6eLGodU2" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2023-01-012023-12-31_currency_HKD" id="Fact002293" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">244,716</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20220101__20221231__srt--CurrencyAxis__currency--HKD_zYGpqUBQrZak" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2022-01-012022-12-31_currency_HKD" id="Fact002295" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,019,722</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_987_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20210101__20211231__srt--CurrencyAxis__currency--HKD_zZT9yq1wCNce" title="Sensitivity increase decrease in foreign currencies" style="text-align: right; width: 14%">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2021-01-012021-12-31_currency_HKD" id="Fact002297" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,153,144</ix:nonFraction></td>
    <td style="width: 1%">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EUR</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20230101__20231231__srt--CurrencyAxis__currency--EUR_zL8rxov0CLM9" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2023-01-012023-12-31_currency_EUR" id="Fact002299" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">48,365</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20220101__20221231__srt--CurrencyAxis__currency--EUR_zRaHRtxXf3Rh" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2022-01-012022-12-31_currency_EUR" id="Fact002301" format="ixt:numdotdecimal" decimals="0" unitRef="USD">113,386</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20210101__20211231__srt--CurrencyAxis__currency--EUR_znxIc44LAUT7" title="Sensitivity increase decrease in foreign currencies" style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2021-01-012021-12-31_currency_EUR" id="Fact002303" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">108,570</ix:nonFraction></td>
    <td>)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CNY</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20230101__20231231__srt--CurrencyAxis__currency--CNY_zJTTOLRaOw0i" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2023-01-012023-12-31_currency_CNY" id="Fact002305" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,686</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20220101__20221231__srt--CurrencyAxis__currency--CNY_zFF3mRvN8xv4" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2022-01-012022-12-31_currency_CNY" id="Fact002307" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,020</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20210101__20211231__srt--CurrencyAxis__currency--CNY_zjnLBWtT3ALe" title="Sensitivity increase decrease in foreign currencies" style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2021-01-012021-12-31_currency_CNY" id="Fact002309" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">213</ix:nonFraction></td>
    <td>)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEN</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20230101__20231231__srt--CurrencyAxis__currency--PEN_zhf4XNTvLXui" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2023-01-012023-12-31_currency_PEN" id="Fact002311" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">48,904</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20220101__20221231__srt--CurrencyAxis__currency--PEN_zkYAc2lnUOw1" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2022-01-012022-12-31_currency_PEN" id="Fact002313" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,804</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20210101__20211231__srt--CurrencyAxis__currency--PEN_zvI0JcfEEfEc" title="Sensitivity increase decrease in foreign currencies" style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2021-01-012021-12-31_currency_PEN" id="Fact002315" format="ixt:numdotdecimal" decimals="0" unitRef="USD">93,749</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOP</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20230101__20231231__srt--CurrencyAxis__currency--MOP_zUKtIkFJmbgd" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2023-01-012023-12-31_currency_MOP" id="Fact002317" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">765</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20220101__20221231__srt--CurrencyAxis__currency--MOP_zpmMDIpRDql4" title="Sensitivity increase decrease in foreign currencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2022-01-012022-12-31_currency_MOP" id="Fact002319" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,735</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_984_eifrs-full--IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets_c20210101__20211231__srt--CurrencyAxis__currency--MOP_zR0NkqfW7D8f" title="Sensitivity increase decrease in foreign currencies" style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughForeignExchangeAndOtherMovementsFinancialAssets" contextRef="From2021-01-012021-12-31_currency_MOP" id="Fact002321" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9,760</ix:nonFraction></td>
    <td>)</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A0_z4fLV67Omsxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Interest
    rate risk management</span></i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is exposed to interest rate risk as the Group has bank loans which are interest bearing. The interest rates and terms of repayment
of the loans are disclosed in the Note to the consolidated financial statements. The Group currently does not have an interest rate hedging
policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
rate sensitivity analysis</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sensitivity analysis below has been determined based on the exposure to interest rate for non-derivative instruments at the end of the
reporting period. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel
and represents management&#8217;s assessment of the reasonably possible change in interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
interest rates on loans had been <span id="xdx_900_eifrs-full--BorrowingsInterestRateBasis_c20230101__20231231_z2dvtnSU2nth"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact002322" name="ifrs-full:BorrowingsInterestRateBasis">50 basis
points</ix:nonNumeric></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">higher/lower and all other variables were
held constant, the Group&#8217;s (loss) profit for the year would decrease/increase by approximately USD<span id="xdx_900_ecustom--IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInterestRateSensitivityAnalysis_c20230101__20231231_zqtOdb58kyUc" title="Increase decrease in profit"><ix:nonFraction name="NWGL:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInterestRateSensitivityAnalysis" contextRef="From2023-01-01to2023-12-31" id="Fact002324" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,687</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: USD<span id="xdx_902_ecustom--IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInterestRateSensitivityAnalysis_c20220101__20221231_zbRBBE1DBRy" title="Increase decrease in profit"><ix:nonFraction name="NWGL:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInterestRateSensitivityAnalysis" contextRef="From2022-01-012022-12-31" id="Fact002326" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,382</ix:nonFraction></span>,
2021: USD<span id="xdx_901_ecustom--IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInterestRateSensitivityAnalysis_c20210101__20211231_z9MgEE4qzlAh" title="Increase decrease in profit"><ix:nonFraction name="NWGL:IncreaseDecreaseThroughAmountsRecognisedInProfitOrLossAggregateDifferenceBetweenFairValueAtInterestRateSensitivityAnalysis" contextRef="From2021-01-012021-12-31" id="Fact002328" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,838</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Credit
    risk and impairment assessment</span></i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk refers to the risk that the Group&#8217;s counterparties default on their contractual obligations resulting in financial losses
to the Group. The Group&#8217;s credit risk exposures are primarily attributable to trade receivables, other receivables, restricted
bank deposits, and cash and bank balances. The Group does not hold any collateral or other credit enhancements to cover its credit risks
associated with its financial assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to minimize credit risk, the Group has delegated its finance team to develop and maintain the Group&#8217;s credit risk grading
to categorize exposures according to their degree of risk of default. The finance team uses publicly available financial information
and the Group&#8217;s own historical repayment records to rate its major customers and debtors. The Group&#8217;s exposure and the credit
ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved
counterparties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trade
receivables</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
accepting any new customer, the Group uses an internal credit scoring system to assess the potential customer&#8217;s credit quality
and defines credit limits by customer. Limits and scoring attributed to customers are reviewed regularly. Other monitoring procedures
are in place to ensure that follow-up action is taken to recover overdue debts. In this regard, the management considers that the Group&#8217;s
credit risk is significantly reduced.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span id="xdx_900_eifrs-full--ConcentrationsOfRisk_c20230101__20231231_zJ8yGzDnrRG4" title="Concentrations of risk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact002330" name="ifrs-full:ConcentrationsOfRisk">The
Group has concentration of credit risk as 55.2% (2022: 39.5%, 2021: 30.1%) and 89.9% (2022: 85.4%, 2021: 66.0%) of the
total trade receivables was due from the Group&#8217;s largest customer and the five largest customers respectively. In order to minimize
the credit risk, the management of the Group has delegated a team responsible for determination of credit limits and credit approvals.</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Group performs impairment assessment under ECL model on trade receivables individually. Impairment of USD<span id="xdx_901_eifrs-full--ImpairmentLossRecognisedInProfitOrLossTradeReceivables_c20230101__20231231_zmMxcF47uddf"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" contextRef="From2023-01-01to2023-12-31" id="Fact002331" format="ixt:numdotdecimal" decimals="0" unitRef="USD">253,459</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: USD<span id="xdx_90F_eifrs-full--ImpairmentLossRecognisedInProfitOrLossTradeReceivables_c20220101__20221231_zLMvUiBPtOp2"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" contextRef="From2022-01-012022-12-31" id="Fact002332" format="ixt:numdotdecimal" decimals="0" unitRef="USD">73,537</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
2021: USD<span id="xdx_90B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossTradeReceivables_c20210101__20211231_zKJnvu5yqWW"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables" contextRef="From2021-01-012021-12-31" id="Fact002333" format="ixt:numdotdecimal" decimals="0" unitRef="USD">156,157</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
is recognized during the year. Details of the quantitative disclosures are set out below in this note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
receivables</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
other receivables, the management makes periodic individual assessment on the recoverability of other receivables based on historical
settlement records, past experience, and also quantitative and qualitative information that is reasonable and supportive forward-looking
information. The management believes that there is no significant increase in credit risk of these amounts since initial recognition
and the Group provided impairment based on 12m ECL. For the years ended December 31, 2023 and 2022, the Group assessed the ECL
for other receivables and deposits are insignificant and thus no loss allowance is recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted
bank deposits/ cash and bank balances</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk on restricted bank deposits/ cash and bank balances is limited because the counterparties are reputable banks with high credit ratings
assigned by international credit agencies. The Group assessed 12m ECL for restricted bank deposits/ cash and bank balances by reference
to information relating to probability of default and loss given default of the respective credit rating grades published by external
credit rating agencies. Based on the average loss rates, the 12m ECL on pledged bank deposits/restricted bank deposits/bank balances
is considered to be insignificant and therefore no loss allowance was recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 120; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002335" name="ifrs-full:AnalysisOfCreditExposuresUsingInternalCreditGradingSystemExplanatory"><p id="xdx_89B_eifrs-full--AnalysisOfCreditExposuresUsingInternalCreditGradingSystemExplanatory_zsqlziQKF53b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s internal credit risk grading framework comprises the following categories:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zGumqpMQQvLg" style="display: none">SCHEDULE
OF INTERNAL CREDIT RISK GRADING</span>&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 91%; border-collapse: collapse; margin-left: 1.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 17%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade
receivables</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 17%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    financial assets</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low
    risk</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eifrs-full--DescriptionOfInternalCreditRatingsProcess_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--LowRiskMember_zkh0wEJTuuh" title="Description of internal credit risk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LowRiskMember" id="Fact002337" name="ifrs-full:DescriptionOfInternalCreditRatingsProcess">The
    counterparty has a low risk of default and does not have any past-due amounts</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span id="xdx_90C_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--CreditImpairmentOfFinancialInstrumentsAxis__ifrs-full--FinancialInstrumentsNotCreditimpairedMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember__ifrs-full--TypesOfRisksAxis__custom--LowRiskMember_z70J6rm7VLNc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsNotCreditimpairedMember_ifrs-full_TradeReceivablesMember_custom_LowRiskMember" id="Fact002338" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">12-month</ix:nonNumeric>
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ECL &#8211; not credit- impaired</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--OtherFinancialAssetsMember__ifrs-full--TypesOfRisksAxis__custom--LowRiskMember_zWHNzgc6Kja1" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_TwelvemonthExpectedCreditLossesMember_custom_OtherFinancialAssetsMember_custom_LowRiskMember" id="Fact002340" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">12-month
    ECL</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watch
    list</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--DescriptionOfInternalCreditRatingsProcess_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--WatchListMember_zwazXM8Ykj6c" title="Description of internal credit risk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WatchListMember" id="Fact002342" name="ifrs-full:DescriptionOfInternalCreditRatingsProcess">Debtor
    frequently repays after due dates but usually settle in full</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--CreditImpairmentOfFinancialInstrumentsAxis__ifrs-full--FinancialInstrumentsNotCreditimpairedMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember__ifrs-full--TypesOfRisksAxis__custom--WatchListMember_ziABT4Eqk82g" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsNotCreditimpairedMember_ifrs-full_TradeReceivablesMember_custom_WatchListMember" id="Fact002344" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">Lifetime
    ECL &#8211; not credit- impaired</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--OtherFinancialAssetsMember__ifrs-full--TypesOfRisksAxis__custom--WatchListMember_zB3Hww7lk4M" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_TwelvemonthExpectedCreditLossesMember_custom_OtherFinancialAssetsMember_custom_WatchListMember" id="Fact002346" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">12-month
    ECL</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Doubtful</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--DescriptionOfInternalCreditRatingsProcess_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--DoubtsfulMember_zNmuXqSpuEfb" title="Description of internal credit risk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_DoubtsfulMember" id="Fact002348" name="ifrs-full:DescriptionOfInternalCreditRatingsProcess">There
    have been significant increases in credit risk since initial recognition through information developed internally or external resources</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--CreditImpairmentOfFinancialInstrumentsAxis__ifrs-full--FinancialInstrumentsNotCreditimpairedMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember__ifrs-full--TypesOfRisksAxis__custom--DoubtsfulMember_zW036IfEvXL5" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsNotCreditimpairedMember_ifrs-full_TradeReceivablesMember_custom_DoubtsfulMember" id="Fact002350" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">Lifetime
    ECL &#8211; not credit-impaired</ix:nonNumeric></span></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--CreditImpairmentOfFinancialInstrumentsAxis__ifrs-full--FinancialInstrumentsNotCreditimpairedMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--OtherFinancialAssetsMember__ifrs-full--TypesOfRisksAxis__custom--DoubtsfulMember_zrUsP7SvfFw9" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsNotCreditimpairedMember_custom_OtherFinancialAssetsMember_custom_DoubtsfulMember" id="Fact002352" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">Lifetime
    ECL - not credit-impaired</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--DescriptionOfInternalCreditRatingsProcess_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--LossMember_zaGp5yz14E0e" title="Description of internal credit risk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LossMember" id="Fact002354" name="ifrs-full:DescriptionOfInternalCreditRatingsProcess">There
    is evidence indicating the asset is credit impaired</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--CreditImpairmentOfFinancialInstrumentsAxis__ifrs-full--FinancialInstrumentsCreditimpairedMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember__ifrs-full--TypesOfRisksAxis__custom--LossMember_zh57Ghdc5MN7" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsCreditimpairedMember_ifrs-full_TradeReceivablesMember_custom_LossMember" id="Fact002356" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">Lifetime
    ECL &#8211; credit-impaired</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--CreditImpairmentOfFinancialInstrumentsAxis__ifrs-full--FinancialInstrumentsCreditimpairedMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--OtherFinancialAssetsMember__ifrs-full--TypesOfRisksAxis__custom--LowRiskMember_zeqcuReOnv93" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_FinancialInstrumentsCreditimpairedMember_custom_OtherFinancialAssetsMember_custom_LowRiskMember" id="Fact002358" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">Lifetime
    ECL - credit impaired</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Write-off</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eifrs-full--DescriptionOfInternalCreditRatingsProcess_c20230101__20231231__ifrs-full--TypesOfRisksAxis__custom--WriteOffMember_zX5HTQuxB8g2" title="Description of internal credit risk"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WriteOffMember" id="Fact002360" name="ifrs-full:DescriptionOfInternalCreditRatingsProcess">There
    is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember__ifrs-full--TypesOfRisksAxis__custom--WriteOffMember_zHsldehuoTAh" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_TradeReceivablesMember_custom_WriteOffMember" id="Fact002362" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">Amount
    is
    written
    off</ix:nonNumeric></span></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eifrs-full--InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets_c20230101__20231231__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--OtherFinancialAssetsMember__ifrs-full--TypesOfRisksAxis__custom--WriteOffMember_ztjHD89W7587" title="Information on how entity determined that financial assets are credit-impaired"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OtherFinancialAssetsMember_custom_WriteOffMember" id="Fact002364" name="ifrs-full:InformationOnHowEntityDeterminedThatFinancialAssetsAreCreditimpairedFinancialAssets">Amount
    is
    written
    off</ix:nonNumeric></span></span></p></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A9_zFudA0v5PgHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002366" name="ifrs-full:DisclosureOfCreditRiskExplanatory"><p id="xdx_89B_eifrs-full--DisclosureOfCreditRiskExplanatory_zP7t9GCUUmm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tables below detail the credit risk exposures of the Group&#8217;s financial assets, including trade receivables, other receivables,
restricted bank deposits, and cash and bank balances, which are subject to ECL assessment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zkHIQwyfD5n9">SCHEDULE
OF CREDIT RISK</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 91%; border-collapse: collapse; margin-left: 1.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>External</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>credit</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rating</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Internal
    credit</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>rating</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12m
    or</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>lifetime
    ECL</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
                                            carrying amount</b></span></p>

</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Allowance
                                            for credit losses</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross
                                            carrying</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>amount</b></span></p>

</td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Allowance
                                            for credit losses</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="9" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    assets at amortized costs</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>USD</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    receivables &#8211; contract with customers</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12-month
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ECL <br/>
    (Individual assessment)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--LowMember_zpARFKhc0iYe" title="Gross carrying amount" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_LowMember" id="Fact002368" format="ixt:numdotdecimal" decimals="0" unitRef="USD">132,746</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_c20231231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--LowMember_zNskx3sFfAu2" title="Allowance for credit losses" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2370">-</span>
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--LowMember_z1t5YY0XQ6K3" title="Gross carrying amount" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_LowMember" id="Fact002372" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,488,567</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_c20221231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--LowMember_zyHNBpI2mnq5" title="Allowance for credit losses" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2374">-</span>
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watch
    list</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lifetime
    ECL <br/>
    (Individual assessment)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--WatchListMember_zrgosKPkIQ24" title="Gross carrying amount" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_WatchListMember" id="Fact002376" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,550,560</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_c20231231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--WatchListMember_zquTHGmB5aw1" title="Allowance for credit losses" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_WatchListMember" id="Fact002378" format="ixt:numdotdecimal" decimals="0" unitRef="USD">206,152</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--WatchListMember_zAdlpTIvYPeb" title="Gross carrying amount" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_WatchListMember" id="Fact002380" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,510,354</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_c20221231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--WatchListMember_zPgbg0KwZ3a9" title="Allowance for credit losses" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_WatchListMember" id="Fact002382" format="ixt:numdotdecimal" decimals="0" unitRef="USD">43,645</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Doubtful</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lifetime
    ECL <br/>
    (Individual assessment)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--DoubtsfulMember_zRHcxILTs4A6" title="Gross carrying amount" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_DoubtsfulMember" id="Fact002384" format="ixt:numdotdecimal" decimals="0" unitRef="USD">280,330</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_c20231231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--DoubtsfulMember_zDmBtDv4Gcai" title="Allowance for credit losses" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_DoubtsfulMember" id="Fact002386" format="ixt:numdotdecimal" decimals="0" unitRef="USD">277,001</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--DoubtsfulMember_zvlUX0L7pEu" title="Gross carrying amount" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_DoubtsfulMember" id="Fact002388" format="ixt:numdotdecimal" decimals="0" unitRef="USD">186,049</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_c20221231__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--LifetimeExpectedCreditLossesMember__ifrs-full--MethodOfAssessmentOfExpectedCreditLossesAxis__ifrs-full--ExpectedCreditLossesIndividuallyAssessedMember__ifrs-full--InternalCreditGradesAxis__custom--DoubtsfulMember_zKX9LG04ElKj" title="Allowance for credit losses" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31_ifrs-full_LifetimeExpectedCreditLossesMember_ifrs-full_ExpectedCreditLossesIndividuallyAssessedMember_custom_DoubtsfulMember" id="Fact002390" format="ixt:numdotdecimal" decimals="0" unitRef="USD">186,049</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231_zcGtMEZh9Rkj" title="Gross carrying amount" style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31" id="Fact002392" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,963,636</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_c20231231_zfcrRsz8QFk3" title="Allowance for credit losses" style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-12-31" id="Fact002394" format="ixt:numdotdecimal" decimals="0" unitRef="USD">483,153</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231_zxV0YA7JnF7k" title="Gross carrying amount" style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31" id="Fact002396" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,184,970</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iNI_di_c20221231_zANu8qfb8IB5" title="Allowance for credit losses" style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-12-31" id="Fact002398" format="ixt:numdotdecimal" decimals="0" unitRef="USD">229,694</ix:nonFraction>
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    receivables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12-month
    ECL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--OtherCurrentReceivables_iI_c20231231__ifrs-full--InternalCreditGradesAxis__custom--LowMember__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zJ06QjmyfG43" title="Other receivables" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentReceivables" contextRef="AsOf2023-12-31_custom_LowMember_ifrs-full_TwelvemonthExpectedCreditLossesMember" id="Fact002400" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,803,236</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--OtherCurrentReceivables_iI_c20221231__ifrs-full--InternalCreditGradesAxis__custom--LowMember__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zp0seWkFm3fd" title="Other receivables" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<ix:nonFraction name="ifrs-full:OtherCurrentReceivables" contextRef="AsOf2022-12-31_custom_LowMember_ifrs-full_TwelvemonthExpectedCreditLossesMember" id="Fact002402" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,597,456</ix:nonFraction>
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    bank deposits</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AA</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12-month
    ECL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--RestrictedBankDepositsCurrent_iI_c20231231__ifrs-full--ExternalCreditGradesAxis__custom--AAMember__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_z2HHjhn4XEgh" title="Restricted bank deposits" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:RestrictedBankDepositsCurrent" contextRef="AsOf2023-12-31_custom_AAMember_ifrs-full_TwelvemonthExpectedCreditLossesMember" id="Fact002404" format="ixt:numdotdecimal" decimals="0" unitRef="USD">628,156</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--RestrictedBankDepositsCurrent_iI_c20221231__ifrs-full--ExternalCreditGradesAxis__custom--AAMember__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zRBUyrYL3XKl" title="Restricted bank deposits" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<ix:nonFraction name="NWGL:RestrictedBankDepositsCurrent" contextRef="AsOf2022-12-31_custom_AAMember_ifrs-full_TwelvemonthExpectedCreditLossesMember" id="Fact002406" format="ixt:numdotdecimal" decimals="0" unitRef="USD">603,341</ix:nonFraction>
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and bank balances</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AA+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12-month
    ECL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--CashAndCashEquivalents_iI_c20231231__ifrs-full--ExternalCreditGradesAxis__custom--AAPlusMember__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zEiZgShW6bzb" title="Cash and bank balances" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_custom_AAPlusMember_ifrs-full_TwelvemonthExpectedCreditLossesMember" id="Fact002408" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,979,416</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--CashAndCashEquivalents_iI_c20221231__ifrs-full--ExternalCreditGradesAxis__custom--AAPlusMember__ifrs-full--TypeOfMeasurementOfExpectedCreditLossesAxis__ifrs-full--TwelvemonthExpectedCreditLossesMember_zwmAf4FngAH7" title="Cash and bank balances" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31_custom_AAPlusMember_ifrs-full_TwelvemonthExpectedCreditLossesMember" id="Fact002410" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,082,587</ix:nonFraction>
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AE_zxekOSdNJwZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Liquidity
    risk management</span></i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortage of funds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing our liquidity, we monitor and analyze our cash on-hand and our operating expenditure commitments. Our liquidity needs are to
meet our working capital requirements and operating expenses obligations. To date, we have financed our operations primarily through
cash flows from operations, equity financing, and short-term borrowing from banks and third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our cash and bank balances amounted to approximately USD<span id="xdx_908_eifrs-full--CashAndCashEquivalents_iI_pn5n6_c20231231_zvVhNphnqFNi"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact002411" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.0</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (2022: USD<span id="xdx_90F_eifrs-full--CashAndCashEquivalents_iI_pn5n6_c20221231_zgkRjhMsXfHi"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact002412" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">5.1</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million), and our current assets were approximately
USD<span id="xdx_900_eifrs-full--CurrentAssets_iI_pn5n6_c20231231_zsmtLOJiPGuf"><ix:nonFraction name="ifrs-full:CurrentAssets" contextRef="AsOf2023-12-31" id="Fact002413" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">29.8</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
2022: USD<span id="xdx_903_eifrs-full--CurrentAssets_iI_pn5n6_c20221231_z3FUr35h6bY4"><ix:nonFraction name="ifrs-full:CurrentAssets" contextRef="AsOf2022-12-31" id="Fact002414" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">38.9</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million),
and our current liabilities were approximately USD<span id="xdx_90C_eifrs-full--CurrentLiabilities_iI_pn5n6_c20231231_zLitygRsuwlc"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2023-12-31" id="Fact002415" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">23.2</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (2022: USD<span id="xdx_900_eifrs-full--CurrentLiabilities_iI_pn5n6_c20221231_zNhSLpFigmO2"><ix:nonFraction name="ifrs-full:CurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact002416" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">37.6</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million). Based on the above considerations,
management is of the opinion that the Company has sufficient funds to meet its working capital requirements and debt obligations, for
at least the next 12 months from the consolidated financial statement filing date. However, there is no assurance that management will
be successful in their plans. There are several factors that could potentially arise that could undermine the Company&#8217;s plans,
such as changes in the demand for its services, economic conditions, its operating results not continuing to deteriorate and its bank
and shareholders being able to provide continued financial support.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group maintains sufficient cash and cash equivalent, and internally generated cash flows to finance their activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 121; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
risk analyses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Non-derivative
financial liabilities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table details the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based
on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table
includes both interest and principal cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002418" name="ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities"><p id="xdx_890_eifrs-full--MaturityAnalysisForNonderivativeFinancialLiabilities_zIq5tMzfoiMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zWEcvrQ9NeX8">SCHEDULE
OF NON DERIVATIVE FINANCIAL LIABILITIES</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 91%; border-collapse: collapse; margin-left: 1.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">demand</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or
    within</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    year</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    to 2</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    to 5</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">years</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">2023</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    payables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zu5FMkCyNez3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002419" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,350,888</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zZse5z21SbOl" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2420">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_z3Y1RTtfJddc" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2421">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_c20231231_zRFxqADcTXYk" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2023-12-31" id="Fact002422" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,350,888</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    payables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--OtherCurrentPayables_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zW8M1cOB2V7f" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002423" format="ixt:numdotdecimal" decimals="0" unitRef="USD">978,536</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--OtherCurrentPayables_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zKTBXKw3Nc6c" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2424">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--OtherCurrentPayables_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zibn2AncYnfa" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2425">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--OtherCurrentPayables_iI_c20231231_zIeqtgiyH439" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2023-12-31" id="Fact002426" format="ixt:numdotdecimal" decimals="0" unitRef="USD">978,536</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank borrowings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--Borrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zdI7zTY4huuf" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002427" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,285,470</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--Borrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zxqkCKJ4oZN1" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact002428" format="ixt:numdotdecimal" decimals="0" unitRef="USD">486,964</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Borrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zBy1FWQak0pa" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact002429" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,796</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Borrowings_iI_c20231231_zozIWzU3PdAc" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2023-12-31" id="Fact002430" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,819,230</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Other borrowings</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--OtherBorrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zssg60i2KEM8" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002431" format="ixt:numdotdecimal" decimals="0" unitRef="USD">664,479</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--OtherBorrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zYWrb17aodEl" style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2432">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_985_eifrs-full--OtherBorrowings_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zOb15y1TjO1a" style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2433">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_986_eifrs-full--OtherBorrowings_iI_c20231231_zcAM8RPvnAR3" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherBorrowings" contextRef="AsOf2023-12-31" id="Fact002434" format="ixt:numdotdecimal" decimals="0" unitRef="USD">664,479</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    due to an ultimate beneficial shareholder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--OtherLiabilities_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zLpmfjzAeD6d" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002435" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,021,638</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--OtherLiabilities_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zPnYmQQluWVh" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2436">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--OtherLiabilities_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zpDgMVimauvl" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact002437" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,300,650</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--OtherLiabilities_iI_c20231231_zT72w61dB3Nl" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2023-12-31" id="Fact002438" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,322,288</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    bonds</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--ConvertibleBondsCurrent_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zjZkFncfxIJe" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002439" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,210,327</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--ConvertibleBondsCurrent_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_z982guHc3WNd" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2440">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--ConvertibleBondsCurrent_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zDQGBZyvlH9l" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2441">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--ConvertibleBondsCurrent_iI_c20221231_z1VkEap53UJ3" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31" id="Fact002442" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,210,327</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zWB7VIlO5Yug" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2023-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002443" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,301,011</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zoI8t8QOoqMk" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2023-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact002444" format="ixt:numdotdecimal" decimals="0" unitRef="USD">486,964</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zU1KevNmB0d3" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2023-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact002445" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,347,446</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_c20231231_zT8vZufWL8nd" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2023-12-31" id="Fact002446" format="ixt:numdotdecimal" decimals="0" unitRef="USD">34,135,421</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">2022</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    payables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zq4PoacYw5B4" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002447" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,992,691</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zx3xl2BqBvtf" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2448">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zMWMPl2noso3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2449">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_c20221231_zAxpupYaVJYh" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" contextRef="AsOf2022-12-31" id="Fact002450" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,992,691</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    payables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--OtherCurrentPayables_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zgmDtRjBInPc" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002451" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,218,216</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_eifrs-full--OtherCurrentPayables_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zm65eFzABlp6" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2452">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--OtherCurrentPayables_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zC31nNAMSM2d" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2453">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--OtherCurrentPayables_iI_c20221231_zKeXw9hux2p1" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherCurrentPayables" contextRef="AsOf2022-12-31" id="Fact002454" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,218,216</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank borrowings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--BankAndOtherBorrowing_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zraEQGd3LL78" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:BankAndOtherBorrowing" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002455" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,000,062</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--BankAndOtherBorrowing_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zqSCsfcHVQ16" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:BankAndOtherBorrowing" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact002456" format="ixt:numdotdecimal" decimals="0" unitRef="USD">572,566</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--BankAndOtherBorrowing_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_znJmBO8LQHog" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:BankAndOtherBorrowing" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact002457" format="ixt:numdotdecimal" decimals="0" unitRef="USD">263,966</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--BankAndOtherBorrowing_iI_c20221231_zdfGkYN1BGi6" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:BankAndOtherBorrowing" contextRef="AsOf2022-12-31" id="Fact002458" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,836,594</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    due to an ultimate beneficial shareholder</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--OtherLiabilities_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zhGysmkD0V1d" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002459" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,531,760</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--OtherLiabilities_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zx5ls5wavYz6" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact002460" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,787,060</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--OtherLiabilities_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_z5nVkIQyr9lk" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact002461" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,300,493</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--OtherLiabilities_iI_c20221231_zFudL5uRgbx" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherLiabilities" contextRef="AsOf2022-12-31" id="Fact002462" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,619,313</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    bonds</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--ConvertibleBondsCurrent_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zmLs9cSEfEda" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002463" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,210,327</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--ConvertibleBondsCurrent_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zbfUiKIHWB5j" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2464">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--ConvertibleBondsCurrent_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zM9bNmqogPcj" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2465">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--ConvertibleBondsCurrent_iI_c20221231_zErAGNMnPfYe" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:ConvertibleBondsCurrent" contextRef="AsOf2022-12-31" id="Fact002466" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,210,327</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zw808brUEANc" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2022-12-31_ifrs-full_NotLaterThanOneYearMember" id="Fact002467" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,953,056</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearAndNotLaterThanTwoYearsMember_zgghuVrLMnG3" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2022-12-31_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" id="Fact002468" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,359,626</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_c20221231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_znVPL15izwp2" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2022-12-31_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" id="Fact002469" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,564,459</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_eifrs-full--FinancialLiabilitiesAtAmortisedCost_iI_c20221231_z5cuogEWmHpi" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" contextRef="AsOf2022-12-31" id="Fact002470" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,877,141</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A5_zJojaF4LUPZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Fair
    value of financial assets and financial liabilities</span></i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management considers that the carrying amounts of Group&#8217;s financial assets and financial liabilities approximate their respective
fair values due to the relatively short-term maturity of these financial instruments. The fair values of other classes of financial assets
and liabilities are disclosed in the respective notes to financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
    risk management policies and objectives</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management manages its capital to ensure that the Group will be able 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 to reduce cost of capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
capital structure of the Company consists of equity attributable to owners of the Company, comprising issued capital and retained earnings
as disclosed in the notes to consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 122; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
monitors capital based on debt-to-equity ratio. The debt-to-equity ratio is calculated as total debt divided by total equity. Total debt
is calculated as borrowings plus trade and other payables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002472" name="ifrs-full:DescriptionOfManagingLiquidityRisk"><p id="xdx_891_eifrs-full--DescriptionOfManagingLiquidityRisk_zYCFqn4JVCR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zGY7InR8uNy3">SCHEDULE
OF DEBT TO EQUITY RATIO</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 86%; border-collapse: collapse; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49E_20231231_zGS7jGpbwFIg" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20221231_zv7gtYWQ3s17" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--Liabilities_iI_zE7O91kegFM8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    debts</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2023-12-31" id="Fact002474" format="ixt:numdotdecimal" decimals="0" unitRef="USD">36,139,200</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Liabilities" contextRef="AsOf2022-12-31" id="Fact002475" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,555,011</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--EquityAttributableToOwnersOfParent_iI_zRDal91S4zR4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    equity</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:EquityAttributableToOwnersOfParent" contextRef="AsOf2023-12-31" id="Fact002477" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,181,688</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:EquityAttributableToOwnersOfParent" contextRef="AsOf2022-12-31" id="Fact002478" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,491,676</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt-to-equity
    %</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--DebtToEquityInterestRate_iI_pid_dp_c20231231_zy1jrVjvF5J3" title="Debt to equity rate" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:DebtToEquityInterestRate" contextRef="AsOf2023-12-31" id="Fact002480" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">199</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--DebtToEquityInterestRate_iI_pid_dp_c20221231_zlDYNko7UHf9" title="Debt to equity rate" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:DebtToEquityInterestRate" contextRef="AsOf2022-12-31" id="Fact002482" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">445</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AE_zlre4ARdAfpg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is not subject to externally imposed capital requirements for the years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s overall strategy remains unchanged from prior year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentrations</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially expose the Group to concentrations of credit risk consist primarily of accounts receivable. The Group conducts
credit evaluations of their customers, and generally do not require collateral or other security from them. The Group evaluates their
collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Group conducts
periodic reviews of the financial condition and payment practices of their customers to minimize collection risk on accounts receivable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002484" name="ifrs-full:DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory"><p id="xdx_89E_eifrs-full--DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory_zc8uoPvlcoF" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of single customers who represent 10% or more of the Group&#8217;s total revenue:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_8BB_zGLQx92GTm68">SCHEDULE
OF CONCENTRATIONS&#160;</span></span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 86%; border-collapse: collapse; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">USD</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">%</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of the Group&#8217;s revenue:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Revenue_c20230101__20231231_z7ghykBPgyo4" title="Amount of the Group's revenue" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-01to2023-12-31" id="Fact002486" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,456,775</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20230101__20231231_zUog7OocYZ78" title="Amount of the Group's revenue, percentage" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact002488" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--Revenue_c20220101__20221231_zNJavCp5avS4" title="Amount of the Group's revenue" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31" id="Fact002490" format="ixt:numdotdecimal" decimals="0" unitRef="USD">55,339,277</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20220101__20221231_zUotGw8oTT7g" title="Amount of the Group's revenue, percentage" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31" id="Fact002492" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_983_eifrs-full--Revenue_c20210101__20211231_znQet5hiAVah" title="Amount of the Group's revenue" style="text-align: right; width: 7%"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31" id="Fact002494" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,684,127</ix:nonFraction></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20210101__20211231_z7PuyLNAlCV2" title="Amount of the Group's revenue, percentage" style="text-align: right; width: 7%"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31" id="Fact002496" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.0</span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_eifrs-full--Revenue_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerAMember_z2f5XzGNHiqg" title="Amount of the Group's revenue" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_CustomerAMember" id="Fact002498" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,188,782</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerAMember_zJg18oFEPs7b" title="Amount of the Group's revenue, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-012023-12-31_custom_CustomerAMember" id="Fact002500" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28.2</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_eifrs-full--Revenue_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerAMember_z5heSyIlLxqh" title="Amount of the Group's revenue" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_CustomerAMember" id="Fact002502" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,810,773</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerAMember_zYwmQtBPSDjh" title="Amount of the Group's revenue, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_CustomerAMember" id="Fact002504" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">19.5</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--Revenue_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerAMember_zpFte10Yo6gl" title="Amount of the Group's revenue" style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_CustomerAMember" id="Fact002506" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,754,805</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_987_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerAMember_z3FGrNNunCz8" title="Amount of the Group's revenue, percentage" style="text-align: right"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_CustomerAMember" id="Fact002508" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">22.6</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Customer C</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amount of the Group's revenue" id="xdx_987_eifrs-full--Revenue_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerCMember_zMTee5wxG8a8" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2023-01-012023-12-31_custom_CustomerCMember" id="Fact002510" format="ixt:numdotdecimal" decimals="0" unitRef="USD">261,155</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amount of the Group's revenue, percentage" id="xdx_986_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerCMember_zrApnm7RAJg9" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-012023-12-31_custom_CustomerCMember" id="Fact002512" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.0</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amount of the Group's revenue" id="xdx_982_eifrs-full--Revenue_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerCMember_zvggbOEQGUp3" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2022-01-012022-12-31_custom_CustomerCMember" id="Fact002514" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,528,442</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amount of the Group's revenue, percentage" id="xdx_988_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerCMember_zcjyufUPAx59" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2022-01-012022-12-31_custom_CustomerCMember" id="Fact002516" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.0</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_982_eifrs-full--Revenue_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerCMember_zbLr45fzDDyb" title="Amount of the Group's revenue" style="text-align: right"><ix:nonFraction name="ifrs-full:Revenue" contextRef="From2021-01-012021-12-31_custom_CustomerCMember" id="Fact002518" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,702,037</ix:nonFraction></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98B_eifrs-full--PercentageOfEntitysRevenue_pid_dp_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerCMember_zQO99sRgEQpd" title="Amount of the Group's revenue, percentage" style="text-align: right"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2021-01-012021-12-31_custom_CustomerCMember" id="Fact002520" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.7</ix:nonFraction></td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of single customers who represent 10% or more of the Group&#8217;s total accounts receivable:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 86%; border-collapse: collapse; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">USD</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">USD</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">%</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of the Group&#8217;s accounts receivable:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231_z3bYi6DAddK1" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31" id="Fact002522" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,963,636</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_980_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20231231_zunycDkqZyYc" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact002524" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231_zSsebioAa2Db" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31" id="Fact002526" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,184,970</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20221231_zGXw1ctpxlua" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2022-12-31" id="Fact002528" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.0</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td id="xdx_98B_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20211231_zvVozCrK9mt7" title="Amount of the Group's accounts receivable" style="text-align: right; width: 7%"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2021-12-31" id="Fact002530" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,099,989</ix:nonFraction></td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="text-align: right; width: 2%">&#160;</td>
    <td style="text-align: right; width: 1%">&#160;</td>
    <td style="text-align: right; width: 7%"><p id="xdx_989_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20211231_zBaVl2cV4HR8" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2021-12-31" id="Fact002532" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.0</ix:nonFraction></p></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__srt--MajorCustomersAxis__custom--CustomerAMember_z52ur4SBxhik" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_custom_CustomerAMember" id="Fact002534" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,738,407</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20231231__srt--MajorCustomersAxis__custom--CustomerAMember_zy6tfPjXbSta" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2023-12-31_custom_CustomerAMember" id="Fact002536" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">55.2</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerAMember_zHNSoscfqf2d" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2538">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20221231__srt--MajorCustomersAxis__custom--CustomerAMember_zDUNuiAZuIud" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2540">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98C_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerAMember_zyppCvkC47J6" title="Amount of the Group's accounts receivable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2542">-</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_985_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20211231__srt--MajorCustomersAxis__custom--CustomerAMember_z06fWqzwVNVf" title="Amount of the Group's accounts receivable, percentage" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2544">-</span></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    B</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__srt--MajorCustomersAxis__custom--CustomerBMember_zu54iy69kNw5" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2023-12-31_custom_CustomerBMember" id="Fact002546" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,105,487</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20231231__srt--MajorCustomersAxis__custom--CustomerBMember_zzeprU3id8G9" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2023-12-31_custom_CustomerBMember" id="Fact002548" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">22.3</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerBMember_zrrBG32UNpXl" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2550">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20221231__srt--MajorCustomersAxis__custom--CustomerBMember_z7vRZ0jvaIZg" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2552">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98B_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerBMember_zLCk5FjFoiuh" title="Amount of the Group's accounts receivable" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2554">-</span></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_980_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20211231__srt--MajorCustomersAxis__custom--CustomerBMember_zwDM2dBzuJ2a" title="Amount of the Group's accounts receivable, percentage" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2556">-</span></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    C</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__srt--MajorCustomersAxis__custom--CustomerCMember_zu1dc2POF383" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2558">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20231231__srt--MajorCustomersAxis__custom--CustomerCMember_zhUI8eKxLsT7" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2560">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerCMember_zzeCAqGRnGq9" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_custom_CustomerCMember" id="Fact002562" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,440,997</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20221231__srt--MajorCustomersAxis__custom--CustomerCMember_zpqVRYjP7l1g" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2022-12-31_custom_CustomerCMember" id="Fact002564" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">39.5</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98A_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerCMember_zvUL4PDPtYF1" title="Amount of the Group's accounts receivable" style="text-align: right"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2021-12-31_custom_CustomerCMember" id="Fact002566" format="ixt:numdotdecimal" decimals="0" unitRef="USD">524,950</ix:nonFraction></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_984_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20211231__srt--MajorCustomersAxis__custom--CustomerCMember_z59HGfmZpJ52" title="Amount of the Group's accounts receivable, percentage" style="text-align: right"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2021-12-31_custom_CustomerCMember" id="Fact002568" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.8</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    D</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__srt--MajorCustomersAxis__custom--CustomerDMember_zjZhtl4kVUrg" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2570">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20231231__srt--MajorCustomersAxis__custom--CustomerDMember_zbVJqFLMN1gb" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2572">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerDMember_zTcEskI4VN73" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_custom_CustomerDMember" id="Fact002574" format="ixt:numdotdecimal" decimals="0" unitRef="USD">946,070</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_986_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20221231__srt--MajorCustomersAxis__custom--CustomerDMember_zP1kHvACLA1l" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2022-12-31_custom_CustomerDMember" id="Fact002576" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15.3</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98F_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerDMember_zGcuGynA6lq3" title="Amount of the Group's accounts receivable" style="text-align: right"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2021-12-31_custom_CustomerDMember" id="Fact002578" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,520</ix:nonFraction></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98F_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20211231__srt--MajorCustomersAxis__custom--CustomerDMember_z0uDd9Qki8l3" title="Amount of the Group's accounts receivable, percentage" style="text-align: right"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2021-12-31_custom_CustomerDMember" id="Fact002580" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.9</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    E</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__srt--MajorCustomersAxis__custom--CustomerEMember_zgKTTPuFN7kc" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2582">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20231231__srt--MajorCustomersAxis__custom--CustomerEMember_zHRFj2U1piFa" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2584">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerEMember_zEbeO76ERvA1" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_custom_CustomerEMember" id="Fact002586" format="ixt:numdotdecimal" decimals="0" unitRef="USD">780,427</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_982_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20221231__srt--MajorCustomersAxis__custom--CustomerEMember_zpHyGM3TmETg" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2022-12-31_custom_CustomerEMember" id="Fact002588" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.6</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98E_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerEMember_zqY6gTXVj2Pe" title="Amount of the Group's accounts receivable" style="text-align: right"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2021-12-31_custom_CustomerEMember" id="Fact002590" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,232,501</ix:nonFraction></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98B_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20211231__srt--MajorCustomersAxis__custom--CustomerEMember_zdAx1feTFQxh" title="Amount of the Group's accounts receivable, percentage" style="text-align: right"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2021-12-31_custom_CustomerEMember" id="Fact002592" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30.1</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    F</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__srt--MajorCustomersAxis__custom--CustomerFMember_zUKxHe3wtD7k" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2594">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20231231__srt--MajorCustomersAxis__custom--CustomerFMember_zqlxQcrjnoE2" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2596">-</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerFMember_zhFGgXvns0O" title="Amount of the Group's accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_custom_CustomerFMember" id="Fact002598" format="ixt:numdotdecimal" decimals="0" unitRef="USD">730,553</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20221231__srt--MajorCustomersAxis__custom--CustomerFMember_zDWXIRHNJgD3" title="Amount of the Group's accounts receivable, percentage" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2022-12-31_custom_CustomerFMember" id="Fact002600" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11.8</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_98B_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerFMember_z5pEQvZC41V3" title="Amount of the Group's accounts receivable" style="text-align: right"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2021-12-31_custom_CustomerFMember" id="Fact002602" format="ixt:numdotdecimal" decimals="0" unitRef="USD">165,711</ix:nonFraction></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_983_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20211231__srt--MajorCustomersAxis__custom--CustomerFMember_zGIC1uZCvwP2" title="Amount of the Group's accounts receivable, percentage" style="text-align: right"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2021-12-31_custom_CustomerFMember" id="Fact002604" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.0</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Customer
    G</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amount of the Group's accounts receivable" id="xdx_984_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20231231__srt--MajorCustomersAxis__custom--CustomerGMember_z5vyccHoJdw2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2606">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amount of the Group's accounts receivable, percentage" id="xdx_989_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20231231__srt--MajorCustomersAxis__custom--CustomerGMember_z6OtjsiyH28b" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2608">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amount of the Group's accounts receivable" id="xdx_98D_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20221231__srt--MajorCustomersAxis__custom--CustomerGMember_zPCW7B7hh3Yd" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2022-12-31_custom_CustomerGMember" id="Fact002610" format="ixt:numdotdecimal" decimals="0" unitRef="USD">110,532</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td title="Amount of the Group's accounts receivable, percentage" id="xdx_980_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20221231__srt--MajorCustomersAxis__custom--CustomerGMember_zcHygLRXuG9e" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2022-12-31_custom_CustomerGMember" id="Fact002612" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.8</ix:nonFraction></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_985_eifrs-full--ReceivablesFromContractsWithCustomers_iI_c20211231__srt--MajorCustomersAxis__custom--CustomerGMember_zvZdOKEqE8pj" title="Amount of the Group's accounts receivable" style="text-align: right"><ix:nonFraction name="ifrs-full:ReceivablesFromContractsWithCustomers" contextRef="AsOf2021-12-31_custom_CustomerGMember" id="Fact002614" format="ixt:numdotdecimal" decimals="0" unitRef="USD">434,342</ix:nonFraction></td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td id="xdx_985_ecustom--PercentageOfAccountsReceivable_iI_pid_dp_c20211231__srt--MajorCustomersAxis__custom--CustomerGMember_zTa0i2ZA6gKe" title="Amount of the Group's accounts receivable, percentage" style="text-align: right"><ix:nonFraction name="NWGL:PercentageOfAccountsReceivable" contextRef="AsOf2021-12-31_custom_CustomerGMember" id="Fact002616" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.6</ix:nonFraction></td>
    <td>&#160;</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A2_zWXwoDaJl1ck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 123; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002618" name="ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory_ztxCaIeAHrB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>26</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zGK7mcfggEz5">RECONCILIATIONS OF LIABILITIES
  ARISING FROM FINANCING ACTIVITIES</span></b></span></td></tr>
</table>


<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>


<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002620" name="NWGL:DisclosureOfReconciliationsOfLiabilitiesArisingFromFinancingActivitiesExplanatory"><p id="xdx_89B_ecustom--DisclosureOfReconciliationsOfLiabilitiesArisingFromFinancingActivitiesExplanatory_zWv7UKzDlcKl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zq4CKoptzrW9">SCHEDULE
OF RECONCILIATIONS OF&#160;LIABILITIES FROM FINANCING ACTIVITIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">At beginning of year</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">New leases entered <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>
</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Advance receipts</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Repayments made</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Conversion to shares</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Interest expenses</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Exchange difference</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">At end of year</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">USD</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: left">2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 28%; text-align: left">Bank borrowings</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankBorrowingsMember_zEMYixl7UfFk" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_custom_BankBorrowingsMember" id="Fact002621" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,836,594</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_988_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankBorrowingsMember_zWyBbEQ2rLie" style="width: 6%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2622">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_986_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankBorrowingsMember_zBOJgmtzOOU7" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_BankBorrowingsMember" id="Fact002623" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,492,404</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_987_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankBorrowingsMember_zZCntebjnrUj" style="width: 6%; text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_BankBorrowingsMember" id="Fact002624" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">31,243,426</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankBorrowingsMember_zNAuEPQDOOge" style="width: 6%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2625">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankBorrowingsMember_zkjOhjMx7ABd" style="width: 6%; text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_BankBorrowingsMember" id="Fact002626" format="ixt:numdotdecimal" decimals="0" unitRef="USD">605,979</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankBorrowingsMember_zN29Y6w63Kwa" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_BankBorrowingsMember" id="Fact002627" format="ixt:numdotdecimal" decimals="0" unitRef="USD">127,679</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankBorrowingsMember_z5GoEVZzRBSg" style="width: 6%; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2023-12-31_custom_BankBorrowingsMember" id="Fact002628" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,819,230</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Other borrowings</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--OtherBorrowingsMember_z6L6u1H1Nt77" style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2629">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_981_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--OtherBorrowingsMember_zlYogYKCO6Q7" style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2630">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_989_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--OtherBorrowingsMember_zCYoN2rcXoQk" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_OtherBorrowingsMember" id="Fact002631" format="ixt:numdotdecimal" decimals="0" unitRef="USD">663,211</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98D_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--OtherBorrowingsMember_zZJDgFiwUKw8" style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_OtherBorrowingsMember" id="Fact002632" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,638</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98C_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--OtherBorrowingsMember_zIA1K9TXeCT6" style="text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2633">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_983_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--OtherBorrowingsMember_z9LMf4fe0GB2" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_OtherBorrowingsMember" id="Fact002634" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,638</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98F_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--OtherBorrowingsMember_zUeLzQvg9SUj" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_OtherBorrowingsMember" id="Fact002635" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,268</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td id="xdx_98D_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--OtherBorrowingsMember_zmCdIZa1WqK3" style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2023-12-31_custom_OtherBorrowingsMember" id="Fact002636" format="ixt:numdotdecimal" decimals="0" unitRef="USD">664,479</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Convertible bonds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zgCCUO3F5f0k" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_custom_ConvertibleBondsMember" id="Fact002637" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,210,327</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_z2Hg4hvh93Zk" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2638">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_z0p9Uo7bTyJj" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2639">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_z5RhLi8gHsh5" style="text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_ConvertibleBondsMember" id="Fact002640" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">684,163</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zwAhCmmZyyD5" style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_ConvertibleBondsMember" id="Fact002641" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,210,327</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_z7jzNPe16MDh" style="text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_ConvertibleBondsMember" id="Fact002642" format="ixt:numdotdecimal" decimals="0" unitRef="USD">684,163</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zEdcSRoHJ3i1" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2643">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zkC0tlZh2Rpl" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2644">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amounts due to an ultimate beneficial shareholder</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zHG6G3K4wydb" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002645" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,619,313</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_z6XFQ0BT9O2f" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2646">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zbmmuGe3Bu6b" style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002647" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,579,641</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zE8awq1P3Bh9" style="text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002648" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,069,913</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zlTerWeLXUUf" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2649">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_za0Ikm91D0e9" style="text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002650" format="ixt:numdotdecimal" decimals="0" unitRef="USD">197,066</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_z1xcBngVojNh" style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002651" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,819</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zVu2f7AfEqfi" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2023-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002652" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,322,288</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_ze41o6FpyvDa" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002653" format="ixt:numdotdecimal" decimals="0" unitRef="USD">173,458</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zMvS4nXSxvI1" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002654" format="ixt:numdotdecimal" decimals="0" unitRef="USD">128,273</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zTWx97O1bwli" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2655">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zGSER2Hcskn2" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002656" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">112,262</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_znkLrawi81Wi" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2657">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zpFF2hD3Em1i" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002658" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,306</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zIXi2mnwLvVd" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002659" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,493</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20230101__20231231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zjHYtmeo0sil" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2023-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002660" format="ixt:numdotdecimal" decimals="0" unitRef="USD">198,268</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20230101__20231231_zA5AwsM5AKEc" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31" id="Fact002661" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,839,692</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_987_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20230101__20231231_zUzgVbbwdJCe" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact002662" format="ixt:numdotdecimal" decimals="0" unitRef="USD">128,273</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20230101__20231231_zaD60hn1k8Ge" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact002663" format="ixt:numdotdecimal" decimals="0" unitRef="USD">33,735,256</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_989_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20230101__20231231_zvqsEZ3VdaGl" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact002664" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">39,114,402</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20230101__20231231_zN2UpvwA8PJa" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact002665" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,210,327</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_980_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20230101__20231231_zbFWMJgbkRtf" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact002666" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,498,152</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20230101__20231231_zEDkE2n5LL8l" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact002667" format="ixt:numdotdecimal" decimals="0" unitRef="USD">127,621</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20230101__20231231_zJfal7tNIbc" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2023-12-31" id="Fact002668" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,004,265</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: left">2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Bank borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankAndOtherBorrowingsMember_zK92FOVZOiA1" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2021-12-31_custom_BankAndOtherBorrowingsMember" id="Fact002669" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,740,023</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankAndOtherBorrowingsMember_zHJDnJtBjni6" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2670">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankAndOtherBorrowingsMember_zXaveCkq4jKj" style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_BankAndOtherBorrowingsMember" id="Fact002671" format="ixt:numdotdecimal" decimals="0" unitRef="USD">22,477,387</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankAndOtherBorrowingsMember_z0ffhpqNbAF9" style="text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_BankAndOtherBorrowingsMember" id="Fact002672" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">25,768,366</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankAndOtherBorrowingsMember_zqyU3GJtdlW2" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2673">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankAndOtherBorrowingsMember_zIbMMvQCtXua" style="text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_BankAndOtherBorrowingsMember" id="Fact002674" format="ixt:numdotdecimal" decimals="0" unitRef="USD">421,753</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankAndOtherBorrowingsMember_zN9jigj0EIBe" style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_BankAndOtherBorrowingsMember" id="Fact002675" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">34,203</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--BankAndOtherBorrowingsMember_zzEaOyEDDRq3" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_custom_BankAndOtherBorrowingsMember" id="Fact002676" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,836,594</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Convertible bonds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zV0i2gsGZhQ3" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2021-12-31_custom_ConvertibleBondsMember" id="Fact002677" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,208,260</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zPkHOmbMi5aa" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2678">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zjTaQIOl9xjj" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2679">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zg0edjC3xaed" style="text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_ConvertibleBondsMember" id="Fact002680" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">972,045</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zzAmebLezZV5" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2681">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_zCR5s7xpsFKk" style="text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_ConvertibleBondsMember" id="Fact002682" format="ixt:numdotdecimal" decimals="0" unitRef="USD">972,045</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_z9RXqqw7HVJ7" style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_ConvertibleBondsMember" id="Fact002683" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,067</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--ConvertibleBondsMember_z3VO03NZvck2" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_custom_ConvertibleBondsMember" id="Fact002684" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,210,327</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Amounts due to an ultimate beneficial shareholder</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zQfZx6R3mZm3" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2021-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002685" format="ixt:numdotdecimal" decimals="0" unitRef="USD">19,386,048</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zyvS8j7Kvh0d" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2686">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_znZj5vdlpRM2" style="text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002687" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,697,902</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zbr89ymeZM9j" style="text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002688" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">7,934,582</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zb3Pd0OQTJk6" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2689">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zpsu0PRJKDJb" style="text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002690" format="ixt:numdotdecimal" decimals="0" unitRef="USD">405,872</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zcbRvZMp6Dw9" style="text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002691" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,927</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__custom--AmountsDueToAnUltimateBeneficialShareholderMember_zpogtsN9NTFh" style="text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_custom_AmountsDueToAnUltimateBeneficialShareholderMember" id="Fact002692" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,619,313</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zgBxdllvgDlj" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2021-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002693" format="ixt:numdotdecimal" decimals="0" unitRef="USD">292,151</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zQnxkHpiGGx7" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2694">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zbTvpX5gLOOd" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2695">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zUNjAkcxLCJf" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002696" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">115,277</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zhFkqfK6Tm3h" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2697">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_z8chvohiZ6n8" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002698" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,320</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_zr8zz9XgvKe3" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002699" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">12,736</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20220101__20221231__ifrs-full--LiabilitiesArisingFromFinancingActivitiesAxis__ifrs-full--LeaseLiabilitiesMember_z91Nf0vZsJKl" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31_ifrs-full_LeaseLiabilitiesMember" id="Fact002700" format="ixt:numdotdecimal" decimals="0" unitRef="USD">173,458</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98D_eifrs-full--LiabilitiesArisingFromFinancingActivities_iS_c20220101__20221231_zbZBmh9nwk42" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2021-12-31" id="Fact002701" format="ixt:numdotdecimal" decimals="0" unitRef="USD">47,626,482</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities_c20220101__20221231_zNcblCDSQ1i3" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2702">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_984_eifrs-full--IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_c20220101__20221231_zwvNnp0Oo7Z" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact002703" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,245,289</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_988_ecustom--IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities_c20220101__20221231_zl8h0zmX2jli" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="NWGL:IncreaseThroughRepaymentsMadeLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact002704" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">34,790,270</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_986_eifrs-full--IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities_c20220101__20221231_zgHcxIinFhhf" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2705">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98A_ecustom--IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities_c20220101__20221231_zJH0h8h0SFkg" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="NWGL:IncreaseThroughInterestExpensesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact002706" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,808,990</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98A_eifrs-full--IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_c20220101__20221231_zdgd99yfuhQj" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact002707" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">50,799</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_981_eifrs-full--LiabilitiesArisingFromFinancingActivities_iE_c20220101__20221231_z36475ME4sG6" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:LiabilitiesArisingFromFinancingActivities" contextRef="AsOf2022-12-31" id="Fact002708" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,839,692</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zsXiYTlF1mG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002710" name="ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_zf2EVfYYy8R" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zDLlZ7gAU0c">COMMITMENTS AND CONTINGENCIES</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -26.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
Commitment</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002712" name="ifrs-full:DisclosureOfCommitmentsExplanatory"><p id="xdx_89D_eifrs-full--DisclosureOfCommitmentsExplanatory_zpRfgEfYjE88" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has the following capital commitments at the end of the reporting period:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zT9KmMtWaP97">SCHEDULE
OF CAPITAL COMMITMENT</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20231231_z7muBbp7hYs4" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20221231_zQR8Rv0qqjuj" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">USD</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Contracted, but not provided for:</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--CapitalCommitments_iI_zw41uPXkXsP5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Property, plant and equipment</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="ifrs-full:CapitalCommitments" contextRef="AsOf2023-12-31" id="Fact002714" format="ixt:numdotdecimal" decimals="0" unitRef="USD">700,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2715">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zryTg9bGCso1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contingencies</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and
a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable,
and the amount of the loss is reasonably estimable. In the opinion of management, there were no material pending or threatened
claims and litigation as of December 31, 2023 and through the issuance date of these consolidated financial statements.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002717" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zS7juGvNy7hg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>28</b></span></td>
  <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zHHa6psxZKba">SUBSEQUENT EVENTS</span></b></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluated all events and transactions that occurred after December 31, 2023 up through April 25, 2023, which is the date
that these consolidated financial statements are available for distribution. Other than the events disclosed above, no other material
subsequent events have occurred that would require recognition or disclosure in the Company&#8217;s consolidated financial statements.</span></p>

</ix:nonNumeric><p id="xdx_81A_zArMid76xdQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 124; Options: Last -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
</body>
</html>
[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 3721251}]
{"company-data": {"conformed-name": "Nature Wood Group Ltd", "cik": "0001948294", "assigned-sic": "0800", "organization-name": "08 Industrial Applications and Services", "irs-number": "000000000", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41796", "film-number": "24877497"}, "business-address": {"street1": "AVENIDA DA AMIZADE NO.1287", "street2": "CHONG FOK CENTRO COMERCIAL,13 E", "city": "MACAU S.A.R", "state": "N5", "zip": "000", "phone": "852 60385546"}, "mail-address": {"street1": "AVENIDA DA AMIZADE NO.1287", "street2": "CHONG FOK CENTRO COMERCIAL,13 E", "city": "MACAU S.A.R", "state": "N5", "zip": "000"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report __________
Commission
file number
001-41796
NATURE
WOOD GROUP LIMITED
(Exact
name of Registrant as specified in its charter)
British
Virgin Islands
(Jurisdiction
of incorporation or organization)
Avenida
da Amizade no. 1287
Chong
Fok Centro Comercial
,
13 E
Macau
S.A.R.
(Address
of principal executive offices)
Jianjun
Zeng
, Chief Executive Officer
Telephone:
+
853
2855-3594
Email:
johnny@nature-wood.com
At
the address of the Company set forth above
(Name,
Telephone, E-mail and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol(s)
Name
    of each exchange on which registered
American
    depositary shares, each representing eight ordinary shares, par value $0.001 per share
NWGL
The
Nasdaq
Stock Market LLC
*
Not for trading, but only in connection with the listing of the American depositary shares on The Nasdaq Stock Market LLC
Securities
registered or to be registered pursuant to Section 12(g): None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
132,425,321
ordinary shares were outstanding as of December 31, 2023
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒
No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒
No
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☒
Yes
☐ No
Indicate
by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). ☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of "large accelerated filer", "accelerated filer" and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☒
Non-accelerated
    filer
☐
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:
U.S.
    GAAP ☐
International Financial Reporting Standards
as issued by the International Accounting Standards Board ☒
Other ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which consolidated financial statement
item the registrant has elected to follow. ☐ Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities
Exchange Act of 1934). ☐ Yes ☒
No
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☒
No
Table
of Contents
Page
PART I.
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM
    3.
KEY INFORMATION
1
ITEM
    4.
INFORMATION ON THE COMPANY
20
ITEM
    4A.
UNRESOLVED STAFF COMMENTS
44
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
44
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
50
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
59
ITEM
    8.
FINANCIAL INFORMATION
60
ITEM
    9.
THE OFFER AND LISTING
60
ITEM
    10.
ADDITIONAL INFORMATION
60
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
69
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
70
PART II.
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
72
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
72
ITEM
    15.
CONTROLS AND PROCEDURES
73
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
74
ITEM
    16B.
CODE OF ETHICS
74
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
74
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
75
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
75
ITEM
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
75
ITEM
    16G.
CORPORATE GOVERNANCE
75
ITEM
    16H.
MINE SAFETY DISCLOSURE
75
ITEM
    16I
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
75
PART III.
ITEM
    17.
FINANCIAL STATEMENTS
77
ITEM
    18.
FINANCIAL STATEMENTS
77
ITEM
    19.
EXHIBITS
77
i
CONVENTIONS
THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F
Unless
we indicate otherwise, references in this report to:
●
"ADSs"
    are to American depositary shares, each of which represents eight ordinary shares;
●
"BVI"
    are to the British Virgin Islands;
●
"BVI
    Act" are to BVI Business Companies Act, 2004 as amended from time to time
●
"FSC"
    are to the Forest Stewardship Council;
●
"Hong
    Kong" are to the Hong Kong Special Administrative Region in the People's Republic of China;
●
"IPO"
    are to the Company's initial public offering which was consummated on September 14, 2023;
●
"Macau"
    are to the Macao Special Administrative Region in the People's Republic of China;
●
"Operating
    Subsidiaries" are to Swift Top Capital Resources Limited, Parquet Nature (France) S.A.R.L., Choi Chon Investment Company Limited,
    South American Wood S.A.C., Grupo Maderero Amaz S.A.C., E&T Forestal S.A.C., Nuevo San Martin S.A.C.,
    Sepahua Tropical Forest S.A.C., Maderera Industrial Isabelita S.A.C. and Latinoamerican Forest S.A.C., each a subsidiary of our Company;
●
"Ordinary
    Shares" are to the ordinary shares of our Company, par value of $0.001 per share;
●
"Our
    Board" are to the board of Directors;
●
"our
    Company" are to Nature Wood Group Limited, the holding company incorporated in the BVI;
●
"our
    Forests" are to parcels of land in Peru with an aggregate area of approximately 615,333 hectares, of which our Group owned
    the natural forest concessions and cutting rights for the exploitation of timber, as at June 30, 2023
●
"our
    Group", "the Group", "we", "us" and "our" are to our Company and its subsidiaries;
    where the discussions in the context relate to business operations and/or financial performance, then the terms "Company",
    "we", "us", "our", "our Company", "our Group", "the Group"
    and "our business" refer to the business operations and/or financial performance of the Operating Subsidiaries;
●
"our
    Director(s)" are to the director(s) of our Company;
●
"PEFC"
    are to Programme for the Endorsement of Forest Certification;
●
"PRC"
    or "China" are to the People's Republic of China, excluding Hong Kong, Macau and Taiwan for the purposes of this
    report only;
●
"RMB"
    or "Renminbi" are to the legal currency of China;
●
"sawn
    timber" are to square timber and commercial materials;
●
"$",
    "USD", "US$" or "U.S. dollars" are to the legal currency of the United States;
●
"HKD"
    or "HK$" are to the legal currency of Hong Kong;
●
"EUR"
    are to the legal currency of the European Union;
●
"MOP"
    are to the legal currency of Macau;
●
"SOL"
    or "S/" are to the legal currency of Peru.
ii
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
annual report on Form 20-F contains forward-looking statements that involve risks and uncertainties, including statements based on our
current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements are made under
the "safe harbor" provision under Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and
as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied
by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as "may",
"will", "expect", "anticipate", "aim", "estimate", "intend",
"plan", "believe", "potential", "continue", "is/are likely to" or other similar
expressions. The forward-looking statements included in this annual report relate to, among others:
●
timing
    of the development of future business;
●
capabilities
    of our business operations;
●
expected
    future economic performance;
●
competition
    in our market;
●
continued
    market acceptance of our services and products;
●
protection
    of our intellectual property rights;
●
changes
    in the laws that affect our operations;
●
inflation
    and fluctuations in foreign currency exchange rates;
●
our
    ability to obtain and maintain all necessary government certifications, approvals, and/or licenses to conduct our business;
●
continued
    development of a public trading market for our securities;
●
the
    cost of complying with current and future governmental regulations and the impact of any changes in the regulations on our operations;
●
managing
    our growth effectively;
●
projections
    of revenue, earnings, capital structure and other financial items;
●
fluctuations
    in operating results; and
●
health
    crisis, including due to pandemics such as the COVID-19 pandemic and government measures taken in response thereto.
You
should read these statements in conjunction with the risks disclosed in "Item 3. Key Information—3.D. Risk Factors"
of this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. Moreover,
we operate in an evolving environment. New risks may emerge from time to time, and it is not possible for our management to predict all
risks, nor can we assess the impact of such risks on our business or the extent to which any risk, or combination of risks, may cause
actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements made in this
annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required
by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which
the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and the documents that
we have referred to in this annual report, completely and with the understanding that our actual future results may be materially different
from what we expect.
iii
PART
I.
ITEM
    1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
Applicable.
ITEM
    2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
Not
Applicable.
ITEM
    3.
KEY
    INFORMATION
3.A.
[Reserved]
3.B.
Capitalization and Indebtedness
Not
Applicable.
3.C.
Reasons for the Offer and Use of Proceeds
Not
Applicable.
3.D.
Risk Factors
You
should carefully consider each of the following risks and all the other information contained in this 2023 20-F Report in evaluating
us and our common stock. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated.
Our business, financial condition, results of operations and cash flows could be materially and adversely affected by these risks, and,
as a result, the trading price of our common stock could decline. We have in the past been adversely affected by certain of, and may
in the future be affected by, these risks. You should not interpret the disclosure of any risk factor to imply that the risk has not
already materialized.
Risks
Related to Our Business and Industry
Our
revenues are sensitive to fluctuations of log price and selling price of our products in the forestry industry.
Historically,
prices for logs have been volatile and are affected by numerous factors that are not under control, including demand for wood and wood
products, supply from illegal logging, changes in currency exchange rates, economic growth rates, foreign and domestic interest rates,
trade policies, and prevailing fuel and transportation costs.
In
addition, industry-wide increases in the supply of logs during a favorable price period can also lead to downward pressure on prices
through oversupply. Increased production by us and our competitors could lead to oversupply and lower prices. Oversupply and lower prices
may also result from illegal logging activity or decreased government enforcement of logging restrictions. Our revenues and profits are
extremely sensitive to changes in log prices and selling prices of our products. Slight changes in log prices and selling prices of our
products may cause a disproportionally large change in our revenues and our results of operation. If market prices for logs or our products
were to decline, it could have a material adverse effect on our business, financial condition and results of operation.
We
may face increased costs for new forest acquisitions.
As
the forestry sector develops, sellers may become increasingly sophisticated about the valuation and prices of their forests and may demand
higher premiums for high quality forests. There is no assurance that we will be able to negotiate favorably low prices for our new forest
acquisitions. Rising acquisition costs and intensifying competition for new forests may hamper our expansion plans and have an adverse
impact on the profitability and results of our operations.
Our
Forests are subject to environmental regulations in the relevant jurisdictions.
The
operations of our forestry business are subject to a wide range of environmental laws and regulations, which regulate, among other things,
forestry activities, including harvesting, land clearing for forests and the emission, noise or discharge of pollutants, effluents, or
solid waste, water or atmosphere.
Environmental
laws and regulations have generally become more stringent in recent years and could become even more stringent in the future. We may
be required to obtain certain licenses before we are permitted to occupy certain premises and/or carry out certain activities. They also
protect endangered or threatened wildlife species which may live in our Forests. Some of these environmental laws and regulations could
impose significant costs, expenses, penalties, administrative measures, and liabilities on us for violations of existing conditions attached
to our licenses or commitments of environmental impact assessments, whether or not we caused or knew about them. Violations of such laws
and regulations may result in civil penalties (such as fines and recovery of costs), remediation expenses, potential injunctions and
prohibition orders and criminal penalties. Some environmental statutes impose strict liability, rendering a person liable for environmental
damage without regard to the person's negligence or fault.
1
Compliance
with, or damages or penalties for violating, current and future environmental laws and regulations could result in a reduction in harvesting
volume, suspension of our activities and may force us to incur significant expenses, which in turn could have a material adverse effect
on our business, financial condition, and results of operations. Any tightening of the requirements prescribed by environmental laws
and regulations in Peru or France, or changes in the manner of interpretation or enforcement of such existing laws or regulations, could
adversely impact our operations by increasing our compliance costs and potential liabilities in connection with such laws and regulations,
including additional capital or operating expenditures, which may place additional demands on our liquidity and adversely affect our
results of operations.
We
are dependent on the availability of large numbers of workers to perform manual labor.
We
rely on large numbers of workers to harvest logs and perform manual labor. As many of our Forests are located in remote areas far from
population centers, there is a risk that manpower for harvesting logs and for maintaining our Forests will not be available on a continuous
basis due to factors such as rural-urban migration. We are also vulnerable to labor shortages due to strikes, labor stoppages and civil
unrest. Any shortage of labor could increase our costs and reduce our production, which may have a material adverse effect on our business,
financial condition and results of operations.
Our
Forests may not grow in accordance with our expectations.
The
success of our business depends in part upon the productivity of our existing and future forests. Growth in forests depends on a number
of factors, many of which are beyond our control. These include, but are not limited to, damage by fire, diseases, pests, environmental
pollution, and other natural or man-made disasters, as well as weather, climate, genetic factors and soil conditions. Our ability to
improve the growth speed of our Forests will depend on the factors described above as well as our ability to improve our forest management
practices. As a result, there can be no assurance that our Forest will grow as we expect. Our future business, financial condition and
results of operations may be adversely affected if our Forests grow at a slower rate than we expect.
Our
forest survey and knowledge of our Forests are subject to errors in the survey.
Our
operating results depend on our knowledge of forests, especially in Peru and France. We regularly visit our Forests to monitor their
growth and condition. In this process, we use a random sampling method for our survey of forests. We cannot guarantee the reliability
of the results of our survey. In the event that the results of our survey are not reliable, our knowledge of our Forests and our ability
to manage our Forests could be greatly hampered, which may have a material adverse effect on our business, financial condition and results
of operations.
We
depend on certain major customers.
For
each of the years ended December 31, 2023, 2022 and 2021, we had a total of 143, 158 and 115 customers respectively, which had
purchased our wood products. Our five largest customers during the respective periods accounted for approximately 53.2%, 55.3%
and 55.1% of our total turnover respectively; whilst our largest customer accounted for approximately 28.2%, 19.5% and 22.6% of our
total turnover respectively.
We
may face increased operating costs and staff costs.
Our
business may face increased operating costs as the forestry industry continues to develop. Our operating expenses for logging activities
consist of our costs of harvesting, such as labor costs, and costs associated with applying for logging permits for our Forests. We expect
labor costs to rise as workers who harvest our logs become more experienced and increase their wage demands. Logging permits for our
Forests are subject to periodic revisions by the local forest bureaus and we expect them to increase as the industry develops. Increases
in our operating expenses for logging activities and staff costs may have a material adverse effect on our business, financial condition
and results of operations.
2
Our
inability to obtain logging permits with sufficient logging amounts could reduce our future revenues.
A
logging permit setting out, among other things, the quota (in terms of the maximum area and/or number of trees) allowable for logging
and the period of logging must be obtained from the local forestry bureaus for harvesting in Peru.
Because
the availability of logging permits is subject to the approval of the relevant local forestry bureau, there is no assurance that we will
be able to continue obtaining logging permits, or that the logging amount given to us under the logging permits will be sufficient for
our operations. Should we fail to obtain logging permits with logging amounts sufficient for our operations, our revenues in the future
may be reduced and our business, financial condition and results of operations may be materially and adversely affected.
Our
inability to obtain certificates from the FSC could reduce our future revenues.
During
the years ended December 31, 2023, 2022 and 2021, revenue generated from FSC-certified decking amounted to approximately
$4.7 million, $11.2 million and $9.9 million, representing approximately 18.4%, 20.3% and 20.7% of our
total revenue. This, in turn, requires that we retain and renew our existing FSC Chain of Custody (CoC) certifications. Our retention
and renewal of these certificates depend on our performance in forest management.
We
cannot assure you that we will be able to retain or renew our existing certificates or obtain new certificates. If we are unable to renew
or retain certificates, our business, results of operations and financial condition will be materially and adversely affected.
Our
inability to acquire enough immediately harvestable forests may affect our ability to meet demand.
As
at December 31, 2023, our Forests covered an area of approximately 615,333 hectares. We rely on acquisitions of new forests to increase
our timber supply, particularly new forests which are immediately harvestable. There can be no assurance that we will be able to acquire
sufficient immediately harvestable forests in the future to keep up with demand. If we cannot do so, our business, financial condition
and results of operation may be materially adversely affected.
The
current global market fluctuations and economic downturn could materially and adversely affect our business, financial condition and
results of operations.
The
global capital and credit markets have been experiencing extreme volatility and disruption in recent times. Concerns over inflation or
deflation, energy costs, geopolitical issues, and the availability and cost of credit have contributed to unprecedented levels of market
volatility and diminished expectations for the global economy and the capital and consumer markets in the future. These factors, combined
with volatile oil prices, declining business activities and consumer confidence and increased unemployment, have precipitated an economic
slowdown and a possible prolonged global recession. These events have led to a slowdown in the global economy which a number of economists
predict could be significant and protracted. As a result, the demand for our wood products may significantly decrease, thereby materially
and adversely affecting our business, financial condition and results of operations.
Social
conflicts may disrupt our operations.
Despite
Peru's ongoing economic growth and stabilization, high levels of poverty and unemployment and social and political tensions continue
to be pervasive problems in the country. Peru has, from time to time, experienced social and political turmoil, including riots, nationwide
protests, strikes and street demonstrations. In the past, Peru has experienced periods of political instability that has included a succession
of regimes with differing economic policies and programs. Recently, since December 2022, Peru has experienced unrelenting political turmoil.
Part of our operations are conducted in Peru and depend on economic and political developments in the country. As a result, any social
conflicts may disrupt our business operations, which could have a material adverse effect on our business and financial performance.
3
Security,
political and economic instability in the Middle East may harm our business.
The
escalating conflicts between Israel and its neighboring countries and Islamist militia and political groups since late 2023, particularly
the Israel-Gaza Strip and attacks targeting vessels in the southern Red Sea, has introduced geopolitical tensions and security risks
within the Middle East region. Such instability may affect the global markets and potentially cause disruptions to the international
trade and financial systems. As such, the conflicts and heightened tensions in the Middle East could have an indirect, adverse impact
on our business and financial condition and results of operations.
We
are heavily dependent on key personnel and consultants.
We
are heavily dependent on our Directors and management for the success of our operations. Our ability to negotiate successfully with the
forest owners for our forest rights, and to acquire high quality forests, depends on the skills, relationships and reputation of our
senior management. In particular, we rely on the management skills of our chairman, Mr. Hok Pan Se, for our business across borders.
We also rely on the expertise and experience of our forest management staff, procurement and inventory staff, production staff, sales
and marketing staff and consultants.
If
we lose the services of any of our key personnel and/or if we cannot attract or retain quality consultants to advise us, we may lose
our competitive advantage and our business could be adversely affected.
We
face competition from other companies in the forestry industry.
We
face many local and overseas competitors who also supply wood products to the market. Our primary competitors operate either domestically
or within the Asia Pacific region. In particular, we face competition from a host of small logging firms, some of which may not comply
with environmental and other industry standards to the same extent as we do, resulting in their potentially lower operating costs.
Competition
in our industry is influenced by factors including the costs of new forest acquisitions, regulatory compliance, and forest insurance.
Some of our competitors may have lower costs than we do, or, if their operations are located in less developed countries, may be subject
to less stringent environmental and other governmental regulations than we are, because of different or regional laws and business practices.
If we are unable to compete effectively, or if competition increases in the future, our revenues could decline, and there may be material
adverse effects on our business, financial condition, results of operations and cash flows.
The
forestry industry faces competition from solid wood substitutes.
In
addition to competition within the forestry industry, the forest industry faces competition from solid wood substitutes. We face competition
from companies that manufacture wood substitutes, such as imitation wood, fiber-cement wood, ceramic tile and other materials that are
used as alternative materials mainly in construction and furniture production. The demand for wood products is also affected by changes
in consumer trends and tastes. Preference for wood substitutes among manufacturers, construction companies and consumers could decrease
demand for our products and have a material adverse effect on our revenue, financial condition and results of operations.
Abnormally
high or prolonged levels of rain at our Forest locations may adversely impact our ability to harvest timber.
Our
harvesting activity is dependent on, among other things, the weather conditions at our Forest locations. For safety reasons, we discontinue
logging in our Forests during the rainy season, which is usually from late November to May. Abnormally prolonged periods of rainfall
or unusually intense rainfall will reduce the volume of logs we are able to extract, which may have a material adverse effect on our
business, financial condition and results of operations and revenues.
4
We
are subject to certain risks relating to the delivery of our products.
We
often rely on third-party logistics service providers for the delivery of our wood products to customers. Such delivery services could
be suspended and thus interrupt the supply of our wood products if unforeseen events occur which are beyond our control, such as transportation
bottlenecks, natural disasters, disease outbreaks or labor strikes. Any failure of this personnel to provide high-quality or timely delivery
to our customers may negatively impact the purchase experience of our customers, damage our reputation and cause us to lose customers.
Any negative publicity or poor feedback regarding our customer service overall may harm our brand and reputation and in turn cause us
to lose customers and market share.
Disruption
to the supply of raw materials or increase in raw material prices could materially and adversely affect our Group's business, financial
condition and results of operations.
The
major raw materials used to produce our wood products are logs and floorings. The purchase of wood products and logs together accounted
for approximately 92.0%, 97.8% and 93.9% of the total raw material purchase costs during the years ended December 31,
2023, 2022 and 2021 respectively. However, our Group has not entered into any long-term supply contracts with our suppliers.
In the event that the ban on commercial logging is imposed by the French government or the places where our suppliers are located or
natural disasters, the supply of timber for the production of our wood products and the hosting of timber auctions may be affected. It
is therefore possible that our Group will not be able to purchase sufficient raw materials from our suppliers, in a timely manner and
on commercially acceptable terms, or at all.
In
addition, if we are unable to acquire raw materials from our existing suppliers for any reason, we cannot assure that our Group will
be able to source the raw materials from alternative sources within a reasonable period of time, and at acceptable prices or at all.
Our Group cannot assure that such shortages will not occur in the future. Any failure to obtain adequate supplies of raw materials on
a timely basis may disrupt our Group's operation, and may have a material adverse effect on the business, financial condition and
results of operations of our Group.
Our
networks and those of our third-party service providers may be vulnerable to cybersecurity risks.
Our
network and those of our third-party service providers and our customers may be vulnerable to unauthorized access, computer attacks,
viruses and other security problems. Persons who circumvent security measures could wrongfully access and obtain or use information on
our network or cause service interruptions, delays or malfunctions in our devices, services or operations, any of which could harm our
reputation, cause demand for our products and services to fall, and compromise our ability to pursue our business plans. Recently, there
have been reported several significant, widespread security attacks and breaches that have compromised network integrity for many companies
and governmental agencies, in some cases reportedly originating from outside the United States. In addition, there are reportedly private
products available in the market today that may attempt to unlawfully intercept communications made using our network. We may be required
to expend significant resources to respond to, contain, remediate, and protect against these attacks and threats, including compliance
with applicable data breach and security laws and regulations, and to alleviate problems, including reputational harm and litigation,
caused by these security incidents. Although we have implemented and intend to continue to implement security measures, these measures
may prove to be inadequate. These security incidents could have a significant effect on our systems, devices and services, including
system failures and delays that could limit network availability, which could harm our business and our reputation and result in substantial
liability.
Risks
Related to Doing Business in China
Our
operations are based in Peru, France, Hong Kong and Macau. We have a subsidiary that is established in the PRC, namely Foshan City Linjia
Technology Company Limited, which is engaged in IT consultancy and business consultancy. As of the date of this report, the PRC subsidiary
has not (i) conducted any other business operation in the PRC, (ii) owned any material assets in the PRC, (iii) received loans or additional
investments, (iv) distributed any dividends to shareholders, or (v) subjected to any administrative penalties in the PRC. The PRC subsidiary
does not involve in the major part of our operations and we do not intend to conduct any major part of our operations through it in the
future. Although we have equity ownership in our PRC, Hong Kong and Macau subsidiaries and currently do not have or intend to have any
contractual arrangement to establish a variable interest entity structure with any entity in China, we may still be subject to unique
risks due to uncertainty about any future actions of the Chinese government or authorities in Hong Kong and Macau in relation to business
operations in the PRC, Hong Kong or Macau, or regulatory oversight of overseas listing of companies with operations in the PRC, Hong
Kong or Macau.
5
Despite
the fact that our operations in the PRC are insignificant, a major part of our operations is based in Hong Kong and Macau, each a Special
Administrative Region of China. Although Hong Kong and Macau have their own governmental and legal system that is independent of the
PRC, it is uncertain whether in the future the Hong Kong or Macau government will implement regulations and policies of the Chinese government,
or adopt regulations and policies of its own that are substantially the same as those of the Chinese government. Moreover, given that
policies, regulations, rules, and the enforcement of laws of the Chinese government may be changed or amended, it is also uncertain in
the future whether our operations in Hong Kong or Macau will be subject to the oversight of the Chinese authorities.
We
may be subject to the risks that are specific to doing business in the PRC. Nevertheless, we believe that the effect of the risks below
on our Group would not be material.
Due
to the long arm provisions under the current PRC laws and regulations, if the Chinese government exercises any significant oversight
and discretion over the conduct of our business and intervenes in or influences our operations, our operations and/or the value of our
ADSs could be affected. The policies, regulations, rules, and the enforcement of laws of the Chinese government may also be changed or
amended with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system could be
uncertain.
Our
Company is a holding company and we conduct our operations through our Operating Subsidiaries in Peru, France, Hong Kong, Macau and China.
As at the date of this report, we are not materially affected by recent statements by the Chinese Government indicating an extent to
exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. However,
due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation
and interpretation of laws in China. The PRC government may choose to exercise significant oversight and discretion, and the policies,
regulations, rules, and enforcement of laws of the Chinese government to which we are subject may change from time to time. As a result,
the application, interpretation, and enforcement of new and existing laws and regulations in the PRC and our assertions and beliefs of
the risk imposed by the PRC legal and regulatory system could also be uncertain. In addition, these laws and regulations may be interpreted
and applied inconsistently by different agencies or authorities, and inconsistently with current policies and practices. New laws, regulations,
and other government directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations
or any other government actions may:
●
delay
    or impede our development;
●
result
    in negative publicity or increase our operating costs;
●
require
    significant management time and attention; and
●
subject
    us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our
    current or historical operations, or demands or orders that we modify or even cease our business practices.
We
are aware that since 2021, the PRC government has initiated a series of regulatory actions and statements to regulate business
operations in certain areas in China, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly
uncertain how soon legislative or administrative regulation-making bodies will respond and what existing or new laws or regulations or
detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws
and regulations will have on our daily business operation, the ability to accept foreign investments and list on a U.S. or other foreign
exchange.
6
The
Chinese government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas
and foreign investment in China-based issuers, which may affect our operations and/or the value of our ADSs. The promulgation of new
laws or regulations, or the new interpretation of existing laws and regulations, in each case that restricts or otherwise unfavorably
impacts the ability or way we conduct our business and could require us to change certain aspects of our business to ensure compliance,
which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals
or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented,
our business, financial condition and results of operations could be adversely affected as well as materially decrease the value of our
ADSs, potentially rendering them worthless.
If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer ADSs to investors
and cause the value of our ADSs to significantly decline or be worthless.
Some
statements by the Chinese government have indicated
an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers.
On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly
issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital
market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement
and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system
of extraterritorial application of the PRC securities laws. On December 24, 2021, the CSRC published the drafts of the Provisions of
the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies, and the Administrative Measures
for the Filing of Overseas Securities Offering and Listing by Domestic Companies for public comment. On February 17, 2023, the CSRC published
the formal Overseas Listing Measures to regulate overseas securities offering and listing activities by domestic companies.
Furthermore,
on December 28, 2021, the CAC, the National Development and Reform Commission ("
NDRC
"), and several other administrations
jointly issued the revised Measures for Cybersecurity Review, or the "Revised Review Measures", which became effective on
February 15, 2022 and replaced the existing Measures for Cybersecurity Review. According to the Revised Review Measures, if an "online
platform operator" that is in possession of the personal data of more than one million users intends to list in a foreign country,
it must apply for a cybersecurity review. Moreover, the CAC released the draft of the Regulations on Network Data Security Management
in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an
annual data security review by itself or by engaging a data security service provider and submit the annual data security review report
for a given year to the municipal cybersecurity department before January 31 of the following year. On July 7, 2022, the CAC released
the Measures for the Security Assessment of Cross-Border Data, which becomes effective on September 1, 2022. According to the Measures
for the Security Assessment of Cross-Border Data, where a data processor provides data abroad under any of the following circumstances,
it shall apply for exit security assessment of data to the national cyberspace administration through the local provincial cyberspace
administration: (1) the data processor provides important data abroad; (2) the operators of key information infrastructure and data processors
that process the personal information of more than 1 million people provide personal information abroad; (3) data processors who have
provided 100,000 personal information or 10,000 sensitive personal information abroad in aggregate since January 1 of last year provide
personal information abroad; and (4) other situations required for security assessment as stipulated by the state cyberspace administration.
Given the recency of the issuance of the Measures for the Security Assessment of Cross-Border Data, no guidance on the interpretation
or implementation of such Measures has been published.
We
sell a range of logs and flooring primarily in Hong Kong and Macau respectively, but not in mainland China. Our subsidiaries in Hong
Kong and Macau have not collected or stored any data (including certain personal information) from PRC individuals. As a result, the
likelihood of us being subject to the review of the CAC is remote.
7
In
the event that we rely on dividends and other distributions on equity paid by our PRC or Hong Kong subsidiaries to fund any cash and
financing requirements, we may have, any limitation on the ability of our PRC or Hong Kong subsidiaries to make payments to us could
have a material and adverse effect on our ability to conduct our business.
In
general, our PRC subsidiary's ability to distribute dividends is based upon their distributable earnings. Current PRC regulations
permit our PRC subsidiary to pay dividends to its shareholders only out of its accumulated profits, if any, determined in accordance
with PRC accounting standards and regulations. In addition, our PRC subsidiary, as a Foreign Invested Enterprise, or FIE, is required
to draw 10% of its after-tax profits each year, if any, to fund a common reserve, which may stop drawing its after-tax profits if the
aggregate balance of the common reserve has already accounted for over 50 percent of its registered capital. These reserves are not distributable
as cash dividends. If our PRC subsidiary incurs debt on its own in the future, the instruments governing the debt may restrict its ability
to pay dividends or make other payments to us. Any limitation on the ability of our PRC subsidiary to distribute dividends or other payments
to its shareholders could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial
to our business, pay dividends or otherwise fund and conduct our business.
The
Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends
payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are incorporated.
Under
Hong Kong law, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized
losses) or other distributable reserves. Dividends cannot be paid out of share capital. Under the current practice of the Inland Revenue
Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.
Any
limitation on the ability of our PRC or Hong Kong subsidiaries to pay dividends or make other distributions to us could materially and
adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise
fund and conduct our business.
To
the extent cash or assets in our business is in the PRC or Hong Kong or in our PRC or Hong Kong subsidiaries, the funds or assets may
not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions
and limitations on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets.
We
may in the future depend on dividends and other distributions on equity paid by our PRC and Hong Kong subsidiaries or depend on our assets
located in China or Hong Kong for our cash and financing requirements. The PRC government imposes controls on the convertibility of the
Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in the availability of foreign
currency may then restrict the ability of our PRC subsidiary to remit sufficient foreign currency to our offshore entities for our offshore
entities to pay dividends or make other payments or otherwise to satisfy our foreign-currency-denominated obligations. Therefore, to
the extent cash or assets in our business is in the PRC or Hong Kong or in our PRC or Hong Kong subsidiaries, the funds or assets may
not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions
and limitations on our ability or the ability of our subsidiaries by the PRC government to transfer cash or assets.
The
PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting processes may be put forward
by the State Administration of Foreign Exchange of the PRC for cross-border transactions. Any limitation on the ability of our PRC and
Hong Kong subsidiaries to pay dividends or make other kinds of payments to us could materially and adversely limit our ability to grow,
make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct our business.
Although
the audit report included in this report is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee
that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future investors may be deprived of
the benefits of such inspection. Furthermore, trading in our ADSs may be prohibited under the HFCA Act if the SEC subsequently determines
our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national
securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the Accelerating
Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act and requires the SEC to prohibit an issuer's
securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead
of three, and thus reducing the time before our ADSs may be prohibited from trading or delisted.
As
an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB,
our auditor is required under the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with
the laws of the United States and professional standards. The PCAOB is currently unable to conduct inspections without the approval of
the Chinese government authorities. Inspections of other auditors conducted by the PCAOB outside mainland China have at times identified
deficiencies in those auditors' audit procedures and quality control procedures, which may be addressed as part of the inspection
process to improve future audit quality. The lack of PCAOB inspections of audit work undertaken in mainland China prevents the PCAOB
from regularly evaluating auditors' audits and their quality control procedures. As a result, if there is any component of our
auditor's work papers become located in mainland China in the future, such work papers will not be subject to inspection by the
PCAOB. As a result, investors would be deprived of such PCAOB inspections, which could result in limitations or restrictions on our access
to the U.S. capital markets.
8
On
May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed
by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in
the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was
signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President's Working Group on Financial Markets issued
recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies and departments with
respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors in the United States.
In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to U.S. investors) associated
with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based issuers make regarding such
risks.
On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
in the HFCA Act. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements
in the HFCA Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued
by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate.
We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year under a process
to be subsequently established by the SEC. The final amendments require any identified registrant to submit documentation to the SEC
establishing that the registrant is not owned or controlled by a government entity in the public accounting firm's foreign jurisdiction,
and also require, among other things, disclosure in the registrant's annual report regarding the audit arrangements of, and government
influence on, such registrants. Under the HFCA Act (as amended by the Accelerating Holding Foreign Companies Accountable Act, which was
enacted on December 29, 2022), our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor
is not inspected by the PCAOB for two consecutive years, and this ultimately could result in our ADSs being delisted.
On
June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would amend the
HFCA Act and require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not
subject to PCAOB inspections for two consecutive years instead of three, and thus, would reduce the time before our ADSs may be prohibited
from trading or delisted.
On
September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to use when determining,
as contemplated under the HFCA Act, whether the Board is unable to inspect or investigate completely registered public accounting firms
located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On
November 5, 2021, the SEC approved the PCAOB's Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable
Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCA Act, whether it is unable to
inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by
one or more authorities in that jurisdiction.
On
December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered
public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions,
which determinations were vacated on December 15, 2022. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides
a framework for how the PCAOB fulfills its responsibilities under the HFCA Act, which determinations were vacated on December 15, 2022.
The report further listed in its Appendix A and Appendix B, the Registered Public Accounting Firms Subject to the Mainland China Determination
and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively, which determinations were vacated on December
15, 2022. Our auditor, WWC, P.C. is headquartered in the United States, and did not appear as part of the report under the lists in its
Appendix A or Appendix B.
9
On
August 26, 2022, the PCAOB signed SOP Agreements with the China Securities Regulatory Commission (the "
CSRC
") and
China's Ministry of Finance. The SOP Agreements established a specific, accountable framework to make possible complete inspections
and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022,
the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered
in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect
or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB
will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland
China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's control. However,
if the PCAOB continues to be prohibited from conducting complete inspections and investigations of PCAOB-registered public accounting
firms in mainland China and Hong Kong, the PCAOB is likely to determine by the end of 2023 that positions taken by authorities in the
PRC obstructed its ability to inspect and investigate registered public accounting firms in mainland China and Hong Kong completely,
then the companies audited by those registered public accounting firms would be subject to a trading prohibition on U.S. markets pursuant
to the HFCA Act.
The
SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described
above. Future developments in respect of increasing U.S. regulatory access to audit information are uncertain, as the legislative developments
are subject to the legislative process and the regulatory developments are subject to the rule-making process and other administrative
procedures.
While
we understand that there has been dialogue among the CSRC, the SEC and the PCAOB regarding the inspection of PCAOB-registered accounting
firms in mainland China, there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if there
is a significant change to current political arrangements between mainland China, Macau and Hong Kong, or if any component of our auditor's
work papers become located in mainland China in the future. Delisting of our ADSs would force holders of our ADSs to sell their ADSs.
The market price of our ADSs could be adversely affected as a result of anticipated negative impacts of these executive or legislative
actions, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance.
If
we fail to comply with work safety or environmental regulations, we could be exposed to penalties, fines, suspensions or action in other
forms.
Our
operations are subject to the work safety, fire safety and environmental protection laws and regulations promulgated by the PRC government.
These laws and regulations require us to maintain safe working conditions and adopt effective measures to control and properly dispose
of solid waste and other environmental pollutants. We could be exposed to penalties, fines, suspensions or actions in other forms if
we fail to comply with these laws and regulations. The laws and regulations in China may be amended from time to time and changes in
those laws and regulations may cause us to incur additional costs in order to comply with the more stringent rules. In the event that
changes to existing laws and regulations require us to incur additional compliance costs or require costly changes to our production
process, our costs could increase and we may suffer a decline in sales for certain products, as a result of which our business, results
of operations and financial condition could be materially and adversely affected.
10
Increases
in labor costs and enforcement of stricter labor laws and regulations in China and our additional payments of statutory employee benefits
may adversely affect our business and profitability.
The
average wage in China has increased in recent years and is expected to continue to grow. The average wage level for our employees has
also increased in recent years. We expect that our labor costs, including wages and employee benefits, will continue to increase. Unless
we are able to pass on these increased labor costs to our customers, our profitability and results of operations may be materially and
adversely affected. In addition, we have been subject to stricter regulatory requirements in terms of entering into labor contracts with
our employees and paying various statutory employee benefits, including pensions, housing funds, medical insurance, work related injury
insurance, unemployment insurance and maternity insurance to designated government agencies for the benefit of our employees. Pursuant
to the PRC Labor Contract Law and its implementation rules, employers are subject to stricter requirements in terms of signing labor
contracts, paying remuneration, determining the term of employee's probation and unilaterally terminating labor contracts. In the
event that we decide to terminate some of our employees or otherwise change our employment or labor practices, the PRC Labor Contract
Law and its implementation rules may limit our ability to effect those changes in a desirable or cost-effective manner, which could adversely
affect our business and results of operations.
Pursuant
to PRC laws and regulations, companies registered and operating in China are required to apply for social insurance registration and
housing fund deposit registration within 30 days of their establishment and to pay for their employees various social insurance including
pension insurance, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance to the extent required
by law. According to the Social Insurance Law, if an employing entity does not pay the full amount of social insurance premiums as scheduled
or required, the social insurance premium collection institution shall order it to make the payment or make up the difference within
the stipulated period and impose a daily fine equivalent to 0.05% of the overdue payment from the day on which the payment is overdue.
If the payment is not made within the prescribed time ordered by the social insurance authority, the authority shall impose a fine ranging
from one to three times of the overdue payment amount. According to the Regulations on Management of Housing Provident Funds, where an
entity fails to deposit the housing provident fund in full within the prescribed deadline, it shall be ordered by the housing provident
fund management center to deposit the fund within a time limit; if it still fails to deposit the fund within the time limit, the housing
provident fund management center may apply to the People's Court for enforcement. We have paid social insurance for all employees
and housing provident fund for most of our employees in China. While our payment base of social insurance and housing provident fund
meets the respective local government's minimum requirements in respect of the locations of our PRC subsidiary, it is lower than
the national legal standard. As of the date of this report, we have not received any notice of warning or been subject to any material
administrative penalties or other material disciplinary actions from the relevant governmental authorities for our historical shortfall
in social insurance and housing fund contribution. However, as the PRC government enhanced its enforcement measures relating to social
insurance collection, we may be required to make up the contributions for our employees, and may be further subjected to late fees payment
and administrative fines, which may adversely affect our financial condition and results of operations. As the interpretation and implementation
of labor-related laws and regulations are still evolving, we cannot assure you that our current employment practices do not and will
not violate other effective or future labor-related laws and regulations in China, which may subject us to labor disputes or government
investigations. In addition, we may incur additional expenses in order to comply with such laws and regulations, which may adversely
affect our business and profitability.
The
enactment of the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong
National Security Law") could impact our Hong Kong subsidiaries.
On
June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This law
defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories
of offences — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger
national security — and their corresponding penalties. On July 14, 2020, former U.S. President Donald Trump signed the Hong Kong
Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities who
are determined to have materially contributed to the erosion of Hong Kong's autonomy. The spokesperson of the PRC government has
issued statements that this document was grossly trampled on the international law and basic norms of international relations, seriously
interfered in China's internal affairs, and should have been repealed a long time ago. On August 7, 2020 the U.S. government imposed
HKAA-authorized sanctions on eleven individuals, including HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State Department
submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the
failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." The HKAA further authorizes
secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a
significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect foreign
financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It
is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong.
Any such continued tension between the U.S. and the PRC may affect the economy of Hong Kong and in turn, materially and adversely affect
our business and operation. If our subsidiaries in Hong Kong are determined to be in violation of the Hong Kong National Security Law
or the HKAA by competent authorities, our business operations, financial position and results of operations could be materially and adversely
affected.
11
A
downturn in Hong Kong, China or the global economy, and the economic and political policies of China could materially and adversely affect
our business and financial condition.
We
conduct our operation through our Operating Subsidiaries in Europe, the U.S. and Asia, primarily in Hong Kong and China. Accordingly,
our business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic
and social conditions in Hong Kong and China generally and by continued economic growth in Hong Kong and China as a whole. The Chinese
economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level
of development, growth rate, control of foreign exchange and allocation of resources. While the Chinese economy has experienced significant
growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The Chinese government
has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit
the overall Chinese economy but may have a negative effect on us.
Economic
conditions in Hong Kong and China are sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy
may affect potential clients' confidence in the financial market as a whole and have a negative impact on our business, results
of operations and financial condition. Additionally, continued turbulence in the international markets may adversely affect our ability
to access the capital markets to meet liquidity needs.
The
Hong Kong legal system embodies uncertainties which could limit the legal protections available to our Company.
Hong
Kong is a Special Administrative Region of the PRC and enjoys a high degree of autonomy under the "one country, two systems"
principle. The Hong Kong Special Administrative Region's constitutional document, the Basic Law, ensures that the current political
situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function with a high degree of autonomy for its affairs,
including currencies, immigration and custom, an independent judiciary system and a parliamentary system. The National People's
Congress of the PRC has the right to amend the Basic Law. We cannot assure you that there will not be any amendment to the Basic Law
that may affect the judiciary and legal systems of Hong Kong and guarantee the implementation of the "one country, two systems"
principle and the level of autonomy as currently in place at the moment. Any changes in the state of the political environment in Hong
Kong may materially and adversely affect our business and operation. Additionally, intellectual property rights and confidentiality protections
in Hong Kong may not be as effective as in the United States or other countries. These uncertainties could limit the legal protections
available to us, including our ability to enforce our agreements with our clients.
Changes
in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in China and other
markets where the majority of our clients reside.
Political
events, international trade disputes, and other business interruptions could harm or disrupt international commerce and the global economy,
and could have a material adverse effect on us and our customers, service providers and other partners. International trade disputes
could result in tariffs and other protectionist measures which may materially and adversely affect our business.
Tariffs
could increase the cost of goods and products which could affect customers' investment decisions. In addition, political uncertainty
surrounding international trade disputes and the potential of the escalation to trade war and global recession could have a negative
effect on customer confidence, which could materially and adversely affect our business. We may have also access to fewer business opportunities,
and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United
States or China that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets,
our business, or our results of operations, as well as the financial condition of our clients. and we cannot provide any assurances as
to whether such actions will occur or the form that they may take.
12
Under
the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China, Hong Kong is exclusively in charge
of its internal affairs and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As
a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. However, based on recent political
development, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy
from China. Hong Kong's preferential trade status was removed by the United States government and the United States may impose
the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods from mainland China. These and other
recent actions may represent an escalation in political and trade tensions involving the U.S., China and Hong Kong, which could potentially
harm our business.
Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.
Our
revenues and expenses will be denominated in Hong Kong dollars, EUR, Renminbi and U.S. dollars. Although the exchange rate between the
Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to
the U.S. dollar. Any significant fluctuations in the exchange rates between Hong Kong dollars to the U.S. dollars may have a material
adverse effect on our revenue and financial condition. We have not used any forward contracts, futures, swaps or currency borrowings
to hedge our exposure to foreign currency risk.
Risks
Related to Our ADSs
An
active trading market for the ADSs on Nasdaq might not develop or be sustained, their trading prices might fluctuate significantly and
the liquidity of our ordinary shares would be materially affected.
We
cannot assure you that an active trading market for the ADSs on Nasdaq will develop or be sustained. If an active trading market of
our ADSs on Nasdaq does not develop or is not sustained, the market price and liquidity of our ADSs could be materially and
adversely affected.
We
incurred increased costs as a result of being a public company, and will continue to incur increased costs particularly after we cease
to qualify as an "emerging growth company."
We
incurred significant legal, accounting and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley
Act of 2002, as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices
of public companies. We are an "emerging growth company" as defined in the JOBS Act and will remain an emerging growth company
until the earlier of (1) the last day of the fiscal year (a)following the fifth anniversary of the completion of this offering, (b) in
which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which
means the market value of our ADSs that are held by non-affiliates exceeds $700 million as of the last business day of our most recently
completed second fiscal quarter, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior
three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise
applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404
in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new
or revised accounting standards until such time as those standards apply to private companies.
Compliance
with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming
and costly. After we are no longer an "emerging growth company", or until five years following the completion of our initial
public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring
compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we
have been required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls
and procedures. We have incurred additional costs in obtaining director and officer liability insurance. In addition, we incur additional
costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve
on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules
and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing
of such costs.
13
If
we fail to meet applicable listing requirements, Nasdaq may delist our ADSs from trading, in which case the liquidity and market price
of our ADSs could decline.
We
cannot assure you that we will be able to meet the continued listing standards of Nasdaq in the future. If we fail to comply with the
applicable listing standards and Nasdaq delists our ADSs, we and our shareholders could face significant material adverse consequences,
including
:
●
a
    limited availability of market quotations for our ADSs;
●
reduced
    liquidity for our ADSs;
●
a
    determination that our ADSs are "penny stock", which would require brokers trading in our ADSs to adhere to more stringent
    rules and possibly result in a reduced level of trading activity in the secondary trading market for our ADSs;
●
a
    limited amount of news about us and analyst coverage of us; and
●
a
    decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.
The
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the
sale of certain securities, which are referred to as "covered securities." Because we expect that our ADSs will be listed
on Nasdaq, such securities will be covered securities. Although the states are preempted from regulating the sale of our securities,
the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent
activity, then the states can regulate or bar the sale of covered securities in a particular case. Further, if we were no longer listed
on Nasdaq, our securities would not be covered securities and we would be subject to regulations in each state in which we offer our
securities.
Volatility
in our ADSs price may subject us to securities litigation.
The
market for our ADSs may have, when compared to seasoned issuers, significant price volatility and we expect that our ADS price may continue
to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities
class action litigation against a company following periods of volatility in the market price of its securities. We may, in the future,
be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and could divert management's
attention and resources.
The
price and the trading volume of our ADSs may be volatile which could result in substantial losses for investors.
The
price and trading volume of our ADSs may be volatile. The market price of our ADSs may fluctuate significantly and rapidly as a result
of the following factors, among others, some of which are beyond our control:
●
fluctuations
    in stock market price and volume;
●
depth and liquidity of
    the market for our ADSs;
●
investors' perceptions
    of us and our business;
●
actions by institutional
    shareholders;
●
changes in accounting standards,
    policies, guidance, interpretations and principles;
14
●
additions
    or departures of our key personnel;
●
regulatory
    or legal developments, including involvement in litigation; and
●
general
    global economic, political and stock market conditions.
There
were instances of extreme stock price run-ups followed by rapid price declines and stock price volatility seemingly unrelated to company
performance following a number of recent initial public offerings, particularly among companies with relatively smaller public floats.
Such volatility, including stock run-up, may be unrelated or disproportionate to the actual or expected operating performance and financial
condition or prospects of such companies, making it difficult for investors to assess the rapidly changing value of our ADSs.
In
addition, if the trading volumes of our ADSs are low, persons buying or selling in relatively small quantities may easily influence prices
of our ADSs. This low volume of trades could also cause the price of our ADSs to fluctuate greatly, with large percentage changes in
price occurring in any trading day session. Holders of our ADSs may also not be able to readily liquidate their investment or may be
forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions
may also adversely affect the market price of our ADSs. As a result of this volatility, investors may experience losses on their investment
in our ADSs. A decline in the market price of our ADSs also could adversely affect our ability to issue additional ADSs and our ability
to obtain additional financing in the future. No assurance can be given that an active market in our ADSs will develop or be sustained.
If an active market does not develop, holders of our ADSs may be unable to readily sell the ADSs they hold or may not be able to sell
their shares at all.
Our
pre-IPO shareholders will be able to sell their ADSs after the completion of the IPO subject to restrictions under Rule 144.
Our
pre-IPO shareholders, may be able to sell their ADSs under Rule 144 after completion of the IPO. Because these shareholders have paid
a lower price per ADS than participants in the IPO, when they are able to sell their pre-IPO shares under Rule 144, they may be more
willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the stock following completion
of the IPO, to the detriment of participants in the IPO. Under rule 144, before our pre-IPO shareholders can sell their shares, in addition
to meeting other requirements, they must meet the required holding period.
We
will be a "controlled company" within the meaning of Nasdaq rules and we will qualify for and may rely on exemptions from
certain corporate governance requirements.
We
will be a "controlled company" within the meaning of Nasdaq Stock Market Rules. As at the date of this report, approximately
68.56% of the issued share capital of the Company is owned by Easy Bliss Limited, which is in turn owned approximately
60.19% by Mr. Hok Pan Se and 39.81% by Ms. Son I Un. Mr. Se Hok Pan is our Director and Ms. Un Son I is the spouse of Mr.
Se Hok Pan. Mr. Hok Pan Se and Ms. Son I Un are deemed to hold the voting and dispositive power over the Ordinary Shares held by Easy
Bliss Limited. Together with Mr. Se's personal interest of 2,145,392 Ordinary Shares, Mr. Se has a total interest of 92,932,850
Ordinary Shares, representing 70.18% of the issued share capital of the Company. Under the Nasdaq rules, a company of which more
than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting
together is a "controlled company" and may elect not to comply with certain stock exchange rules regarding corporate governance,
including the following requirements:
–
that
    a majority of its board of directors consists of independent directors;
–
that
    its director nominees be selected or recommended for the board's selection by a majority of the board's independent directors
    in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors,
    in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related
    matters as may be required under the federal securities laws; and
–
that
    its compensation committee is composed solely of independent directors with a written charter addressing the committee's purpose
    and responsibilities.
15
If
we elect to be treated as a controlled company and use these exemptions, you may not have the same protections afforded to stockholders
of companies that are subject to all of Nasdaq rules regarding corporate governance, which could make our ADSs less attractive to investors
or otherwise harm our stock price.
Our
management has broad discretion to determine how to use the funds raised in the IPO and may use them in ways that may not enhance our
results of operations or the price of our ADSs.
We
will use the net proceeds from the IPO for our architectural woodworking business and other corporate purposes. Our management will have
significant discretion as to the use of the net proceeds to us from the IPO and could spend the proceeds in ways that do not improve
our results of operations or enhance the market price of our ADSs.
Our
disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
We
are subject to the periodic reporting requirements of the Exchange Act. We will design our disclosure controls and procedures to provide
reasonable assurance that information we must disclose in reports we file or submit under the Exchange Act is accumulated and communicated
to management, and recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC.
We believe that any disclosure controls and procedures, no matter how well-conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met.
These
inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of
simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or
more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements
due to error or fraud may occur and not be detected.
We
may not pay any dividends on the ADSs.
For
the years ended December 31, 2023, 2022 and 2021 and up to the date of this report, we did not declare or pay any dividends.
We cannot guarantee when, if, or in what form, dividends will be paid on the ADSs following the listing. A declaration of dividends must
be proposed by our board of directors and will be based on, and limited by, various factors, including our business and financial performance,
capital and regulatory requirements and general business conditions. Furthermore, we may not have sufficient profits to make dividend
distributions to our shareholders in the future, even if our financial statements prepared in accordance with IFRS indicate that our
operations have been profitable.
Securities
analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our
share price or trading volume to decline.
If
a trading market for our ADSs develops, the trading market will be influenced to some extent by the research and reports that industry
or financial analysts publish about us and our business. We do not control these analysts. As a newly public company, we may be slow
to attract research coverage and the analysts who publish information about our ADSs will have had relatively little experience with
us or our industry, which could affect their ability to accurately forecast our results and could make it more likely that we fail to
meet their estimates. In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us provide inaccurate
or unfavorable research or issue an adverse opinion regarding our share price, our share price could decline. If one or more of these
analysts cease coverage of us or fail to publish reports covering us regularly, we could lose visibility in the market, which in turn
could cause our share price or trading volume to decline and result in the loss of all or a part of your investment in us.
Investors
may have difficulty enforcing judgments against us, our Directors and management.
We
are incorporated under the laws of the BVI and all of our Directors and officers reside outside the United States. Moreover, many of
these persons do not have significant assets in the United States. As a result, it may be difficult or impossible to effect service of
process within the United States upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments
predicated upon the civil liability provisions of the U.S. federal securities laws. Even if you are successful in bringing an action
of this kind, the laws of the BVI could render you unable to enforce a judgment against our assets or the assets of our Directors and
officers.
16
There
is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of U.S. courts obtained against us or our
Directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii)
entertain original actions brought in the BVI against us or our Directors or officers predicated upon the securities laws of the U.S.
or any state in the U.S.
The
U.S. and the BVI do not have a treatment providing for reciprocal recognition and enforcement of judgments of courts of the U.S. in civil
and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the U.S. based on
civil liability, whether or not predicated solely upon the U.S. federal securities laws would not be enforceable in the BVI. A final
and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e.,
not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect
of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the BVI under the common
law doctrine of obligation. Furthermore, it is uncertain that BVI courts would: (1) recognize or enforce judgments of U.S. courts obtained
in actions against us or our Directors or officers predicated upon the civil liability provisions of the U.S. federal securities laws;
or (2) entertain original actions brought against us or other persons predicated upon the Securities Act.
You
may have more difficulty protecting your interests than you would as a shareholder of a U.S. corporation.
Our
corporate affairs are governed by the provisions of our memorandum and articles of association, as amended and restated from time to
time, and by the provisions of applicable BVI law. The rights of shareholders and the fiduciary responsibilities of our Directors and
officers under BVI law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in
the U.S., and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law.
These
rights and responsibilities are to a large extent governed by the BVI Act and the common law of the BVI. The common law of the BVI is
derived in part from judicial precedent in the BVI as well as from English common law, which has persuasive, but not binding, authority
on a court in the BVI. In addition, BVI law does not make a distinction between public and private companies and some of the protections
and safeguards (such as statutory pre-emption rights, save to the extent expressly provided for in the memorandum and articles of association)
that investors may expect to find in relation to a public company are not provided for under BVI law.
There
may be less publicly available information about us than is regularly published by or about U.S. issuers. Also, the BVI regulations governing
the securities of BVI companies may not be as extensive as those in effect in the U.S., and the BVI law and regulations regarding corporate
governance matters may not be as protective of minority shareholders as state corporation laws in the U.S. Therefore, you may have more
difficulty protecting your interests in connection with actions taken by our Directors and officers or our principal shareholders than
you would as a shareholder of a corporation incorporated in the U.S.
The
laws of BVI may provide less protections for minority shareholders than those under U.S. law, so minority shareholders will not have
the same options for recourse in comparison to the United States if the shareholders are dissatisfied with the conduct of our affairs.
Under
the laws of the BVI, there is limited statutory protection of minority shareholders other than the provisions of the BVI Act dealing
with shareholder remedies. The principal protections under BVI statutory law are derivative actions, actions brought by one or more shareholders
for relief from unfair prejudice, oppression and unfair discrimination and/or to enforce the BVI Act or the memorandum and articles of
association. Shareholders are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum
and articles of association, and are entitled to payment of the fair value of their respective shares upon dissenting from certain enumerated
corporate transactions.
17
There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law since the common
law of the BVI is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will
generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction
with the conduct of the company's affairs by the majority of the board of directors. However, every shareholder is entitled to
seek to have the affairs of the company conducted properly according to the law and the constitutional documents of the company. As such,
if those who control the company have persistently disregarded the requirements of company law or the provisions of the company's
memorandum and articles of association, then the courts may grant relief. Generally, the areas in which the courts will intervene are
the following: (i) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification
by the majority; (ii) where the company has not complied with provisions requiring approval of a special or extraordinary majority of
shareholders; (iii) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote;
or (iv) acts that constitute fraud on the minority where the wrongdoers control the company.
These
rights may be more limited than the rights afforded to minority shareholders under the laws of states in the United States.
Other
than as set forth in the BVI Act, shareholders of BVI companies like us have no general rights under BVI law to inspect corporate records
or to obtain copies of lists of shareholders of these companies. Our Directors have the discretion to determine whether or not, and under
what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders,
other than as set forth in the BVI Act. This may make it more difficult for you to obtain the information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by our management, members of the board of directors or controlling shareholders than they would as public shareholders of a company
incorporated in the United States.
We
are a foreign private issuer and, as a result, will not be subject to U.S. proxy rules and will be subject to more lenient and less frequent
Exchange Act reporting obligations than a U.S. issuer.
We
report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer
under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies,
including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security
registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership
and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the
Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information,
or current reports on Form 8-K upon the occurrence of specified significant events. In addition, our officers, directors and principal
shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act
and the rules thereunder. Therefore, our shareholders may not know on a timely basis when our officers, directors and principal shareholders
purchase or sell our shares. In addition, foreign private issuers are not required to file their annual report on Form 20-F until one
hundred twenty (120) days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to
file their annual report on Form 10-K within seventy-five (75) days after the end of each fiscal year. Foreign private issuers also are
exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result
of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.
If
we lose our status as a foreign private issuer, we would be required to comply with the Exchange Act reporting and other requirements
applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may
also be required to make changes in our corporate governance practices in accordance with various SEC and Nasdaq rules. The regulatory
and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S.
domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss
of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time-consuming
and costly. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, it
would make it more difficult and expensive for us to obtain and maintain directors' and officers' liability insurance, and
we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could
also make it more difficult for us to attract and retain qualified members of our board of directors.
18
As
a foreign private issuer, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ
significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they
would enjoy if we complied fully with corporate governance listing standards.
As
a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home
country's law for certain governance matters. Certain corporate governance practices in our home country, the BVI, may differ significantly
from Nasdaq corporate governance listing standards. Currently, we do not plan to rely on some home country practices with respect to
our corporate governance. However, if we choose to follow home country practices in the future, our shareholders may be afforded less
protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.
There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable
year, which could result in adverse U.S. federal income tax consequences to U.S. holders of our ADSs.
A
non-U.S. corporation will be a PFIC for any taxable year if either (i) at least 75% of its gross income for such year consists of certain
types of "passive" income; or (ii) at least 50% of the value of its assets (based on an average of the quarterly values of
the assets) during such year is attributable to assets that produce passive income or are held for the production of passive income,
or the asset test. Based on our current and expected income and assets, we do not presently expect to be a PFIC for the current taxable
year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we are or will
become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets.
In addition, there can be no assurance that the Internal Revenue Service, or IRS, will agree with our conclusion or that the IRS would
not successfully challenge our position. Fluctuations in the market price of our ADSs may cause us to become a PFIC for the current or
subsequent taxable years because the value of our assets for the purpose of the asset test may be determined by reference to the market
price of our ADSs. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and
the cash raised in the IPO. If we were to be or become a PFIC for any taxable year during which a U.S. Holder holds our ADSs, certain
adverse U.S. federal income tax consequences could apply to such U.S. Holder.
We
may not be able to pay any dividends on our ADSs in the future due to BVI law.
Under
BVI law, we may only pay dividends to our shareholders if the value of our assets exceeds our liabilities and we are able to pay our
debts as they become due. We cannot give any assurance that we will declare dividends of any amounts, at any rate, or at all in the future.
Future dividends, if any, will be at the discretion of our board of directors, and will depend upon our results of operations, cash flows,
financial condition, payment to us of cash dividends by our subsidiaries, capital needs, future prospects and other factors that our
Directors may deem appropriate.
We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
We
are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting
requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an
issuer's most recently completed second fiscal quarter. We would lose our foreign private issuer status if, for example, more than
50% of our ADSs are directly or indirectly held by residents of the United States and we fail to meet additional requirements necessary
to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, we will be required to file
with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the
forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers,
directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of
the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under
the Nasdaq rules. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting
and other expenses that we will not incur as a foreign private issuer, and accounting, reporting and other expenses in order to maintain
a listing on a U.S. securities exchange.
19
We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We
are an emerging growth company, as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements applicable
to other public companies that are not emerging growth companies, including, most significantly, not being required to comply with the
auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we remain an emerging growth company.
As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information
they may deem important.
The
JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards
until such date that a private company is otherwise required to comply with such new or revised accounting standards. We do not plan
to opt out of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not
be comparable to companies that comply with public company effective data.
We
may amend the deposit agreement without consent from holders of ADSs and, if such holders disagree with our amendments, their choices
will be limited to selling the ADSs or cancelling and withdrawing the underlying Ordinary Shares.
We
may agree with the depositary to amend the deposit agreement without consent from holders of ADSs. If an amendment increases fees to
be charged to ADS holders or prejudices a substantial existing right of ADS holders, it will not become effective until 30 days after
the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, ADS holders are considered, by continuing
to hold their ADSs, to have agreed to the amendment and to be bound by the amended deposit agreement. If holders of ADSs do not agree
with an amendment to the deposit agreement, their choices will be limited to selling the ADSs or cancelling and withdrawing the underlying
Ordinary Shares. No assurance can be given that a sale of ADSs could be made at a price satisfactory to the holder in such circumstances.
Holders
of ADSs may be subject to limitations on transfer of their ADSs.
ADSs
are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to time
when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer,
or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary
deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the
deposit agreement, or for any other reason.
ITEM
    4.
INFORMATION
    ON THE COMPANY
4.A.
History and Development of the Company
With
more than 15 years of experience in forest land operation, our Group has become a diversified enterprise integrating the production and
sales of a range of wood products, including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made
charcoal and essential oils. Our Group has a supply chain throughout South America, Africa and Europe, owning natural forest concessions
and cutting rights for the exploitation of timbers of forests in Peru which covered an area of approximately 615,333 hectares and two
wood processing facilities in Peru as of December, 2023. Among them, our Peru base was established in 2016 and has 114 employees as of
December 31, 2023.
20
With
Mr. Hok Pan Se becoming our principal shareholder in June 2016, he pursued his vision of developing our Group into a vertically-integrated
forestry company by acquiring more new forests with a view to reducing the impact of our business from market fluctuations on raw materials.
In
January 2017, we acquired our first wood processing facility in Peru and expanded our product category and started selling decking which
are ready-to-use products directly sold to end customers, as compared to our flooring products sold before 2017 which required reprocessing
before they can be used.
In
June 2020, we acquired a second wood processing facility in Peru with equipment and hardware located in the largest distribution area
of wood products in Peru, which contributed substantial growth of our business. To better utilize the biological resources of our Forests,
we introduced essential oils as our new product in November 2020 which are refined from the timber in our Forests and commenced the production
and export of essential oils to our customers.
Our
Corporate Structure
The
following diagram illustrates our corporate structure as of the date of this prospectus and after giving effect to this offering (assuming
the underwriters do not exercise the over-allotment options).
All
of the entities held by our Group below are direct or indirect subsidiaries of our Company.
Notes:
1.
South American
    Wood S.A.C. is held 99% by Peru Forestry Investments Co. and 1% by Peruvian Forestry Investments Co., Limited.
2.
Grupo Maderero Amaz S.A.C.
    is held 96.95% by Peru Forestry Investments Co. and 3.05% by Peruvian Forestry Investments Co., Limited.
3.
E&T
    Forestal S.A.C. is held 25% by One Talent Enterprises Limited and 75% by Allied Kingdom Enterprises Limited.
4.
Nuevo
    San Martin S.A.C. is held 0.01% by One Talent Enterprises Limited and 99.99% by Allied Kingdom Enterprises Limited.
5.
Sepahua
    Tropical Forest S.A.C. is held 99.999% by One Talent Enterprises Limited and 0.001% by Allied Kingdom Enterprises Limited.
6.
Maderera Industrial Isabelita
    S.A.C. is held 74.98% by Golden Vast Development Limited and 25.02% by Star Max Development Limited.
7.
Latinoamerican
    Forest S.A.C. is held 75% by Golden Vast Development Limited and 25% by Star Max Development Limited.
21
Our
Subsidiaries
Branching
from our corporate structure above, our subsidiaries as of the date of this prospectus are set forth in the table below.
Name
Background
Ownership
Principal
    Activities
Nature
    Flooring (Europe) Company Limited
A
    BVI company incorporated on October 4, 2011
100%
    owned by our Company
Investment
    holding
Peru
    Forestry Management Co., Limited
A
    Hong Kong company incorporated on December 20, 2016
100%
    owned by our Company
Investment
    holding
Swift
    Top Capital Resources Limited
A
    Hong Kong company incorporated on November 20, 2012
100%
    owned by Nature Flooring (Europe) Company Limited
Trading
    of logs
Parquet
    Nature (France) S.A.R.L.
A
    French company incorporated on August 21, 2012
Owned
    as to 99% and 1% by Nature Flooring (Europe) Company Limited and Swift Top Capital Resources Limited, respectively
Trading
    of logs
Foshan
    City Linjia Technology Company Limited
A
    PRC company incorporated on December 20, 2018
100%
    owned by Swift Top Capital Resources Limited
IT
    consultancy, and business consultancy
Choi
    Chon Investment Company Limited
A
    Macau company incorporated on March 12, 2015
Owned
    as to 96.67% and 3.33% by Swift Top Capital Resources Limited and Nature Flooring (Europe) Company Limited, respectively
Trading
    of wood products
Peru
    Forestry Investments Co., Limited
A
    Hong Kong company incorporated on September 23, 2016
100%
    owned by Peru Forestry Management Co., Limited
Investment
    holding
Peruvian
    Forestry Investments Co., Limited
A
    Hong Kong company incorporated on September 23, 2016
100%
    owned by Peru Forestry Management Co., Limited
Investment
    holding
Double
    Castle Holdings Limited
A
    Hong Kong company incorporated on November 15, 2016
100%
    owned by Peru Forestry Management Co., Limited
Investment
    holding
Jumbo
    Sources Holdings Limited
A
    Hong Kong company incorporated on November 15, 2016
100%
    owned by Peru Forestry Management Co., Limited
Investment
    holding and holding of trademarks
One
    Talent Enterprises Limited
A
    Hong Kong company incorporated on January 10, 2017
100%
    owned by Peru Forestry Management Co., Limited
Investment
    holding
Allied
    Kingdom Enterprises Limited
A
    Hong Kong company incorporated on November 15, 2016
100%
    owned by Peru Forestry Management Co., Limited
Investment
    holding
Golden
    Vast Development Limited
A
    Hong Kong company incorporated on January 10, 2017
100%
    owned by Peru Forestry Management Co., Limited
Investment
    holding
Stars
    Max Development Limited
A
    Hong Kong company incorporated on November 15, 2016
100%
    owned by Peru Forestry Management Co., Limited
Investment
    holding
South
    American Wood S.A.C.
A
    Peruvian company incorporated on December 16, 2019
Owned
    as to 99% and 1% by Peru Forestry Investments Co., Limited and Peruvian Forestry Investments Co., Limited, respectively
Trading
    of wood products
Grupo
    Maderero Amaz S.A.C.
A
    Peruvian company incorporated on July 27, 2016
Owned
    as to 96.95% and 3.05% by Peru Forestry Investments Co., Limited and Peruvian Forestry Investments Co., Limited, respectively
Trading
    of wood products
Zhang
    Hermanos S.A.C.
A
    Peruvian company incorporated on March 3, 2014
Owned
    as to 99% and 1% by Double Castle Holdings Limited and Jumbo Sources Holdings Limited, respectively
Inactive
E&T
    Forestal S.A.C.
A
    Peruvian company incorporated on May 2, 2014
Owned
    as to 25% and 75% by One Talent Enterprises Limited and Allied Kingdom Enterprises Limited, respectively
Manufacturing
    of wood products and holding of concession rights
Nuevo
    San Martin S.A.C.
A
    Peruvian company incorporated on June 5, 2002
Owned
    as to 0.01% and 99.99% by One Talent Enterprises Limited and Allied Kingdom Enterprises Limited, respectively
Manufacturing
    and trading of wood products and holding of concession rights
Sepahua
    Tropical Forest S.A.C.
A
    Peruvian company incorporated on June 5, 2002
Owned
    as to 99.999% and 0.001% by One Talent Enterprises Limited and Allied Kingdom Enterprises Limited, respectively
Holding
    of concession rights
Maderera
    Industrial Isabelita S.A.C.
A
    Peruvian company incorporated on February 22, 2002
Owned
    as to 74.98% and 25.02% by Golden Vast Development Limited and Stars Max Development Limited, respectively
Trading
    of wood products and holding of concession rights
Latinoamerican
    Forest S.A.C.
A
    Peruvian company incorporated on March 31, 2022
Owned
    as to 75% and 25% by Golden Vast Development Limited and Stars Max Development Limited, respectively
Trading
    of wood products
22
4.B.
Business Overview
BUSINESS
Overview
We
are a global leading vertically-integrated forestry company headquartered in Macau that focuses on FSC business operations. Our operations
cover both up-stream forest management and harvesting, and down-stream wood-processing and distribution. We offer a broad line of products,
including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made charcoal and essential oils, primarily
through our sales network in Europe, South Asia, South America, North America and China.
Our
Group owns concession rights of forests in Peru which covered an area of approximately 615,333 hectares as of December 31, 2023. As of
December 31, 2023, approximately 14.21% and 3.48% of our Forests are covered by Cumaru and Estoraque, respectively. Cumaru
and Estoraque are valuable hardwood timber which produce strong and durable wood that are well suited for high value markets. In particular,
Cumaru is commonly used for producing flooring, decking and other construction materials, while Estoraque is commonly used for producing
flooring and furniture.
Our
Competitive Strengths
We
believe the following strengths have contributed to our success:
Large,
sustainable and high-quality forest resources base.
We
have a large, sustainable and high-quality forest resource base consisting of forests covering a gross area of approximately 615,333
hectares through the acquisition of concession rights, with existing remaining ownership terms ranging from 3 to 20 years, and each
of the concession rights is renewable for a total term of 20 years.
Our
major timber species is Cumaru (Dipteryx spp.) and Estoraque (Myroxylon Balsamum). Cumaru and Estoraque are valuable hardwood timber
which produce strong and durable wood that are well suited for high value markets. In particular, Cumaru is commonly used for producing
flooring, decking and other construction materials, while Estoraque is commonly used for producing flooring and furniture. As of December
31, 2023, approximately 14.21% and 3.48% of our Forests are covered by Cumaru and Estoraque, respectively.
23
Sustainable,
socially responsible and environmentally friendly FSC-certified forest management system.
Our
standard of forestry operations was recognized by the FSC, an independent accreditation body that is dedicated to promoting responsible
and sustainable forest management. We are one of the few forestry companies that have successfully implemented FSC-certified operations,
including forest management, harvesting and manufacturing of wood products. We have a professional FSC forest management team, the key
members of which have an average of over 8 years of experience in FSC forest management. Grupo Maderero Amaz S.A.C., a subsidiary of
our Group, first obtained FSC CoC certification in 2016. As at the date of this report, five subsidiaries of our Group (including Choi
Chon Investment Company Limited, E&T Forestal S.A.C., Grupo Maderero Amaz S.A.C., Nuevo San Martin S.A.C. and Latinoamerican Forest
S.A.C) have obtained FSC CoC certifications.
With
the growing public concern about environmental protection, consumers are more willing to pay a premium to buy "green" products
that are certified by reputable accreditation bodies or ecolabel organizations. As such, products certified by the FSC, one of the world's
most trusted accreditation bodies, have received wide acceptance across the world, especially in the United States and Europe. Revenue
generated from sales of FSC-certified products amounting to approximately $4.7 million, $11.2 million and $9.9 million for years
ended December 31, 2023, 2022 and 2021, respectively, which accounted for approximately 18.4%, 20.3% and 20.7% of our revenue for
the respective periods.
Our
vertically-integrated business model enables us to achieve operational efficiency and better quality control.
We
believe that we are one of the few forestry companies that are vertically-integrated from purchasing timber, harvesting, manufacturing
to distribution. The integration of upstream harvesting and downstream processing allows us to more effectively control the cost and
quality of our products and to better satisfy our customers' requirements.
Unlike
many other timber processing companies who have to source all raw materials from suppliers, we are able to capture the benefit of our
own log harvesting business to secure a stable supply of logs. We are also able to lower the overall operation cost as we could avoid
issues such as price increase in raw materials from upstream suppliers.
We
also believe that such vertically-integrated model enhances our operational efficiency and quality control. We have established a comprehensive
quality control system throughout the process. By conducting quality checks on raw materials and work-in-progress, we are able to identify
defects at the early stages of production, which not only improves our operational efficiency but also helps us to maintain high quality
of our products.
Furthermore,
our vertically-integrated operations combined with our sales network and design expertise significantly enhance our ability to be more
responsive to changes in consumer preferences. In addition, we believe that our expertise and technical knowledge enable us to offer
practical advice to our customers in terms of material selection and technical specifications for optimizing product features and lowering
costs. Our involvement in the design and development of our products allows us to secure continuing orders from customers.
Light-asset
FSC business operations.
During
the years ended December 31, 2023, 2022 and 2021, we signed strategic cooperation agreement and purchased live wood from local forest
owners in Peru for harvesting and managing the forests on our own. Before the timber is harvested, we would be responsible for implementing
FSC forest management and obtaining FSC certification for these forests. As of December 31, 2023, we managed approximately 112,600 hectares of forests for local forest owners in Peru. We have also been in negotiation with some local forest owners in Peru regarding
the possible FSC forest management collaboration. Such collaboration allows us to maintain a stable supply of logs for manufacture of
FSC-certified products. We believe that our light-asset FSC business operations enable us to expand our forest resources without substantial
capital expenditure and increase the profitability of our products.
24
Experienced
management team with extensive industry knowledge.
Our
chairman and Director, Mr. Hok Pan Se, has extensive experience in the wood industry. Mr. Se began his career in the flooring products
industry in 1995 and has over 20 years of experience in the flooring products industry. Since 2007, Mr. Se has been a director and chairman
of Nature Home Holding Company Limited, a company which was then listed on The Stock Exchange of Hong Kong Limited and the largest solid
wood flooring companies in China in terms of sales volume from 2019 to 2021. As at the date of this report, Mr. Se also held the following
prominent positions outside of our Group: member of the Standing Committee of the Gansu Provincial Committee of the Chinese People's
Political Consultative Conference (CPPCC), one of the draftsmen for the National Standard for Solid Wood Flooring in China, vice-chairman
of Flooring Committee of China Timber Circulation Association, member of the China Association for Quality Inspection, member of the
China Timber Standardization Technical Committee, honorary president of Macau General Association of Real Estate, vice president of The
Industry and Commerce Association of Macau as well as adjunct professor at Nanjing Forestry University.
Through
Mr. Se's involvement, we have built a strong team of experienced professionals in operations, forest management, general management
and financial management through years of operation. The key members of our management team (including our chief executive officer, Mr.
Jianjun Zen) have an average of 10 years' experience in the wood industry. Further,
our head of forest engineer, Mr. Richard Elvis Reategui Guzman, has over 19 years of experience in FSC forest management and production.
Their keen business insight developed from years of experience in the wood industry enables us to discover and grasp potential business
opportunities more quickly.
Our
Products
We
sell a broad line of products, including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made
charcoal and essential oils. The table below sets out our revenue by product type during the years ended December 31, 2023, 2022 and
2021:
For the year ended
December 31, 2023
For the year ended
December 31, 2022
For the year ended December 31,
    2021
('000)
%
('000)
('000)
%
Logs
$
10,415
40.9
%
$
27,798
50.2
%
$
21,146
44.4
%
Flooring
6,049
23.8
%
11,993
21.7
%
11,939
25.0
%
Decking
7,658
30.1
%
13,800
24.9
%
12,032
25.2
%
Sawn timber
1,335
5.2
%
1,748
3.2
%
2,567
5.4
%
Total
$
25,457
100.0
%
$
55,339
100.0
%
$
47,684
100.0
%
Customers
During
the years ended December 31, 2023, 2022 and 2021, we sold our wood products principally to our customers located in China, Europe, South
America, North America and Southeast Asia. The following table sets out our revenue by the location of our customers:
For the year ended
December 31 2023
For the year ended
December 31 2022
For the year ended
December 31 2021
$ ('000)
%
$ ('000)
%
$ ('000)
%
Location of customers
China
15,492
60.9
37,861
68.4
32,367
67.9
Europe
8,095
31.8
15,278
27.6
12,788
26.8
South America
1,365
5.4
1,532
2.8
2,307
4.8
North America
110
0.4
37
0.1
171
0.4
Southeast Asia
395
1.5
631
1.1
51
0.1
Total
$
25,457
100.0
$
55,339
100.0
47,684
100.0
25
Pricing
Our
Group has adopted a pricing policy largely based on production costs, transportation costs, profit margin and the market price of similar
products, taking into account factors such as costs of major raw materials, in particular logs and flooring, the prices of which may
fluctuate from time to time.
Sales
and Marketing
We
believe that based on our proven track record, our relationships with our customers, our extensive supply network, our reputation and
our years of experience in the wood industry, we do not rely heavily on marketing and promotional activities. Our sales and marketing
team is generally responsible for liaising and maintaining our relationships with customers and keeping abreast of market developments
and potential business opportunities.
Competition
Competition
in the international timber market will become more intense in the future. Environmental protection-related policies have been introduced
one after another, and the number of countries restricting log exports has increased again, implying that the competition in the international
seller's timber market is bound to be more intense.
It
is believed that there will still be a number of restrictions on the export trade of forest products in export markets in the near future
and exports of forest products will continue to be hampered by trade obstacles like formaldehyde, tariffs, and double anti-barriers.
To get around these obstacles, businesses will have to invest in third-party nations while also stepping up their R&D efforts to
create more innovative and value-added products.
Seasonality
We
are exposed to fluctuations in quarterly sales volumes due to seasonal factors. These seasonal factors are common in the building products
industry. Seasonal changes in levels of building activity affect our building products businesses, which are dependent on housing, repair
and remodeling activities and light commercial construction activities. We typically report lower sales in the first and fourth quarters
due to the impact of poor weather on the construction market, and we generally have higher sales in the second and third quarters, reflecting
an increase in construction due to more favorable weather conditions. In addition, the sales volumes and selling price of decking would
generally increase a few months before the summer holiday and Christmas holiday, i.e. from February to May and from October to December.
There would also be a surge in demand for flooring products in the second and third quarters of each year.
Properties
Our
headquarters are located at Avenida da Amizade no. 1287, Chong Fok Centro Comercial, 13 E Macau S.A.R. The following table sets forth
the location, use and size of our owned and leased facilities as of December 31, 2023:
Location
Use
Leased/Owned
Approximate
    Area
Lima,
    Peru
Office
Leased
500
    m
2
Pucallpa,
    Peru
Factory
    for production
Owned
4.3
    hectares
Iberia,
    Peru
Factory
    for production
Leased
10
    hectares
Val
    de Marne, France
Office
Leased
60
    m
2
Guangdong,
    China
Office
Leased
318
    m
2
Dalian,
    China
Office
/
Dormitory
Leased
66
    m
2
26
Intellectual
Property
As
of December 31, 2023, we registered the following trademark(s) in various jurisdiction:
Trademark
Registration
    number
Name
    of registrant
Class
Place/
    organization of registration
Date
    of registration
Expiry
    date
304974670
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20 35
Hong
    Kong
June
    27, 2019
June
    26, 2029
304854006
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20, 35
Hong
    Kong
March
    12, 2019
March
    11, 2029
304853999
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20, 35
Hong
    Kong
March
    12, 2019
March
    11, 2029
304848391
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20
Hong
    Kong
March
    6, 2019
March
    5, 2029
304672909
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20, 35
Hong
    Kong
September
    18, 2018
September
    17, 2028
104238
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20
Organisation
    Africaine de Propriété Intellectuelle
September
    27, 2018
September
    27, 2028
104237
Jumbo
    Sources
Holdings
    Limited
35,
    44
Organisation
    Africaine de Propriété Intellectuelle
September
    27, 2018
September
    27, 2028
1951226
Jumbo
    Sources
Holdings
    Limited
35
Mexico
September
    18, 2018
September
    18, 2028
1951224
Jumbo
    Sources
Holdings
    Limited
20
Mexico
September
    18, 2018
September
    18, 2028
1951222
Jumbo
    Sources
Holdings
    Limited
19
Mexico
September
    18, 2018
September
    18, 2028
1951221
Jumbo
    Sources
Holdings
    Limited
4
Mexico
September
    18, 2018
September
    18, 2028
3951071
Jumbo
    Sources
Holdings
    Limited
2,
    19, 20, 35
India
September
    20, 2018
September
    20, 2028
27
32721353
Jumbo
    Sources
Holdings
    Limited
4
PRC
April
    28, 2019
April
    27, 2029
32719850
Jumbo
    Sources
Holdings
    Limited
44
PRC
April
    28, 2019
April
    27, 2029
32706736
Jumbo
    Sources
Holdings
    Limited
19
PRC
April
    14, 2019
April
    13, 2029
32724193
Jumbo
    Sources
Holdings
    Limited
20
PRC
June
    21, 2019
June
    20, 2029
32724208
Jumbo
    Sources
Holdings
    Limited
29
PRC
June
    21, 2019
June
    20, 2029
32700983
Jumbo
    Sources
Holdings
    Limited
35
PRC
June
    28, 2019
June
    27, 2029
194542337
Jumbo
    Sources
Holdings
    Limited
19
France
April
    11, 2019
April
    11, 2029
193432336
Jumbo
    Sources
Holdings
    Limited
19
France
April
    11, 2019
April
    11, 2029
184484355
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20, 35
France
September
    20, 2018
September
    20, 2028
018092356
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20, 35
Europe
July
    9, 2019
July
    9, 2029
018050158
Jumbo
    Sources
Holdings
    Limited
19
Europe
April
    10, 2019
April
    10, 2029
018048861
Jumbo
    Sources
Holdings
    Limited
19
Europe
April
    10, 2019
April
    10, 2029
6290204
Jumbo
    Sources
Holdings
    Limited
4,
    19, 35
U.S.
March
    9, 2021
March
    9, 2031
6290203
Jumbo
    Sources
Holdings
    Limited
4,
    19, 35
U.S.
March
    9, 2021
March
    9, 2031
28
00290961
Jumbo
    Sources
Holdings
    Limited
20
Peru
February
    14, 2020
February
    14, 2030
00290960
Jumbo
    Sources
Holdings
    Limited
19
Peru
February
    14, 2020
February
    14, 2030
00290959
Jumbo
    Sources
Holdings
    Limited
4
Peru
February
    14, 2020
February
    14, 2030
00284584
Jumbo
    Sources
Holdings
    Limited
20
Peru
September
    27, 2019
September
    27, 2029
00284583
Jumbo
    Sources
Holdings
    Limited
19
Peru
September
    27, 2019
September
    27, 2029
00284582
Jumbo
    Sources
Holdings
    Limited
4
Peru
September
    27, 2019
September
    27, 2029
001184164
Jumbo
    Sources
Holdings
    Limited
35
Peru
September
    27, 2019
September
    27, 2029
00284103
Jumbo
    Sources
Holdings
    Limited
20
Peru
September
    27, 2019
September
    27, 2029
111766
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20
Gabon
November
    11, 2019
November
    11, 2029
111765
Jumbo
    Sources
Holdings
    Limited
4,
    19, 20
Gabon
November
    11, 2019
November
    11, 2029
As
of December 31, 2023, we registered the following domain name:
Domain
    name
Registered
    owner
Registration
    date
Expiry
    date
www.nature-wood.com
Foshan
    City Linjia Technology Company Limited
December
    27, 2018
December
    27, 2026
During
the years ended December 31, 2021 and 2022 and 2023, we were not involved in any proceedings with regard to, and we did not receive notice
of any claim of, infringement of any intellectual property rights that may be threatened or pending in which we may be involved either
as a claimant or respondent which would have a material impact on our business, financial conditions or results of operations.
29
Legal
and Regulatory Compliance
During
the years ended December 31, 2021, 2022 and 2023, we obtained the certificates that are required and material for our business and operations,
which demonstrates our commitment to sustainable forest management. Further, we have complied in all material aspects with the relevant
laws and regulations and there was no incident relating to our material certificates that are material to our business and operations
which constitutes non-compliance during the years ended December 31, 2021. 2022 and 2023. The following table sets out the details of
the material certificates held by our Group as of December 31, 2023:
Certificate
Holding
    entity
Issuing
    authority
Certification
    code
Date
    of grant
Date
    of expiry
FSC
    CoC certification
Choi
    Chon Investment Company Limited
FSC
GFA-COC-004626
June
    16, 2020
June
    15, 2025
FSC
    CoC certification
E&T
    Forestal S.A.C.
FSC
CU-COC-849518
January
    12, 2022
January
    11, 2027
FSC
    CoC certification
Grupo
    Maderero Amaz S.A.C.
FSC
CU-COC-849115
December
    14, 2021
December
    13, 2026
FSC
    CoC certification
Nuevo
    San Martin S.A.C.
FSC
CU-COC-866344
July
    10, 2019
July
    9, 2024
FSC
    CoC certification
Latinoamerican
    Forest S.A.C.
FSC
NC-COC-069610
September
    9, 2022
September
    28, 2027
PEFC
    CoC certification
Swift
    Top Capital Resources Limited
PEFC
    and China Forest Certification Council
BV-CFCC/PEFC-
COC-10594257
March,
    11, 2021
March
    10, 2026
REGULATIONS
This
section sets forth a summary of the most significant rules and regulations that affect our business activities in Peru, France and the
PRC.
Overview
of the Laws and Regulations Relating to Our Business and Operations in Peru
The
following sets forth a summary of the major laws and regulations applicable to our business in relation to forestry business in Peru.
Regulations
relating to forestry operation
In
Peru the forestry regulations are published at the national (Congress of the Republic, Executive Branch, ministries), regional and local
(municipal) levels. Resolutions and circulars intended for administrations may complete this regulatory system.
Provisions
with a national scope are integrated in:
-
the
    Organic Act for the sustainable use of natural resources, approved by Law No. 26821;
-
the
    Forest and Wildlife Act, approved by Law No. 29763; and
-
the
    Regulations for Forest Management, approved by Supreme Decree No. 018-2015-MINAGRI.
The
legislation relating to forest exploitation is relatively complex given the numerous regulations that coexist and apply under specific
criteria (e.g., forest zoning, the kind of forest, the surface area of the cut to be carried out, the presence or absence of native and
rural communities, etc.).
The
Peruvian forestry regulator ("
OSINFOR
") is the entity responsible for supervising and controlling the sustainable
use and conservation of forest and wildlife resources.
30
Public
forests are state-owned. Therefore, the rights of exploitation, logging, disposal, and use (including but not limited to the fruits and
products of their natural resources) can only be granted in favor of private parties through the process of public auction of concession
agreements, by the forestry regulations.
Once
a concession is granted, the concessionaire must pay economic compensation in favor of the Peruvian government for the right of use granted
over the forest. Said compensation is calculated on the basis of payment per area and/or payment for the exploitation value of the natural
resource.
Lastly,
the right of use granted in favor of the concessionaire shall be duly secured by a guarantee of faithful compliance, which must be valid
during the entirety of the concession period. The guarantees deemed suitable by the forestry regulations are (i) letter of guarantee
or guarantee policy issued by an entity authorized by the Peruvian financial regulator, (ii) cash deposit in an account owned by the
grantor, or (iii) real guarantee over a movable asset or real state property, which cannot fall on assets that already constitute a guarantee
in favor of third parties.
Regulations
on Environmental Matters
According
to the National System of Environmental Impact Assessment Act approved by Law No. 27446, and its Regulations enacted by Supreme Decree
No. 019-2009-MINAM, the execution of projects may not be started, and no national, sectorial, regional or local authority may approve
them if they do not previously have an environmental certification contained in a resolution issued by the competent authority. According
to the magnitude of the negative impact, they are classified as: (i) Category I for low-impact activities requiring an Environmental
Impact Declaration ("
DIA
"); (ii) Category II for moderate-impact activities requiring a semi-detailed Environmental
Impact Assessment ("
EIAsd
"); or (iii) Category III for high-impact activities requiring a detailed Environmental Impact
Assessment ("
EIAd
").
The
environmental obligations are set within the Environmental Act, environmental management instruments (Environmental Impact Assessment,
among others) or in the orders issued by the authority in charge of environmental control.
The
owner is responsible for the proper management of the environmental emission, effluents, noise, vibrations and solid waste generated
as a result of the processes and operations at its facilities, as well as, for any damage to the environment caused.
Lastly,
the Agency for Environmental Assessment and Enforcement ("
OEFA
") is a specialized public and technical agency, registered
with the Ministry of Environment, responsible for the environmental control of commitments of environmental management instruments, environmental
law and administrative measures. OEFA has many regulations about classification and scale of fines and might impose administrative measures
such as suspension of activities if there is potential or real damage to the environment or human health.
Regulations
Relating to Dividend Distributions
According
to the General Companies Act, companies duly incorporated under Peruvian law may pay dividends only if their supreme body (i.e.
the
General Shareholders Meeting
) approves the distribution of up to 100% of their accumulated profit
(after payment of income tax).
Peruvian
regulations require to set aside as legal reserve at least 10% of the company after-tax profit, until the legal reserve equals 20% of
the shareholders' equity.
Additionally,
according to Article 40 of the General Companies Act, in order to distribute dividends, profits must be determined in accordance with
the individual financial statements of the company duly approved by the general shareholders' meeting of the company.
Finally,
it must be considered that dividends distributions are levied with a 5% tax in Peru.
31
Regulations
Relating to Foreign Investments and Foreign Exchange Control
The
official currency of Peru is the SOL. The country has a free-floating exchange rate regime, with the central bank occasionally intervening
only for purposes of inflation control. There are no restrictions or limitations on the number of bank accounts in foreign currency or
the remittance of funds abroad that an individual or legal entity may make.
According
to Supreme Decree No. 150-2007-EF foreign investments made by non-domiciled individuals and/or legal entities must be channeled through
(i) companies of the Peruvian financial system or (ii) non-domiciled banking or financial companies. Thus, the transfer of funds from
foreign territories (i.e. USA or offshore) to Peru should be exercisable without any significant strain that could otherwise render the
operation unviable.
As
consequence of the aforementioned, the financial relations between Peruvian and foreign individuals are free due to the lack of exchange
control or strain currency regulations.
Regulations
Relating to Labor
Peruvian
labor regime is a sum of specific regulations that regulate the hiring, labor conditions and benefits and extinction of the labor contract,
among others. This regulation is complemented by collective agreements – signed with labor unions – and/or individual agreements,
signed directly with the employee.
Among
the most important regulation of the private sector, we have regulations that govern the minimum wage, compensation for time of service,
legal bonus, paid leave, weekly rest, maximum working time and overtime, profit sharing, family allowance, and contributions and taxes
levied on the remuneration of employees.
Regulations
Relating to Foreign Trade
According
to the General Customs Act, approved by Legislative Decree No. 1053, and its regulations, the Peruvian Tax Authority ("
SUNAT
")
is responsible for controlling the entry or exit and transportation of goods inside the Peruvian customs territory.
The
General Customs Act and its regulations govern customs infractions and their respective sanctions, which are classified as fines and
administrative sanctions: (i) suspension; (ii) cancellation; and (iii) disablement. It is essential to mention that SUNAT has the power
to apply the sanctions objectively or subjectively.
Peruvian
companies must obtain a valid single taxpayers' registration number ("
RUC
") before they can carry out trade
operations, such as import and export. The primary documents required by the administration for the definitive export of goods out of
the country are as follows:
-
Customs
    declaration of goods.
-
Transport
    document, depending on the mode of transport.
-
Invoice,
    document of the participant or operator, or ballot sale, or any other proof of transfer of goods to a customer domiciled abroad;
    or affidavit of value and description of goods where there is no sale.
-
A
    document testifying to the power vested in the customs clearance agent: transport document duly endorsed or special power of attorney.
-
Any
    other document required for export due to the nature of the goods.
On
April 28, 2009, Peru executed a free trade agreement ("
FTA
") with the PCR, which entered into force since March 1,
2010. Customs affairs and trade facilitation are covered in such agreement, helping Peruvian products enter the Chinese market under
more competitive conditions by eliminating and/or reducing tariffs applicable to certain goods.
32
Tax
legal regime applicable to forestry in general, and companies performing forestry activities in certain areas of the Amazon
Pursuant
to the Fourteenth Complementary Final Rule of Law No. 29763, starting in 2022, any person carrying out forestry activities may enjoy
of the preferential income tax regime set forth in Law No. 31110 for agricultural companies. The applicable rates which companies engaged
in those activities may be subject to are the following:
(a)
In
    case of companies the net revenues of which do not exceed 1,700 tax units, 15%.
(b)
In
    case of companies with net revenues exceeding 1,700 tax units, (i) 15% in 2022, 20% in 2023 and 2024 25% in 2025 through 2027, and
    29.5% starting on 2028.
The
amount of the tax unit is set by the Peruvian government on a yearly basis. In 2022, it equates S/ 4,600.
Pursuant
to that rule, companies performing forestry activities may also enjoy of an accelerated depreciation rate of 20% on investments in infrastructure
works destined to forestry management and exploitation. This benefit shall be available until 2025, unless extended.
Without
prejudice to the former, companies located in the departments of Loreto and Madre de Dios, and in the districts of Iparia and Masisea
of the Coronel Portillo province, and in the provinces of Atalaya and Purus of the department of Ucayali, may enjoy of a 5% preferential
income tax rate so long as they carry out forest extraction activities. This benefit is set to expire in 2048.
Overview
of the Laws and Regulations Relating to Our Business and Operations in France
The
following sets forth a summary of the major laws and regulations applicable to our business in relation to forestry business in France.
Regulations
Relating to Forestry Operation
In
the field of forestry, regulations are published at the national (Council of State, ministries), regional and departmental (prefectures)
or communal (town councils) level. Their scope of application is therefore broad. Circulars intended for administrations may complete
this regulatory system.
The
provisions with a national scope are integrated in:
-
the
    Forestry Code;
-
the
    Environment Code; and
-
the
    Rural and Maritime Fishing Code.
Concerning
public forests, it is necessary to mention the National Book of Forestry Prescriptions (CNPEF), which is mandatory for all those involved
in public forests - service providers or clients purchasing wood - for forestry operations. This booklet replaces the National Forestry
Regulations (RNEF) for all new agreements signed from 2020 onwards and lists all the applicable requirements in terms of environmental
preservation, protection of forest stands, safety, the conduct of the operation and details the responsibilities of the operator and
the repair of damage.
The
legislation relating to forest exploitation is relatively complex from the point of view of both the owner of the parcel and the operator,
given the numerous rules that coexist and apply under specific criteria (e.g. the size of the property, the nature of the stand, the
surface area of the cut to be carried out, the presence or absence of a document or directive of forest management, etc.).
It
is noteworthy that the activity of logging is not subject, as such, to the obtaining by the operator of a specific license of general
scope. Instead, any logging on public domain is subject to obtaining a logging permit issued by the National Forestry Organization (under
the supervision of the Ministry of Agriculture and the Ministry of the Environment) for a particular cut / parcel. With respect to logging
within a private forest, it is the responsibility of the forest owner, depending on the situation, either to set up a Simple Management
Plan approved by the Regional Center of Forest Ownership (CRPF), or to obtain a prior administrative authorization (from the prefecture
or from the town council) in order to enable harvesting on his property.
33
In
addition to the legal provisions, there are a number of standards:
-
at
    the European level, the "EN" standards known as "harmonized", give presumption of conformity of a product
    in relation to the European Directives concerned; they are taken over in France by the AFNOR (French Association for Standardization);
-
at
    the worldwide level, the "ISO" standards.
A
standard only becomes mandatory if a regulatory text refers to it. In the other cases, it is simply a technical specification of voluntary
application. As mentioned in the "Business" section above, our French subsidiary, PARQUET NATURE (FRANCE), holds a certificate
of conformity issued by the PEFC. This certificate establishes that our subsidiary meets the requirements for PEFC Chain of Custody according
to several standards within the scope of round woods and sawn woods – Physical Separation Method.
Lastly,
there are prescriptions fixed by the general sales clause, in the case of purchase of standing timber from a forest owner. These clauses
impose, for example, the respect of the infrastructures and timber of the remaining stand. They are not of a regulatory nature but contractual
between the seller (forest owner or his representative) and the buyer (forest operator).
Regulations
Relating to Foreign Investments and Foreign Exchange Control
Financial
relations between France and foreign countries are free. As an exception, in a limited number of sectors related to national defense
or likely to jeopardize public order and activities that are essential to guaranteeing the country's interests, Article L. 151-3
of the Monetary and Financial Code requires prior authorization for foreign investments.
Foreign
investments in France by non-residents must be reported to the French Treasury under certain circumstances. In accordance with Article
R152-3 of the Monetary and Financial Code, if a non-resident acquires 10% or more of the equity or voting rights in a resident company,
or if foreign-held equity or voting rights in a company rise above the 10% threshold, a return must be filed by a non-resident (for statistical
reasons) with the Banque de France if the amount of the transactions exceeds EUR 15 million.
Lastly,
a foreign investment is subject to authorization under the IEF procedure if three conditions are cumulatively met: condition relating
to the source of the investment; condition relating to the nature of the planned transaction; condition relating to the nature of the
target company's activity, such as aerospace, civil protection, cybersecurity, artificial intelligence, robotics, some data centers,
some semiconductors. If one of these conditions is not met, the investment is not subject to authorization. These criteria are provided
for in the Monetary and Financial Code.
There
are no exchange control or currency regulations.
Regulations
Relating to Labor
Employment
relationships in France are mainly regulated by:
-
EU
    regulations.
-
The
    Labor Code.
-
Industry
    and company collective bargaining agreements.
-
Internal
    regulations and practices.
-
Individual
    contractual terms.
34
Employment
contracts must be drawn up for each specific job category, according to employment legislation and collective agreements in force. Statutory
rights including notice period, minimum salaries, severance payment etc. are frequently enhanced by national industry sector collective
bargaining agreements, which may apply simply on the basis of the company's business activity and location.
The
French social security system requires contributions from both employers and employees. Employees' social security contributions
are withheld from salary by the employer.
Staff
representation
The
workers in small and medium sized enterprises have the right to be represented by a collective body: the members of the "Comité
Social et Economique", who are elected by the employees. The CSE is mandatory for all enterprises with at least 11 employees. The
numbers of the elects increase with the enterprise's size.
Regulations
Relating to Business Operation
Registration
Prior
to the commencement of business operations in France, any company must be registered with the Trade and Companies Registrar (
Registre
du commerce et des sociétés
) (RCS). Each establishment operated by any company must also be registered separately with
the relevant Register of Commerce and Companies.
Reporting
Requirements
Every
French trading company, including French branches of foreign companies, must comply with accounting requirements and keep annual book
accounts (balance sheet, profit and loss account, and, if required, management reports, minutes of the annual meeting regarding the approval
of the accounts and allocation of profit), which must be filed with the Commercial and Companies Registry.
French
law imposes beneficial ownership reporting requirements on all unlisted companies and foreign companies with a French branch. These companies
must identify and disclose the identity of any individual who:
-
Directly
    or indirectly owns more than 25% of the company's capital or voting rights.
-
Exercises
    control over the company within the meaning of the Commercial Code.
Statutory
Auditors
An
auditor must be appointed by commercial companies that exceed at least two of the three thresholds requiring the appointment of a statutory
auditor (i.e. (i) turnover of 8 million Euros, (ii) total balance sheet of 4 million Euros and (iii) 50 employees).
Our
French subsidiary, PARQUET NATURE (FRANCE), is subject to the obligation to appoint auditors, with which it is in compliance.
Regulations
Relating to Personal Data Protection
Organizations
processing personal data (which includes employee data, customer data, and business contact information) must comply with the General
Data Protection Regulation (GDPR), which is applicable since May 25, 2018, and with the French Data Protection Act of January 6, 1978,
as modified in June 2018.
35
Organizations
are also encouraged to appoint a Data Protection Officer we will oversee several missions to assist them.
An
independent administrative authority is responsible for monitoring compliance with the legislation and has the power to impose sanctions,
namely the Commission nationale de l'informatique et des libertés (CNIL).
Regulations
Relating to Anti-Money Laundering (AML)
and Counter-Terrorism Financing (CTF)
Beginning
in 2016, France took several important steps to strengthen its approach to anti-money laundering. These steps included incorporating
EU Directives into the country's laws.
On
December 1, 2016, France transposed the Fourth EU Directive on anti-money laundering (AMLD4) by Order no 2020-115 of 12 February 2020.
Provisions
relating to the fight against AML/CFT are found primarily in the Penal Code and the Monetary and Financial Code (CMF).
The
CMF imposes the following main obligations on financial institutions and other designated businesses concerning AML/CTF requirements:
-
Customer
    due diligence, with a duty to clearly: (i) identify/verify the customer's identity, (ii) identify/verify the beneficial owner's
    identity, (iii) obtain information on the nature and purpose of the business relationship to establish the customer's risk
    profile, (iv) establish ongoing monitoring to report risky transactions and to maintain and update customer information.
-
Obligation
    to keep information record for five years from the account closure date or from the termination date of the business relationship.
-
Obligation
    to report specific transactions or suspicious operations and activities, where applicable.
-
Obligation
    to implement AML procedures and policies, as well as internal controls and compliance programs.
The
Intelligence Processing and Action against Illicit Financial Networks Unit ("
TRACFIN
") is the designated financial
intelligence unit and the national reporting authority for collecting, analyzing, and enriching information reported by,
inter alia
,
financial institutions and other businesses subject to AML requirement. The designated businesses subject to AML requirements are listed
under Article L. 561-2 of the Monetary and Financial Code. Amongst the non-financial entities subject to AML requirements include real
estate agents, accountants, auditors, auction sellers, notaries, gambling and betting operators, sports agents, art and antiques dealers
and lawyers.
Aside
from the above-mentioned specific requirements, all companies and economic interest groups registered in France, all foreign commercial
companies with a branch in France and all other legal entities registered in France are required to file at the Trade and Companies Registry
a document identifying their beneficial owners, and the type of control over the legal entity such owners exercise.
Our
French subsidiary, PARQUET NATURE (FRANCE) is not deemed
to be a reporting institution. Nevertheless,
we are required to comply with the provisions
relating to the fight against AML/CFT.
Regulations
Relating to Intellectual Property
French
law on intellectual property rights is the result of national statutory and regulatory provisions, statutory provisions implementing
international and multilateral agreements, and European regulations having direct effect in France as a Member State of the European
Union.
In
this respect, France is a party to the Paris Convention for the Protection of Industrial Property of 20 March 1883, which introduces
key mechanisms, such as the priority right.
36
France
is also a party to a number of special agreements. Some of these allow for an international filing of applications for registered intellectual
property rights: for trademarks, the Madrid Agreement Concerning the International Registration of Marks of 14 April 1891 and the Madrid
Protocol of 27 June 1989.
The
implementation of these international rules and the articulation of French law and notably French intellectual property law with these
international rules is codified with French national substantive law in the French Intellectual Property Code (CPI).
French
law as codified in the CPI provides for specific provisions regarding several intellectual property rights, including trademarks. Trade
secrets law is codified in the French Commerce Code.
Regulations
Relating to the Commercial Relationships
In
France, commercial relationships between professionals are mainly regulated by the Commercial Code.
This
Code establishes the obligations to be respected by professionals in relationships between professionals (B2B relationships) at the several
steps of the commercial relationships: negotiation, billing, payment.
During
negotiations, the seller is required to communicate his general terms and conditions of sale to any business customer who requests them,
however, the establishment of these general conditions of sale is not an obligation.
If
general terms and conditions of sale are issued, some mandatory mentions must appear such as (the list is not exhaustive): terms of sale
and payment, the elements for determining the price, such as the unit price scale and any price reductions.
The
issuing of invoices is also regulated. Several mandatory mentions must appear on the invoice such as:
-
Parties'
    name and address;
-
Date
    of sale or service;
-
Quantity
    and precise name of products or services;
-
Unit
    price before tax and possible discounts;
-
Due
    date for payment and penalties for late payment;
-
Invoice
    address, if different from the customer's, and purchase order number if applicable.
Other
mentions are set out in the Commercial Code relating to the identification of the company (i.e.: registration number, registered office).
It
should be noted that in addition to the rules of the Commercial Code on this topic, there are those of tax law.
The
payment is also subject to regulations, this latter must respect the deadlines set out in the Commercial Code failure to do so may result
in sanctions (i.e.: administrative fine, interest on arrears, fixed compensation for recovery costs).
Overview
of the Laws and Regulations Relating to Our Business and Operations in China
Regulations
Related to Foreign Investment
Investment
activities in China by foreign investors are principally governed by the Catalog of Industries for Encouraging Foreign Investment (the
"
Encouraged Industries Catalog
") and the Special Management Measures (
Negative List
) for the Access of Foreign
Investment (the "Negative List"), which were promulgated and are amended from time to time by the Ministry of Commerce ("
MOFCOM
")
and the National Development and Reform Commission (the "
NDRC
"), and together with the PRC Foreign Investment Law
(the "
FIL
"), and their respective implementation rules and ancillary regulations. The Encouraged Industries Catalog
and the Negative List lay out the basic framework for foreign investment in China, classifying businesses into three categories in terms
of the level of participation permitted to foreign investment: "encouraged", "restricted" and "prohibited."
Industries not listed in the Encouraged Industries Catalog are generally deemed as falling into a fourth category of "permitted"
industries unless specifically restricted by other PRC laws.
37
On
October 26, 2022, MOFCOM and the NDRC released the Encouraged Industries Catalogue (2022 Version), which became effective
on January 1, 2023, to replace the then existing Encouraged Industries Catalog. On December 27, 2021, MOFCOM and the NDRC released
Negative List (2021 Version), which became effective on January 1, 2022, to replace the then existing Negative List. The Negative List
(2021 Version) sets forth the industries in which foreign investments are restricted or prohibited. Industries that are not listed in
the Negative List (2021 Version) are generally permitted to foreign investment unless otherwise specifically restricted by other PRC
rules and regulations.
On
March 15, 2019, the National People's Congress (the "
NPC
") promulgated the FIL, which became effective on January
1, 2020 and replaced the main body of laws and regulations then governing foreign investment in China. Pursuant to the FIL, "foreign
investments" refer to investment activities conducted by foreign investors directly or indirectly in China, which include any of
the following circumstances: (1) foreign investors setting up foreign-invested enterprises in China solely or jointly with other investors,
(2) foreign investors obtaining shares, equity interests, interests in property or other similar rights and interests of enterprises
within China, (3) foreign investors investing in new projects in China solely or jointly with other investors, and (4) investment by
other means as specified in laws, administrative regulations, or as stipulated by the State Council.
According
to the FIL, foreign investment shall enjoy pre-entry national treatment, except for those foreign invested entities that operate in industries
deemed to be either "restricted" or "prohibited" in the Negative List. The FIL provides that foreign invested
entities operating in "restricted" or "prohibited" industries will require entry clearance and other approvals.
On
December 26, 2019, the State Council promulgated the Implementing Rules of Foreign Investment Law, which became effective on January
1, 2020. The implementation rules further clarified that the state encourages and promotes foreign investment, protects the lawful rights
and interests of foreign investors, regulates foreign investment administration, continues to optimize foreign investment environment,
and advances a higher-level of openness.
On
December 30, 2019, MOFCOM and the State Administration for Market Regulation (the "
SAMR
") jointly promulgated the
Measures for Information Reporting on Foreign Investment, which became effective on January 1, 2020. Pursuant to the Measures for Information
Reporting on Foreign Investment, where a foreign investor carries out investment activities in China directly or indirectly, the foreign
investor or the foreign-invested enterprise shall submit information relating to the investment to the competent commerce department.
Regulations
Related to Foreign Exchange
General
Administration of Foreign Exchange
According
to the Regulations on the Control of Foreign Exchange, which were promulgated by the State Council on January 29, 1996, came into effect
on April 1, 1996, and were amended on January 14, 1997, and August 5, 2008, payments for transactions that take place within the PRC
must be made in RMB. RMB is convertible into other currencies for current account items, such as trade-related receipts and payments
and payment of interest and dividends. The conversion of RMB into other currencies and remittance of the converted foreign currency outside
the PRC for capital account items, such as direct equity investments, loans and repatriation of investment, requires the prior approval
from the SAFE or its local office.
38
SAFE
Circular No. 59
Pursuant
to the Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct
Investment
,
promulgated by SAFE on November 19, 2012, which became effective on December 17, 2012, and was further amended on May 4, 2015, October
10, 2018 and December 30, 2019, approval is not required for opening a foreign exchange account and depositing foreign exchange into
the accounts relating to the direct investments. SAFE Circular No. 59 also simplified foreign exchange-related registration required
for the foreign investors to acquire the equity interests of Chinese companies and further improve the administration on foreign exchange
settlement for FIEs.
SAFE
Circular No. 13
Pursuant
to the Circular on Further Simplifying and Improving the Foreign Currency Management Policy on Direct Investment, effective from June
1, 2015, and was further amended on December 30, 2019, which cancels the administrative approvals of foreign exchange registration of
direct domestic investment and direct overseas investment and simplifies the procedure of foreign exchange-related
registration
,
the investors shall register with banks for direct domestic investment and direct overseas investment.
SAFE
Circular No. 19
The
Notice of the State Administration of Foreign Exchange on Reforming the Mode of Management of Settlement of Foreign Exchange Capital
of Foreign-Funded Enterprises, or the SAFE Circular No.19, which was promulgated by the SAFE on
March
30, 2015, and became effective on June 1, 2015, and was further amended on December 30, 2019, provides that a foreign-invested
enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital
account for which the relevant foreign exchange administration has confirmed monetary capital contribution rights and interests (or for
which the bank has registered the injection of the monetary capital contribution into the account). Pursuant to the SAFE Circular No.19,
for the time being, FIEs are allowed to settle 100% of their foreign exchange capitals on a discretionary basis; a foreign- invested
enterprise shall truthfully use its capital for its own operational purposes within the scope of business; where an ordinary foreign-
invested enterprise makes domestic equity investment with the amount of foreign exchanges settled, the invested enterprise shall first
go through domestic re-investment registration and open a corresponding account for foreign exchange settlement pending payment with
the foreign exchange administration or the bank at the place where it is registered.
Based
on the foregoing, when setting up a new foreign-invested enterprise, the foreign invested enterprise shall register with the bank located
at its registered place after obtaining the business license, and if there is any change in capital or other changes relating to the
basic information of the foreign-invested enterprise, including without limitation any increase in its registered capital or total investment,
the foreign invested enterprise shall register such changes with the bank located at its registered place after obtaining the approval
from or completing the filing with competent authorities. Pursuant to the relevant foreign exchange laws and regulations, the above-mentioned
foreign exchange registration with the banks will typically take less than four weeks upon the acceptance of the registration application.
If we intend to provide funding to our WFOE through capital injection at or after their establishment, we shall register the establishment
of and any follow-on capital increase in our wholly foreign owned subsidiaries with the State Administration for Industry and Commerce
or its local counterparts, file such and register such with the local banks for the foreign exchange related matters.
Offshore
Investment
Under
the Circular of the State Administration of Foreign
Exchange on Issues Concerning the Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment
by Domestic Residents via Special Purpose Vehicles, or the SAFE Circular 37, issued by the SAFE and effective on July 4, 2014, PRC residents
are required to register with the local SAFE branch prior to the establishment or control of an offshore special purpose vehicle, or
SPV, which is defined as offshore enterprises directly established or indirectly controlled by PRC residents for offshore equity financing
of the enterprise assets or interests they hold in China. An amendment to registration or subsequent filing with the local SAFE branch
by such PRC resident is also required if there is any change in basic information of the offshore company or any material change with
respect to the capital of the offshore company. At the same time, the SAFE has issued the Operation Guidance for the Issues Concerning
Foreign Exchange Administration over Round-trip Investment regarding the procedures for SAFE registration under the SAFE Circular 37,
which became effective on July 4, 2014, as an attachment of Circular 37. On February 13, 2015, SAFE promulgated the SAFE Circular No.
13, effective from June 1, 2015, which further amended SAFE Circular 37 by requiring domestic residents to register with qualified banks
rather than SAFE or its local branches in connection with their establishment or control of an offshore entity established for the purpose
of overseas investment or financing.
39
Under
the relevant rules, failure to comply with the registration procedures set forth in SAFE Circular 37 may result in bans on the foreign
exchange activities of the relevant onshore company, including the payment of dividends and other distributions to its offshore parent
or affiliates, and may also subject relevant PRC residents to penalties under PRC foreign exchange administration regulations. In addition,
the failure of the Chinese resident shareholders to complete Circular 37 registration may subject each of the shareholders to fines of
less than RMB50,000. Mr. Hok Pan Se, our director and controlling shareholder, who is a permanent resident of Macau, is not required
to apply for the registration. We cannot assure you that each of our Chinese resident shareholders has completed or will complete the
registration process as required by Circular 37.
Regulations
Related to Dividend Distributions
The
principal laws and regulations regulating the dividend distribution of dividends by foreign-invested enterprises in China include the
PRC Company Law and the FIL. The PRC company law was recently amended on December 29, 2023 and will come into force on July
1, 2024. Under the current regulatory regime in China, foreign-invested enterprises in China may pay dividends only out of their
accumulated profit, if any, determined in accordance with PRC accounting standards and regulations. A PRC company, including foreign-invested
enterprise, is required to set aside as general reserves at least 10% of its after-tax profit, until the cumulative amount of such reserves
reaches 50% of its registered capital unless the provisions of laws regarding foreign investment otherwise provided, and shall not distribute
any profits until any losses from prior fiscal years have been offset. Profits retained from prior fiscal years may be distributed together
with distributable profits from the current fiscal year.
Regulations
on Intellectual Property Rights
Regulations
on Trademarks
According
to the current Chinese trademark law and regulations,
a trademark which has been approved and registered by the trademark office is a registered trademark, including a trademark of goods,
services, collective trademark and certification trademark. The trademark registrant shall enjoy the exclusive right to use the trademark
and the protections afforded by law. The trademark law also specifies the scope of registered trademarks, procedures for registration
of trademarks and the rights and obligations of trademark owners. As of the date of this report, we have completed trademark registration
of six trademarks in China and own the exclusive right to use such trademark.
Regulations
on Domain Names
The
Ministry of Industry and Information Technology of the PRC, or the MIIT, promulgated the Measures on Administration of Internet Domain
Names, or the Domain Name Measures, on August 24, 2017, which took effect on November 1, 2017 and replaced the Administrative Measures
on China Internet Domain Name promulgated by the MIIT on November 5, 2004. According to the Domain Name Measures, the MIIT is in charge
of the administration of PRC internet domain names. The domain name registration follows a first-to-file principle. Applicants for registration
of domain names shall provide true, accurate and complete information of their identities to the domain name registration service institutions.
The applicant will become the holder of such domain names upon completion of the registration procedure.
Regulations
on Employment and Social Welfare
Labor
Contract Law
The
Labor Contract Law of the PRC, or the Labor Contract Law, which was promulgated on June 29, 2007 and amended on December 28, 2012, is
primarily aimed at regulating the rights and obligations of employers and employees, including the establishment, performance and termination
of such relationship. Pursuant to the Labor Contract Law, labor contracts shall be concluded in writing if labor relationships are to
be or have been established between employers and the employees. Employers are prohibited from forcing employees to work above certain
time limit and employers shall pay employees for overtime work in accordance with certain national regulations. In addition, employee
wages shall be no lower than local standards on minimum wages and shall be paid to employees timely.
40
Social
Insurance and Housing Fund
Under
the Social Insurance Law of the PRC that was promulgated by the SCNPC on October 28, 2010, and came into force as of July 1, 2011, and
most recently amended on December 29, 2018, together with other laws and regulations, employers are required to pay basic pension insurance,
unemployment insurance, basic medical insurance, employment injury insurance, maternity insurance, and other social insurance for its
employees at specified percentages of the salaries of the employees, up to a maximum amount specified by the local government regulations
from time to time. When an employer fails to pay social insurance premiums in full, relevant social insurance collection agency shall
order it to make up for any shortfall within a prescribed time limit, and may impose a late payment fee at the rate of 0.05% per day
of the outstanding amount from the due date. If such employer still fails to make up for the shortfalls within the prescribed time limit,
the relevant administrative authorities shall impose a fine of one to three times the outstanding amount upon such employer.
In
accordance with the Regulations on the Management of Housing Fund which was promulgated by the State Council in April 3, 1999 and recently
amended in March 24, 2019, employers must register at the designated administrative centers and open bank accounts for depositing employees'
housing funds. Employer and employee are also required to pay and deposit housing funds, with an amount no less than 5% of the monthly
average salary of the employee in the preceding year in full and on time.
Regulations
on Tax
Enterprise
Income Tax
On
March 16, 2007, the National People's Congress promulgated the PRC Enterprise Income Tax Law, which was amended on February 24,
2017 and December 29, 2018. On December 6, 2007, the State Council enacted the Regulations for the Implementation of the Enterprise Income
Tax Law, which became effective on January 1, 2008 and was amended on April 23, 2019. Under the Enterprise Income Tax Law and the relevant
implementing regulations, both resident enterprises and non-resident enterprises are subject to tax in China. Resident enterprises are
defined as enterprises that are established in China in accordance with PRC laws, or that are established in accordance with the laws
of foreign countries but are actually or in effect controlled from within China. Non-resident enterprises are defined as enterprises
that are organized under the laws of foreign countries and whose actual management is conducted outside China, but have established institutions
or premises in China, or have no such established institutions or premises but have income generated from inside China. Under the Enterprise
Income Tax Law and relevant implementing regulations, a uniform corporate income tax rate of 25% is applied. However, if non-resident
enterprises have not formed permanent establishments or premises in China, or if they have formed permanent establishments or premises
in China but there is no actual relationship between the relevant income derived in China and the established institutions or premises
set up by them, withholding income tax is set at the rate of 10% with respect to their income sourced from inside the PRC.
Withholding
Income Tax
The
Enterprise Income Tax Law and its implementation rules provide that since January 1, 2008, an income tax withholding rate of 10% will
normally apply to dividends declared to non-PRC resident investors that do not have an establishment or place of business in China, or
that have such establishment or place of business but the relevant income is not effectively connected with the establishment or place
of business, to the extent such dividends are derived from sources within China.
41
Pursuant
to the Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital, and other applicable PRC laws, if a Hong Kong resident
enterprise is determined by the competent PRC tax authority to have met the relevant conditions and requirements under this arrangement
and other applicable laws, the 10% withholding tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise
may be reduced to 5%. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax
Treaties issued on February 20, 2009, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from
such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the
preferential tax treatment. Pursuant to the Circular on Several Questions regarding the "Beneficial Owner" in Tax Treaties,
which was issued on February 3, 2018 by SAT and became effective on April 1, 2018, when determining the applicant's status as the
"beneficial owner" regarding tax treatment in connection with dividends, interest, or royalties in the tax treaties, several
factors, including, without limitation, whether the applicant is obligated to pay more than 50% of his or her income in twelve months
to residents in a third country or region, whether the business operated by the applicant constitutes the actual business activities,
and whether the counterparty country or region to the tax treaties does not levy any tax or grant any tax exemption on relevant incomes
or levy tax at an extremely low rate, will be taken into account, and such factors will be analyzed according to the actual circumstances
of the specific cases.
Value-Added
Tax
The
PRC Provisional Regulations on Value-Added Tax were promulgated by the State Council on December 13, 1993, became effective on January
1, 1994, and were subsequently amended from time to time. The Detailed Rules for the Implementation of the PRC Provisional Regulations
on Value-Added Tax (2011 Revision) were promulgated by the Ministry of Finance on December 25, 1993 and subsequently amended in 2008
and 2011. On November 19, 2017, the State Council promulgated the Decisions on Abolishing the PRC Provisional Regulations on Business
Tax and Amending the PRC Provisional Regulations on Value-Added Tax. Pursuant to these regulations, rules and decisions, all enterprises
and individuals engaged in sale of goods, provision of processing, repair, and replacement services, sales of services, intangible assets,
real property, and the importation of goods within the PRC are value-added tax, or VAT, taxpayers. On March 20, 2019, the Ministry of
Finance, the State Administration of Taxation, or SAT, and the General Administration of Customs jointly issued the Announcement on Relevant
Policies on Deepening the Reform of Value-Added Tax. Pursuant to this announcement, the generally applicable VAT rates are simplified
as 13%, 9%, 6%, and 0%, which became effective on April 1, 2019, and the VAT rate applicable to small-scale taxpayers is 3%. If a small-scale
taxpayer's total monthly sales amount does not exceed RMB100 thousand and its quarterly sales volume does not exceed RMB300 thousand,
the VAT will be exempted.
Tax
on Indirect Transfer
On
February 3, 2015, SAT issued the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non PRC Resident Enterprises,
or Bulletin 7. Pursuant to Bulletin 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise,
by non-PRC resident enterprises, may be recharacterized and treated as a direct transfer of PRC taxable assets if such arrangement does
not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax. When determining whether there is a "reasonable
commercial purpose" in the transaction arrangement, features to be taken into consideration include, inter alia, whether the main
value of the equity interest of the relevant offshore enterprise derives directly or indirectly from PRC taxable assets; whether the
assets of the relevant offshore enterprise mainly consists of direct or indirect investment in China or if its income is mainly derived
from China; and whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have a real commercial
nature which is evidenced by their actual function and risk exposure. Pursuant to Bulletin 7, where the payer fails to withhold any or
sufficient tax, the transferor shall declare and pay such tax to the tax authority by itself within the statutory time limit. Late payment
of applicable tax will subject the transferor to default interest. Bulletin 7 does not apply to transactions of sale of shares by investors
through a public stock exchange where such shares are acquired on a public stock exchange. On October 17, 2017, SAT issued the Announcement
of the State Administration of Taxation on Issues Concerning the Withholding of Non- resident Enterprise Income Tax at Source, or Bulletin
37, which was amended by the Announcement of the State Administration of Taxation on Revising Certain Taxation Normative Documents issued
on June 15, 2018 by SAT. Bulletin 37 further elaborates the relevant implemental rules regarding the calculation, reporting, and payment
obligations of the withholding tax by the non-resident enterprises. Nonetheless, there remain uncertainties as to the interpretation
and application of Bulletin 7. Bulletin 7 may be determined by the tax authorities to be applicable to our offshore transactions or sale
of our shares or those of our offshore subsidiaries where non-resident enterprises, being the transferors, are involved.
42
Regulations
Related to Securities Offering and Listing Overseas
On
February 17, 2023, the CSRC published the Overseas Listing Measures, which became effective on March 31, 2023. Pursuant to these Measures,
PRC domestic companies that directly or indirectly offer or list their securities in an overseas market are required to file with the
CSRC within three business days after submitting their listing application documents to the regulator in the place of intended listing.
The identification of indirect overseas offering and listing by a domestic enterprise shall follow the principle of substance over form,
where an issuer falls under both of the following conditions, it shall be deemed as indirect overseas offering and listing by a domestic
enterprise, if:(i) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented in its
audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies, and (ii) the main
parts of the issuer's business activities are conducted in the Chinese Mainland, or its main places of business are located in
the Chinese Mainland, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled
in the Chinese mainland. If a PRC domestic company fails to complete the filing procedure or conceals any material fact or falsifies
any major content in its filing documents, such domestic company may be subject to penalties or administrative actions, such as order
to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable
persons may also be subject to penalties, such as warnings and fines.
Regulation
on Data Protection and Cybersecurity
Personal
Information Protection Law
According
to the Personal Information Protection Law of PRC, which came into force on November 1, 2021, no organization or individual may illegally
collect, use, process, or transmit any personal information of another person, or illegally deal in, provide, or disclose any personal
information of another person. Any personal information processor to provide personal information abroad shall meet certain conditions
and take necessary measure to ensure that the activities carried out by overseas recipients on such personal information shall meet the
same standards of protection provided in this Law.
Cybersecurity
Law
According
to Cybersecurity Law of the People's Republic of China, which came into force on June 1, 2017, the network operators shall neither
collect personal information unrelated to the service they provide, collect or use personal information in violation of the PRC laws
and regulations, disclose, distort or damage personal information they collect, nor provide such information to others without the agreement
of the person whose information is collected except on certain circumstances provided in this Law.
Data
Security Law
According
to Data Security Law of the People's Republic of China, which came into force on September 1, 2021, the government shall establish
a classified and graded data protection system to protect the data security. Any organization or individual collecting data shall adopt
lawful and proper methods and shall not steal data or obtain them by other illegal means.
4.C.
Organizational Structure
The
following diagram illustrates our corporate structure as at April 25, 2024.
43
4.D.
Property, plant and equipment
We
do not own any property and we rent the following leased properties from independent third parties for our operations:
Location
Use
Leased/Owned
Approximate
    Area
Lima,
    Peru
Office
Leased
500
    m
2
Pucallpa,
    Peru
Factory
    for production
Owned
4.3
    hectares
Iberia,
    Peru
Factory
    for production
Leased
10
    hectares
Val
    de Marne, France
Office
Leased
60
    m
2
Guangdong,
    China
Office
Leased
318
    m
2
Dalian,
    China
Dormitory
Leased
66
    m
2
ITEM
    4A.
UNRESOLVED
    STAFF COMMENTS
None.
ITEM
    5.
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion and analysis of the Group's financial condition and results of operations in conjunction with
the Group's consolidated financial statements and the related notes included elsewhere in this annual report. This discussion may
contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Group's actual results
may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set
forth under "Item 3. Key Information — 3.D. Risk Factors" or in other parts of this annual report.
5.A.
Operating Results
Business
Overview
We
are a holding company incorporated as an exempted company under the laws of the BVI. As a holding company with no material operations
of our own, we conduct our substantial operations mainly in Peru, France, Hong Kong and Macau, through our Operating Subsidiaries.
We
are a vertically-integrated forestry company which focuses on FSC business operations, with facilities located in Peru. We produce a
range of products, including logs, decking, flooring, sawn timber, recycled charcoal, synthesized charcoal, machine-made charcoal and
essential oils. Our Group owns natural forest concessions and cutting rights for the exploitation of timbers on parcels of land in Peru
which covered an area of approximately 615,333 hectares. We also work with local forest owners in Peru and engage in timber auctions
in France for supply of logs. We are committed to sustainable management of forests, efficient use of resources, continuous development
of new products, and providing high-quality products to our customers consistently. Our goal is to become a leading player in the wood
industry and provide sustainable and high-quality wood products at an affordable price to our customers.
We
commenced our FSC business operations in 2016, when Grupo Maderero Amaz S.A.C., a subsidiary of our Group, first obtained FSC CoC certification
and began to sell FSC-certified products. As at the date of this report, five subsidiaries of our Group (including Choi Chon Investment
Company Limited, E&T Forestal S.A.C., Grupo Maderero Amaz S.A.C., Nuevo San Martin S.A.C. and Latinoamerican Forest S.A.C) have obtained
FSC CoC certifications. We also have built a professional forest management team to implement FSC forest management. Our forest management
team is led by our head of forest engineer who is qualified to carry out FSC forest management and the key members of our team have an
average of over 8 years of experience in FSC forest management. According to the industry report issued by Frost & Sullivan in
October 2022, FSC-certified products can be sold at a premium of around 5% to 15% over non-FSC-certified products.
Our
products and services provide significant value for consumers, through our "NATU" brand. We also seek to maximize consumers'
access to our products and services through competitive pricing and regular evaluations of our pricing arrangements and contracts with
our distributors.
Our
customers include importers, retailers and processors located in China, Peru, France, Hong Kong, Luxembourg, Belgium, the United States
and South Asia, and we expect to expand our existing markets in Europe and North America by establishing an agency system, as well as
expand into new geographic markets, such as the United Arab Emirates, Australia and Korea, where we believe there is significant market
demand for decking.
44
Macroeconomic
Environment
Coronavirus
(COVID-19) Update
The
outbreak of COVID-19, which was declared a pandemic by the World Health Organization in March 2020, has created significant volatility,
uncertainty and disruption in the global economy.
In
January 2020, the Chinese government issued a series of policies to prevent the spread of COVID-19. The Chinese government has shown
signs of relaxing its COVID-19 policies. For instance, the Chinese government has eased the border restrictions by reopening certain
border crossing points between mainland China and Hong Kong to travelers since January 8, 2023. On March 15, 2020, Peru announced a nationwide
lockdown due to the pandemic, which was lifted in June of the same year. After that, various pandemic prevention measures have been introduced
in various countries and regions around the world.
With
regard to our production base in Peru, during the lockdown period, production in all of our factories was suspended for around three
months, many businesses ceased to operate and shops were closed, and all government departments (including, among others, the forestry
bureau and tax bureau) did not work normally, which hindered our business operations in terms of production, delivery as well as raw
materials procurement. The pandemic and lockdown measures also raised concerns over health and safety among the workers and led to changes
in their mentality, which resulted in instability in personnel and high turnover rate, in turn affecting the normal work progress in
our production base. Furthermore, the resulting inflation, which significantly raised diesel prices, electricity fees as well as employee
base salary, had an impact on our costs of operation. To mitigate the inflationary pressures, we have adjusted prices to our customers
to reflect changes in our operating costs. Other control measures imposed as a response to the pandemic also led to delay in the development
of various parts of the forests, resulting in a period of supply shortage and rising costs of raw materials for our business operations.
With
regard to our sales, COVID-19 related lockdown and other control measures imposed in other countries which form part of the overseas
market for our products had and may continue to have an impact on our international exports. For instance, the Chinese market will not
be able to receive delivery of our products during the period of lockdown, and consumers' demand for wooden floors will decline,
which will significantly affect the quantity and price of flooring materials we sell in China. In addition, as the price of sea freight
has increased by 300% as compared with that before the pandemic, this has led to higher overall costs for our customers. The shortage
in supply of cargo containers, reduction in shipping frequency and longer shipping period have also affected the shipment and delivery
of our products to a certain extent. Additionally, the pandemic has resulted in the shutdown of factory production, rising costs, delays
in transportation and delivery, and shortage in supply of raw materials, which raised the price of wood products in the whole market.
At the same time, due to the impact of the pandemic on the global economy, market consumption was weak, resulting in a backlog of goods,
which in turn affected the number of orders placed by our customers.
In
the second half of 2022, COVID-19 has subsided and many countries lifted entirely its epidemic prevention measures in the first quarter
of 2023. Now, this far-reaching epidemic can be regarded as over. During the years ended December 31, 2023, 2022 and 2021, COVID-19 has
had a limited impact on the Company's operations.
Russia-Ukraine
Conflict
Due
to the Russian-Ukrainian war, the conflicts in the Middle East and the weakening global economic growth momentum, there has been a decline
in consumer demand for wood. In light of the changing market conditions, we have downsized the operations in Peru and underwent a cost
control and reduction exercise to make its operations competitively efficient and cost effective whilst seeking new profitable growth
opportunities.
Recent
Developments
In
September 2023, the Company completed its IPO of 750,000 ordinary shares represented by ADSs at a price of $9 per ADS. In October 2023,
the underwriter for the IPO exercised its over-allotment option in part to purchase 85,868 ADSs. The total gross proceeds received from
the IPO, including proceeds from the exercise of the over-allotment option, was $7.5 million. The ADSs began trading on September 12,
2023 on The Nasdaq Capital Market under the ticker symbol "NWGL".
In
October 2023, an aggregate of 20,475,377 ordinary shares was issued to the convertible bond holders of the Company.
Key
Factors that Affect Operating Results
We
believe the following key factors may affect our financial condition and results of operations:
●
our
    ability to achieve product certification approvals for all our products in the jurisdictions we planned to expand into;
●
our
    ability to acquire concession rights;
45
●
our
    ability to commercialize our logs, flooring, decking, sawn timber, recycled charcoal, synthesized charcoal, machine-made charcoal
    and essential oils products;
●
our
    ability to launch successful marketing and sales activities to sell our products;
●
our
    ability to enter into production agreements with our existing and potential suppliers for our flooring and decking products at competitive
    prices;
●
our
    ability to raise additional funds for accelerating business growth;
●
our
    ability to attract and retain professional personnel specializing in FSC forest management, manufacturing, procurement, and sales
    and marketing;
●
our
    ability to enhance our operational efficiency; and
●
force
    majeure factors, such as disasters and warfare.
Results
of Operations
The
following provides a summary of our consolidated results of operations for the years ended December 31, 2023, 2022 and 2021:
For the year ended December 31, 2023
For the year ended December 31, 2022
For the year ended December 31,
    2021
$
('000)
$
('000)
$
('000)
Revenue
25,457
55,339
47,684
Cost of revenue
(23,072
)
(35,423
)
(31,272
)
Gross profit
2,385
19,916
16,412
Net foreign exchange gains (losses)
167
(959
)
(1,516
)
Other income, net
1,114
1,823
1,625
Impairment loss recognized on property, plant and equipment
(4,245
)
-
-
Selling and distribution expenses
(4,552
)
(8,632
)
(9,343
)
Administrative expenses
(5,263
)
(5,021
)
(3,347
)
Finance income
23
12
1
Finance costs
(1,605
)
(1,928
)
(1,872
)
(Loss) profit before income tax
$
(11,976
)
$
5,211
1,960
Income tax credits (expenses)
43
(432
)
(628
)
(Loss) profit for the year
$
(11,933
)
$
4,779
1,332
Other comprehensive income (loss):
Exchange difference arising from translation of foreign operations
435
(315
)
(174
)
Other comprehensive income (loss)
$
435
$
(315
)
(174
)
Total comprehensive (loss) income for the year
$
(11,498
)
$
4,464
1,158
46
For
    the year ended December 31, 2023
For
    the year ended December 31, 2022
For
    the year ended December 31, 2021
$('000)
$('000)
$
('000)
Revenue
25,457
55,339
47,684
Cost
    of revenue
(23,072
)
(35,423
)
(31,272
)
Gross
    Profit
2,385
19,916
16,412
Operating
    Expenses
Selling
    and distribution expenses
$
(4,552
)
$
(8,632
)
$
(9,343
)
Administrative
    expenses
(5,263
)
(5,021
)
(3,347
)
Other
    non-operating expenses, net
(4,546
)
(1,052
)
(1,762
)
(Loss)
    profit
before income tax
(11,976
)
5,211
1,960
Income
    tax credits (expenses)
43
(432
)
(628
)
Other
    comprehensive income (loss)
435
(315
)
(174
)
Exchange
    difference arising from translation of foreign operations
435
(315
)
(174
)
Total
    comprehensive (loss) income for the year
$
(11,498
)
$
4,464
$
1,158
Revenue
We
generate our revenues from sales of logs from Peru or France, sales of decking and flooring either manufactured in Peru or sourced from
our suppliers in Gabon, and sales of sawn timbers processed in Peru.
Set
forth below are the revenues generated from our business and the percentage of total revenues for the years indicated:
For the year ended
December 31, 2023
For the year ended
December 31, 2022
For the year ended December 31, 2021
$('000)
$('000)
Logs
10,415
40.9
%
27,798
50.2
%
21,146
44.4
%
Flooring
6,049
23.8
%
11,993
21.7
%
11,939
25.0
%
Decking
7,658
30.1
%
13,800
24.9
%
12,032
25.2
%
Sawn timber
1,335
5.2
%
1,748
3.2
%
2,567
5.4
%
Total
$
25,457
100.0
%
$
55,339
100.0
%
$
47,684
100.0
%
Revenue
was approximately $25.5 million and $55.3 million for the years ended December 31, 2023 and 2022, respectively, representing a decrease
of approximately 54.0%. In light of global economic downturn following the COVID-19 pandemic, different industries have been adversely
impacted worldwide, particularly those related to construction and home improvement. In the first half of 2023, global economic conditions
were further affected by the Russian-Ukrainian war resulting in the decrease in demand of the home building and home renovation
products in Europe and China. In the second half of the year, the pressure of the above conditions continue and the outbreak of the
Israel-Palestine conflict further weakened the market conditions.
Revenue
was approximately $55.3 million and $47.7 million for the years ended December 31, 2022 and 2021, respectively, representing an increase
of approximately 16.1%, primarily attributable to the increase in revenue generated from sales of logs by 31.5% and from decking by 14.7%,
as a result of the increase in selling price from our existing customers in China and Europe respectively.
Cost
of revenue
The
cost of revenue for the years ended December 31, 2023 and 2022 was $23.1 million and $35.4 million, respectively, representing
a decrease of approximately 34.9% which was primarily due to the global economic downturn that has significantly impacted the
home building and home renovation sectors.
The
cost of revenue for the years ended December 31, 2022 and 2021 was $35.4 million and $31.3 million, respectively. The increase was attributable
to the increase in raw materials incurred in line with the revenue.
Gross
profit
Set forth below table are
the gross profit and gross profit margin generated from our business for the years indicated:
For
the year ended December 31, 2023
For the year ended December 31,
    2022
For
                                            the year ended
December
                                            31, 2021
Gross profit
Gross profit margin
Gross profit
Gross profit margin
Gross profit
Gross profit margin
$ ('000)
$ ('000)
$ ('000)
Logs
2,994
28.8
%
13,028
46.9
%
9,761
46.2
%
Flooring
(771
)
(12.8
)%
1,611
13.4
%
1,816
15.2
%
Decking
394
5.1
%
5,200
37.7
%
4,091
34.0
%
Sawn timber
(232
)
(17.4
)%
77
4.4
%
744
29.0
%
Total
$
2,385
9.4
%
$
19,916
36.0
%
$
16,412
34.4
%
Gross
profit for the years ended December 31, 2023 and 2022 were $2.4 million and $19.9 million, respectively, representing a
decrease of approximately 88.0%. The significant decrease in gross profit was primarily due to the unfavorable market
conditions arising in the construction and home improvement sector attributable to the Russian-Ukrainian war and the
Israel-Palestine conflict.
Gross
profit for the years ended December 31, 2022 and 2021 were $19.9 million and $16.4 million, respectively, representing an increase of
approximately 21.3% as compared to that for the year ended December 31, 2021. The increase in gross profit was primarily attributable
to the increase in unit price of logs and decking.
47
Net
Foreign Exchange  Gains (Losses)
Net
foreign exchange gains were approximately $0.2 million for the year ended December 31, 2023.
Net
foreign exchange losses were approximately $1.0 million and $1.5 million for the years ended December 31, 2022 and 2021, respectively.
The decrease in net foreign exchange losses in 2022 was due to the slight foreign exchange rate fluctuation of USD against PEN as compared
to significant depreciation of PEN against USD in 2021.
Operating
Expenses
Operating
expenses for the years ended December 31, 2023 and 2022 were $9.8 million and $13.7 million, respectively. The operating expenses for
the year ended December 31, 2023 decreased by approximately 28.4% as compared to that for the year ended December 31, 2022. The
decrease in operating expenses was primarily attributable to decrease in shipping cost by approximately $3.7 million in line with decrease in revenue.
The
operating expenses for the years ended December 31, 2022 and 2021 were $13.7 million and $12.7 million, respectively. The increase
in operating expenses was primarily attributable to increase in employee benefits to award our employees for the remarkable results
of the Group in 2022.
Other Income, Net
For
the years ended December 31, 2023, 2022 and 2021, our other income, net amounting to approximately $1.1 million, $1.8 million
and $1.6 million respectively was primarily consisted of VAT tax concessions and sales of side products and spare parts.
Finance
Costs
The
finance cost amounting to approximately $1.6 million, $1.9 million and $1.9 million for the years ended December 31, 2023, 2022 and
2021, respectively consists of i) interest expenses on bank borrowings, other borrowings, shareholder
loans, lease liabilities and convertible bonds, and ii) bank charges. The decrease in interest expense in 2023 was primarily
due to conversion of convertible bonds during the year while the increase in interest expense in 2022 was attributable to the increase
in bank interest rate.
Income
tax (credits) expenses
There
were income tax credits of approximately $43,000 for the year ended December 31, 2023 while income tax expenses of approximately $0.4
million and $0.6 million for the years ended December 31, 2022 and 2021 were recorded, which was mainly due to decrease
in taxable profits of the Group.
Total
comprehensive (loss) income for the year
For
the years ended December 31, 2023 and 2022, our total comprehensive loss was approximately $11.5 million and total comprehensive
income was approximately $4.5 million, respectively. The turnaround from total comprehensive income to loss was primarily due to decrease
in revenue resulting from the challenging global economic conditions that have particularly impacted the home building and home renovation
sectors.
For
the years ended December 31, 2022 and 2021, our total comprehensive income was approximately $4.5 million and $1.2 million respectively.
The increase in comprehensive income was primarily due to the increase in profits of logs and decking.
Commitments
and Contingencies
Capital
Expenditures
We
have contractual obligations for ongoing capital expenditures at the end of the reporting period.
2023
2022
$('000)
$('000)
Contracted, but not provided for:
Property, plant and equipment
700
-
48
Lease
liabilities
The
Group entered into short-term and long-term lease agreements for offices. The Group's lease obligations under the operating leases
are as follows:
As
    of
December
    31,
2023
As
    of
December
    31,
2022
$('000)
$('000)
Within
    one year
64
108
More
    than one year
134
65
Total
    lease liabilities
$
198
$
173
Contingencies
The
Group is currently not a defendant in any material legal proceedings, investigation, or claims.
Cash
Flows
The
following table reflects the major categories of cash flows (in thousands). For additional details, please see the Consolidated Statement
of Cash Flows.
For
    the
year
    ended
December
    31,
2023
For
    the
year
    ended
December
    31, 2022
For the year ended December 31, 2021
$('000)
$('000)
$('000)
Cash
    (used in) generated from operating activities
(239
)
5,871
3,251
Cash
    used in investing activities
(1,153
)
(1,429
)
(2,482
)
Cash
    (used in) generated from financing activities
(287
)
(2,545
)
395
Effect
    of exchange rate changes
575
(360
)
(1,173
)
Change
    in cash during the year
(1,679
)
1,897
1,164
Cash,
    beginning of the year
5,083
3,545
3,554
Cash,
    end of the year
$
3,979
$
5,083
3,545
Cash
(used in) generated from operating activities
Net
cash used in operating activities was approximately $0.2 million for the year ended December 31, 2023 and net cash generated
from operating activities was approximately $5.9 million for the year ended December 31, 2022, respectively. The decrease
in cash generated from operations was mainly due to decrease in revenue of the Group.
Net
cash generated from operating activities was approximately $5.9 million and $3.3 million for the years ended December 31, 2022
and 2021, respectively. The increase in cash generated from operations was mainly due to the increase in net profits.
Cash
used in investing activities
Net
cash used in investing activities was approximately $1.2 million, $1.4 million and $2.5 million for the years ended December
31, 2023, 2022 and 2021, respectively. The cash used in investing activities was primarily for acquisition of intangible assets for
the year ended December 31, 2023 and property, plant and equipment for the years ended December 31, 2022 and 2021, respectively.
Cash
(used in) generated from financing activities
Net
cash used in financing activities was $0.3 million and $2.5 million for the years ended December 31, 2023 and 2022, respectively.
The cash used in financing activities was primarily attributable to interest paid and repayment to an ultimate beneficial shareholder offset
by proceeds from issue of shares.
Net
cash used in financing activities was $2.5 million for the year ended December 31, 2022 but generated from financing activities was $0.4
million for the year ended December 31, 2021, respectively. The cash used in financing activities was primarily attributable to the net
repayment to bank borrowings for the year ended December 31, 2022.
5.B.
Liquidity and Capital Resources
Liquidity
to fund working capital is a significant priority for the Group's bunker business. Our views concerning liquidity are based on
currently available information and if circumstances change significantly, the future availability of trade credit or other sources of
financing may be reduced, and our liquidity would be adversely affected accordingly.
To
date, the Group has financed its operations primarily through internally-generated cash flows, proceed from IPO and financing.
The
Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to stakeholders
through the optimization of the balance between debt and equity.
49
The
company reviews the capital structure on an ongoing basis. As a part of this review, the directors consider the cost of capital and the
risks associated with each class of capital. The Company will balance its overall capital structure through the payment of dividends,
new share issues and the issue of new debt or the repayment of existing debt.
Subsequent
to the year ended December 31, 2022, the shares of the Company were successfully listed in Nasdaq and net proceeds of $5.1 million
were raised with new shares issued. This provides us with a new source of capital to fund our business and expansion.
Based
on the information currently available, we believe that our cash and cash equivalents as of December 31, 2023 and available funds from
our credit facility, as described below, together with cash flows generated by operations, are sufficient to fund our working capital
and capital expenditure requirements for at least the next twelve months.
5.C.
Research and Development, Patent and Licenses, etc.
Not
applicable. The Company has not undertaken any Research and Development activities in the past three years.
5.D.
Trend Information
Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended December 31, 2023 that are reasonably likely to have a material effect on our total net revenues, income, profitability,
liquidity or capital reserves, or that caused the disclosed financial information to be not necessarily indicative of future operating
results or financial conditions.
5.E.
Critical Accounting Estimates
Our
consolidated financial statements are prepared in accordance with International Financial Reporting Standards (or "
IFRSs
")
as issued by the International Accounting Standards Board (the "
IASB
"). The preparation of consolidated financial
statements in conformity with IFRS requires the Company to make certain estimates and assumptions that affect the amounts reported and
disclosed in the consolidated financial statements and related notes. Our material accounting policies are set forth in note 2
to our audited consolidated financial statements included in this annual report.
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
6.A.
Directors and Senior Management
The
following table sets forth certain information regarding our directors and senior management as of the date of this annual report.
Directors
    and Executive officers
Age
Position
Mr.
    Hok Pan Se
63
Director,
    chairman of the Board
Mr.
    Zhihua Liang
59
Director,
    senior consultant
Mr.
    Kam Pang Chim
46
Chief
    financial officer
Mr.
    Jianjun Zeng
40
Chief
    executive officer
Mr.
    Heung Ming Henry Wong
54
Independent
    Director
Dr.
    Kin Shing Charles Lau
68
Independent
    Director
Mr.
    Mu Xu
30
Independent
    Director
50
Below
is a summary of the business experience of each of our executive officers and directors:
Mr.
Hok Pan Se
, age 63, is our Director and chairman of the Board, and is primarily responsible for the overall strategic planning,
business development and management of our Group. Mr. Se began his career in the flooring products industry in 1995 and has over 20 years
of experience in the flooring products industry. Since 2007, Mr. Se has been a director and chairman of Nature Home Holding Company Limited
("
Nature Home
"), a company which was formerly listed on The Stock Exchange of Hong Kong Limited (stock code: 2083)
and privatized in October 2021. As at the date of this report, Mr. Se also held the following prominent positions outside of our Group:
member of the Standing Committee of the Gansu Provincial Committee of the Chinese People's Political Consultative Conference (CPPCC),
one of the draftsmen for the National Standard for Solid Wood Flooring in China, vice-chairman of Flooring Committee of China Timber
Circulation Association, member of the China Association for Quality Inspection, member of the China Timber Standardization Technical
Committee, honorary president of Macau General Association of Real Estate, vice president of The Industry and Commerce Association of
Macau as well as adjunct professor at Nanjing Forestry University. To recognize Mr. Se's contribution to the field, he has received
the following awards: the Most Influential Figures in the 15-Year Development of China's Flooring Industry (2010), 2015 Top Ten
Persons of the Year in China's Timber and Wood Products Industry, 2016 World Flooring Industry Business Summit Outstanding Entrepreneur,
2016 Elected Person for China Home Furnishing Industry Hall of Fame, 2016 Person of the China Economic News as well as Top Ten People
in China's Home Furnishing Industry in 2017.
Mr.
Zhihua Liang
, age 59, is our Director and senior consultant, and is primarily responsible for our Group's human resources
management and manufacturing strategic planning. Mr. Liang has extensive experience in the flooring industry as well as human resources
and production management. Mr. Liang has been a director of our Group since January 2018. Mr. Liang held different major positions in
Nature Home and its subsidiaries (the "Nature Home Group") from 2006 to 2019, including serving as the general manager of
human resources and the production department of the Nature Home Group. Mr. Liang was appointed as an executive director and the president
of the Nature Home in January 2014 and ceased to be the president of Nature Home in February 2018. Mr. Liang was re-designated as a non-executive
director of Nature Home since March 2019. He was awarded the "Foshan Dacheng Entrepreneur" in 2019 and the "Outstanding
Entrepreneur" in Gaogang District of Taizhou in 2017. Mr. Liang obtained his Bachelor of Preventive Medicine degree from the Guangdong
Pharmaceutical University in July 1990.
Mr.
Kam Pang Chim
, age 46, is our chief financial officer, and is primarily responsible for formulating corporate strategies, overall
management of financial, mergers and acquisitions and capital market affairs of our Group. Mr. Chim has over ten years of experience
in finance performance control, multi-location finance team management and fundraising. Mr. Chim has worked as the chief financial officer
of a subsidiary of our Group since September 2019. Prior to joining our Group, from August 2009 to January 2019, Mr. Chim served in the
positions of chief financial officer in an OTC trade public company in the U.S. and a then HK listed company, and was primarily responsible
for initial public offerings, strategic planning, business model development and finance management. Mr. Chim obtained his Bachelor of
Business Administration degree from Lingnan University in November 2003.
Mr.
Jianjun Zeng
, age 40, is our chief executive officer, and is primarily responsible for the overall coordination of management
and operation of our Group. Mr. Zeng has 10 years of strategic management experience in multinational groups and 16 years of experience
in wood industry, and Mr. Zeng has acted as the chief executive officer of our Group since August 2020. Prior to that, from January 2019
to August 2020, he worked as the general manager of the commercial and resilient floor center at Nature Home (China) Co., Ltd (a member
of the Nature Home Group), and was responsible for the overall operation of resilient flooring, including product development, production
and sales. From June 2017 to January 2019, Mr. Zeng worked as the marketing director of the international business department at Nature
Home (China) Co., Ltd., and was responsible for overseas marketing management. Mr. Zeng obtained his Bachelor of International Economics
degree from Guangdong University of Finance & Economics in June 2006.
Mr.
Heung Ming Henry Wong,
age 54, has been appointed as our independent Director, and the chairman of each of the audit committee,
compensation committee and nominating and corporate governance committee since September 11, 2023. Mr. Wong has more than 29 years of
experience in finance, accounting, internal controls and corporate governance in Singapore, China and Hong Kong. Mr. Wong has served
as an independent director of several listed companies on Nasdaq including E-Home Household Service Holding Ltd. (stock ticker: EJH)
since March 2023, Ostin Technology Group Co., Ltd. (stock ticker: OST) since April 2022, TD Holdings, Inc. (stock ticker: GLG) since
August 2021. He also served as an independent director of Meihua International Medical Technologies Co., Ltd. (stock ticker: MHUA) from
April 2022 to June 2022. Mr. Wong has also been serving as an independent non-executive director for several listed companies in Hong
Kong including Sansheng Holdings (Group) Co. Ltd (stock code: 2183) since August 2022, Raffles Interiors Limited (stock code: 1376) since
March 2020 which he became the non-executive chairman and the lead independent non-executive director since September 2022, Helens International
Holdings Company Limited (stock code: 9896) since August 2021, and Shifang Holding Limited (stock code: 1831) from November 2010 to April
2023.
51
Mr.
Wong also worked as the chief financial officer and senior finance executives of various companies, including being the chief financial
officer of Meten Holding Group Ltd, a company listed on Nasdaq (stock ticker: METX), Frontier Services Group Limited, a company listed
in Hong Kong (stock code: 0500) and Beijing Oriental Yuhong Waterproof Technology Co., Ltd., a leading waterproof materials manufacturer
in China and a company listed on the Shenzhen Stock Exchange (stock code: 2271). Mr. Wong has been helping a number of companies listed
in oversea stock exchanges including that of the United States and Hong Kong. Mr. Wong began his career in an international accounting
firm and moved along in audit fields by taking some senior positions both in internal and external audits including being a senior manager
and a manager in PricewaterhouseCoopers, Beijing office and Deloitte Touche Tohmatsu, Hong Kong, respectively. Mr. Wong graduated from
the City University of Hong Kong in 1993 with a bachelor's degree in Accountancy and also obtained a master's degree in Electronic
Commerce from The Open University of Hong Kong in 2003. He is a fellow member of the Association of Chartered Certified Accountants and
the Hong Kong Institute of Certified Public Accountants.
Dr.
Kin Shing Charles Lau,
age 68, has been appointed as our independent Director, and a member of each of the audit committee, compensation
committee and nominating and corporate governance committee since September 11, 2023. Dr. Lau is a chartered accountant with over 35
years of corporate management experiences from multi-national firms, specializing in corporate governance, corporate finance, internal
control and risk management.
Dr.
Lau has been an independent non-executive director of Zibuyu Group Limited since October 2022, a company listing in Hong Kong (stock
code: 2420) and KOS International Holdings Limited since February 2021, a company listed in Hong Kong (stock code: 8042), and an independent
director of Lingyi Itech (Guangdong) Company since June 2021, a company listed on the Shenzhen Stock Exchange (stock code: 2600). Dr.
Lau successively served as the chief financial officer, an executive director and the company secretary of Sitoy Group Holdings Limited
from August 2015 to July 2021, a company listed in Hong Kong (stock code: 1023), and has been its non-executive director since August
2021. From December 2013 to August 2015, he served as the chief operating officer of Imaginex Group, primarily responsible for financial
management and logistics services. Dr. Lau also worked at China Public Procurement Limited from December 2012 to March 2014 as its executive
director, chief investment officer and company secretary, a company listed in Hong Kong (stock code: 1094). Prior to that, he successively
served as the chief financial officer and a joint company secretary of Miramar Hotel and Investment Company, Limited from March 2010
to August 2012, a company listed in Hong Kong (stock code: 71). Before that, he served as a vice president and the internal control director
of China Resources Enterprise Limited from February 2000 to April 2010, a company listed in Hong Kong (stock code: 291) (currently known
as China Resources Beer (Holdings) Company Limited).
Dr.
Lau obtained a Bachelor's degree in Accounting from Curtin University of Technology (currently known as Curtin University) in August
1993, a Master of Business Administration degree from the University of South Australia in May 1998 and a Doctorate degree of Business
Administration from the University of Newcastle, Australia in July 2008. Dr. Lau was admitted as a Certified Practising Accountant by
CPA Australia in March 2001 and a Certified Public Accountant by the Hong Kong Institute of Certified Public Accountants in July 2001.
He also became a fellow of CPA Australia in June 2001, a fellow of the Association of Chartered Certified Accountants in the United Kingdom
in March 2003, and a fellow of the Chartered Professional Accountants of British Columbia in Canada in June 2015.
Mr.
Mu Xu,
age 30, has been appointed as our independent Director, and a member of each of the audit committee, compensation committee
and nominating and corporate governance committee since September 11, 2023. Mr. Xu is a legal counsel in ZLF Law Office since October
2020. Mr. Xu graduated from Liaoning University in 2015 with a Bachelor of Law degree and also obtained a Master of Law degree from Washington
University in 2016. After that, Mr. Xu obtained his Juris Doctor degree from the University of California, Davis in 2019. Mr. Xu is admitted
to practice law in the State of New York.
52
The
ages and positions of other key employees of our Group are as follows:
Key
    employees
Age
Position
Mr. Richard Elvis Reategui Guzman
48
Head of forest engineer
Mr. Ka Wai Se
31
Head of sales department
Mr. Patrick Orain
60
Head of procurement
Below
is a summary of the business experience of other key employees of our Group:
Mr.
Richard Elvis Reategui Guzman
, age 48, is the head of forest engineer of our Group's subsidiary, Maderera Industrial
Isabelita S.A.C., since 2018, and is primarily responsible for forest planning in Peru, coordinating the management of the forest data
chain related to chain-of-custody (CoC) certification and the development of FSC certification. He has over 19 years of experience in
forestry, possessing in-depth knowledge on forest development processes, forestry certificates and production. Prior to joining our Group,
from 2016 to 2017, he was the head of forest management at a forestry and logging company based in Peru, responsible for controlling
and verifying traceability, and monitoring deforestation activities. From 2009 to 2015, he worked as a forest engineer, responsible for
controlling and monitoring on-site forest harvesting and the transportation of logs, and the management of FSC certification. In between
2003 and 2008, Mr. Reategui Guzman had worked as a forest census coordinator and supervisor, responsible for forest census and the supervision
of harvesting and piling work, and a forest assistant, responsible for researching the installation and evaluation of permanent sampling
plots. Mr. Reategui Guzman obtained the title of forestry engineer and published scientific articles in the library of the Peruvian Amazonian
Institute. Mr. Reategui Guzman graduated from the National University of the Peruvian Amazon with the title as a forest engineer in May
2008.
Mr.
Ka Wai Se,
age 31, is the head of sales department of our Group's subsidiary, Swift Top Capital Resources Limited, and
is primarily responsible for coordinating and planning our Group's marketing and sales strategies. He is a son of Mr. Hok Pan Se,
our Director and chairman of the Board. Mr. Se joined our Group in June 2017 as a project manager of customer relationship management
system for flooring in China, and has since June 2018 worked as the sales manager of Nature Wood China, being in charge of the sales
in the European market. Prior to joining our Group, Mr. Se worked in Adfaith management consulting Inc from July to August 2014. Mr.
Se obtained his Bachelor in Biotechnology degree from University College London in September 2015, and obtained a Master of Research
degree in computational methods in ecology and evolution from Imperial College London in September 2016.
Mr.
Patrick Orain,
age 60, is the head of procurement of our Group's subsidiary, Parquet Nature (France) S.A.R.L. since September
2018, and is primarily responsible for the planning, design and procurement management of local products in France. Mr. Orain is the
third generation in his family to engage in the trading of wood. Prior to joining our Group, from 1984 to 2018, Mr. Orain worked as a
wood trader in other companies, being responsible for exports of wood products.
53
Board
Diversity
The
table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.
Board Diversity Matrix
Country
    of Principal Executive Office
Macau
Foreign
    Private Issuer
Yes
Disclosure
    Prohibited Under Home Country Law
No
Total
    Number of Directors
Five
Part
    I: Gender Identity
Female
Male
Non-Binary
Did
    Not Disclose Gender
0
5
0
0
Part
    II: Demographic Background
●
Underrepresented
    individual in home country jurisdiction
0
●
LGBTQ+
0
●
Did
    not disclose demographic background
0
As
at the date of this report, our Company is in the course of identifying suitable female board candidates and intends to have at least
two diverse Directors by December 31, 2026.
Family
Relationships
Mr.
Zhihua Liang, our Director and senior consultant, is the brother-in-law of Mr. Hok Pan Se, our Director and chairman of the Board. Mr.
Ka Wai Se, our head of sales department, is a son of Mr. Hok Pan Se, our Director and chairman of the Board. Except as disclosed, no
other Director or executive officer has a family relationship as defined in Item 401 of Regulation S-K.
6.B.
Compensation
Set
forth below is the compensation paid during the fiscal year ended December 31, 2023, for each of our executive officers and directors:
Name
2023
Compensation
Mr.
    Hok Pan Se
$
-
Mr.
    Zhihua Liang
$
80,000
Mr.
    Kam Pang Chim
$
364,000
Mr.
    Jianjun Zeng
$
9
6
,000
Mr.
    Heung Ming Henry Wong
$
8,000
Mr.
    Kin Shing Charles Lau
$
8,000
Mr.
    Mu Xu
$
8,000
Total
$
564,000
6.C.
Board Practices
Term
of Office
Our
directors are appointed for a term expiring at the next-following annual general meeting of our shareholders or until they are removed
from the office in accordance with our articles of association.
Employment
Agreement with our Chief Executive Officer and Chief Financial Officer
We
have entered into employment agreements with each of our executive officers (other than Directors) and a consultancy agreement with Zhihua
Liang, our Director, in connection with his position as senior consultant of our Group. The executive officers and Zhihua Liang (in his
capacity as senior consultant of the Group) are entitled to a fixed salary and other company benefits, each as determined by the Board
from time to time. We may terminate the employment of an executive officer or senior consultant under applicable laws and regulations.
54
Each
executive officer has agreed during and after the termination or expiry of his or her employment agreement, not to reveal to any person
or use all information, know-how and records that is confidential or not, which may come to their knowledge during their employment,
except as authorized or required by their duties to do so. The restriction shall cease to apply to information or knowledge which may
come into the public domain.
Directors
Service Contracts
On
May 26, 2023, we entered into Director Agreements (the "
Director Agreements
") with each of our directors. The term
of each such appointment commenced from September 14, 2023 and shall continue until the director's successor is duly elected or
appointed and qualified or until the director's earlier death, disqualification, resignation or removal from office, pursuant to
the terms of the Director Agreement, the Company's then current Memorandum and Articles of Association, as may be amended from
time to time, or any applicable laws, rules, or regulations. Each of our directors will receive a monthly remuneration of nil during
their terms of service. None of the Director Agreements provides for benefits upon termination of appointment of our directors.
Committees
of the Board
We
have established and will maintain three committees under the board of directors: an audit committee, a compensation committee, and a
nominating and corporate governance committee. We have adopted the charter for each of the three committees. Each committee's members
and functions are described below.
Audit
Committee
Our
audit committee consists of Mr. Heung Ming Henry Wong, Dr. Kin Shing Charles Lau, and Mr. Mu Xu and is chaired by Mr. Heung Ming Henry
Wong. We have determined that each of these three Directors satisfies the "independence" requirements of the Nasdaq Listing
Rules and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined
that each of these three directors qualifies as an "audit committee financial expert." The audit committee oversees our accounting
and financial reporting processes and the audits of our financial statements. The audit committee is responsible for, among other things:
●
selecting
    the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed
    by the independent registered public accounting firm;
●
reviewing
    with the independent registered public accounting firm any audit problems or difficulties and management's responses;
●
reviewing
    and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;
●
discussing
    the annual audited financial statements with management and the independent registered public accounting firm;
●
reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor
    and control major financial risk exposures;
●
annually
    reviewing and reassessing the adequacy of our audit committee charter;
●
meeting
    separately and periodically with management and the independent registered public accounting firm;
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance; and
●
reporting
    regularly to the board.
55
Compensation
Committee
Our
compensation committee consists of Mr. Heung Ming Henry Wong, Dr. Kin Shing Charles Lau, and Mr. Mu Xu and is chaired by Mr. Heung Ming
Henry Wong. We have determined that each of these three Directors satisfies the "independence" requirements of the Nasdaq
Listing Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms
of compensation, relating to our Directors and executive officers. Our chief executive officer may not be present at any committee meeting
during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:
●
reviewing
    and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive
    officers;
●
reviewing
    and recommending to the board for determination with respect to the compensation of our non-employee directors;
●
reviewing
    periodically and approving any incentive compensation or equity plans, programs or other similar arrangements; and
●
selecting
    compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's
    independence from management.
Nominating
and Corporate Governance Committee
Our
nominating and corporate governance committee consists of Mr. Heung Ming Henry Wong, Dr. Kin Shing Charles Lau, and Mr. Mu Xu and is
chaired by Mr. Heung Ming Henry Wong. We have determined that each of these three Directors satisfies the "independence"
requirements of the Nasdaq Listing Rules. The nominating and corporate governance committee assists the board in selecting individuals
qualified to become our Directors and in determining the composition of the board and its committees. The nominating and corporate governance
committee is responsible for, among other things:
●
recommending
    nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;
●
reviewing
    annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills,
    experience, expertise, diversity and availability of service to us;
●
selecting
    and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as
    well as of the nominating and corporate governance committee itself;
●
developing
    and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments
    in the law and practice of corporate governance and our compliance with such laws and practices; and
●
evaluating
    the performance and effectiveness of the board as a whole.
Foreign
Private Issuer Exemption
We
are a "foreign private issuer" as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq,
we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq
corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:
●
Exemption
    from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual
    or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4)
    days of their occurrence, and from the disclosure requirements of Regulation FD.
56
●
Exemption
    from Section 16 rules regarding sales of Ordinary Shares by insiders, which will provide less data in this regard than shareholders
    of U.S. companies that are subject to the Exchange Act.
●
Exemption
    from the Nasdaq rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant
    a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such
    waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private
    issuer exemption.
Furthermore,
Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices
in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's
Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee
that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If
we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the
same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If
we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.
Although
we are permitted to follow certain corporate governance rules that conform to BVI requirements in lieu of many of the Nasdaq corporate
governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including the
requirement to hold annual meetings of shareholders.
Duties
of Directors
Under
BVI law, our Directors owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good
faith and with a view to our best interests. When exercising powers or performing duties as a director, the director is required to exercise
the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, without limitation,
the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken
by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree
to the company acting in a manner that contravenes our memorandum and articles of association or the BVI Act.
Equity
Compensation Plan Information
We
have not adopted any equity compensation plans.
Outstanding
Equity Awards at Fiscal Year-End
The
Company's share option scheme (the "
Scheme
") was adopted pursuant to an ordinary resolution of the shareholders
passed on September 1, 2019 for the primary purpose of providing incentives to directors and eligible employees, which expired on September
12, 2023. Under the Scheme, the directors of the Company may grant options to eligible employees, including directors of the Company
and its subsidiaries, to subscribe for shares in the Company.
As
at December 31, 2023, the number of shares in respect of which options had been granted and remained outstanding under the Scheme was
7,800,000 (2022: 8,160,000), representing 5.9% (2022: 7.8%) of the shares of the Company in issue. The total number of shares in
respect of which options may be granted under the Scheme is not permitted to exceed 10% of the shares of the Company in issue at any
point in time, without prior approval from the Company's shareholders. The number of shares issued and to be issued in respect
of which options granted and may be granted to any individual in any one year is not permitted to exceed 1% of the shares of the Company
in issue at any point in time, without prior approval from the Company's shareholders.
57
Options
granted must be taken up within 1 month of the date of grant, upon payment of HK$1 per option. Options may be exercised at any time from
the date of grant of the share option to the 10
th
anniversary of the date of grant. The exercise price is HK$4.661 per share
(equivalent to HK$37.288 per ADS).
Details
of number of options granted to our directors, executive officers and key employees are as follows as of December 31, 2023:
Name
Number of share
options granted
Mr. Hok Pan Se
2,157,000
Mr. Zhihua Liang
500,000
Mr. Kam Pang Chim
1,082,000
Mr. Jianjun Zeng
1,203,000
Mr. Ka Wai Se
768,000
6.D.
Employees
As
of December 31, 2023, we had 114 full-time employees who were employed by our Group and were based in Peru, France, Hong Kong, Macau
and China, respectively. The following table sets forth a breakdown of our employees by function as of December 31, 2023:
Peru
France
Hong Kong
Macau
China
Total
Management
2
1
1
3
2
9
Forest management
5
-
-
-
-
5
Sales and marketing
-
1
2
-
5
8
Production
46
-
-
-
-
46
Procurement and inventory
10
4
-
-
-
14
Finance
9
1
1
-
3
14
Administration and human resources
10
-
-
-
3
13
Quality control
4
-
-
-
1
5
Total
86
7
4
3
14
114
6.E.
Share Ownership
The
following table sets forth, as of the date of this report, the beneficial ownership of our ordinary shares by each executive officer
and director, by each person known by us to beneficially own more than 5% of our ordinary shares and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on 132,425,321 ordinary shares
issued and outstanding. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment
power with respect to, or the power to receive the economic benefit of ownership of, the securities. In computing the number of shares
beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to
acquire within 60 days, including through the exercise of any option or other right or the conversion of any other security. However,
these shares are not included in the computation of the percentage ownership of any other person.
58
Ordinary Shares Beneficially Owned
Number
Percentage Owned
Directors and Executive Officers
Hok Pan Se
(1) (2)
92,932,850
70.18
%
Zhihua Liang
(3)
5,000,000
3.78
%
Kam Pang Chim
-
-
%
Jianjun Zeng
-
-
%
Heung Ming Henry Wong
-
-
%
Mu Xu
-
-
%
Kin Shing Charles Lau
-
-
%
All directors and executive officers as a group (7
    individuals)
97,932,850
73.96
%
5% and Greater Principal Shareholders:
Easy Bliss Limited
(1)
90,787,458
68.56
%
Hok Pan Se
(1) (2)
92,932,850
70.18
%
Son I Un
(1)
90,787,458
68.56
%
Huang Qing Cai
7,544,303
5.70
%
Chan Wing Luk
7,516,484
5.68
%
(1)
Easy
    Bliss Limited is owned as to 60.19% by Mr. Hok Pan Se and 39.81% by Ms. Son I Un. Mr. Se Hok Pan is our Director and
    Ms. Un Son I is the spouse of Mr. Se Hok Pan. Mr. Hok Pan Se and Ms. Son I Un are deemed to hold the voting and dispositive power
    over the Ordinary Shares held by Easy Bliss Limited. Mr. Hok Pan Se and Ms. Son I Un did not enter into any voting arrangement or
    agreement.
(2)
Mr.
    Hok Pan Se directly holds 2,145,392 Ordinary Shares which were converted from a convertible bond in October 2023.
(3)
More Choice Global Limited, a wholly-owned company
    of Mr. Zhihua Liang, is the record holder of 5,000,000 Ordinary Shares.
6.F.
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
Not
applicable.
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A.
Major Shareholders
See
"Item 6. Directors, Senior Management and Employees—E. Share Ownership."
7.B.
Related Party Transactions
Set
forth below are the related party transactions of our Group that occurred during the past three fiscal years up to the date of this report.
Name
Relationship
Nature
For the year ended
December 31, 2023
For the year ended
December 31, 2022
For the year ended
December 31, 2021
Mr. Hok Pan Se
Ultimate beneficial shareholder
Interest expense on shareholder loans
197,066
405,872
429,927
Mr. Hok Pan Se
Ultimate beneficial shareholder
Interest expense on convertible bonds
71,865
102,149
51,875
Fo Shan Sunde Daziran Investment Management Limited
Joint control over the entity by ultimate beneficial shareholder
Lease payments made
55,263
24,197
21,156
Fo Shan Sunde Changcheng Management Limited
Joint control over the entity by ultimate beneficial shareholder
Lease payments made
6,523
-
-
Total
330,717
532,218
502,958
59
7.C.
Interests of Experts and Counsels
Not
applicable.
ITEM
    8.
FINANCIAL
    INFORMATION
8.A.
Consolidated Statements and Other Financial Information
We
have appended consolidated financial statements filed as part of this annual report.
8.B.
Significant Changes
No
significant change has occurred since the date of our consolidated financial statements filed as part of this annual report.
ITEM
    9.
THE
    OFFER AND LISTING
9.A.
Offer and Listing Details
Our
ADSs are listed on the Nasdaq Capital Market under the symbol "NWGL", and began trading on September 12, 2023.
9.B.
Plan of Distribution
Not
applicable.
9.C.
Markets
See
our disclosures above under "9.A. Offer and Listing Details."
9.D.
Selling Shareholders
Not
applicable.
9.E.
Dilution
Not
applicable.
9.F.
Expenses of the Issue
Not
applicable.
ITEM
    10.
ADDITIONAL
    INFORMATION
10.A.
Share Capital
As
of the date of this annual report, the number of maximum authorized shares of our Company is 200,000,000 shares of a single class with
a par value of $0.001 each. As of the date of this report, 132,425,321 ordinary shares are issued and outstanding. All of our issued
and outstanding ordinary shares are fully paid.
60
10.B.
Memorandum and Articles of Association
Information
on our Memorandum and Articles of Association is incorporated herein by reference to the section headed "Description of Share Capital
and Governing Documents" of the Company's Registration Statement on Form F-1 in connection with the IPO filed on August 22,
2023 (Registration No. 333-271425).
10.C.
Material Contracts
For
the two years immediately preceding the date of this report, we have not entered into any material contracts other than in the ordinary
course of business and other than those described below and in Item 6 "Directors, Senior Management and Employees", Item
7 "Major Shareholders and Related Party Transactions" or filed (or incorporated by reference) as exhibits to this annual
report or otherwise described or referenced in this annual report.
In
connection with the IPO, the Company entered into an underwriting agreement with Prime Number Capital LLC (as representatives of the
underwriters named therein), dated September 12, 2023, attached as Exhibit 1.1 to the Company's Current Report on Form 6-K filed
on September 15, 2023 and incorporated herein by reference.
10.D.
Exchange Controls
No
foreign exchange controls exist in the BVI. See "Item 4. Information on the Company—B. Business Overview—Regulations".
10.E.
Taxation
BVI
Taxation
Our
Company and all distributions, interest and other amounts paid by our Company to persons who are not resident in the BVI are exempt from
the Income Tax Ordinance in the BVI. No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons
who are not resident in the BVI with respect to any shares, debt obligation or other securities of our Company. All instruments relating
to transfers of property to or by our Company and all instruments relating to transactions in respect of the shares, debt obligations
or other securities of our Company and all instruments relating to other transactions relating to the business of our Company are exempt
from payment of stamp duty in the BVI provided that they do not relate to real estate in the BVI. There are currently no withholding
taxes or exchange control regulations in the BVI applicable to our Company or its shareholders.
Taxation
in Peru
The
following is a general summary of material Peruvian tax matters under Peruvian law, as in effect on the date of this report and
describes the principal tax consequences of the ownership of American Depositary Shares of non-Peruvian companies which, in turn,
are the direct or indirect owners of shares of Peruvian entities, as the ADS, by non-resident individuals or entities
("
Non-Peruvian Holders
"). Legislative, judicial or administrative changes or interpretations may, however, be
forthcoming. Any such changes or interpretations could affect the tax consequences to holders of shares and could alter or modify
the conclusions set forth herein. This summary does not purport to be a legal opinion, nor is it intended to be a comprehensive
description of all of the tax considerations that may be relevant to a decision to make an investment in the ADSs. In addition, it
does not describe any tax consequences arising under the laws of any taxing jurisdiction other than Peru or applicable to an
individual or entity resident of Peru or to a person with a permanent establishment in Peru.
For
purposes of Peruvian taxation:
●
individuals
    are residents of Peru, if they are Peruvian nationals who have established their place of residence in Peru or if they are foreign
    nationals with a permanence of 183 days in Peru in any 12-month period (in the latter case, the condition of Peruvian resident can
    only be acquired as of the 1st of January of the year following the fulfillment of residence conditions); and,
●
legal
    entities are residents of Peru if they are established or incorporated in Peru.
61
Taxation
in France
The
following brief description of French enterprise income taxation is designed to highlight the enterprise-level taxation on our earnings,
which will affect the amounts of dividends, if any, we are ultimately able to pay to our shareholders.
Ø
Corporate
    income Tax in France ("CIT")
The
main legislation that governs a person's income tax in France is the "Code Général des Impôts"
(French tax code, hereafter "FTC"). The regulatory body implementing and enforcing the FTC is the "Direction Générale
des Finances Publiques".
The
tax year is generally the calendar year, although a company may choose a different tax year-end date. The tax year is 12 months but can
be shorter or longer in certain cases.
CIT
base is territorial, which means that a French resident company is subject to CIT on its French-source income (i.e., deriving from business
carried on in France, real estate located in France, capital gains, dividends or interests).
A
company is French tax resident if its registered office or place of effective management is in France (generally defined as the place
where the directors' meetings concerning management and control of the company are held). A company incorporated under French commercial
law is deemed to be tax resident.
Taxable
income corresponds to the business net profit (i.e., on the corporate's income less its deductible expenses).
The
standard CIT rate is 25%. A reduced rate of 15% applies to small and medium corporations for their net taxable profits below €38,120.
In addition to corporation tax, a social surtax of 3.3% applies to taxpayers, where their corporate tax liability of the relevant fiscal
year exceeds €763,000. The surtax is assessed on the amount of the corporation tax due.
Dividends
and capital gains are generally considered as ordinary income and are subject to CIT at the standard rate. However, dividends paid by
qualifying subsidiaries and capital gains derived from the sale of qualifying shareholdings may benefit from an exemption regime.
Ø
Foreign-Sourced
    Income
As
indicated above, CIT base is territorial. Foreign-source income is generally not subject to CIT, except in case of application of anti-avoidance
rules apply, which concerns (notably):
-
The
    transfer pricing, under which French entities that are controlled by entities established outside France (or that control such entities
    – NA in the present case) are subject to CIT on profits transferred, directly or indirectly, to an entity located abroad through
    an increase or decrease in purchase or sales prices, or by any other means).
-
The
    profits made by subsidiaries or establishments located in a NCST (NA in the present case),
-
The
    payments made from France in a Non-Cooperative States or Territories (NCST) (see our developments below on that point).
Ø
Profit
    Distribution and Withholding Tax
Pursuant
to Article 119 bis 2 of the FTC, dividends distributed by corporations which have their registered office in France to non-French tax
residents (individuals or legal entities), are subject to withholding tax in France (being specified that this French domestic law provision
applies unless provided otherwise by a tax treaty provision, which may reduce the withholding tax rate, or even abolish it altogether.
However, there is no double taxation agreement signed between France and BVI).
62
According
to Article 187-1 of the FTC, the tax rate applicable depends on the beneficiary status and his place of location. When the beneficial
owner is a corporation, the applicable withholding tax rate correspond to the standard corporate tax rate (i.e., 25%). A tax exemption
regime may apply for distributions made to entities established in a Member State of the European Union.
However,
Article 187-2 of the FTC provides that the withholding tax rate is increased to 75%, when the distributed income is paid in an NCST,
regardless of the tax domicile or place of location of the beneficiary. Thus, this increased tax rate does not apply when the payment
is made in an account opened with a bank located in a cooperative State, even though the beneficial owner is himself established in an
NCST. Moreover, pursuant to the safeguard clause provided by Article 187.2 of the FTC, even in case of payment in a NCST to a beneficiary
established in a NCST, the 75% tax rate does not apply if the debtor manages to prove that the distributions have neither the purpose
nor the effect of allowing their location in an NCST for tax evasion purposes.
Taxation
in the PRC
Under
the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with a "de facto management
body" within the PRC is considered a resident enterprise and will be subject to the enterprise income tax at the rate of 25% on
its global income. The implementation rules define the term "de facto management body" as the body that exercises full and
substantial control over and overall management of the business, production, personnel, accounts and properties of an enterprise. In
April 2009, the State Administration of Taxation issued a circular, known as Circular 82, which provides certain specific criteria for
determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located
in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those
controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the State Administration of Taxation's
general position on how the "de facto management body" test should be applied in determining the tax resident status of all
offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise
group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the
following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating
to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the
PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions
are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.
We
believe that we do not meet some of the conditions outlined in the immediately preceding paragraph. For example, as a holding company,
the key assets and records of the Company, including the resolutions and meeting minutes of our board of directors and the resolutions
and meeting minutes of our shareholders, are located and maintained outside the PRC; decisions relating to the offshore subsidiaries'
human resource matters are made mainly by themselves at their own discretion, without review or approval by organizations or personnel
in the PRC. In addition, we are not aware of any offshore holding companies with a corporate structure similar to ours that has been
deemed a PRC "resident enterprise" by the PRC tax authorities. Accordingly, we believe that the Company and its offshore
subsidiaries should not be treated as a "resident enterprise" for PRC tax purposes if the criteria for "de facto management
body" as set forth in SAT Notice 82 were deemed applicable to us. However, as the tax residency status of an enterprise is subject
to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management
body" as applicable to our offshore entities, we will continue to monitor our tax status.
U.S.
Federal Income Taxation
General
The
following is a summary of the material U.S. federal income tax consequences of owning and disposing of our ordinary shares. The discussion
below of the U.S. federal income tax consequences to "U.S. Holders" will apply to a beneficial owner of our shares that is
for U.S. federal income tax purposes:
1.
an
    individual citizen or resident of the U.S.;
63
2.
a
    corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under
    the laws of the U.S., any state thereof or the District of Columbia;
3.
an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or
4.
a
    trust if:
a)
a
    U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to
    control all substantial decisions of the trust; or
b)
it
    has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.
If
a beneficial owner of our shares is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a "Non-U.S. Holder." The U.S. federal income tax
consequences applicable specifically to non-U.S. Holders is described below under the heading "Tax Consequences to Non-U.S. Holders
of Ordinary Shares."
This
summary is based on the Internal Revenue Code of 1986, as amended, or the Code, its legislative history, existing and proposed Treasury
regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject
to change or different interpretations, possibly on a retroactive basis.
This
discussion does not address all aspects of U.S. federal income taxation that may be relevant to us or to any particular Holder of our
shares based on such Holder's individual circumstances. In particular, this discussion considers only Holders that own our shares
as capital assets within the meaning of Section 1221 of the Code. This discussion also does not address the potential application of
the alternative minimum tax or the U.S. federal income tax consequences to Holders that are subject to special rules, including:
1.
financial
    institutions or financial services entities;
2.
broker-dealers;
3.
taxpayers
    who have elected mark-to-market accounting;
4.
tax-exempt
    entities;
5.
governments
    or agencies or instrumentalities thereof;
6.
insurance
    companies;
7.
regulated
    investment companies;
8.
real
    estate investment trusts;
9.
certain
    expatriates or former long-term residents of the U.S.;
10.
persons
    that actually or constructively own 5% or more of our voting shares;
11.
persons
    that acquired our shares pursuant to the exercise of employee stock options, in connection with employee stock incentive plans or
    otherwise as compensation;
12.
persons
    that hold our shares as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or
13.
persons
    whose functional currency is not the U.S. Dollars.
64
This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S.
tax laws. Additionally, this discussion does not consider the tax treatment of partnerships or other pass-through entities or persons
who hold our securities through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income
tax purposes) is the beneficial owner of our shares, the U.S. federal income tax treatment of a partner in the partnership will generally
depend on the status of the partner and the activities of the partnership. This discussion also assumes that any distribution made (or
deemed made) regarding our shares and any consideration received (or deemed received) by a Holder connected with selling or other disposition
of such shares will be in U.S. Dollars.
We
have not sought, and will not seek, a ruling from the Internal Revenue Service (the "
IRS
"), or an opinion of counsel
as to any U.S. federal income tax consequence described herein. The IRS may disagree with one or more aspects of the discussion herein,
and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative
rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.
BECAUSE
OF THE COMPLEXITY OF THE TAX LAWS AND BECAUSE THE TAX CONSEQUENCES TO THE COMPANY OR TO ANY PARTICULAR HOLDER OF OUR SECURITIES MAY BE
AFFECTED BY MATTERS NOT DISCUSSED HEREIN, EACH HOLDER OF OUR SECURITIES IS URGED TO CONSULT WITH ITS TAX ADVISOR REGARDING THE SPECIFIC
TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT OF STATE, LOCAL AND NON-U.S.
TAX LAWS, AS WELL AS U.S. FEDERAL TAX LAWS AND APPLICABLE TAX TREATIES.
Tax
Consequences to U.S. Holders of Ordinary Shares
Taxation
of Distributions Paid on Ordinary Shares
Subject
to the passive foreign investment company, or PFIC, rules discussed below, a U.S. Holder generally will be required to include in gross
income as ordinary income the amount of any cash dividend paid on our ordinary shares. A cash distribution on such shares will be treated
as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated earnings
and profits (as determined for U.S. federal income tax purposes). Such dividend will not be eligible for the dividends-received deduction
generally allowed to domestic corporations regarding dividends received from other domestic corporations. Any distributions in excess
of such earnings and profits generally will be applied against and reduce the U.S. Holder's basis in its ordinary shares and, to
the extent in excess of such basis, will be treated as gain from the sale or exchange of such ordinary shares.
Regarding
non-corporate U.S. Holders for taxable years beginning before January 1, 2013, dividends may be taxed at the lower applicable long-term
capital gains rate (see "Item 10.E. — Additional Information — Taxation — Dividends on ADSs or Common Shares"
below) provided that:
1.
our
    ordinary shares are readily tradable on an established securities market in the U.S. or, in the event we are deemed to be a Chinese
    "resident enterprise" under the EIT Law, we are eligible for the benefits of the Agreement between the Government of
    the United States of America and the Government of the People's Republic of China for the Avoidance of Double Taxation and
    the Prevention of Tax Evasion regarding Taxes on Income, or the "U.S.-PRC Tax Treaty;"
2.
we
    are not a PFIC, as discussed below, for either the taxable year in which the dividend was paid or the preceding taxable year; and
3.
certain
    holding period requirements are met. Under published IRS authority, shares are considered for purposes of clause (1) above to be
    readily tradable on an established securities market in the U.S. only if they are listed on certain exchanges, which presently include
    the NASDAQ Stock Market but do not include the OTC Bulletin Board.
If
we are not able to maintain listing on Nasdaq, it is anticipated that our ordinary shares will be quoted and traded only on the OTC Bulletin
Board. In that case, any dividends paid on our ordinary shares would not qualify for the lower rate unless we are deemed to be a Chinese
"resident enterprise" under the EIT Law and are eligible for the benefits of the U.S.-PRC Tax Treaty.
65
Unless
the special provisions described above, dealing with the taxation of qualified dividend income at the lower long-term capital gains rate,
are extended, this favorable treatment will not apply to dividends in taxable years beginning on or after January 1, 2013. U.S. Holders
should consult their own tax advisors regarding the availability of the lower rate for any dividends paid regarding our ordinary shares.
If
PRC taxes apply to dividends paid to a U.S. Holder on our ordinary shares, such U.S. Holder may be entitled to a reduced rate of PRC
tax under the U.S-PRC Tax Treaty. In addition, such PRC taxes may be treated as foreign taxes eligible for credit against such Holder's
U.S. federal income tax liability (subject to certain limitations). U.S. Holders should consult their own tax advisors regarding the
creditability of any such PRC tax and their eligibility for the benefits of the U.S.-PRC Tax Treaty.
Dividends
on ADSs or Common Shares
Subject
to the "Passive Foreign Investment Company" discussion below, if we make distributions and you are a U.S. Holder, the gross
amount of any distributions with respect to your ADSs or common shares (including the amount of any taxes withheld therefrom) will be
includible in your gross income on the day you actually or constructively receive such income as dividend income if the distributions
are made from our current or accumulated earnings and profits, calculated according to U.S. federal income tax principles. With respect
to non-corporate U.S. holders, certain dividends received from a qualified foreign corporation may be subject to a reduced capital gains
rate of taxation. A non-U.S. corporation (other than passive foreign investment corporation) is treated as a qualified foreign corporation
with respect to dividends from that corporation on shares (or ADSs backed by such shares) that are readily tradable on an established
securities market in the United States. U.S. Treasury Department guidance indicates that our ADSs, which are listed on Nasdaq, but not
our common shares, will be readily tradable on an established securities market in the United States. You should consult your own tax
advisor as to the rate of tax that will apply to you with respect to dividend distributions, if any, that you receive from us.
Subject
to the "Passive Foreign Investment Company" discussion below, to the extent, if any, that the amount of any distribution
by us on ADSs or common shares exceeds our current and accumulated earnings and profits as determined under U.S. federal income tax principles,
it will be treated first as a tax-free return of the U.S. Holder's adjusted tax basis in the ADSs or common shares and thereafter
as capital gain. However, we do not intend to calculate our earnings and profits according to U.S. federal income tax principles. Accordingly,
distributions on our ADSs or common shares, if any, will generally be reported to you as dividend distributions for U.S. tax purposes.
Corporations will not be entitled to claim a dividends-received deduction with respect to distributions made by us. Dividends may constitute
foreign source passive income for purposes of the U.S. foreign tax credit rules. You should consult your own tax advisors as to your
ability, and the various limitations on your ability, to claim foreign tax credits in connection with the receipt of dividends.
Sales
and Other Dispositions of ADSs or Common Shares
Subject
to the "Passive Foreign Investment Company" discussion below, when you sell or otherwise dispose of ADSs or common shares,
you will recognize capital gain or loss in an amount equal to the difference between the amount realized on the sale or other disposition
and your adjusted tax basis in the ADSs or common shares. Any such gains or losses that you recognize will be treated as U.S. source
income for foreign tax credit purposes. Your adjusted tax basis will equal to the amount you paid for the ADSs or common shares. Any
gain or loss you recognize will be long-term capital gain or loss if your holding period in our ADSs or common shares is more than one
year at the time of disposition. If you are a non-corporate U.S. Holder, including an individual, any such long-term capital gain will
be taxed at preferential rates. Your ability to deduct capital losses will be subject to various limitations.
Passive
Foreign Investment Company
We
believe that we were not a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for our taxable year ended
December 31, 2022. However, PFIC status is tested each year and depends on the composition of our assets and income and the value of
our assets from time to time. Since we currently hold, and expect to continue to hold, a substantial amount of cash and other passive
assets and, since the value of our assets is to be determined in large part by reference to the market prices of our ADSs and common
shares, which is likely to fluctuate over time, there can be no assurance that we will not be a PFIC for any taxable year.
66
We
note that the portion of our assets that consisted of cash and other passive assets was more significant during the period between our
sale of ATA Online Business in 2018, and our acquisition of the 100% equity interest in Huanqiuyimeng in 2019, than before or after this
period, although we believe this did not result in our becoming a PFIC for either the taxable year ended December 31, 2018 or the taxable
year ended December 31, 2019. There is a change of business exception to PFIC status that, in general terms, applies if a foreign corporation
otherwise would be a PFIC for a year because it has disposed of one or more active businesses, so long as the foreign corporation is
not a PFIC during the two succeeding years, and that might apply to us if we were found to have been a PFIC for either (but not both)
of the taxable years ended December 31, 2018 and December 31, 2019. There is limited guidance as to the application of this exception,
including regulations that were promulgated in July 2019 and were finalized in January 2021, and it is unclear whether this exception
would apply to us, if it were determined, absent this exception, that we were a PFIC for either the taxable year ended December 31, 2018
or the taxable year ended December 31, 2019.
We
will be classified as a PFIC in any taxable year, in general, if either: (a) the average quarterly value of our gross assets that produce
passive income or are held for the production of passive income is at least 50% of the average quarterly value of our total gross assets
or (b) 75% or more of our gross income for the taxable year is passive income (such as certain dividends, interest or royalties). For
purposes of the first test: (a) any cash and cash invested in short-term, interest bearing, debt instruments, or bank deposits that are
readily convertible into cash will count as producing passive income or held for the production of passive income, and (b) the total
value of our assets is calculated based on our market capitalization. However, various exceptions can apply.
We
will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation
in which we own, directly or indirectly, at least 25% (by value) of the stock.
If
we were a PFIC for any taxable year during which you held ADSs or common shares, certain adverse U.S. federal income tax rules would
apply. You would be subject to additional taxes and interest charges on certain "excess distributions" we make and on any
gain realized on the disposition or deemed disposition of your ADSs or common shares, regardless of whether we continue to be a PFIC
in the year in which you receive an "excess distribution" or dispose of or are deemed to dispose of your ADSs or common shares.
Distributions in respect of your ADSs or common shares during a taxable year would constitute "excess distributions" if,
in the aggregate, they exceed 125% of the average amount of distributions with respect to your ADSs or common shares over the three preceding
taxable years or, if shorter, the portion of your holding period before such taxable year.
To
compute the tax on "excess distributions" or any gain, (a) the "excess distribution" or the gain would be allocated
ratably to each day in your holding period, (b) the amount allocated to the current year and any tax year prior to the first taxable
year in which we were a PFIC would be taxed as ordinary income in the current year, (c) the amount allocated to other taxable years would
be taxable at the highest applicable marginal rate in effect for that year, and the interest charge generally applicable to underpayments
of tax will be imposed on the resulting tax attributable to each such year. In addition, if we were a PFIC, no distribution that you
might receive from us would qualify for taxation at the preferential rate discussed in the Item 10.E. "Additional Information —
Taxation — Dividends on ADSs or Common Shares" section above.
Under
certain attribution rules, if we are a PFIC, you will be deemed to own your proportionate share of lower-tier PFICs, and will be subject
to U.S. federal income tax on (a) a distribution on the shares of a lower-tier PFIC and (b) a disposition of shares of a lower-tier PFIC,
both as if you directly held the shares of such lower-tier PFIC.
Each
U.S. Holder of a PFIC is required to file an annual report containing such information as the U.S. Treasury may require and may be required
to file Internal Revenue Service Form 8621 regarding distributions received on the ADSs or common shares and any gain realized on the
disposition of the ADSs or common shares. You should consult with your own tax advisor regarding reporting requirements with regard to
your ADSs and common shares.
67
If
we were a PFIC in any year, you would generally be able to avoid the "excess distribution" rules described above by making
a timely so-called "mark-to-market" election with respect to your ADSs provided our ADSs are "marketable." Our
ADSs will be "marketable" as long as they remain regularly traded on a national securities exchange, such as Nasdaq. If you
made this election in a timely fashion, you would recognize as ordinary income or ordinary loss the difference between the fair market
value of the ADSs as of the close of your taxable year over your adjusted basis in such ADSs. Any ordinary income resulting from this
election would be taxed as ordinary income rates and would not be eligible for the reduced rate of tax applicable to qualified dividend
income. Any ordinary losses would be limited to the extent of the net amount of previously included income as a result of the mark-to-market
election, if any. Your basis in the ADSs would be adjusted to reflect any such income or loss. You should consult your own tax advisor
regarding potential advantages and disadvantages to you of making a "mark-to-market" election with respect to your ADSs.
The mark-to-market election will not be available for any lower tier PFIC that is deemed owned pursuant to the attribution rules discussed
above. We do not intend to provide you with the information you would need to make or maintain a "Qualified Electing Fund"
election and therefore, you will not be able to make or maintain such an election with respect to your ADSs or common shares.
U.S.
Information Reporting and Backup Withholding Rules
Dividend
payments with respect to the ADSs or common shares and the proceeds received on the sale or other disposition of ADSs or common shares
may be subject to information reporting to the IRS and to backup. Backup withholding will not apply, however, if you (a) are a corporation
or come within certain other exempt categories and, when required, can demonstrate that fact or (b) provide a taxpayer identification
number, certify as to no loss of exemption from backup withholding and otherwise comply with the applicable backup withholding rules.
To establish your status as an exempt person, you will be required to provide certification on IRS Form W-9. Backup withholding is not
an additional tax. The amount of any backup withholding will generally be allowed as a refund or a credit against your U.S. federal income
tax liability, provided that you furnish the required information to the IRS. Certain individuals holding the ADSs or common shares other
than in an account at a U.S. financial institution may be subject to additional information reporting requirements.
PROSPECTIVE
PURCHASERS OF OUR ADSS AND COMMON SHARES SHOULD CONSULT THEIR OWN TAX ADVISOR REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX
LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES RESULTING FROM PURCHASING, HOLDING OR DISPOSING OF OUR ADSS AND COMMON
SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF THE TAX LAWS OF ANY STATE, LOCAL OR NON-US JURISDICTION AND INCLUDING ESTATE, GIFT
AND INHERITANCE LAWS.
10.F.
Dividends and Paying Agents
Not
applicable.
10.G.
Statement by Experts
Not
applicable.
10.H.
Documents on Display
We
have filed this annual report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of
any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference
is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its
entirety by such reference.
We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this report, may be inspected and copied at the public
reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this report by mail from the Public
Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of this material
may be obtained from the SEC's Internet site at www.sec.gov. The SEC's telephone number is 1-800-SEC-0330. In accordance
with NASDAQ Stock Market Rule 5250(d), we will also post this annual report on Form 20-F on our website at www.nature-wood.com.
68
As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.
10.I.
Subsidiary Information
Please
see Item 4.A "Information on the Company – History and Development of the Company – Our Subsidiaries" above.
10.J.
Annual Report to Security Holders
Not
applicable.
ITEM
    11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT RISK MANAGEMENT
Risk
management overview
The
Company has exposure to credit, liquidity and market risks from its use of financial instruments. This note provides information about
the Company's exposure to each of these risks, the Company's objectives, policies and processes for measuring and managing
risk. Further quantitative disclosures are included throughout these consolidated financial statements.
Credit
risk
Credit
risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations
and arises principally from the Company's cash held with banks and other financial intermediaries.
The
carrying amount of the financial assets represents the maximum credit exposure which amounted to $11,891,291 and $14,238,660
as at December 31, 2023 and 2022, respectively.
The
Company has presumed a significant increase in credit risk from initial recognition when contractual payments are more than
60 days past due. As a result, for low risk category, the loss allowance recognized during the period was limited to 12
months of expected credit losses. For more than 60 days past due, the loss allowance recognized during the period was lifetime
expected credit losses – not credit-impaired. When there is evidence indicating the asset is credit-impaired, the loss allowance
recognized during the period was lifetime expected credit losses – credit-impaired. Based on historical information, and adjusted
for forward-looking expectations, the Company recognized the expected credit losses on trade receivables of $483,153 and $229,694
as of December 31, 2023 and 2022, respectively.
Market
risk
Market
risk is the risk that changes in market conditions, such as commodity prices, foreign exchange rates, and interest rates will affect
the Company's net income or the value of financial instruments. The objective of market risk management is to manage and control
market risk exposures within acceptable limits while maximizing the Company's returns.
Foreign
exchange risk
Foreign
currency exchange rate risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in foreign exchange
rates. The Company does not currently use foreign exchange contracts to hedge its exposure to currency rate risk as management has determined
that this risk is not significant at this point in time. As such, the Company's financial position and financial results may be
adversely affected by unfavorable fluctuations in currency exchange rates.
69
The
currency exposure of financial assets and financial liabilities denominated in currencies other than the Group's functional currencies
are as follows:
Assets
Liabilities
As
                                            of
December
    31,
2023
As
                                            of
December
    31, 2022
As
                                            of
December
    31,
2023
As
                                            of
December
    31,
2022
HKD
$
1,234,627
$
451,108
$
6,128,951
$
20,845,542
EUR
6,606,145
10,387,503
7,777,874
8,119,790
CNY
532,019
169,378
605,746
48,986
PEN
2,806,064
2,205,594
1,475,495
2,347,271
MOP
$
252
$
-
$
15,559
$
54,697
Liquidity
risk
Liquidity
risk is the risk that the Company will encounter difficulty in meeting obligations associated with the financial liabilities. The Company's
financial liabilities consist of trade payables, other payables, bank and other borrowings, amounts due to an ultimate beneficial
shareholder and convertible bonds as at December 31, 2023 and 2022, respectively. The Company had cash and bank balances of approximately
$4.0 million and $5.1 million as at December 31, 2023 and 2022, respectively. The Company's policy is to review liquidity
resources and ensure that sufficient funds are available to meet financial obligations as they become due. Further, the Company's
management is responsible for ensuring funds exist and are readily accessible to support business opportunities as they arise.
Trade
payables and accrued liabilities consist of invoices payable to trade suppliers for administration and professional expenditures. The
Company processes invoices within a normal payment period. Trade payables have contractual maturities of less than 90 days.
Concentration
risk
The
top five customers accounted for 53.2%, 55.3% and 55.1% of the Group's sales for the years ended December 31, 2023,
 2022 and 2021, respectively. Accounts receivable from these customers were $4.1 million and $4.2 million as of December 31, 2023
and 2022, respectively.
There
are the top five suppliers accounted for 56.7%, 53.7% and 37.2% of our total purchases, respectively, for the years ended
December 31, 2023, 2022 and 2021.
Interest
rate risk
The Group's exposure to interest rate risk primarily relates to floating rate bank borrowings outstanding.
In respect of the exposure to interest rate risk arising from floating rate non-derivative financial instruments
held by our Group, such as cash, our Group is not exposed to significant interest rate risk as the interest rates of cash at bank are
not expected to change significantly.
Inflation
Inflationary factors, such as increases in personnel and overhead costs, could impair our operating results. Although
we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of
inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as
a percentage of sales revenue if the revenues do not increase with such increased costs.
ITEM
    12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A.
Debt Securities
Not
applicable.
12.B.
Warrants and Rights
Not
applicable.
70
12.C.
Other Securities
Not
applicable.
12.D.
American Depositary Shares
American
Depositary Shares
The
Bank of New York Mellon, the depositary of our ADR program, collects fees for delivery and surrender of ADSs directly from investors
depositing shares or surrendering ADSs for the purpose of withdrawal, or from intermediaries acting for them. The depositary collects
fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable
property to pay the fees. The depositary may generally refuse to provide fee-attracting services until its fees for those services are
paid.
Fess
payable by ADS Holders
Persons
    depositing or withdrawing shares or ADS holders must pay
:
For
:
$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs)
Issuance
                                            of ADSs, including issuances resulting from a distribution of shares or rights or other property
Cancellation
    of ADSs for the purpose of withdrawal, including if the deposit agreement terminates
$.05
    (or less) per ADS
Any
    cash distribution to ADS holders
A
    fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited
    for issuance of ADSs
Distribution
    of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders
$.05
    (or less) per ADS per calendar year
Depositary
    services
Registration
    or transfer fees
Transfer
    and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw
    shares
Expenses
    of the depositary
Cable
                                            (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)
Converting
    foreign currency to U.S. dollars
Taxes
    and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
    taxes, stamp duty or withholding taxes
As
    necessary
Any
    charges incurred by the depositary or its agents for servicing the deposited securities
As
    necessary
The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.
71
From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.
The
depositary may convert currency itself or through any of its affiliates, or the custodian or we may convert currency and pay U.S. dollars
to the depositary. Where the depositary converts currency itself or through any of its affiliates, the depositary acts as principal for
its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the
exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate
receives when buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used
or obtained by it or its affiliate in any currency conversion under the deposit agreement will be the most favorable rate that could
be obtained at the time or that the method by which that rate will be determined will be the most favorable to ADS holders, subject to
the depositary's obligation to act without negligence or bad faith. The methodology used to determine exchange rates used in currency
conversions made by the depositary is available upon request. Where the custodian converts currency, the custodian has no obligation
to obtain the most favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined
will be the most favorable to ADS holders, and the depositary makes no representation that the rate is the most favorable rate and will
not be liable for any direct or indirect losses associated with the rate. In certain instances, the depositary may receive dividends
or other distributions from us in U.S. dollars that represent the proceeds of a conversion of foreign currency or translation from foreign
currency at a rate that was obtained or determined by us and, in such cases, the depositary will not engage in, or be responsible for,
any foreign currency transactions and neither it nor we make any representation that the rate obtained or determined by us is the most
favorable rate and neither it nor we will be liable for any direct or indirect losses associated with the rate.
Fees
and Other Payments Made by the Depositary to Us
We
had received from our depositary a reimbursement of nil during the fiscal year ended December 31, 2023.
PART
II.
ITEM
    13.
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
    14.
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
14.E.
Use of Proceeds
On
September 11, 2023, the Company's Registration Statement on Form F-1 in connection with the IPO filed on August 22, 2023 (Registration
No. 333-271425). In connection therewith, the Company entered into an underwriting agreement with Prime Number Capital LLC (as representatives
of the underwriters named therein), dated September 12, 2023. On September 14, 2023, the Company consummated the IPO of 750,000 ADSs,
par value $0.001 per share at a price of $9 per ADS (the "
Offering Price
"), pursuant to the Underwriting Agreement.
The underwriters were granted a 45-day option to purchase up to additional 112,500 ADSs to cover over-allotments, if any. The underwriters
exercised their over-allotment option in part and, on October 12, 2023, the underwriters purchased an additional 85,868 ADSs at the Offering
Price.
72
The
IPO (including the sale of the ADSs to cover over-allotment) generated gross proceeds to the Company of $7.5 million. We incurred listing
expenses totalling $2.4 million and the net offering proceeds to us after deducting the total expenses was $5.1 million.
ITEM
    15.
CONTROLS
    AND PROCEDURES
(a)
Disclosure controls and procedures
Under
the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted
an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and 15d-15(e) promulgated under
the Exchange Act. Controls and other procedures that are designed to provide reasonable assurance that the information that we are required
to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including
our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
Based
on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were
effective as of December 31, 2023.
(b)
Management's annual report on internal control over financial reporting
The
management of the Company is responsible for establishing, maintaining, and assessing the effectiveness of internal control over financial
reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, under the supervision of our chief executive officer
and chief financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with the
IFRSs
. Internal control over financial
reporting includes policies and procedures that:
●
pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
    assets of the Company;
●
provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    IFRSs, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management
    and directors of the Company; and
●
provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's
    assets that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with existing policies or procedures may deteriorate.
Under
the supervision of our chief executive officer and chief financial officer, our management conducted an assessment of our internal control
over financial reporting as of December 31, 2023, based on the framework and criteria established in
Internal Control — Integrated
Framework (2013),
issued by the Committee of Sponsoring Organizations of the Treadway Commission ("
COSO
").
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected
on a timely basis. In connection with management's assessment of our internal control over financial reporting described above,
management has not identified any material weakness in our internal control over financial reporting as of December 31, 2023. We concluded
that our internal control over financial reporting was effective as of December 31, 2023.
73
Management
believes that our consolidated financial statements included in this annual report on Form 20-F have been prepared in accordance with
generally accepted accounting principles. Our chief executive officer and chief financial officer have certified that, based on such
officer's knowledge, the financial statements and other financial information included in this annual report on Form 20-F fairly
present in all material respects the financial position, results of operations and cash flows of the Company as of, and for, the periods
presented in this report.
(c)
Attestation report of the registered public accounting firm
This
annual report does not include an attestation report of the Company's registered public accounting firm on internal control over
financial reporting because the Company is a non-accelerated filer exempted from Section 404(b) of the Sarbanes-Oxley Act.
(d)
Changes in Internal Controls over Financial Reporting
There
were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during
the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal controls
over financial reporting.
ITEM
    16A.
AUDIT
    COMMITTEE FINANCIAL EXPERT
Our
board of directors has determined that Mr. Heung Ming Henry Wong, an independent director (under the standards set forth in set forth
in Nasdaq Stock Market Rule 5605(a)(2) and Rule 10A-3 under the Exchange Act) and the chairman of our audit committee, is our audit committee
financial expert.
ITEM
    16B.
CODE
    OF ETHICS
We
have adopted a code of business conduct and ethics that applies to all of our employees, officers and directors, including those officers
responsible for financial reporting. The most recent version is available on the Investor Relations section of our website at www.nature-wood.com.
The information contained on our website is not incorporated by reference into this annual report. If we make any substantive amendments
to the code or grant any waiver from a provision of the code to any executive officer or director, we will promptly disclose the nature
of the amendment or waiver on our website, as well as via any other means required by applicable law.
ITEM
    16C.
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by WWC, P.C. ("
WWC
") and for the periods indicated. We did not pay any other fees to WWC during the periods indicated
below.
Year
    Ended
December 31,
2023
2022
Audit
    Fees
$
150,000
$
198,888
Audit-Related
    Fees
-
-
TOTAL
$
150,000
$
198,888
"Audit
Fees" consisted of the aggregate fees billed for professional services paid for the audit of our annual financial statements and
for any other services that were normally provided in connection with our statutory and regulatory filings or engagements.
74
"Audit
Related Fees" consisted of the aggregate fees billed for professional services rendered for assurance and related services that
were reasonably related to the performance of the audit or review of our financial statements and were not otherwise included in Audit
Fees.
"Tax
Fees" consisted of the aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning.
Included in such Tax Fees were fees for preparation of our tax returns and consultancy and advice on other tax planning matters.
"All
Other Fees" consisted of the aggregate fees billed for products and services provided and not otherwise included in Audit Fees,
Audit Related Fees or Tax Fees.
ITEM
    16D.
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM
    16E
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
There
were no purchases of equity securities made by or on behalf of us or any "affiliated purchaser" as defined in Rule 10b-18
of the Exchange Act during the period covered by this annual report.
ITEM
    16F.
CHANGE
    IN REGISTRANT'S CERTIFYING ACCOUNTANT
None.
ITEM
    16G.
CORPORATE
    GOVERNANCE
As
a BVI company listed on the Nasdaq Capital Market, we are subject to Nasdaq Stock Market corporate governance listing standards. However,
the Nasdaq Stock Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the BVI, which is our home country, may differ significantly from Nasdaq Stock Market corporate
governance listing standards. Shareholders of the BVI exempted companies like us have no general rights under the BVI law to inspect
corporate records or to obtain copies of register of members of these companies (other than the memorandum and articles of association,
special resolutions, and the register of mortgages and charges). Our directors have discretion under our articles of association to determine
whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them
available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary
for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
Certain
corporate governance practices in the BVI, which is our home country, differ significantly from requirements for companies incorporated
in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to corporate governance
matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic
issuers.
ITEM
    16H.
MINE
    SAFETY DISCLOSURE
Not
applicable.
ITEM
    16I.
DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
ITEM
    16J.
INSIDER
    TRADING POLICIES
The
Board adopted the Insider Trading Policy on April 22, 2024, and a copy of the Insider Trading Policy is filed as an exhibit to
this annual report.
75
ITEM
    16K.
CYBERSECURITY
Risk
Management and strategy
The
data processed in our business does not have a bearing on national security, economy operation, social stability or public health and
security and thus may not be classified as being sensitive. Nevertheless, we
have implemented and maintained information security processes designed to identify, assess and manage material risks from cybersecurity
threats to our information systems and critical data, including intellectual property and confidential information that is proprietary,
strategic or competitive in nature. We also maintain critical internal computer networks, as well as third-party hosted services, communications
systems, hardware and software.
Our
management identifies, assesses and manages our cybersecurity threats and risks by monitoring and evaluating our threat
environment and risk profile. The management uses a number of methods to do this, including manual and automated tools,
internal and external threat assessments, and internal and external vulnerability assessments.
Depending
on the environment and system, we implement and maintain several technical, physical, and organizational measures, processes, standards
and policies designed to manage and mitigate material risks from cybersecurity threats to our systems and data. These include data
policies and procedures, an information security policy, backup systems, establishment of network security controls, annual employee
training, systems monitoring and penetration testing.
We
integrate our assessment and management of material risks from cybersecurity threats into our overall risk management processes. For
example, our management generally provides reports and status updates to our Board when it identifies any material risks of cybersecurity
threat,  as the Board monitors our overall enterprise risk.
Despite
these measures, we may not be successful in preventing, mitigating or recovering from a cybersecurity incident, which could have a material
adverse effect on our operations or financial results or reputation. For a description of the primary risks from cybersecurity threats
that may materially affect our business and how they may do so, see Part I, Item 1A. Risk Factors in this Annual Report on Form 10-K,
including "— Our networks and those of our third-party service providers may be vulnerable to cybersecurity risks."
Governance
Our
independent Directors address cybersecurity risk management as part of its general oversight function. The independent Directors oversee
our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Our
cybersecurity risk assessment and management processes are implemented and maintained by members of our management team who is responsible
for hiring appropriate personnel, integrating cybersecurity risk considerations into our overall risk management strategy and communicating
key priorities to relevant personnel and approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes
and reviewing security assessments and other security-related reports.
Information
regarding cyber incidents is reported at the meeting of the management or sooner if warranted. The management will work with
the IT team to help mitigate and remediate cybersecurity incidents of which they are notified. The management is responsible for reporting
cybersecurity incidents to the Board.
76
PART
III
ITEM
    17.
FINANCIAL
    STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
    18.
FINANCIAL
    STATEMENTS
Our
consolidated financial statements are included at the end of this annual report.
ITEM
    19.
EXHIBITS
Exhibit
                                            No.
Description
                                            of Exhibit
1.1
Amended and Restated Memorandum of Association of the Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 6-K filed with the Securities and Exchange Commission on September 15, 2023).
1.2
Amended and Restated Articles of Association of the Company (incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023). Agreement, by and between Mr. Hok Pan Se and the registrant, dated as of May 26, 2023
2.1
Form of Deposit Agreement, among the Registrant, the depositary and the holders and beneficial owners of American Depositary Shares issued thereunder (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
2.2
Specimen American Depositary Receipt (incorporated by reference to Exhibit 4.2 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
4.1
Underwriting Agreement dated September 12, 2023 (incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form 6-K filed with the Securities and Exchange Commission on September 15, 2023).
4.2
Director Agreement between Mr. Hok Pan Se and the registrant dated May 26, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
4.3
Director Agreement between Mr. Zhihua Liang and the registrant dated May 26, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
4.4
Employment Agreement between Mr. Kam Pang Chim and the registrant dated May 26, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
4.5
Employment Agreement between Mr. Jianjun Zeng and the registrant dated May 26, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
4.6
Form of Independent Director Agreement (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
8.1
List of subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
11.1
Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 to the Company's Registration Statement on Form F-1 (Registration No. 333-271425) filed with the Securities and Exchange Commission on August 4, 2023).
11.2*
Insider Trading Policy
12.1*
CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1*
CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2*
CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97*
Clawback Policy
101.INS*
Inline
    XBRL Instance Document.
101.SCH*
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover
    Page Interactive Data File (embedded within the Inline XBRL document)
*
Filed
    with this annual report on Form 20-F
77
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
Nature
    Wood Group Limited
By:
/s/
    Jianjun Zeng
Name:
Jianjun
    Zeng
Title:
Chief
    Executive Officer
Date:
April 25, 2024
78
NATURE
WOOD GROUP LIMITED
INDEX
TO THE CONSOLIDATED FINANCIAL STATEMENTS
Page(s)
Report
    of Independent Registered Public Accounting Firm
(PCAOB ID No.
1171
)
F-2
Consolidated Statement of Financial Position as of December 31, 2023 and 2022
F-3
Consolidated
    Statement of Profit or Loss and Other Comprehensive Income for the years ended December 31, 2023, 2022 and 2021
F-4
Consolidated
    Statement of Changes in Equity for the years ended December 31, 2023, 2022 and 2021
F-5
Consolidated
    Statement of Cash Flows for the years ended December 31, 2023, 2022 and 2021
F-6
Notes to Consolidated Financial Statements
F-7
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To:
The
    Board of Directors and Shareholders of
Nature
Wood Group Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated statement of financial position of Nature Wood Group Limited and its subsidiaries (the "Company")
as of December 31, 2023, and 2022, and the related consolidated statements of profit or loss and other comprehensive income, changes
in equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes (collectively
referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and 2022 and the results of its operations and its cash flows for each of the years
in the three-year period ended December 31, 2023, in conformity with International Financial Reporting Standards.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
WWC,
P.C.
Certified
Public Accountants
PCAOB
ID No. 1171
We
have served as the Company's auditor since 2022.
San
Mateo, California
April
25,
2024
F-
2
NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2023 AND 2022
Note
2023
2022
USD
USD
ASSETS
Non-current assets
Property, plant and equipment, net
4
3,562,021
8,570,748
Right-of-use assets, net
5
189,009
157,068
Intangible assets, net
6
20,516,939
19,305,457
Prepayments
8
300,000
1,110,595
Total non-current assets
24,567,969
29,143,868
Current assets
Inventories
7
8,538,813
13,127,730
Prepayments
8
8,820,834
11,153,330
Trade and other receivables, net
9
7,283,719
8,552,732
Prepaid income tax
501,981
383,099
Restricted bank deposits
10
628,156
603,341
Cash and bank balances
10
3,979,416
5,082,587
Total current assets
29,752,919
38,902,819
Total assets
54,320,888
68,046,687
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables
11
(
4,338,192
)
(
7,732,211
)
Contract liabilities
12
(
775,183
)
(
815,455
)
Bank borrowings
13(a)
(
12,285,470
)
(
12,000,062
)
Other borrowings
13(b)/24
(
664,479
)
-
Amounts due to an ultimate beneficial shareholder
14/ 24
(
5,021,638
)
(
4,531,760
)
Lease liabilities
15
(
64,296
)
(
107,945
)
Convertible bonds
16/ 24
-
(
12,210,327
)
Income tax payable
(
21,560
)
(
167,653
)
Total current liabilities
(
23,170,818
)
(
37,565,413
)
Net current assets
6,582,101
1,337,406
Non-current liabilities
Bank borrowings
13(a)
(
533,760
)
(
836,532
)
Amounts due to an ultimate beneficial shareholder
14/ 24
(
12,300,650
)
(
17,087,553
)
Lease liabilities
15
(
133,972
)
(
65,513
)
Total non-current liabilities
(
12,968,382
)
(
17,989,598
)
Total liabilities
(
36,139,200
)
(
55,555,011
)
Capital and reserves
Share capital
17
(
132,425
)
(
105,263
)
Capital reserves
(
30,052,790
)
(
12,891,887
)
Accumulated comprehensive losses
12,003,527
505,474
Total equity
(
18,181,688
)
(
12,491,676
)
Total liabilities and equity
(
54,320,888
)
(
68,046,687
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR
THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
Note
2023
2022
202
1
USD
USD
USD
Revenue
18
25,456,775
55,339,277
47,684,127
Cost of revenue
(
23,071,638
)
(
35,423,411
)
(
31,272,086
)
Gross profit
2,385,137
19,915,866
16,412,041
Net foreign exchange gains (losses)
166,849
(
958,564
)
(
1,515,866
)
Other income, net
19
1,113,651
1,823,162
1,625,523
Impairment loss recognized on property, plant and equipment
4
(
4,244,688
)
-
-
Selling and distribution expenses
(
4,551,860
)
(
8,632,192
)
(
9,342,690
)
Administrative expenses
(
5,263,450
)
(
5,020,733
)
(
3,347,182
)
Finance income
23,239
11,573
892
Finance costs
20
(
1,605,060
)
(
1,928,292
)
(
1,872,175
)
(Loss) profit before income tax
21
(
11,976,182
)
5,210,820
1,960,543
Income tax credits (expenses)
22
42,854
(
431,925
)
(
628,253
)
(Loss) profit for the year
(
11,933,328
)
4,778,895
1,332,290
Other comprehensive income (loss):
Exchange difference arising from translation
of foreign operations
435,275
(
314,831
)
(
174,231
)
Other comprehensive income (loss)
435,275
(
314,831
)
(
174,231
)
Total comprehensive (loss) income for the year
(
11,498,053
)
4,464,064
1,158,059
(LOSS)
    EARNINGS PER SHARE – BASIC AND DILUTED
(1) (2)
(
0.11
)
0.05
0.01
(LOSS)
    EARNINGS PER ADS – BASIC AND DILUTED
(1) (2)
(
0.85
)
(LOSS)
EARNINGS PER SHARE
Weighted average number of ordinary shares used in computing basic and diluted
    (loss) earnings per share/ADS
(1) (2)
111,911,839
105,263,000
105,263,000
Notes:
(1)
Each
    ADS represents eight ordinary shares.
(2)
Since
    there is antidilutive effect on dilutive (loss) earnings per share/ADS, basic and dilutive (loss) earnings per share/ADS
    should remain the same.
F-
4
NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
Capital
    reserves
Accumulated
    comprehensive losses
Note
Share
    capital
Share
    premium
Statutory
    Surplus reserve
Other
    reserve
Total
    capital reserve
Accumulated
    other comprehensive losses
Accumulated
    (losses) profits
Total
    accumulated comprehensive losses
Total
USD
USD
USD
USD
USD
USD
USD
USD
USD
Balance at January 1, 202
1
105,263
12,834,431
1,860
55,596
12,891,887
(
374,607
)
(
5,752,990
)
(
6,127,597
)
6,869,553
Exchange difference arising from translation of foreign operations
-
-
-
-
-
(
174,231
)
-
(
174,231
)
(
174,231
)
Profit for the year
-
-
-
-
-
-
1,332,290
1,332,290
1,332,290
Balance at December 31, 2021 and January 1, 2022
105,263
12,834,431
1,860
55,596
12,891,887
(
548,838
)
(
4,420,700
)
(
4,969,538
)
8,027,612
Exchange difference arising from translation of foreign operations
-
-
-
-
-
(
314,831
)
-
(
314,831
)
(
314,831
)
Profit for the year
-
-
-
-
-
-
4,778,895
4,778,895
4,778,895
Balance at December 31, 2022 and January 1, 2023
105,263
12,834,431
1,860
55,596
12,891,887
(
863,669
)
358,195
(
505,474
)
12,491,676
Issue of new shares
17
27,162
17,160,903
-
-
17,160,903
-
-
-
17,188,065
Exchange difference arising from translation of foreign operations
-
-
-
-
-
435,275
-
435,275
435,275
Loss for the year
-
-
-
-
-
-
(
11,933,328
)
(
11,933,328
)
(
11,933,328
)
Balance at December 31, 2023
132,425
29,995,334
1,860
55,596
30,052,790
(
428,394
)
(
11,575,133
)
(
12,003,527
)
18,181,688
The accompanying notes are an integral part of these consolidated financial statements.
F-
5
NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES
CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR
THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
2023
2022
202
1
USD
USD
USD
Operating activities
(Loss) profit before income tax
(
11,976,182
)
5,210,820
1,960,543
Adjustments for:
Expected credit losses recognized on trade receivables
253,459
73,537
96,891
Write-down of inventories
1,933,391
-
-
Impairment loss recognized on property, plant and equipment
4,244,688
-
-
Depreciation of property, plant and equipment
863,287
707,747
509,177
Depreciation of right-of-use asset
99,360
105,479
86,769
Amortization of intangible assets
950,624
904,315
834,575
Gain on lease modification
(
703
)
-
-
(Profit) loss on disposal of property, plant and equipment
(
3,669
)
(
8,423
)
50,116
Interest expenses
1,498,152
1,808,990
1,737,321
Interest income
(
23,239
)
(
11,573
)
(
892
)
Operating cash flows before movements in working capital
(
2,160,832
)
8,790,892
5,274,500
Decrease (increase) in inventories
2,655,526
(
2,176,217
)
(
1,007,539
)
Decrease (increase) in prepayments, trade and other receivables
3,054,403
(
360,436
)
(
1,672,117
)
(Decrease) increase in trade and other payables
(
3,508,602
)
929,767
100,300
(Decrease) increase in contract liabilities
(
40,272
)
(
608,006
)
732,146
Cash generated from operations
223
6,576,000
3,427,290
Income tax paid
(
239,451
)
(
704,838
)
(
175,791
)
Net cash (used in) generated from operating activities
(
239,228
)
5,871,162
3,251,499
Investing activities
Interest received
23,239
11,573
892
Purchases of property, plant, and equipment
(
116,404
)
(
1,202,289
)
(
2,533,241
)
Proceeds from sales of property, plant and equipment
22,542
38,185
1,477
Purchases of intangible assets
(
1,057,831
)
(
314,168
)
(
6,336
)
(Increase) decrease in restricted bank deposits
(
24,815
)
37,687
55,103
Net cash used in investing activities
(
1,153,269
)
(
1,429,012
)
(
2,482,105
)
Financing activities
Advances from an ultimate beneficial shareholder
2,579,641
9,767,902
5,400,896
Repayments to an ultimate beneficial shareholder
(
6,872,847
)
(
7,528,710
)
(
6,499,827
)
Proceeds from bank borrowings
30,492,404
22,477,387
24,977,364
Repayments of bank borrowings
(
30,637,447
)
(
25,346,613
)
(
21,668,049
)
Proceeds from other borrowings
663,211
-
-
Repayments of lease liabilities
(
105,956
)
(
105,957
)
(
77,889
)
Proceeds from issue of shares, net of expenses
5,092,321
-
-
Interest paid
(
1,498,152
)
(
1,808,990
)
(
1,737,321
)
Net cash (used in) generated from financing activities
(
286,825
)
(
2,544,981
)
395,174
Net (decrease) increase in cash and cash equivalents
(
1,679,322
)
1,897,169
1,164,568
Cash and bank balances at beginning of year
5,082,587
3,545,458
3,554,117
Effect of foreign exchange rate changes
576,151
(
360,040
)
(
1,173,227
)
Cash and bank balances at end of year
3,979,416
5,082,587
3,545,458
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
NATURE
WOOD GROUP LIMITED AND ITS SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
1
ORGANIZATION AND PRINCIPAL
  ACTIVITIES
Organization
and reorganization
Nature
Wood Group Limited (the "Company" or the "Group") was incorporated in the British Virgin Islands on September
22, 2011. The registered office of the Company is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British
Virgin Islands. The principal place of business of the Company is Avenida da Amizade n.o1287, Chong Fok Centro Comercial, 13 E Macau
S.A.R.
The
Group's principal subsidiaries, as of the date of this report, are set out below:
Percentage
    of effective ownership
Name
Date
    of
incorporation
December
    31, 2023
December
    31, 2022
Place
                                            of
incorporation
Principal
activities
%
%
Swift
    Top Capital Resources Limited
November
    20, 2012
100
100
Hong
    Kong
Trading
    of logs
Parquet
    Nature (France) S.A.R.L.
August
    21, 2012
100
100
France
Trading
    of logs
Choi
    Chon Investment Company Limited
March
    12,2015
100
100
Macau
Trading
    of wood products
South
    American Wood S.A.C.
December
    16, 2019
100
100
Peru
Trading
    of wood products
Grupo
    Maderero Amaz S.A.C.
July
    27, 2016
100
100
Peru
Trading
    of wood products
E&T
    Forestal S.A.C.
May
    2，2014
100
100
Peru
Manufacturing
    of wood products and holding of concession rights
Maderera Industrial Isabelita S.A.C.
February
    22, 2002
100
100
Peru
Trading
    of wood products and holding of concession rights
Nuevo
    San Martin S.A.C.
June
    5, 2002
100
100
Peru
Manufacturing
    and trading of wood products and holding of concession rights
Sepahua
    Tropical Forest S.A.C.
June
    5, 2002
100
100
Peru
Holding
    of concession rights
Latinoamerican
    Forest S.A.C.
March
    31, 2022
100
100
Peru
Trading
    of wood products
F-
7
Principal
activities
The
Company is an investment holding company. The principal activities of the Company are conducted through its subsidiaries which are in
the business of selling logs, sales of wood products from extraction, and processing of logs. The Company is headquartered in Macau and
conducts its primary operations through its significant direct and indirectly held subsidiaries that are incorporated and domiciled in
Peru, namely E&T Forestal S.A.C., Nuevo San Martin S.A.C., Sepahua Tropical Forest S.A.C., Maderera Industrial
Isabelita S.A.C., Latinoamerican Forest S.A.C., South American Wood S.A.C. and Grupo Maderero Amaz S.A.C., and in France namely
Parquet Nature (France) S.A.R.L., and in Macau and Hong Kong namely Choi Chon Investment Company Limited and Swift Top Capital Resources
Limited respectively.
2
SUMMARY OF MATERIAL ACCOUNTING
  POLICY INFORMATION
BASIS
OF ACCOUNTING
- The consolidated financial statements
have been prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below, and in accordance
with International Financial Reporting Standards (or "IFRSs") as issued by the International Accounting Standards
Board (the "IASB").
Historical
cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants
would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement
and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions
that are within the scope of IFRS 2
Share-based Payment
, leasing transactions that are accounted for in accordance with IFRS 16
Leases
, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS
2
Inventories
or value in use in IAS 36
Impairment of Assets
.
In
addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which
the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety,
which are described as follows:
●
Level
    1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement
    date;
●
Level
    2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly
    or indirectly; and
●
Level
    3 inputs are unobservable inputs for the asset or liability.
ADOPTION
OF NEW AND REVISED STANDARDS
– The Group has applied a number of new and revised
IFRSs issued by the International Accounting Standards Board ("IASB") that are
mandatorily effective for an accounting period that begins on or after January 1, 2023:
●
Amendments
    to IAS 8,
Definition of accounting estimates
●
Amendments
    to IAS 1 and IFRS Practice Statement 2
, Disclosure of accounting policies
●
Amendments
    to IAS12,
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
At
the date of authorization of these consolidated financial statements, the management determined that the adoption of the above/other
IFRSs and amendments to IFRS have not had any material impact on the consolidated financial statements of the
Group in the period of their initial adoption.
NEW
AND REVISED IFRS STANDARDS IN ISSUE BUT NOT YET EFFECTIVE
-
At the date of authorization of these consolidated financial statements, the Group has not adopted the new and revised IFRSs and
amendments to IFRS that have been issued but are not yet effective to them. The Company do not anticipate that the adoption of these
new and revised IFRS (I) pronouncements in future periods will have a material impact on the Group's and the Company's consolidated
financial statements in the period of their initial adoption.
F-
8
The
preparation of these consolidated financial statements in conformity with IFRS requires management to exercise its judgement in the process
of applying the Group's accounting policies. It also requires the use of certain critical accounting estimates and assumptions.
The areas involving a higher degree of judgement or complexity, or areas where estimates and assumptions are significant to the consolidated
financial statements are disclosed in Note 3.
BASIS
OF CONSOLIDATION
The
Group consolidates the accounts of its subsidiaries and eliminates all significant intercompany balances and transactions in its consolidated
financial statements.
Subsidiary
corporations are all entities (including structured entities) over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. Subsidiary corporations are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date on that control ceases.
In
preparing the consolidated financial statements, transactions, balances, and unrealized gains on transactions between group entities
are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred
asset. Accounting policies of subsidiary corporations have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Acquisition
of entities under an internal reorganization scheme does not result in any change in economic substance. Accordingly, the consolidated
financial statements of the Company are a continuation of the acquired entities and is accounted for as follows:
(i)
The
    results of entities are presented as if the internal reorganization occurred from the beginning of the earliest period presented
    in the consolidated financial statements;
(ii)
The
    Company will consolidate the assets and liabilities of the acquired entities at the pre-combination carrying amounts. No adjustments
    are made to reflect fair values, or recognize any new assets or liabilities, at the date of the internal reorganization that would
    otherwise be done under the acquisition method; and
(iii)
No
    new goodwill is recognized as a result of the internal reorganization. The only goodwill that is recognized is the existing goodwill
    relating to the combining entities. Any difference between the consideration paid/transferred and the equity acquired is reflected
    within equity as merger reserve or deficit.
FINANCIAL
ASSETS
(a)
Classification
    and measurement
The
Group reclassifies debt instruments when and only when its business model for managing those assets changes.
At
subsequent measurement - Debt instrument -
Debt instruments mainly comprise of trade and other receivables (excluding prepayments),
restricted bank deposits, cash and bank balances.
Debt
instruments 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. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not
part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these
financial assets is included in interest income using the effective interest rate method.
F-
9
(b)
Impairment
The
Group recognizes a loss allowance for ECL on financial assets which are subject to impairment assessment under IFRS 9. The amount of
ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The Group always recognizes lifetime ECL for accounts receivables. The ECL on these financial assets are estimated using a provision
matrix based on the Group's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic
conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time
value of money where appropriate. For all other financial instruments, the Group measures the loss allowance equal to 12-month ECL, unless
when there has a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of
whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of a default occurring since initial
recognition.
Significant
increase in credit risk
In
assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring
on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date
of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable
and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking
information considered includes the future prospects of the industries in which the Group's debtors operate, obtained from economic
expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organizations, as well as consideration
of various external sources of actual and forecast economic information that relate to the Group's operations.
In
particular, the following information is taken into account when assessing whether credit risk has increased significantly:
●
an
    actual or expected significant deterioration in the financial instrument's external (if available) or internal credit rating;
●
significant
    deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default
    swap prices for the debtor;
●
existing
    or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the
    debtor's ability to meet its debt obligations;
●
an
    actual or expected significant deterioration in the operating results of the debtor;
●
significant
    increases in credit risk on other financial instruments of the same debtor;
●
an
    actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results
    in a significant decrease in the debtor's ability to meet its debt obligations.
Irrespective
of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition
when contractual payments are more than 60 days past due, unless the Group has reasonable and supportable information that demonstrates
otherwise.
F-
10
(c)
Recognition
    and derecognition
Regular
way purchases and sales of financial assets are recognized on trade date – the date on which the Group commits to purchase or sell
the asset.
Financial
assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
Group has transferred substantially all risks and rewards of ownership.
On
disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss.
Financial
liabilities and equity instruments
Classification
as debt or equity
Debt
and equity instruments issued by a Group entity are classified as either financial liabilities or as equity in accordance with substance
of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Equity
instruments
An
equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by a Group are recognized at the proceeds received, net of direct issue costs.
Financial
liabilities
Except
for derivative financial instruments which are stated at fair value through profit or loss, all other financial liabilities are subsequently
measured at amortized cost using the effective interest method.
Convertible
bonds
Convertible
bonds that can be converted to equity share capital at the option of the holder, where the number of shares that would be issued on conversion
and the value of the consideration that would be received at that time do not vary, are accounted for as compound financial instruments
which contain a liability component, a derivative component, and an equity component. Convertible bonds issued by the Group that contain
both financial liability and equity components are classified separately into respective liability, derivative and equity components
on initial recognition. On initial recognition, the fair value of the liability component is determined using the prevailing market interest
rate for similar non-convertible debts. The difference between the proceeds of the issue of the convertible bonds and the fair value
assigned to the liability component, representing the call option for conversion of the convertible bonds into equity, is included in
equity as convertible bonds reserve. The liability component is subsequently carried at amortized cost using the effective interest method.
The equity component will remain in equity until conversion or redemption of the bond. When the convertible bond is converted, the equity
component of convertible bond and the carrying value of the liability component at the time of conversion are transferred to share capital
and share premium as consideration for the shares issued. If the bond is redeemed, the convertible bonds reserve is released directly
to retained profits.
The
effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.
F-
11
Derecognition
of financial liabilities
The
Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or expired. The
difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any
non-cash assets transferred or liabilities assumed, is recognized in profit or loss.
Offsetting
financial instruments
Financial
assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset
and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
SHARE-BASED
PAYMENTS
Equity-settled
share-based payment transactions
Share
options granted to employees
Equity-settled
share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the
grant date.
The
fair value of the equity-settled share-based payments determined at the grant date without taking into consideration all non- market
vesting conditions is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments
that will eventually vest, with a corresponding increase in equity (share-based payments reserve). At the end of each reporting period,
the Group revises its estimate of the number of equity instruments expected to vest based on assessment of all relevant non-market vesting
conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense
reflects the revised estimate, with a corresponding adjustment to the share-based payments reserve. For shares/share options that vest
immediately at the date of grant, the fair value of the shares/share options granted is expensed immediately to profit or loss.
When
share options are exercised, the amount previously recognized in share-based payments reserve will be transferred to share capital and
share premium. When the share options are forfeited after the vesting date or are still not exercised at the expiry date, the amount
previously recognized in share-based payments reserve will continue to be held in share-based payments reserve/will be transferred to
retained earnings.
When
shares granted are vested, the amount previously recognized in share-based payments reserve will be transferred to share capital and
share premium.
F-
12
PROPERTY,
PLANT AND EQUIPMENT
(a)
Measurement
(i)
Property,
    plant and equipment
Property
,
    plant
and equipment are initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated
    impairment losses.
(ii)
Components
    of costs
The
    cost of an item of property, plant and equipment initially recognized includes its purchase price and any cost that is directly attributable
    to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
(b)
Depreciation
Depreciation
on other items of property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over
their estimated useful lives as followed;
Properties
20
years
Machineries
10
years
Motor
    vehicles
5
years
Furniture
    and fittings
4
–
5
years
Office
    equipment
4
–
5
years
Leasehold
    Improvements
5
years
No
depreciation is charged on freehold lands and construction in progress.
The
residual values estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate,
at each balance sheet date. The effects of any revision are recognized in profit or loss when the changes arise.
Capitalization
of these costs ceases and the construction in progress is transferred to property, plant and equipment when all of the activities necessary
to prepare the assets for their intended use are substantially complete. No depreciation is provided in respect of construction in progress.
(c)
Subsequent
    expenditure
Subsequent
expenditure relating to property and equipment that has already been recognized is added to the carrying amount of the asset only when
it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured
reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred.
(d)
Disposal
On
disposal of an item of property and equipment, the difference between the disposal proceeds and its carrying amount is recognized in
profit or loss within "Other losses - net".
F-
13
INTANGIBLE
ASSETS
-
Timber concessions and cutting rights with finite useful lives, which give the Group rights to harvest trees in the allocated
concession forests in designated areas in Peru.
Intangible
assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at
the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination
with finite useful lives are carried at costs less accumulated amortization and any accumulated impairment losses. Timber concessions
and cutting rights are amortized on a straight-line basis, over the terms of license of respective timber concessions and cutting rights.
Other
intangible assets are initially recognized at cost less accumulated amortization and accumulated impairment losses.
An
intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains and losses
from de-recognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the
assets, are recognized in profit or loss when the asset is derecognized.
IMPAIRMENT
OF NON-FINANCIAL ASSETS
-
Intangible assets and property, plant and equipment are tested for impairment whenever there is any objective
evidence or indication that these assets may be impaired.
For
the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use)
is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from
other assets. If this is the case, the recoverable amount is determined for the Cash Generating units ("CGU") to which the
asset belongs.
If
the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU)
is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognized as an impairment
loss in profit or loss.
An
impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset's
recoverable amount since the last impairment loss was recognized. The carrying amount of this asset is increased to its revised recoverable
amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization
or depreciation) had no impairment loss been recognized for the asset in prior years.
A
reversal of impairment loss for an asset other than goodwill is recognized in profit or loss.
INVENTORIES
Inventories
of manufactured products, logs, timbers, and other raw materials are valued at the lower of weighted average cost and net realizable
value. Processing materials and supplies are valued at the lower of weighted average cost and replacement cost.
LEASES
When
the Group is the lessee
At
the inception of the contract, the Group assesses if the contract contains a lease. A contract 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. Reassessment is only required
when the terms and conditions of the contract are changed.
F-
14
●
Right-of-use
    assets
The
Group recognizes a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets
are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the
commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been
obtained are added to the carrying amount of the right- of-use assets.
The
right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of
the useful life of the right-of-use asset or the end of the lease term.
●
Lease
    liabilities
The
initial measurement of a lease liability is measured at the present value of the lease payments discounted using the implicit rate in
the lease if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing
rate.
Lease
payments include the following:
-
Fixed
    payment (including in-substance fixed payments), less any lease incentives receivables;
-
Variable
    lease payment that are based on an index or rate, initially measured using the index or rate as at the commencement date;
-
Amount
    expected to be payable under residual value guarantees;
-
The
    exercise price of a purchase option if is reasonably certain to exercise the option; and
-
Payment
    of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
For
contracts that contain both lease and non-lease components, the Group allocates the consideration to each lease component on the basis
of the relative stand-alone price of the lease and non-lease component. The Group has elected to not separate lease and non-lease component
for property leases and account these as one single lease component.
Lease
liability is measured at amortized cost using the effective interest method. Lease liability shall be remeasured when:
-
There
    is a change in future lease payments arising from changes in an index or rate;
-
There
    is a change in the Group's assessment of whether it will exercise an extension option; or
-
There
    is modification in the scope or the consideration of the lease that was not part of the original term.
Lease
liability is remeasured with a corresponding adjustment to the right-of-use assets, or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.
●
Short-term
    and low-value leases
The
Group has elected to not recognized right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months
or less and leases of low value leases. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis
over the lease term.
F-
15
●
Variable
    lease payments
Variable
lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease
liability. The Group shall recognize those lease payments in profit or loss in the periods that triggered those lease payments.
EMPLOYEE
BENEFITS
-
Employee benefits are recognized as an expense unless the cost qualifies to be capitalized as an asset.
(a)
Defined
    contribution plans
Defined
contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the
Central Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions
have been paid.
(b)
Employee
    leave entitlement
Employee
entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual
leave as a result of services rendered by employees up to the balance sheet date.
PROVISIONS
-
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The
amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the
cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.
When
some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is
recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured
reliably.
F-
16
REVENUE
RECOGNITION
-
Revenue is recognized to depict the transfer of promised services to clients at an amount that reflects the consideration
to which an entity expects to be entitled in exchange for those services. Specifically, the Company uses a five-step approach to recognize
revenue:
●
Step
    1: Identify the contract(s) with a client
●
Step
    2: Identify the performance obligations in the contract
●
Step
    3: Determine the transaction price
●
Step
    4: Allocate the transaction price to the performance obligations in the contract
●
Step
    5: Recognize revenue when (or as) the Company satisfies a performance obligation
The
Company recognizes revenue when (or as) a performance obligation is satisfied, i.e., when "control" of the services underlying
the particular performance obligations is transferred to clients.
A
performance obligation represents a service (or a bundle of services) that is distinct or a series of distinct services that are substantially
the same.
Control
is transferred overtime and revenue is recognized overtime by reference to the progress towards complete satisfaction of the relevant
performance obligation if one of the following criteria is met:
●
the
    client simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;
●
the
    Company's performance creates or enhances an asset that the client controls as the asset is created or enhanced; or
●
the
    Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right
    to payment for performance completed to date.
Otherwise,
revenue is recognized at a point in time when the customer obtains control of the distinct service.
Advance
payments received from clients are recognized as contract liabilities as the Group has not yet satisfied its performance obligation.
Contract liabilities are recognized as revenue when the Group satisfied its performance obligation. The Group may receive payment for
service prior to, or after it satisfies the performance obligation under a service agreement.
Income
from sales
of logs and manufactured wood products
Revenue
from logs and wood products is recognized at a point in time when the goods are delivered and transferred to customers, being at the
point that the customer obtains the control of the goods (for export sales, it would be under the shipping terms of either Freight On
Board ("FOB") or Cost, insurance, and freight ("CIF"); for local sales, it would be recognized upon delivery
is made to customer's designated receiving location) and the Group has presented right of payment and collection of the consideration
is probable.
The
Group receives certain portion of the contract value as deposits from customers or receipts in advance from customers when they sign
the sale and purchase agreement.
Deposits
received on logs and wood products prior to the date of revenue recognition are recorded as contract liabilities under current liabilities.
The
management of the Group considers that there are no sales return and warranty policies for our international business.
F-
17
GOVERNMENT
GRANTS AND SUBSIDIES
- Grants from the government are recognized as a receivable at their fair value when there is reasonable assurance
that the grant will be received and the Group will comply with all the attached conditions.
Government
grants receivable are recognized as income over the periods necessary to match them with the related costs which they are intended to
compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income.
Grants
related to assets are presented as deferred income under trade and other payables.
SHARE
CAPITAL
-
Ordinary
shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against
the capital reserves account.
INCOME
TAX
- Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax
authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically
evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and
considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Group measures its tax balances either
based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the
uncertainty.
Deferred
income tax is recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts
in the consolidated financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset
or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time
of the transaction.
A
deferred income tax liability is recognized on temporary differences arising on investments in subsidiaries, associates and joint ventures,
except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future.
A
deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which
the deductible temporary differences and tax losses can be utilized.
Deferred
income tax is measured:
(i)
at
    the tax rates that are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability
    is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and
(ii)
based
    on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, to recover or settle
    the carrying amounts of its assets and liabilities except for investment properties. Investment property measured at fair value is
    presumed to be recovered entirely through sale.
Current
and deferred income taxes are recognized as income or expense in profit or loss, except to the extent that the tax arises from a business
combination or a transaction which is recognized directly in equity. Deferred tax arising from a business combination is adjusted against
goodwill on acquisition.
The
Group accounts for investment tax credits (for example, productivity and innovation credit) similar to accounting for other tax credits
where a deferred tax asset is recognized for unused tax credits to the extent that it is probable that future taxable profit will be
available against which the unused tax credits can be utilized.
F-
18
FOREIGN
CURRENCY TRANSACTIONS
(a)
Functional
    and presentation currency
Items
included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment
in which the entity operates ("functional currency"). The financial statements are presented in US Dollar ("USD"),
Hong Kong Dollar ("HKD"), China Yuan ("CNY"), Euro ("EUR"), Peruvian Sol ("PEN") which
is the functional currency of the Group and the Company.
The
value of foreign currencies including, may fluctuate against the USD. Any significant variations of the aforementioned currencies relative
to the USD may materially affect the Company's financial condition in terms of reporting in USD. The following table outlines the
currency exchange rates that were used in preparing the accompanying consolidated financial statements:
December 31,
2023
2022
202
1
HKD to USD Year End
0.128
0.128
0.128
HKD to USD Average Rate
0.128
0.128
0.129
CNY to USD Year End
0.141
0.144
0.157
CNY to USD Average Rate
0.141
0.148
0.155
EUR to USD Year End
1.110
1.066
1.132
EUR to USD Average Rate
1.099
1.052
1.182
PEN to USD Year End
0.270
0.262
0.251
PEN to USD Average Rate
0.268
0.261
0.256
(b)
Transactions
    and balances
Transactions
in a currency other than the functional currency ("foreign currency") are translated into the functional currency using the
exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and
from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date
are recognized in profit or loss. Monetary items include primarily financial assets (other than equity investments), contract assets
and financial liabilities. However, in the consolidated financial statements, currency translation differences arising from borrowings
in foreign currencies and net investment in foreign operations, are recognized in other comprehensive income and accumulated in the currency
translation reserve.
When
a foreign operation is disposed of or any loan forming part of the net investment of the foreign operation is repaid, a proportionate
share of the accumulated currency translation differences is reclassified to profit or loss, as part of the gain or loss on disposal.
Non-monetary
items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.
(c)
Translation
    of Group entities' financial statements
The
results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a
functional currency different from the presentation currency are translated into the presentation currency as follows:
(i)
assets
    and liabilities are translated at the closing exchange rates at the reporting date;
(ii)
income
    and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect
    of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the
    dates of the transactions); and
F-
19
(iii)
all
    resulting currency translation differences are recognized in other comprehensive income and accumulated in the currency translation
    reserve. These currency translation differences are reclassified to profit or loss on disposal or partial disposal with loss of control
    of the foreign operation.
Goodwill
and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations
and translated at the closing rates at the reporting date.
RELATED
PARTIES
(a)
A
    person, or a close member of that person's family, is related to the group if that person:
(i)
has
    control or joint control over the group;
(ii)
has
    significant influence over the group; or
(iii)
is
    a member of the key management personnel of the group or the group's parent.
(b)
An
    entity is related to the group if any of the following conditions applies:
(i)
The
    entity and the group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to
    the others).
(ii)
One
    entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the
    other entity is a member).
(iii)
Both
    entities are joint ventures of the same third party.
(iv)
One
    entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v)
The
    entity is a post-employment benefit plan for the benefit of of either the group or an entity related to the group.
(vi)
The
    entity is controlled or jointly controlled by a person identified in (a).
(vii)
A
    person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity
    (or of a parent of the entity).
(viii)
The
    entity, or any member of a group of which it is a part, provides key management personnel services to the group or to the group's
    parent. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that
    person in their dealings with the entity.
EARNINGS
PER SHARE
- The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated
by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares
outstanding during the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or
loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held,
if any, for the effects of all dilutive potential ordinary shares.
SEGMENT
REPORTING
– Operating segments, and the amounts of each segment item reported in the consolidated financial statements, are
identified from the financial information provided regularly to the group's most senior executive management for the purposes of
allocating resources to, and assessing the performance of, the group's various lines of business and geographical locations.
Individually
material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics
and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers,
the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments
which are not individually material may be aggregated if they share a majority of these criteria.
F-
20
3
CRITICAL ACCOUNTING JUDGEMENTS
  AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In
the application of the Group's accounting policies, which are described in Note 2 to the consolidated financial statements, management
is 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.
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.
Critical
judgements in applying the Group's accounting policies
There
are no critical judgements, apart from those involving estimation (see below) that the management has made in the process of applying
the Group's accounting policy and that has the most significant effect on the amounts recognized in the consolidated financial
statements.
Key
sources of estimation uncertainty
The
key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are
disclosed below:
Impairment of property, plant and equipment (Note 4) and intangible
assets (Note 6)
Determining an appropriate amount of an impairment requires an estimation of recoverable amounts of relevant property,
plant and equipment and intangible assets or the respective cash-generating units ("CGU") to which the property, plant and
equipment and intangible assets belong, which is the higher of value in use and fair value less cost of disposal. If there is any indication
that an asset may be impaired, the recoverable amount shall be estimated for individual asset. If it is not possible to estimate the recoverable
amount of the individual asset, the Group shall determine the recoverable amount of the CGU to which the asset belongs. The value in use
calculation requires the Group to estimate the future cash flows expected to arise from the relevant assets or the CGU and a suitable
discount rate in order to calculate the present value. The discount rate represents rate that reflects current market assessments of time
value of money and the risks specific to the asset or the CGU for which the future cash flow estimates have not been adjusted. Where the
actual future cash flows are less than expected or there is a downward revision of future estimated cash flows due to unfavourable changes
in facts and circumstances, an additional impairment loss may arise.
Write-down
of inventories (Note 7)
The
Company performs regular reviews of the carrying amounts of inventories with reference to aged inventories analysis, projections of expected
future saleability of goods and, management experience and judgement. Based on this review, a write-down of inventories will be made
when the estimated net realizable value of inventories decline below their carrying amounts. Due to changes in market environment, actual
saleability of goods may be different from estimation and the consolidated statement of profit or loss in future accounting periods
could be affected by differences in their estimation.
F-
21
4
PROPERTY, PLANT AND EQUIPMENT,
  NET
Freehold land
Properties
Leasehold Improvements
Construction in progress
Machineries
Furniture and fittings
Motor vehicles
Office equipment
Total
USD
USD
USD
USD
USD
USD
USD
USD
USD
Cost:
At January 1, 2022
1,546,665
1,837,409
26,908
1,314,140
4,021,535
68,393
764,190
24,249
9,603,489
Additions
-
-
-
80,216
92,586
2,475
1,017,530
9,482
1,202,289
Transfer
-
1,340,556
-
(
1,340,556
)
394,626
(
26,966
)
(
394,626
)
26,966
-
Disposals
-
-
-
-
(
1,300
)
-
(
76,922
)
(
1,648
)
(
79,870
)
Exchange difference
-
-
(
2,275
)
-
(
82
)
(
1,857
)
(
7,576
)
(
211
)
(
12,001
)
At December 31, 2022 and January 1, 2023
1,546,665
3,177,965
24,633
53,800
4,507,365
42,045
1,302,596
58,838
10,713,907
Additions
-
36,109
-
64,416
10,574
1,392
-
3,913
116,404
Transfer
-
118,216
-
(
118,216
)
-
-
-
-
-
Disposals
-
-
-
-
(
1,401
)
-
(
88,652
)
(
184
)
(
90,237
)
Exchange difference
-
-
(
410
)
-
107
-
6,913
593
7,203
At December 31, 2023
1,546,665
3,332,290
24,223
-
4,516,645
43,437
1,220,857
63,160
10,747,277
Accumulated depreciation:
At January 1, 2022
-
(
266,484
)
(
9,666
)
-
(
830,772
)
(
29,346
)
(
337,940
)
(
18,526
)
(
1,492,734
)
Charge for the year
-
(
96,261
)
(
6,522
)
-
(
553,706
)
(
5,100
)
(
36,838
)
(
9,320
)
(
707,747
)
Transfer
-
-
-
-
-
17,619
-
(
17,619
)
-
Eliminated upon disposals
-
-
-
-
162
-
48,309
1,637
50,108
Exchange difference
-
-
1,011
-
64
1,245
4,792
102
7,214
At December 31, 2022 and January 1, 2023
-
(
362,745
)
(
15,177
)
-
(
1,384,252
)
(
15,582
)
(
321,677
)
(
43,726
)
(
2,143,159
)
Charge for the year
-
(
156,404
)
(
6,206
)
-
(
450,707
)
(
5,071
)
(
237,309
)
(
7,590
)
(
863,287
)
Eliminated upon disposals
-
-
-
-
756
-
70,608
-
71,364
Exchange difference
-
-
236
-
(
2,299
)
-
(
2,984
)
(
439
)
(
5,486
)
At December 31, 2023
-
(
519,149
)
(
21,147
)
-
(
1,836,502
)
(
20,653
)
(
491,362
)
(
51,755
)
(
2,940,568
)
Accumulated impairment:
At January 1, 2022
-
-
-
-
-
-
-
-
-
Charge for the year
-
-
-
-
-
-
-
-
-
At December 31, 2022 and January 1, 2023
-
-
-
-
-
-
-
-
-
Charge for the year
-
(
2,575,694
)
-
-
(
1,668,994
)
-
-
-
(
4,244,688
)
At December 31, 2023
-
(
2,575,694
)
-
-
(
1,668,994
)
-
-
-
(
4,244,688
)
Net book value:
At December 31, 2022
1,546,665
2,815,220
9,456
53,800
3,123,113
26,463
980,919
15,112
8,570,748
At December 31, 2023
1,546,665
237,447
3,076
-
1,011,149
22,784
729,495
11,405
3,562,021
Impairment
assessment
During
the reporting period, certain subsidiaries operating in Peru have been severely affected by unfavorable market conditions arising in
the construction and home improvement sector, which indicates that the property, plant and equipment of these subsidiaries may have
impaired. The directors of the Company have therefore performed an impairment assessment on the property, plant and equipment of these
subsidiaries at December 31, 2023 based on a valuation performed by BMI Appraisals Limited, an independent professionally qualified valuer.
The
recoverable amount of the property, plant and equipment of these subsidiaries amounted to approximately US$
12,011,000
is determined based on value in use calculation
involving estimation of the future cash flow and the use of assumptions including revenue growth rate, long-term growth rate and discount
rate. As a result of the impairment assessment, an impairment loss of USD
4,244,688
was recognized in profit or loss during
the reporting period.
F-
22
5
RIGHT-OF-USE-ASSETS,
  NET
Leased
Properties
USD
At January 1, 2022
274,098
Depreciation charge for the year
(
105,479
)
Exchange difference
(
11,551
)
At December 31, 2022 and January 1, 2023
157,068
Addition
136,242
Lease modification
(
6,035
)
Depreciation charge for the year
(
99,360
)
Exchange difference
1,094
At December 31, 2023
189,009
2023
2022
USD
USD
Expense relating to short-term lease and other leases with lease terms end within 12 months
1,283
66,078
Total cash outflow for leases
112,262
115,277
For
both years,
the Group leased offices for its operations. Lease contracts are entered into fixed terms from 1 year to 9 years (2022: 1
year to 9 years). No extension options are available for all leases. Lease terms are negotiated on an individual basis and contain wide
range of different terms and conditions
. In determining the lease term and assessing the length of the non-cancellable period, the Group
applies the definition of a contract and determines the period for which the contract is enforceable.
All
leases are operating leases.
F-
23
6
INTANGIBLE ASSETS, NET
The
Group currently owns certain natural forest concessions and cutting rights for the exploitation of timbers on parcels of land in Peru,
which are subject to compliance of certain laws and regulations in Peru. The timber concessions and cutting rights have finite useful
lives ranging from
23
to
40
years.
Timber concession and cutting rights
Others
Total
USD
USD
USD
Cost:
At January 1, 2022
23,464,332
57,826
23,522,158
Additions
313,517
651
314,168
Exchange difference
-
(
251
)
(
251
)
At December 31, 2022 and January 1, 2023
23,777,849
58,226
23,836,075
Additions
2,162,073
-
2,162,073
At December 31, 2023
25,939,922
58,226
25,998,148
Accumulated amortization:
At January 1, 2022
(
3,619,497
)
(
3,491
)
(
3,622,988
)
Charge for the year
(
888,181
)
(
16,134
)
(
904,315
)
Exchange difference
-
(
3,315
)
(
3,315
)
At December 31, 2022 and January 1, 2023
(
4,507,678
)
(
22,940
)
(
4,530,618
)
Charge for the year
(
943,607
)
(
7,017
)
(
950,624
)
Exchange difference
-
33
33
At December 31, 2023
(
5,451,285
)
(
29,924
)
(
5,481,209
)
Net book value:
At December 31, 2022
19,270,171
35,286
19,305,457
At December 31, 2023
20,488,637
28,302
20,516,939
Note:
During the year ended December 31, 2023, the Group acquired several timber concession and cutting rights in Peru with an aggregate
area of approximately
77,217
hectares at a
total sum of consideration for USD
2,162,073
offsetting against the prepayments made to the suppliers.
F-
24
7
INVENTORIES
2023
2022
USD
USD
Raw materials
549,541
4,427,134
Work in progress
372,190
1,742,927
Finished goods
7,307,695
6,566,406
Spare parts for production
309,387
391,263
Total
8,538,813
13,127,730
Note:
Write-down
of inventories to net realizable value amounted to USD
1,933,391
(2022:
Nil
).
These were recognized as an expense during the year ended December 31, 2023 and included in "cost of revenue" in the consolidated
statement of profit or loss.
8
PREPAYMENTS
2023
2022
USD
USD
Advance payments made for:
Purchase of flooring and decking products (Note
1
)
4,420,000
2,801,710
Purchase of logs (Note
2
)
625,272
2,478,043
Harvesting work in concessions and wood processing services (Note
3
)
1,980,680
2,890,222
Acquisition of cutting rights in timber concession (Note
4
)
-
1,104,242
Harvesting cost (Note
5
)
1,568,630
600,185
Prepayment for acquisition of property, plant and equipment (Note
6
)
300,000
-
Others (Note 7)
226,252
2,389,523
9,120,834
12,263,925
Less: Amounts to be utilized within 12 months shown under current assets
(
8,820,834
)
(
11,153,330
)
Amounts to be utilized after 12 months shown under non-current assets
300,000
1,110,595
Notes:
1.
Included
    in the prepayments, USD
4.4
million (2022: USD
2.8
million) was advanced for the purchase of flooring and decking
    products in order to secure our supply chain of wood products to our customers.
2.
Included
    in the prepayments, USD
0.6
million (2022: USD
2.5
million) was advanced for the purchase of logs in Peru to secure the
    raw materials supply for our wood processing for production.
3.
Included
    in the prepayments, USD
2.0
million (2022: USD
2.9
million) was advanced for harvesting work in our timber concessions
    and wood processing services.
4.
At
    December 31, 2022, USD
1.1
million was advanced for the acquisition of timber concession in Peru. The right transfer
    process has been completed with relevant authorities in January 2023.
5.
Included
    in the prepayments, USD
1.6
million (2022: USD
0.6
million) was the harvesting cost to be transferred
    to inventories upon the receipt of logs.
6.
At
    December 31, 2023, included in the prepayments was an initial payment of USD
0.3
million upon signing of a contract by
    a subsidiary for acquiring a property in Peru at a sum of USD
1.0
million. In February 2024, the property
    has been transferred to the Group. The Group's capital commitment is disclosed in Note 27.
7.
Remaining
    amounts of the prepayments were advance payments made to Group's operating expenses of which certain expenses were prepaid
    for services more than 1 year and thus classified under non-current assets.
9
TRADE AND OTHER RECEIVABLES,
  NET
2023
2022
USD
USD
Trade
    receivables – contracts with customers
4,963,636
6,184,970
Less:
    Allowance for credit losses
(
483,153
)
(
229,694
)
Trade
    receivables, net
4,480,483
5,955,276
Other
    receivables
2,803,236
2,597,456
Total
7,283,719
8,552,732
Movement
    in the above allowance for credit losses:
Beginning
    balance
229,694
156,157
Charged
    for the year
253,459
73,537
Ending
    balance
483,153
229,694
F-
25
The
normal credit period for customers is ranging from 0 to 90 days. No interest is charged on the outstanding balances.
2023
2022
USD
USD
Not
    past due
132,747
1,488,567
Past
    due
4,830,889
4,696,403
Less:
    Allowance for credit losses
(
483,153
)
(
229,694
)
Net
    trade receivables
4,480,483
5,955,276
The
following is an aged analysis of trade receivables, net of allowance for credit losses, presented based on past due date:
2023
2022
USD
USD
<
    30 days
589,052
2,016,964
31
    days to 60 days
356,638
1,922,323
61
    days to 90 days
160,131
346,017
91
    days to 180 days
2,585,027
6,392
181
    days to 365 days
653,559
175,013
More
    than 1 year
3,329
-
Total
4,347,736
4,466,709
As
at December 31, 2023, included in the Group's trade receivables balance are debtors with aggregate carrying amount of USD
4,347,736
(2022: USD
4,466,709
)
which are past due as at the reporting date. Out of the past due balances, USD
3,241,915
(2022: USD
181,405
)
has been past due 91 days or more and is not considered as in default because subsequent settlements were made from these
debtors.
As
of and through April 25, 2024, the Group has received approximately USD
0.6
million in settlements of accounts receivables
from its customers.
Details
of impairment assessment of trade and other receivables are set out in note 25.
F-
26
10
RESTRICTED BANK DEPOSITS
  AND CASH AND BANK BALANCES
2023
2022
USD
USD
Restricted
    bank deposits
628,156
603,341
Cash
    and bank balances
3,979,416
5,082,587
Total
4,607,572
5,685,928
Restricted
bank deposits are pledged to banks as security deposits for the auction of logs.
Details
of impairment assessment of restricted bank deposits, and cash and bank balances are set out in note 25.
11
TRADE AND OTHER PAYABLES
2023
2022
USD
USD
Trade
    payables
2,350,888
1,992,691
Other
    payables
978,536
2,218,216
Accruals
1,008,768
3,521,304
Total
4,338,192
7,732,211
Other
payables and accruals
consist mainly of staff salaries,
audit fees and other costs of non-trade nature.
F-
27
12
CONTRACT LIABILITIES
2023
2022
USD
USD
Contract
    liabilities
775,183
815,455
Contract
liabilities relates to advances collected from customers but goods have yet delivered. These will be recognized as revenue once the control
of the goods has been transferred to customers. Management expects that all the unsatisfied performance obligation as at the end of the
reporting period may be recognized as revenue within twelve months from balance sheet date.
13
BANK BORROWINGS AND OTHER
  BORROWINGS
2023
2022
USD
USD
(a)
Bank borrowings
(Note
(i))
Bank
    overdrafts - variable rate
1,779,659
880,765
Bank
    borrowings - fixed rate
8,481,756
11,560,237
Bank
    borrowings - variable rate
2,557,815
395,592
12,819,230
12,836,594
Secured
    bank borrowings (Note
(ii))
11,708,392
11,437,433
Unsecured
    bank borrowings
1,110,838
1,399,161
Total
12,819,230
12,836,594
The
    carrying amounts of the above borrowings are repayable:
Within
    one year
12,285,470
12,000,062
Within
    a period of more than one year but not exceeding two years
486,964
572,566
Within
    a period of more than two years but not exceeding five years
46,796
263,966
Total
12,819,230
12,836,594
Less:
    Amounts due within one year shown under current liabilities:
(
12,285,470
)
(
12,000,062
)
Amounts
    shown under non-current liabilities:
533,760
836,532
(b)
Other borrowings
(Note (iii))
Unsecured other borrowing
s
    – a related party - fixed rate (Note 24)
536,530
-
Unsecured other borrowing - fixed rate
127,949
-
Total
664,479
-
Note:
(i)
Bank
                                            borrowings carry a weighted average effective interest rate at
6
%
(2022:
5
%
).
(ii)
Secured
                                            bank borrowings were pledged by the personal guarantee and the private real estate properties
                                            owned by our shareholders.
(iii)
Included
in other borrowings, an aggregate loan balance from a related party of USD
536,530
(2022:
Nil
)
was unsecured, interest-free or interest bearing at
7.5
%
p.a. A principal amount of USD
127,949
(2022:
Nil
) was unsecured and interest bearing at
6
% p.a. All these balances were repayable
within one year after the end of the reporting period.
14
AMOUNTS DUE TO AN ULTIMATE
  BENEFICIAL SHAREHOLDER
2023
2022
USD
USD
Due
    within one year
5,021,638
4,531,760
Due
    after one year
12,300,650
17,087,553
Total
17,322,288
21,619,313
Except
as described below, all other amounts are unsecured, interest free and repayable on demand.
As at December 31, 2023:
Included
in the non-current portion, two promissory notes with principal amounts of USD
12,300,650
(2022: USD
12,300,493
)
were unsecured, interest-free and repayable in February 2026.
Included
in the current portion, an aggregate loan balance of USD
895,645
was unsecured, interest bearing at
8
%
p.a. and repayable in February to March 2024. Principal amounts of USD
1,217,405
were unsecured, interest-free and repayable in
January to March 2024.
As at December 31, 2022:
Included in the non-current
portion, an aggregate loan balance of USD
2,693,351
which was unsecured, interest bearing at
5
%
to
8
%
p.a. and repayable in January 2024 was repaid in 2023. Principal amounts of USD
2,093,709
which
were unsecured, interest-free and repayable in March 2024 were partially repaid in 2023.
Included in the current portion,
a principal amount of USD
641,294
which was unsecured, interest bearing at
8
% p.a. and repayable in January 2023 was repaid in 2023.
F-
28
15
LEASE LIABILITIES
2023
2022
USD
USD
Within
    one year
64,296
107,945
Within
    a period of more than one year but not more than two years
41,440
39,394
Within
    a period of more than two years but not more than five years
92,532
26,119
198,268
173,458
Less:
    Amount due for settlement with 12 months shown under current liabilities
(
64,296
)
(
107,945
)
Amount
    due for settlement after 12 months shown under non-current liabilities
133,972
65,513
The
weighted average incremental borrowing rates applied to lease liabilities range from
3
%
to
5
%
per annum (2022:
3
%
to
4.5
%
per annum).
Lease
obligations that are denominated in currencies other than the functional currencies of the relevant group entities are set out below:
2023
2022
USD
USD
EUR
42,459
54,727
CNY
131,076
62,289
F-
29
16
CONVERTIBLE BONDS
On
September 28, 2020, the Group issued HKD denominated
8
% convertible bonds of a principal amount of US$
12,272,735
(equivalent to HK$
95,200,625
)
(the "Convertible Bonds").
At
the issue date, the Convertible Bonds can be converted into
20,475,377
shares (the "Conversion Shares").
At
any time prior to the Maturity Date, holders of the Convertible Bonds shall have no right to convert all or part of the outstanding Convertible
Bonds unless the criteria for early conversion set out in the Convertible Bond Agreements are satisfied. Otherwise, the Company shall
on the Maturity Date redeem the outstanding principal amount of the Convertible Bonds together with the accrued interest rate of
8
% per
annum.
Prior
to the issuance of the Convertible bonds, the loan has been existed for the same amount and the third-party borrower agreed to transfer
their loan amounts in full to become the amounts in the Convertible bonds upon issuance.
The
conversion option embedded in the Convertible bonds meet the definition of equity instrument of the Company and is classified as equity.
Based on the assessment from the valuation expert, there is no value on the conversion option while the liability component was initially
recognized at its fair value and was subsequently measured at amortized cost. On October 9, 2023, upon the criteria for early conversion
set out in the Convertible Bond Agreements were satisfied, all of the outstanding convertible bonds were converted into
20,475,377
ordinary shares of the Company.
Movement in convertible bonds:
2023
2022
USD
USD
At
    January 1
12,210,327
12,208,260
Interest
    expenses
684,163
972,045
Interest
    paid
(
684,163
)
(
972,045
)
Converted
    to shares
(
12,210,327
)
-
Exchange
    difference
-
2,067
At
    December 31
-
12,210,327
Imputed
interest expense of the Convertible Bonds is calculated using the effective interest method by applying effective interest rate of
8
%
per annum to the liability component.
17
SHARE CAPITAL
2023
2022
USD
USD
Paid
    up capital:
132,425,321
ordinary shares
(2022:
105,263,000
ordinary shares):
At
    January 1
105,263
105,263
Issue
    of new shares for the initial public offering
6,687
-
Issue
    of new shares for the conversion of Convertible Bonds
20,475
-
At
    December 31
132,425
105,263
On
September 14, 2023, upon completion of the Initial Public Offering, the Company issued
6,686,944
ordinary shares (equivalent to
835,868
American Depositary Shares ("ADS")) including over-allotment at a price to the public of US$
9
per ADS, before deducting underwriting
discounts and offering expenses. Each ADS represents eight ordinary shares of the Company. Gross proceeds of the Initial Public Offering
including over-allotment was $
7.5
million and net proceeds of the Initial Public Offering including over-allotment was $
5.1
million,
after deducting underwriting discounts and offering expenses.
A
registration statement on Form F-1 (File No. 333-271425) related to the Offering has been filed with, and declared effective on September
11, 2023 by the SEC. The ADSs began trading on September 12, 2023 on the Nasdaq Capital Market under the symbol "NWGL".
On October 9, 2023,
the
Company's outstanding convertible bonds were converted into
20,475,377
ordinary shares.
As
of December 31, 2023, the Company is authorized to issue a maximum of
200,000,000
(2022:
200,000,000
) shares and paid up
132,425,321
(2022:
105,263,000
) ordinary shares with a par value of USD
0.001
. Each paid up ordinary share carries one vote and carry a right to dividends
as and when declared by the Company.
Details
of share option scheme issued by the Group is described in note 23.
F-
30
18
REVENUE AND SEGMENT INFORMATION
The
Group is currently organized into two operating divisions – Direct Purchase and Original Design Manufacturer ("ODM")
Services, and Manufacturing segments. These segments are the basis on which the Group reports its primary segment information to the
chief operating decision marker. The business nature of each segment is disclosed as follows:
Direct
Purchase and ODM Segment
– being the business of sourcing of live wood and owning designed design on wood products for sales
to end customers.
Manufacturing
Segment
– being the business with involvement in manufacturing of decking, flooring or sawn timbers.
Segment
information of these businesses is presented below:
(a)
Reconciliation
    of the reportable segment revenue, profit or loss
For the year ended December 31, 2023
Direct Purchase and ODM
Manufacturing
Unallocated
Total reportable segment
USD
USD
USD
USD
Logs
10,024,250
390,739
-
10,414,989
Flooring
1,844,633
4,204,279
-
6,048,912
Decking
3,712,691
3,945,418
-
7,658,109
Sawn timber
-
1,334,765
-
1,334,765
Revenue from external customers and segment revenue
15,581,574
9,875,201
-
25,456,775
Reportable segment results
(
128,996
)
(
9,651,185
)
(
2,196,001
)
(
11,976,182
)
For
    the year ended December 31, 2022
Direct
    Purchase and ODM
Manufacturing
Unallocated
Total
    reportable segment
USD
USD
USD
USD
Logs
27,272,065
526,192
-
27,798,257
Flooring
4,407,737
7,585,698
-
11,993,435
Decking
5,759,307
8,040,685
-
13,799,992
Sawn
    timber
-
1,747,593
-
1,747,593
Revenue
    from external customers and segment revenue
37,439,109
17,900,168
-
55,339,277
Reportable
    segment results
6,118,794
1,678,217
(
2,586,191
)
5,210,820
For the year ended December 31, 2021
Direct Purchase and ODM
Manufacturing
Unallocated
Total reportable segment
USD
USD
USD
USD
Logs
20,035,002
1,110,996
-
21,145,998
Flooring
4,167,894
7,771,130
-
11,939,024
Decking
4,518,545
7,513,870
-
12,032,415
Sawn timber
-
2,566,690
-
2,566,690
Revenue from external customers and segment revenue
28,721,441
18,962,686
-
47,684,127
Reportable segment results
3,441,324
(
204,274
)
(
1,276,507
)
1,960,543
F-
31
(b)
Reconciliation
    of the reportable segment assets and liabilities
As
    at December 31, 2023
Direct
    Purchase and ODM
Manufacturing
Unallocated
Total
    reportable segment
USD
USD
USD
USD
Reportable
    segment assets
17,318,638
36,414,457
587,793
54,320,888
Reportable
    segment liabilities
(
15,727,139
)
(
19,069,138
)
(
1,342,923
)
(
36,139,200
)
As
    at December 31, 2022
Direct
    Purchase and ODM
Manufacturing
Unallocated
Total
    reportable segment
USD
USD
USD
USD
Reportable
    segment assets
17,601,758
49,294,010
1,150,919
68,046,687
Reportable
    segment liabilities
(
19,131,264
)
(
23,217,801
)
(
13,205,946
)
(
55,555,011
)
(c)
Disaggregation
    of revenue from contracts with customers
In
the following table, revenue is disaggregated by the geographical locations of customers and by the timing of revenue recognition.
2023
2022
2021
USD
USD
USD
Geographical
    locations:
China
15,491,537
37,860,768
32,366,974
Europe
8,094,986
15,278,355
12,788,272
South
    America
1,364,773
1,531,560
2,306,726
North
    America
110,057
37,107
171,354
South
    East Asia
395,422
631,487
50,801
Total
25,456,775
55,339,277
47,684,127
Timing
    of revenue recognition:
At
a point in time
25,456,775
55,339,277
47,684,127
Information
about major customers is disclosed in note 25 (e).
19
OTHER INCOME, NET
2023
2022
2021
USD
USD
USD
Sales
    of side products and spare parts
619,830
929,780
791,110
VAT
    tax concessions
449,097
762,327
870,411
Profit
    (loss) on disposal of property, plant and equipment
3,669
8,423
(
50,116
)
Government grants
-
-
700
Gain
    on lease modification
703
-
-
Others
40,352
122,632
13,418
Total
1,113,651
1,823,162
1,625,523
20
FINANCE COSTS
2023
2022
2021
USD
USD
USD
Interest
    expenses on bank borrowings
605,979
421,753
318,014
Interest
                                            expenses on other borrowings
4,638
-
-
Interest
    expenses on shareholder loans
197,066
405,872
429,927
Interest
    expenses on convertible bonds
684,163
972,045
979,654
Interest
    expenses on lease liabilities
6,306
9,320
9,726
Bank
    charges
106,908
119,302
134,854
Total
1,605,060
1,928,292
1,872,175
F-
32
21
(LOSS) PROFIT BEFORE
  INCOME TAX
(Loss) profit before income tax is arrived at after charging:
2023
2022
202
1
USD
USD
USD
Cost
    of revenue
23,071,638
35,423,411
31,272,086
Depreciation
    expenses of:
-
    Property, plant and equipment
863,287
707,747
509,177
-
    Right-of-use assets
99,360
105,479
86,769
Amortization
    of intangible assets
950,624
904,315
834,575
Expected
    credit losses recognized on trade receivables
253,459
73,537
96,891
Write-down
    of inventories, included in cost of revenue
1,933,391
-
-
Impairment
    loss recognized on property, plant and equipment
4,244,688
-
-
Auditor's
    remuneration
204,246
212,268
10,977
Employee
    benefits expenses (including directors' remuneration):
-
    Salaries and allowances
3,375,361
3,877,068
3,104,038
-
    Pension scheme contribution
264,116
396,232
412,822
22
INCOME TAX (CREDITS)
  EXPENSES
British
Virgin Islands
The
Company and our subsidiaries incorporated in British Virgin Islands currently enjoy permanent income tax holidays; accordingly, the Company
and our subsidiaries incorporated in the British Virgin Islands do not accrue for income taxes.
Peru
Our
subsidiaries incorporated in Peru are considered as Peru tax residents under Peru tax laws; accordingly, they are subject to corporate
income tax on their taxable income under Peru tax laws at statutory tax rates ranging from
5
%
to
29.5
%
(2022:
5
%
to
29.5
%,
2021:
5
% to
29.5
%),
depending on the city where
the subsidiaries are situated and operated.
France
Our
subsidiary incorporated in France is considered as France tax resident under France tax laws; accordingly, it is subject to corporate
income tax on their taxable income under France tax laws at a statutory tax rate of
25.0
%
(2022:
33.3
%,
2021:
26.5
%).
China
Our
subsidiary incorporated in China is considered as China tax resident under China tax laws; accordingly, it is subject to corporate income
tax on their taxable income under China tax laws at a statutory tax rate of
25
%
(2022:
25
%,
2021:
25
%
).
Macau
Our
subsidiary incorporated in Macau is considered as Macau tax resident under Macau tax laws; accordingly, it is subject to corporate income
tax on their taxable income under Macau tax laws at a statutory tax rate of
12
%
(2022:
12
%,
2021:
12
%
).
Hong
Kong
Our
subsidiary incorporated in Hong Kong is subject to corporate income tax on their taxable income under Hong Kong tax laws at a statutory
tax rate of
16.5
%
(2022:
16.5
%,
2021:
16.5
%
).
The
income tax provision consists of the following components:
2023
2022
2021
USD
USD
USD
Current
    tax
29,186
431,925
622,963
(Over) under-provision
of tax in prior years
(
72,040
)
-
5,290
Total
(
42,854
)
431,925
628,253
The
income tax (credits) expenses for the years can be reconciled to the (loss) profit before income tax per the consolidated statement of
profit or loss as follows:
2023
2022
2021
USD
USD
USD
(Loss)
    profit before income tax
(
11,976,182
)
5,210,820
1,960,543
Tax
    at the respective income tax rates
(
1,418,569
)
847,763
623,576
Tax
    effect of expenses not deductible for tax purpose
1,683,289
649,932
3,802,565
Tax
    effect of income not taxable for tax purpose
(
235,534
)
(
850,911
)
(
4,037,252
)
Tax effect of tax losses not recognized
-
-
288,070
Utilization of tax losses previously not recognized
-
(
214,859
)
(
128,876
)
(Over)
    under-provision
in respect of prior years
(
72,040
)
-
5,290
Others
-
-
74,880
Total
(
42,854
)
431,925
628,253
F-
33
23
SHARE-BASED PAYMENTS
  TRANSACTIONS
Equity-settled
share option scheme of the Company
The
Company's share option scheme (the "Scheme") was adopted pursuant to an ordinary resolution of the shareholders passed
on September 1, 2019 for the primary purpose of providing incentives to directors and eligible employees and will expire on the date
of the listing of shares of the Company. Under the Scheme, the directors of the Company may grant options to eligible employees, including
directors of the Company and its subsidiaries, to subscribe for shares in the Company.
At
December 31, 2023, the number of shares in respect of which options had been granted and remained outstanding under the Scheme was
7,800,000
(2022:
8,160,000
), representing
6
%
(2022:
8
%
) of the shares of the Company in issue. The total number of shares in respect
of which options may be granted under the Scheme is not permitted to exceed
10
%
of the shares of the Company in issue at any point in
time, without prior approval from the Company's shareholders. The number of shares issued and to be issued in respect of which
options granted and may be granted to any individual in any one year is not permitted to exceed
1
%
of the shares of the Company in issue
at any point in time, without prior approval from the Company's shareholders.
Options
granted must be taken up within 1 month of the date of grant, upon payment of HK$
1
per option. Options may be exercised at any time from
the date of grant of the share option to the 10
th
anniversary of the date of grant. The exercise price is HK$
4.661
per share
(equivalent to HK$
37.288
per ADS).
a)
Details of specific categories of options are as follows:
Date
    of grant
Vesting
    period
Exercise
    period
Exercise
    Price
Exercise
    dates
September
    30, 2019
Vested
    upon grant date
September
    30, 2019–September 29, 2029
HK$
4.661
per share
Not
    yet exercised
August
    18, 2020
Vested
    upon grant date
August
    18, 2020 – August 17, 2030
HK$
4.661
per share
Not
    yet exercised
b)
The following table discloses movements of the Scheme during the year:
Option
    grant date
Outstanding
    at January 1, 2023
Granted
    during year
Exercised
    during year
Forfeited
    during year
Expired
    during year
Outstanding
    at December 31, 2023
September
    30, 2019
6,957,000
-
-
(
360,000
)
-
6,597,000
August
    18, 2020
1,203,000
-
-
-
-
1,203,000
8,160,000
-
-
(
360,000
)
-
7,800,000
Exercisable
    at the end of the year
7,800,000
Weighted
    average exercise price
HK$
4.661
-
-
-
-
HK$
4.661
F-
34
The
following table discloses movements of the Scheme during the prior year:
Option
    grant date
Outstanding
    at January 1, 2022
Granted
    during year
Exercised
    during year
Forfeited
    during year
Expired
    during year
Outstanding
    at December 31, 2022
September
    30, 2019
6,957,000
-
-
-
-
6,957,000
August
    18, 2020
1,203,000
-
-
-
-
1,203,000
8,160,000
-
-
-
-
8,160,000
Exercisable
    at the end of the year
8,160,000
Weighted
    average exercise price
HK$
4.661
-
-
-
-
HK$
4.661
In
respect of the share options exercised during the year, the weighted average share price at the dates of exercise was HK$
4.661
(2022:
HK$
4.661
).
c)
During
    the year ended December 31, 2021, options were granted on 18 August 2020. The estimated fair values of the options granted on this
    date is HK$
0
.
d)
These
    fair values were calculated using Hull-White Enhanced Model. The inputs into the model on option grant dates were as follows:
Underlying
    stock price
HK$
0.235
Exercise
    price
HK$
4.661
Expected
    volatility
2.86
Expected
    life
10
years
Risk-free
    rate
1.20
%
Expected
    dividend yield
-
e)
Expected
    volatility was determined by using the historical volatility of the comparable companies adopted by the independent valuation expert.
    The expected life used in the model has not been adjusted which is based on the exercise period as specified under the terms and
    conditions of the share options.
f)
The
    Group did not recognize any share-based payment expense in relation to share options granted by the Company because assessed option
    value by the independent valuation expert on grant date is zero.
F-
35
24
SIGNIFICANT RELATED PARTY
  TRANSACTIONS
Related
companies in these consolidated financial statements refer to members of the ultimate holding company's group of companies.
Some
of the Company's transactions and arrangements are between members of the group and the effect of these on the basis determined
between the parties is reflected in these consolidated financial statements. The intercompany balances are unsecured, interest-free and
repayable on demand, unless otherwise stated.
Some
of the group's transactions and arrangements are with related parties and the effect of these on the basis determined between the
parties is reflected in these consolidated financial statements. The balances are unsecured, interest-free and repayable on demand unless
otherwise stated.
Balances
due to related parties
2023
2022
Name
Relationship
Nature
USD
USD
Mr. Hok Pan Se
Ultimate beneficial shareholder
Non-trade payables
Long-term loans (Note 14)
12,300,650
17,087,553
Short-term loans (Note 14)
5,021,638
4,531,760
Convertible bonds (Note 16)
-
1,282,589
Amounts due to an ultimate beneficial shareholder
17,322,288
22,901,902
Mr. Se Ka Wai
Related party of an ultimate beneficial shareholder
Other borrowings (Note 13(b))
536,530
-
Long-term
loans from related parties are not expected to be repaid within the next 12 months. The Company did not have any outstanding to any officers
or directors as of December 31, 2023 and 2022, and it does not expect to provide long terms loans or credit facilities to officers and
directors.
Transactions
with related parties
The
following table represents the significant related party transactions for the years ended December 31, 2023, 2022 and 2021.
2023
2022
202
1
Name
Relationship
Nature
USD
USD
USD
Mr.
    Hok Pan Se
Ultimate
    beneficial shareholder
Interest
    expense on shareholder loans
197,066
405,872
429,927
Mr.
    Hok Pan Se
Ultimate
    beneficial shareholder
Interest
    expense on convertible bonds
71,865
102,149
51,875
Fo
    Shan Sunde Daziran Investment Management Limited
Joint
    control over the entity by ultimate beneficial shareholder
Lease
    payments made
55,263
24,197
21,156
Fo
    Shan Sunde Changcheng Management Limited
Joint
    control over the entity by ultimate beneficial shareholder
Lease
    payments made
6,523
-
-
F-
36
25
FINANCIAL INSTRUMENTS,
  FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT
a)
Categories
    of financial instruments
The
following table sets out the financial instruments as at the end of the reporting period:
2023
2022
USD
USD
Financial
    assets
At
    amortized cost
11,891,291
14,238,660
Financial
    liabilities
At
    amortized cost
(
34,135,421
)
(
50,877,141
)
b)
Financial
    instruments subject to offsetting, enforceable master netting arrangements and similar agreements
The
Group does not have any financial instruments which are subject to enforceable master netting arrangements or similar netting agreements.
c)
Financial
    risk management policies and objectives
The
management of the Group monitors and manages the financial risks relating to the operations of the Group to ensure appropriate measures
are implemented in a timely and effective manner. These risks include market risk (including currency risk and interest rate risk), credit
risk and liquidity risk.
(i)
Market
    risk management
The
Group activities are exposed primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Management
monitors risks associated with changes in foreign currency exchanges rates and interest rates and will consider appropriate measures
should the need arise.
There
has been no significant change to the Group's exposure to market risk or the manner in which it manages and measures the risk.
(ii)
Foreign
    currency risk management
The
Group also transacts business in foreign currencies other than its functional currencies, as further disclosed below, and is therefore
exposed to foreign exchange risk.
The
currency exposure of financial assets and financial liabilities denominated in currencies other than the Group's functional currencies
are as follows:
Assets
Liabilities
2023
2022
2023
2022
USD
USD
USD
USD
HKD
1,234,627
451,108
6,128,951
20,845,542
EUR
6,606,145
10,387,503
7,777,874
8,119,790
CNY
532,019
169,378
605,746
48,986
PEN
2,806,064
2,205,594
1,475,495
2,347,271
MOP
252
-
15,559
54,697
F-
37
Foreign
currency sensitivity
The
following table details the sensitivity to a
5
% increase and decrease in the related foreign currencies against the functional currency
("USD") with all the other variables held constant.
5
% is the sensitivity rate used when reporting foreign currency risk
internally to key management personnel and represents management's assessment of the possible change in foreign exchange rates.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period
end for a
5
% change in foreign currency rates.
2023
2022
2021
USD
USD
USD
HKD
(
244,716
)
(
1,019,722
)
(
1,153,144
)
EUR
(
48,365
)
113,386
(
108,570
)
CNY
(
3,686
)
6,020
(
213
)
PEN
(
48,904
)
(
7,804
)
93,749
MOP
(
765
)
(
2,735
)
(
9,760
)
(iii)
Interest
    rate risk management
The
Group is exposed to interest rate risk as the Group has bank loans which are interest bearing. The interest rates and terms of repayment
of the loans are disclosed in the Note to the consolidated financial statements. The Group currently does not have an interest rate hedging
policy.
Interest
rate sensitivity analysis
The
sensitivity analysis below has been determined based on the exposure to interest rate for non-derivative instruments at the end of the
reporting period. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel
and represents management's assessment of the reasonably possible change in interest rates.
If
interest rates on loans had been
50 basis
points
higher/lower and all other variables were
held constant, the Group's (loss) profit for the year would decrease/increase by approximately USD
21,687
(2022: USD
6,382
,
2021: USD
36,838
).
(iv)
Credit
    risk and impairment assessment
Credit
risk refers to the risk that the Group's counterparties default on their contractual obligations resulting in financial losses
to the Group. The Group's credit risk exposures are primarily attributable to trade receivables, other receivables, restricted
bank deposits, and cash and bank balances. The Group does not hold any collateral or other credit enhancements to cover its credit risks
associated with its financial assets.
In
order to minimize credit risk, the Group has delegated its finance team to develop and maintain the Group's credit risk grading
to categorize exposures according to their degree of risk of default. The finance team uses publicly available financial information
and the Group's own historical repayment records to rate its major customers and debtors. The Group's exposure and the credit
ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved
counterparties.
Trade
receivables
Before
accepting any new customer, the Group uses an internal credit scoring system to assess the potential customer's credit quality
and defines credit limits by customer. Limits and scoring attributed to customers are reviewed regularly. Other monitoring procedures
are in place to ensure that follow-up action is taken to recover overdue debts. In this regard, the management considers that the Group's
credit risk is significantly reduced.
The
Group has concentration of credit risk as 55.2% (2022: 39.5%, 2021: 30.1%) and 89.9% (2022: 85.4%, 2021: 66.0%) of the
total trade receivables was due from the Group's largest customer and the five largest customers respectively. In order to minimize
the credit risk, the management of the Group has delegated a team responsible for determination of credit limits and credit approvals.
In
addition, the Group performs impairment assessment under ECL model on trade receivables individually. Impairment of USD
253,459
(2022: USD
73,537
,
2021: USD
156,157
)
is recognized during the year. Details of the quantitative disclosures are set out below in this note.
Other
receivables
For
other receivables, the management makes periodic individual assessment on the recoverability of other receivables based on historical
settlement records, past experience, and also quantitative and qualitative information that is reasonable and supportive forward-looking
information. The management believes that there is no significant increase in credit risk of these amounts since initial recognition
and the Group provided impairment based on 12m ECL. For the years ended December 31, 2023 and 2022, the Group assessed the ECL
for other receivables and deposits are insignificant and thus no loss allowance is recognized.
Restricted
bank deposits/ cash and bank balances
Credit
risk on restricted bank deposits/ cash and bank balances is limited because the counterparties are reputable banks with high credit ratings
assigned by international credit agencies. The Group assessed 12m ECL for restricted bank deposits/ cash and bank balances by reference
to information relating to probability of default and loss given default of the respective credit rating grades published by external
credit rating agencies. Based on the average loss rates, the 12m ECL on pledged bank deposits/restricted bank deposits/bank balances
is considered to be insignificant and therefore no loss allowance was recognized.
F-
38
The
Group's internal credit risk grading framework comprises the following categories:
Category
Description
Trade
receivables
Other
    financial assets
Low
    risk
The
    counterparty has a low risk of default and does not have any past-due amounts
12-month
ECL – not credit- impaired
12-month
    ECL
Watch
    list
Debtor
    frequently repays after due dates but usually settle in full
Lifetime
    ECL – not credit- impaired
12-month
    ECL
Doubtful
There
    have been significant increases in credit risk since initial recognition through information developed internally or external resources
Lifetime
    ECL – not credit-impaired
Lifetime
    ECL - not credit-impaired
Loss
There
    is evidence indicating the asset is credit impaired
Lifetime
    ECL – credit-impaired
Lifetime
    ECL - credit impaired
Write-off
There
    is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery
Amount
    is
    written
    off
Amount
    is
    written
    off
The
tables below detail the credit risk exposures of the Group's financial assets, including trade receivables, other receivables,
restricted bank deposits, and cash and bank balances, which are subject to ECL assessment:
2023
2022
Note
External
credit
rating
Internal
    credit
rating
12m
    or
lifetime
    ECL
Gross
                                            carrying amount
Allowance
                                            for credit losses
Gross
                                            carrying
amount
Allowance
                                            for credit losses
Financial
    assets at amortized costs
USD
USD
USD
USD
Trade
    receivables – contract with customers
N/A
Low
12-month
ECL
(Individual assessment)
132,746
-
1,488,567
-
Watch
    list
Lifetime
    ECL
(Individual assessment)
4,550,560
(
206,152
)
4,510,354
(
43,645
)
Doubtful
Lifetime
    ECL
(Individual assessment)
280,330
(
277,001
)
186,049
(
186,049
)
4,963,636
(
483,153
)
6,184,970
(
229,694
)
Other
    receivables
N/A
Low
12-month
    ECL
2,803,236
2,597,456
Restricted
    bank deposits
AA
N/A
12-month
    ECL
628,156
603,341
Cash
    and bank balances
AA+
N/A
12-month
    ECL
3,979,416
5,082,587
(v)
Liquidity
    risk management
Liquidity
risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortage of funds.
In
assessing our liquidity, we monitor and analyze our cash on-hand and our operating expenditure commitments. Our liquidity needs are to
meet our working capital requirements and operating expenses obligations. To date, we have financed our operations primarily through
cash flows from operations, equity financing, and short-term borrowing from banks and third parties.
As
of December 31, 2023, our cash and bank balances amounted to approximately USD
4.0
million (2022: USD
5.1
million), and our current assets were approximately
USD
29.8
million
2022: USD
38.9
million),
and our current liabilities were approximately USD
23.2
million (2022: USD
37.6
million). Based on the above considerations,
management is of the opinion that the Company has sufficient funds to meet its working capital requirements and debt obligations, for
at least the next 12 months from the consolidated financial statement filing date. However, there is no assurance that management will
be successful in their plans. There are several factors that could potentially arise that could undermine the Company's plans,
such as changes in the demand for its services, economic conditions, its operating results not continuing to deteriorate and its bank
and shareholders being able to provide continued financial support.
The
Group maintains sufficient cash and cash equivalent, and internally generated cash flows to finance their activities.
F-
39
Liquidity
risk analyses
Non-derivative
financial liabilities
The
following table details the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based
on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table
includes both interest and principal cash flows.
On
demand
or
    within
1
    year
1
    to 2
years
2
    to 5
years
Total
USD
USD
USD
USD
2023
Trade
    payables
2,350,888
-
-
2,350,888
Other
    payables
978,536
-
-
978,536
Bank borrowings
12,285,470
486,964
46,796
12,819,230
Other borrowings
664,479
-
-
664,479
Amounts
    due to an ultimate beneficial shareholder
5,021,638
-
12,300,650
17,322,288
Total
21,301,011
486,964
12,347,446
34,135,421
2022
Trade
    payables
1,992,691
-
-
1,992,691
Other
    payables
2,218,216
-
-
2,218,216
Bank borrowings
12,000,062
572,566
263,966
12,836,594
Amounts
    due to an ultimate beneficial shareholder
4,531,760
4,787,060
12,300,493
21,619,313
Convertible
    bonds
12,210,327
-
-
12,210,327
Total
32,953,056
5,359,626
12,564,459
50,877,141
(vi)
Fair
    value of financial assets and financial liabilities
The
management considers that the carrying amounts of Group's financial assets and financial liabilities approximate their respective
fair values due to the relatively short-term maturity of these financial instruments. The fair values of other classes of financial assets
and liabilities are disclosed in the respective notes to financial statements.
(d)
Capital
    risk management policies and objectives
The
management manages its capital to ensure that the Group will be able 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 to reduce cost of capital.
The
capital structure of the Company consists of equity attributable to owners of the Company, comprising issued capital and retained earnings
as disclosed in the notes to consolidated financial statements.
F-
40
Management
monitors capital based on debt-to-equity ratio. The debt-to-equity ratio is calculated as total debt divided by total equity. Total debt
is calculated as borrowings plus trade and other payables.
2023
2022
USD
USD
Total
    debts
36,139,200
55,555,011
Total
    equity
18,181,688
12,491,676
Debt-to-equity
    %
199
445
The
Group is not subject to externally imposed capital requirements for the years ended December 31, 2023 and 2022.
The
Group's overall strategy remains unchanged from prior year.
(e)
Concentrations
Financial
instruments that potentially expose the Group to concentrations of credit risk consist primarily of accounts receivable. The Group conducts
credit evaluations of their customers, and generally do not require collateral or other security from them. The Group evaluates their
collection experience and long outstanding balances to determine the need for an allowance for doubtful accounts. The Group conducts
periodic reviews of the financial condition and payment practices of their customers to minimize collection risk on accounts receivable.
The
following table sets forth a summary of single customers who represent 10% or more of the Group's total revenue:
2023
2022
2021
USD
%
USD
%
USD
%
Amount
    of the Group's revenue:
25,456,775
100.0
55,339,277
100.0
47,684,127
100
.0
Customer
    A
7,188,782
28.2
10,810,773
19.5
10,754,805
22.6
Customer C
261,155
1.0
5,528,442
10.0
2,702,037
5.7
The
following table sets forth a summary of single customers who represent 10% or more of the Group's total accounts receivable:
2023
2022
2021
USD
%
USD
%
USD
%
Amount
    of the Group's accounts receivable:
4,963,636
100.0
6,184,970
100.0
4,099,989
100.0
Customer
    A
2,738,407
55.2
-
-
-
-
Customer
    B
1,105,487
22.3
-
-
-
-
Customer
    C
-
-
2,440,997
39.5
524,950
12.8
Customer
    D
-
-
946,070
15.3
200,520
4.9
Customer
    E
-
-
780,427
12.6
1,232,501
30.1
Customer
    F
-
-
730,553
11.8
165,711
4.0
Customer
    G
-
-
110,532
1.8
434,342
10.6
F-
41
26
RECONCILIATIONS OF LIABILITIES
  ARISING FROM FINANCING ACTIVITIES
At beginning of year
New leases entered
Advance receipts
Repayments made
Conversion to shares
Interest expenses
Exchange difference
At end of year
USD
USD
USD
USD
USD
USD
USD
USD
2023
Bank borrowings
12,836,594
-
30,492,404
(
31,243,426
)
-
605,979
127,679
12,819,230
Other borrowings
-
-
663,211
(
4,638
)
-
4,638
1,268
664,479
Convertible bonds
12,210,327
-
-
(
684,163
)
(
12,210,327
)
684,163
-
-
Amounts due to an ultimate beneficial shareholder
21,619,313
-
2,579,641
(
7,069,913
)
-
197,066
(
3,819
)
17,322,288
Lease liabilities
173,458
128,273
-
(
112,262
)
-
6,306
2,493
198,268
46,839,692
128,273
33,735,256
(
39,114,402
)
(
12,210,327
)
1,498,152
127,621
31,004,265
2022
Bank borrowings
15,740,023
-
22,477,387
(
25,768,366
)
-
421,753
(
34,203
)
12,836,594
Convertible bonds
12,208,260
-
-
(
972,045
)
-
972,045
2,067
12,210,327
Amounts due to an ultimate beneficial shareholder
19,386,048
-
9,697,902
(
7,934,582
)
-
405,872
(
5,927
)
21,619,313
Lease liabilities
292,151
-
-
(
115,277
)
-
9,320
(
12,736
)
173,458
47,626,482
-
32,245,289
(
34,790,270
)
-
1,808,990
(
50,799
)
46,839,692
27
COMMITMENTS AND CONTINGENCIES
Capital
Commitment
The
Group has the following capital commitments at the end of the reporting period:
2023
2022
USD
USD
Contracted, but not provided for:
Property, plant and equipment
700,000
-
Contingencies
In
the ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and
a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable,
and the amount of the loss is reasonably estimable. In the opinion of management, there were no material pending or threatened
claims and litigation as of December 31, 2023 and through the issuance date of these consolidated financial statements.
28
SUBSEQUENT EVENTS
The
Group evaluated all events and transactions that occurred after December 31, 2023 up through April 25, 2023, which is the date
that these consolidated financial statements are available for distribution. Other than the events disclosed above, no other material
subsequent events have occurred that would require recognition or disclosure in the Company's consolidated financial statements.
F-
42