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  <ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2022-07-012023-06-30_ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember" id="xdx2ixbrl0427" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ShareIssueRelatedCost" contextRef="From2022-07-012023-06-30_ifrs-full_RetainedEarningsMember" id="xdx2ixbrl0428" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-06-30_ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember" id="xdx2ixbrl0434" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2023-06-30_ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember" id="xdx2ixbrl0441" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2020-07-012021-06-30" id="xdx2ixbrl0515" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_PublishingMember_custom_SubscriptionsMember" id="xdx2ixbrl0599" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_DirectMember_custom_AdvertisingsMember" id="xdx2ixbrl0605" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_DirectMember_custom_DataMember" id="xdx2ixbrl0610" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_ResellerMember_custom_DataMember" id="xdx2ixbrl0611" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_PublishingMember_custom_ServicesMember" id="xdx2ixbrl0614" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-07-012022-06-30_custom_PublishingMember_custom_SubscriptionsMember" id="xdx2ixbrl0624" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-07-012022-06-30_custom_DirectMember_custom_AdvertisingsMember" id="xdx2ixbrl0630" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-07-012022-06-30_custom_DirectMember_custom_DataMember" id="xdx2ixbrl0635" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-07-012022-06-30_custom_ResellerMember_custom_DataMember" id="xdx2ixbrl0636" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-07-012022-06-30_custom_PublishingMember_custom_ServicesMember" id="xdx2ixbrl0639" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-07-012021-06-30_custom_PublishingMember_custom_SubscriptionsMember" id="xdx2ixbrl0649" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-07-012021-06-30_custom_DirectMember_custom_AdvertisingsMember" id="xdx2ixbrl0655" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-07-012021-06-30_custom_ResellerMember_custom_AdvertisingsMember" id="xdx2ixbrl0656" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-07-012021-06-30_custom_DirectMember_custom_DataMember" id="xdx2ixbrl0660" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-07-012021-06-30_custom_ResellerMember_custom_DataMember" id="xdx2ixbrl0661" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-07-012021-06-30_custom_PublishingMember_custom_ServicesMember" id="xdx2ixbrl0664" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_PublishingMember_custom_AustraliaAndNewZealandMember" id="xdx2ixbrl0674" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_PublishingMember_custom_AustralianMember" id="xdx2ixbrl0679" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_DirectMember_custom_AustralianMember" id="xdx2ixbrl0680" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_ResellerMember_custom_AustralianMember" id="xdx2ixbrl0681" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2022-07-012023-06-30_custom_AustralianMember" id="xdx2ixbrl0682" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-07-012022-06-30_custom_PublishingMember_custom_AustralianMember" id="xdx2ixbrl0704" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2020-07-012021-06-30_custom_ResellerMember_custom_EuropesMember" id="xdx2ixbrl0741" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:GovernmentSubsidy" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl0803" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:GovernmentSubsidy" contextRef="From2021-07-012022-06-30" id="xdx2ixbrl0804" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ExportMarketDevelopmentGrant" contextRef="From2020-07-012021-06-30" id="xdx2ixbrl0813" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:UnrealisedForeignExchangeGain" contextRef="From2020-07-012021-06-30" id="xdx2ixbrl0817" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:OtherGainsLosses" contextRef="From2021-07-012022-06-30" id="xdx2ixbrl0820" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:OtherGainsLosses" contextRef="From2020-07-012021-06-30" id="xdx2ixbrl0821" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ConsultancyExpense" contextRef="From2022-07-012023-06-30_custom_PublishingMember" id="xdx2ixbrl0861" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ConsultancyExpense" contextRef="From2022-07-012023-06-30_custom_ResellerMember" id="xdx2ixbrl0863" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:TechnologyExpense" contextRef="From2021-07-012022-06-30_custom_ResellerMember" id="xdx2ixbrl0906" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:AdvertisingExpense" contextRef="From2021-07-012022-06-30_custom_ResellerMember" id="xdx2ixbrl0921" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ConsultancyExpense" contextRef="From2021-07-012022-06-30_custom_ResellerMember" id="xdx2ixbrl0926" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2021-07-012022-06-30_custom_ResellerMember" id="xdx2ixbrl0931" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:OccupancyExpense" contextRef="From2020-07-012021-06-30_custom_ResellerMember" id="xdx2ixbrl0979" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:AdvertisingExpense" contextRef="From2020-07-012021-06-30_custom_ResellerMember" id="xdx2ixbrl0984" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ConsultancyExpense" contextRef="From2020-07-012021-06-30_custom_PublishingMember" id="xdx2ixbrl0987" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ConsultancyExpense" contextRef="From2020-07-012021-06-30_custom_DirectMember" id="xdx2ixbrl0988" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ConsultancyExpense" contextRef="From2020-07-012021-06-30_custom_ResellerMember" id="xdx2ixbrl0989" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ConsultancyExpense" contextRef="From2020-07-012021-06-30_custom_OperatingSegmentMember" id="xdx2ixbrl0990" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ImpairmentLossOnFinancialAssets" contextRef="From2020-07-012021-06-30_custom_PublishingMember" id="xdx2ixbrl0997" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ImpairmentLossOnFinancialAssets" contextRef="From2020-07-012021-06-30_custom_DirectMember" id="xdx2ixbrl0998" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ImpairmentLossOnFinancialAssets" contextRef="From2020-07-012021-06-30_custom_ResellerMember" id="xdx2ixbrl0999" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ImpairmentLossOnFinancialAssets" contextRef="From2020-07-012021-06-30_custom_OperatingSegmentMember" id="xdx2ixbrl1000" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ResearchAndDevelopmentExpense" contextRef="From2022-07-012023-06-30_custom_UnallocatedAmountMember" id="xdx2ixbrl1036" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ResearchAndDevelopmentExpense" contextRef="From2021-07-012022-06-30_custom_UnallocatedAmountMember" id="xdx2ixbrl1037" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ImpairmentLossOnFinancialAssets" contextRef="From2022-07-012023-06-30_custom_UnallocatedAmountMember" id="xdx2ixbrl1064" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:ImpairmentLossOnFinancialAssets" contextRef="From2021-07-012022-06-30_custom_UnallocatedAmountMember" id="xdx2ixbrl1065" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:LegalExpenses" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1140" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:LegalExpenses" contextRef="From2021-07-012022-06-30" id="xdx2ixbrl1141" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ForeignExchangeGainLoss" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1152" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ImpliedInterestExpenseRelatedToConvertibleNotes" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1160" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:ImpliedInterestExpenseRelatedToConvertibleNotes" contextRef="From2020-07-012021-06-30" id="xdx2ixbrl1162" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:NonDeductibleResearchDevelopmentTaxIncentive" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1212" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:NonDeductibleResearchDevelopmentTaxIncentive" contextRef="From2020-07-012021-06-30" id="xdx2ixbrl1214" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1220" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2021-07-012022-06-30" id="xdx2ixbrl1221" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:IncomeTaxExpenseContinuingOperations" contextRef="From2020-07-012021-06-30" id="xdx2ixbrl1222" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:CurrentAdvancesToSuppliers" contextRef="AsOf2022-06-30" id="xdx2ixbrl1271" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:PropertyPlantAndEquipmentCost" contextRef="AsOf2021-06-30_ifrs-full_LeaseholdImprovementsMember" id="xdx2ixbrl1294" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2021-07-012022-06-30_ifrs-full_LeaseholdImprovementsMember" id="xdx2ixbrl1304" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2021-07-012022-06-30_ifrs-full_OtherPropertyPlantAndEquipmentMember" id="xdx2ixbrl1306" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AccumulateddepreciationPropertyPlantAndEquipment" contextRef="AsOf2021-06-30_ifrs-full_LeaseholdImprovementsMember" id="xdx2ixbrl1314" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AccumulateddepreciationOfDisposalOfPropertyPlantAndEquipment" contextRef="From2021-07-012022-06-30_ifrs-full_LeaseholdImprovementsMember" id="xdx2ixbrl1319" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AccumulateddepreciationOfDisposalOfPropertyPlantAndEquipment" contextRef="From2021-07-012022-06-30_ifrs-full_OtherPropertyPlantAndEquipmentMember" id="xdx2ixbrl1321" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_ifrs-full_LeaseholdImprovementsMember" id="xdx2ixbrl1354" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_custom_ITEquipmentMember" id="xdx2ixbrl1355" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_ifrs-full_OtherPropertyPlantAndEquipmentMember" id="xdx2ixbrl1356" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsPropertyPlantAndEquipment" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1357" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AccumulateddepreciationOfDisposalOfPropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_ifrs-full_LeaseholdImprovementsMember" id="xdx2ixbrl1379" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AccumulateddepreciationOfDisposalOfPropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_custom_ITEquipmentMember" id="xdx2ixbrl1380" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AccumulateddepreciationOfDisposalOfPropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_ifrs-full_OtherPropertyPlantAndEquipmentMember" id="xdx2ixbrl1381" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AccumulateddepreciationOfDisposalOfPropertyPlantAndEquipment" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1382" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:AdditionsToRightofuseAssets" contextRef="From2022-07-012023-06-30_ifrs-full_BuildingsMember" id="xdx2ixbrl1415" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:DisposalOfRightofuseAssets" contextRef="From2022-07-012023-06-30_ifrs-full_BuildingsMember" id="xdx2ixbrl1417" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:RightofuseAssetsDisposalsOfAccumulatedAmortization" contextRef="From2022-07-012023-06-30_ifrs-full_BuildingsMember" id="xdx2ixbrl1423" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:NumberOfLeasesWithExtensionOptions" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1455" unitRef="Integer" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:NumberOfLeasesWithOptionsToPurchase" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1457" unitRef="Integer" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:NumberOfLeasesWithVariablePaymentsLinkedToAnIntex" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1459" unitRef="Integer" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:NumberOfLeasesWithTerminationOptions" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1461" unitRef="Integer" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:LeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2022-07-012023-06-30_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" id="xdx2ixbrl1467" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:FinanceCharges" contextRef="From2022-07-012023-06-30_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" id="xdx2ixbrl1474" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" id="xdx2ixbrl1485" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" contextRef="From2021-07-012022-06-30_custom_DatabaseMember" id="xdx2ixbrl1515" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AdditionsOfIntangibleAssetsAndGoodwill" contextRef="From2022-07-012023-06-30_custom_PatentMember" id="xdx2ixbrl1526" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AdditionsOfIntangibleAssetsAndGoodwill" contextRef="From2021-07-012022-06-30_custom_PatentMember" id="xdx2ixbrl1527" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" contextRef="From2022-07-012023-06-30_custom_PatentMember" id="xdx2ixbrl1529" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" contextRef="From2021-07-012022-06-30_custom_PatentMember" id="xdx2ixbrl1530" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:AdditionsOfIntangibleAssetsAndGoodwill" contextRef="From2022-07-012023-06-30_custom_TrademarkMember" id="xdx2ixbrl1541" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" contextRef="From2022-07-012023-06-30_custom_TrademarkMember" id="xdx2ixbrl1544" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" contextRef="From2021-07-012022-06-30_custom_TrademarkMember" id="xdx2ixbrl1545" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:GrossIntangibleAssetsAndGoodwill" contextRef="AsOf2021-06-30_ifrs-full_CapitalisedDevelopmentExpenditureMember" id="xdx2ixbrl1554" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" contextRef="From2022-07-012023-06-30_ifrs-full_CapitalisedDevelopmentExpenditureMember" id="xdx2ixbrl1559" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" contextRef="From2021-07-012022-06-30_ifrs-full_CapitalisedDevelopmentExpenditureMember" id="xdx2ixbrl1560" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" contextRef="AsOf2023-06-30_custom_JimmyKelleyDigitalMember" id="xdx2ixbrl1578" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" contextRef="AsOf2023-06-30" id="xdx2ixbrl1588" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:IssueOfConvertibleInstrument" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1623" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="LCFY:InterestRecognisedOnConvertibleNotes" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1627" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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  <ix:nonFraction name="ifrs-full:AdjustmentsForInterestExpense" contextRef="From2022-07-01to2023-06-30" id="xdx2ixbrl1882" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_NotLaterThanOneYearMember_custom_CashAndCashEquivalentMember" id="xdx2ixbrl2005" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_custom_CashAndCashEquivalentMember" id="xdx2ixbrl2006" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_LaterThanFiveYearsMember_custom_CashAndCashEquivalentMember" id="xdx2ixbrl2007" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_custom_TradeAndOtherReceivablesMember" id="xdx2ixbrl2013" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_LaterThanFiveYearsMember_custom_TradeAndOtherReceivablesMember" id="xdx2ixbrl2014" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_custom_TermDepositsMember" id="xdx2ixbrl2020" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl2030" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_FloatingInterestRateMember_custom_TradeAndOtherPayablesMember" id="xdx2ixbrl2034" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_NotLaterThanOneYearMember_custom_TradeAndOtherPayablesMember" id="xdx2ixbrl2035" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_custom_TradeAndOtherPayablesMember" id="xdx2ixbrl2036" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanFiveYearsMember_custom_TradeAndOtherPayablesMember" id="xdx2ixbrl2037" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_NotLaterThanOneYearMember_custom_LeaseLiabilityMember" id="xdx2ixbrl2042" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_custom_LeaseLiabilityMember" id="xdx2ixbrl2043" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanFiveYearsMember_custom_LeaseLiabilityMember" id="xdx2ixbrl2044" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_FloatingInterestRateMember_custom_BorrowingMember" id="xdx2ixbrl2048" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_NotLaterThanOneYearMember_custom_BorrowingMember" id="xdx2ixbrl2049" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_custom_BorrowingMember" id="xdx2ixbrl2050" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanFiveYearsMember_custom_BorrowingMember" id="xdx2ixbrl2051" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_FloatingInterestRateMember" id="xdx2ixbrl2055" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_NotLaterThanOneYearMember" id="xdx2ixbrl2056" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" id="xdx2ixbrl2057" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialLiabilities" contextRef="AsOf2023-06-30_ifrs-full_LaterThanFiveYearsMember" id="xdx2ixbrl2058" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2022-06-30_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_custom_CashAndCashEquivalentMember" id="xdx2ixbrl2064" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2022-06-30_ifrs-full_FloatingInterestRateMember_custom_TradeAndOtherReceivablesMember" id="xdx2ixbrl2069" unitRef="AUD" xs:nil="true"></ix:nonFraction>
  <ix:nonFraction name="ifrs-full:FinancialAssets" contextRef="AsOf2022-06-30_ifrs-full_NotLaterThanOneYearMember_custom_TradeAndOtherReceivablesMember" id="xdx2ixbrl2070" unitRef="AUD" xs:nil="true"></ix:nonFraction>
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<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; color: Black">&#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; color: Black"></span></p>

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<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; color: Black">&#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: 18pt; color: Black"><b>UNITED
STATES</b></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: 18pt; color: Black"><b>SECURITIES
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<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: 12pt; color: Black"><b>WASHINGTON,
D.C. 20549</b></span></p>

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<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; color: Black">&#160;</span></p>

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One)</b></span></p>

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<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; color: Black">&#160;</span></p>

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<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; color: Black"><b>OR
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<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; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span id="xdx_90A_edei--DocumentShellCompanyReport_c20220701__20230630_zAHrz42Qd0tl"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt:booleanfalse" 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; color: Black"><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: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b>Date
of event requiring this shell company report: ______ </b></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; color: Black">&#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; color: Black"><b>Commission
File Number: <span id="xdx_904_edei--EntityFileNumber_c20220701__20230630_zrVBMW0kQ49d"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityFileNumber">001-41333</ix:nonNumeric></span> </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; color: Black">&#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; color: Black"><img src="form20-f.jpg" alt="" /></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</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: 18pt; color: Black"><b><span id="xdx_903_edei--EntityRegistrantName_c20220701__20230630_z6UgIVMR0JH9"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityRegistrantName">Locafy
Limited</ix:nonNumeric></span></b></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; color: Black"><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; color: Black">&#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; color: Black"></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; padding: 0pt; vertical-align: top; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Not
    applicable</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding: 0pt; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; width: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="xdx_908_edei--EntityIncorporationStateCountryCode_c20220701__20230630_zeGbevnE0hea"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Australia</ix:nonNumeric></span></b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>(Translation
    of Registrant&#8217;s name into English)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>(Jurisdiction
    of incorporation or organization)</b></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; color: Black">&#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; color: Black"><b>Locafy
Limited</b></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; color: Black"><b><span id="xdx_90A_edei--EntityAddressAddressLine1_c20220701__20230630_zfZesNL7Rztd"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityAddressAddressLine1">246
Churchill Avenue</ix:nonNumeric></span></b></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; color: Black"><b><span id="xdx_908_edei--EntityAddressCityOrTown_c20220701__20230630_zqnPBYPHQ5Ff"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityAddressCityOrTown">Subiaco
WA</ix:nonNumeric></span> <span id="xdx_90F_edei--EntityAddressPostalZipCode_c20220701__20230630_zxW3xJKy40Z2"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityAddressPostalZipCode">6008</ix:nonNumeric></span>, <span id="xdx_90D_edei--EntityAddressCountry_c20220701__20230630_zK2G7TkBTmTa"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Australia</ix:nonNumeric></span></b></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; color: Black"><b>+61
409 999 339</b></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; color: Black"><b>(Address
of principal executive offices) </b></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; color: Black">&#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; color: Black"><b><span id="xdx_906_edei--ContactPersonnelName_c20220701__20230630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zPlhAUF3djSd"><ix:nonNumeric contextRef="From2022-07-012023-06-30_dei_BusinessContactMember" name="dei:ContactPersonnelName">Gavin
Burnett</ix:nonNumeric></span></b></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; color: Black"><b>Locafy
Limited</b></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; color: Black"><b><span id="xdx_901_edei--EntityAddressAddressLine1_c20220701__20230630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zdH2sItyCAp2"><ix:nonNumeric contextRef="From2022-07-012023-06-30_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">246
Churchill Avenue</ix:nonNumeric></span></b></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; color: Black"><b><span id="xdx_90A_edei--EntityAddressCityOrTown_c20220701__20230630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zIIRLXSBtPng"><ix:nonNumeric contextRef="From2022-07-012023-06-30_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Subiaco
WA</ix:nonNumeric></span> <span id="xdx_905_edei--EntityAddressPostalZipCode_c20220701__20230630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zxTEYwAfcu0i"><ix:nonNumeric contextRef="From2022-07-012023-06-30_dei_BusinessContactMember" name="dei:EntityAddressPostalZipCode">6008</ix:nonNumeric></span>, <span id="xdx_909_edei--EntityAddressCountry_c20220701__20230630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zb0f2SfUmkLc"><ix:nonNumeric contextRef="From2022-07-012023-06-30_dei_BusinessContactMember" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Australia</ix:nonNumeric></span></b></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; color: Black"><b>Tel:
<span><span id="xdx_90A_edei--CityAreaCode_c20220701__20230630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zG9cNZFT6i"><ix:nonNumeric contextRef="From2022-07-012023-06-30_dei_BusinessContactMember" name="dei:CityAreaCode">+61</ix:nonNumeric></span> <span id="xdx_90B_edei--LocalPhoneNumber_c20220701__20230630__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zw8sgonIWbNi"><ix:nonNumeric contextRef="From2022-07-012023-06-30_dei_BusinessContactMember" name="dei:LocalPhoneNumber">409 999 339</ix:nonNumeric></span></span> </b></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; color: Black"><b>(Name,
Telephone, Email and/or Facsimile number 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; color: Black">&#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; color: Black"><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; color: Black">&#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; padding: 0pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 36%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 20%"><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; color: Black"><b>Trading</b></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; color: Black"><b>Symbol(s)</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; padding: 0pt; font: 10pt Times New Roman, Times, Serif; width: 40%"><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; color: Black"><b>Name
                                            of each exchange</b></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; color: Black"><b>on
    which registered</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="xdx_908_edei--Security12bTitle_c20220701__20230630__ifrs-full--ClassesOfShareCapitalAxis__custom--OrdinarySharesNoParValuePerShareMember_zEwel0Rw0OJg"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_OrdinarySharesNoParValuePerShareMember" name="dei:Security12bTitle">Ordinary
    Shares, no par value per share</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="xdx_90C_edei--TradingSymbol_c20220701__20230630__ifrs-full--ClassesOfShareCapitalAxis__custom--OrdinarySharesNoParValuePerShareMember_zv34WYHd2zI"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_OrdinarySharesNoParValuePerShareMember" name="dei:TradingSymbol">LCFY</ix:nonNumeric></span>
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>The
    <span id="xdx_90A_edei--SecurityExchangeName_c20220701__20230630__ifrs-full--ClassesOfShareCapitalAxis__custom--OrdinarySharesNoParValuePerShareMember_zPrW39XFKmQ3"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_OrdinarySharesNoParValuePerShareMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Capital Market</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="xdx_908_edei--Security12bTitle_c20220701__20230630__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsToPurchaseOrdinarySharesMember_zBcTGf0ctAEf"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_WarrantsToPurchaseOrdinarySharesMember" name="dei:Security12bTitle">Warrants
    to purchase Ordinary Shares</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="xdx_907_edei--TradingSymbol_c20220701__20230630__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsToPurchaseOrdinarySharesMember_zA720qAmtqke"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_WarrantsToPurchaseOrdinarySharesMember" name="dei:TradingSymbol">LCFYW</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>The
    <span id="xdx_90B_edei--SecurityExchangeName_c20220701__20230630__ifrs-full--ClassesOfShareCapitalAxis__custom--WarrantsToPurchaseOrdinarySharesMember_zRxZn3qLEAUf"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_WarrantsToPurchaseOrdinarySharesMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Capital Market</b></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; color: Black">&#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; color: Black"><b>Securities
registered or to be registered pursuant to Section 12(g) of the Act: None </b></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; color: Black">&#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; color: Black"><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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">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 shell company report:</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; color: Black">&#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; color: Black">On
June 30, 2023, the issuer had <span id="xdx_904_edei--EntityCommonStockSharesOutstanding_iI_c20230630_zcgiBSsSA6cd"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,276,248</ix:nonFraction></span> ordinary shares, no par value per share, outstanding.</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; color: Black">&#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; color: Black">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_90B_edei--EntityWellKnownSeasonedIssuer_c20220701__20230630_zA285ySgK7Gl"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</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; color: Black">&#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; color: Black">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 &#9744; <span id="xdx_90C_edei--EntityVoluntaryFilers_c20220701__20230630_zjI6ZM2czU11"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">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. <span id="xdx_90B_edei--EntityCurrentReportingStatus_c20220701__20230630_z5EbZzQGsy2"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No &#9744;</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; color: Black">&#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; color: Black">Indicate
by check mark whether the registrant has submitted electronically 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 and post such files). <span id="xdx_90D_edei--EntityInteractiveDataCurrent_c20220701__20230630_zxhz3tfJDRi3"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; No &#9744;</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; color: Black">&#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; color: Black">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth
company. See definition of &#8220;accelerated filer,&#8221; &#8220;large 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: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; padding: 0pt; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span id="xdx_908_edei--EntityFilerCategory_c20220701__20230630_z301mzpDJsea"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span id="xdx_90B_edei--EntityEmergingGrowthCompany_c20220701__20230630_zWtqf8FQ5fti"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></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; color: Black">&#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; color: Black">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_900_edei--EntityExTransitionPeriod_c20220701__20230630_z5qDCo0inEqf"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></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; color: Black">&#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; color: Black">&#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: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">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_903_edei--IcfrAuditorAttestationFlag_c20220701__20230630_ztaniz3vwaul"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt:booleanfalse" name="dei:IcfrAuditorAttestationFlag">&#9744;</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; color: Black">&#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; color: Black">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_90C_edei--DocumentFinStmtErrorCorrectionFlag_c20220701__20230630_zGpmAyU05Evi"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt:booleanfalse" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</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; color: Black">&#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; color: Black">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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</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; color: Black">&#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: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">U.S.
    GAAP </span></td>
    <td style="width: 5%">&#9744;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span id="xdx_90B_edei--DocumentAccountingStandard_c20220701__20230630_zrk9cBeTj92e"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Other </span></td>
    <td style="text-align: center; width: 5%">&#9744;</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; color: Black">&#160;</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; color: Black">by
    the International Accounting Standards Board</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td>&#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; color: Black">&#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; color: Black">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. Item 17 &#9744; Item 18 &#9744;</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; color: Black">&#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; color: Black">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 Exchange
Act). Yes &#9744; <span id="xdx_902_edei--EntityShellCompany_c20220701__20230630_zPRZriO3OuM"><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</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; color: Black">&#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; color: Black"></span></p>

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<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; color: Black">&#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; color: Black"></span></p>


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    <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="width: 34%">&#160;</td><td style="width: 33%">&#160;</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; color: Black">&#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; color: Black"><b>TABLE
OF CONTENTS<sup>1</sup></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; color: Black">&#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; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><a href="#x_001"><b>PART I</b></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; 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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; padding: 0pt; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_002">OFFER
    STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003">KEY
    INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">INFORMATION
    ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">26</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005">UNRESOLVED
    STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">36</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#b_002">DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">44</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_003"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">53</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_004"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">54</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_005"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">55</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_006"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">56</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_007"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_008"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">69</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><a href="#x_002"><b>PART II</b></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; 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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_009"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">70</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: left"><a href="#b_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">70</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_011"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">70</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[RESERVED]</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">71</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_013"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">71</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_031"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">71</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_014"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">72</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_015"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">72</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_017"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_018"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">73</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>MINE SAFETY DISCLOSURE</span></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_020"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">73</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16J.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSIDER TRADING POLICIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    16K.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CYBERSECURITY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><a href="#x_003"><b>PART III</b></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; 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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_023"><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; padding: 0pt 0pt 0pt -10pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">74</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; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_024"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: justify"><a href="#b_025"><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; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top"><a href="#b_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><b>SIGNATURES</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">76</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; color: Black"></span></p>

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

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


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<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; color: Black"><b>BASIS
OF PRESENTATION</b></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; color: Black">&#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; color: Black">Except
as otherwise indicated, references in this Annual Report on Form 20-F (&#8220;Annual Report&#8221;) to &#8220;Locafy,&#8221; the &#8220;Company,&#8221;
the &#8220;Group,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Locafy Limited, a company incorporated under
the laws of Australia, and its directly owned subsidiary on a consolidated basis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
express all amounts in this Annual Report in U.S. dollars, except where otherwise indicated. References to &#8220;$&#8221; and &#8220;US$&#8221;
are to U.S. dollars and references to &#8220;A$&#8221; are to Australian dollars. Except as otherwise noted, conversions from Australian
dollars into U.S. Dollars were made at the rate of A$1.0000 to US$0.6630, which was the daily exchange rate published by the Reserve
Bank of Australia on June 30, 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have made rounding adjustments to some of the figures included in this Annual Report. Accordingly, numerical figures shown as totals
in some tables may not be an arithmetic aggregation of the figures that preceded them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">On
December 7, 2022, our shareholders approved, at a general meeting of shareholders, a 1-for-20 reverse share split (the &#8220;Reverse
Share Split&#8221;) of our outstanding ordinary shares and warrants (the &#8220;IPO Warrants&#8221;) issued in connection with our initial
public offering in the United States, effective as of 11:00 a.m. (Australia time). Except as otherwise indicated, all share and per share
information in this Annual Report gives effect to the Reverse Share Split.</span></p>

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<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; color: Black"><b>PRESENTATION
OF FINANCIAL INFORMATION</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
report under International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board
(&#8220;IASB&#8221;). None of the financial statements were prepared in accordance with generally accepted accounting principles in the
United States. We present our financial statements in Australian dollars.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
consolidated financial statements and accompanying notes thereto presented in this Annual Report have been audited by Grant Thornton
Audit Pty Ltd, our independent registered public accounting firm. </span></p>

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<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; color: Black"><b>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">This
Annual Report contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking
statements are contained principally in the sections entitled &#8220;Risk Factors&#8221;, &#8220;Operating and Financial Review and Prospects&#8221;,
&#8220;Business Overview&#8221; and &#8220;Business&#8221;. Forward-looking statements can often be identified by the use of terminology
such as &#8220;subject to&#8221;, &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221;
&#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;could,&#8221;
&#8220;can,&#8221; the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. Forward-looking
statements are any statements that look to future events and include, but are not limited to, statements regarding our business strategy;
trends, opportunities and risks affecting our business, industry and financial results; future expansion or growth plans and potential
for future growth; our ability to attract new clients to purchase our solution; our strategy of expanding our business through strategic
acquisitions and to integrate such acquisitions with our business and personnel; our ability to retain customer base and induce them
to license additional products; our ability to accurately forecast future revenues and appropriately plan our expenses; market acceptance
of our solutions; our expectations regarding implementation of remedial measures; our expectations regarding future revenues generated
by our solutions; our ability to attract and retain qualified employees and key personnel; and the impact of the novel coronavirus (COVID-19)
endemic and its ongoing effects on our business, results of operations, cash flows, financial condition and liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Forward-looking
statements are neither historical facts nor assurances of future performance, and are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely
on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially
from those indicated in the forward-looking statements include, among others, the following:</span></p>

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<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; color: Black"></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: 0pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    expenses, future revenues, capital requirements and our needs for financing;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to successfully commercialize, develop, market or sell new products or adopt new technology platforms;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    possibility that our customers may not renew maintenance agreements or purchase additional professional 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; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to attract and retain qualified 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; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to adequately manage our 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; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to maintain good relations with our partners;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    reliance on relationships with third parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to adequately protect our intellectual property and proprietary 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; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to regain and maintain compliance with continued listing requirements of The Nasdaq Capital Market&#8217;s (&#8220;Nasdaq&#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; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to compete effectively;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    availability of suitable acquisition targets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">our
    ability to maintain effective internal controls; 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; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">the
    other factors set forth under the heading &#8220;Risk Factors&#8221; of this Annual Report.</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; color: Black">&#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; color: Black">The
forward-looking statements contained in this Annual Report are based on current expectations, assumptions, and beliefs concerning future
developments and their potential effects on us. There can be no assurance that future developments will be those that have been assumed
or anticipated. These forward-looking statements are subject to a number of risks and uncertainties (some of which are beyond our control)
that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors described under the heading &#8220;Risk Factors&#8221;.
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may
vary in material respects from those projected in these forward-looking statements. We may not actually achieve the plans, intentions
or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
The forward-looking statements contained in this Annual Report represent our expectations as of the date of this Annual Report (or as
the date they are otherwise stated to be made) and are subject to change after such date. However, we disclaim any intention or obligation
or undertaking to update or revise any forward-looking statements whether as a result of new information, future events or otherwise,
except as required under applicable securities 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; color: Black">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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; color: Black">&#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; color: Black"></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; color: Black"><b><span id="x_001"></span>PART
I </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; color: Black">&#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; color: Black"><b><span id="a_001"></span>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; color: Black"><b>IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS </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; color: Black">&#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; color: Black"><b>A.
Directors and Senior Management </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; color: Black">&#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; color: Black">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; color: Black">&#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; color: Black"><b>B.
Advisers </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; color: Black">&#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; color: Black">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; color: Black">&#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; color: Black"><b>C.
Auditors </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; color: Black">&#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; color: Black">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; color: Black">&#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; color: Black"><b><span id="a_002"></span>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; color: Black"><b>OFFER
    STATISTICS AND EXPECTED TIMETABLE </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; color: Black">&#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; color: Black">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; color: Black">&#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; color: Black"><b><span id="a_003"></span>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; color: Black"><b>KEY
    INFORMATION </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; color: Black">&#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; color: Black"><b>A.
[Reserved] </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; color: Black">&#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; color: Black"><b>B.
Capitalization and Indebtedness </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; color: Black">&#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; color: Black">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; color: Black">&#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; color: Black"><b>C.
Reasons for the Offer and Use of Proceeds </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; color: Black">&#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; color: Black">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; color: Black">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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; color: Black">&#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; color: Black"></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; color: Black"><b>D.
Risk Factors </b></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; color: Black">&#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; color: Black"><b>RISK
FACTOR SUMMARY</b></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; color: Black">&#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; color: Black"><i>Investing
in our securities is speculative and involves substantial risk. You should carefully consider all of the information in this Annual
Report prior to investing in our securities. There are numerous risk factors related to our business that are described under
&#8220;Risk Factors&#8221; on page 8 and elsewhere in this Annual Report. These risks could materially and adversely impact our
business, results of operations, financial condition and future prospects, which could cause the trading price of our ordinary
shares to decline and could result in a loss of your investment. Among these important risks are the following:</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; color: Black">&#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: 0pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
    recent growth may not be indicative of our future growth, and we may not be able to sustain our revenue growth rate in the future.
    Our growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.</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; color: Black">&#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; color: Black">&#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; color: Black">&#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; color: Black">The
    market and technology space in which we participate are competitive, new, and rapidly changing, and if we do not compete effectively,
    introduce new features or products successfully, make enhancements to our existing products and services, or if our products and
    services do not perform as well as our competitors&#8217;, then our business, results of operations, and financial condition could
    be harmed.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
    use third-party services and technologies in connection with our business, and any disruption to the provision of these services
    and technologies to us could result in negative publicity and a slowdown in the growth of our user base, which could materially and
    adversely affect our business, financial condition and results of operations.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">If
    we fail to manage our growth effectively, we may be unable to execute our business plan or maintain high levels of service and customer
    satisfaction.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
    will face additional risks as we offer new products and services, transact with a broader array of clients and counterparties, and
    expose ourselves to new geographical markets.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Real
    or perceived errors, failures, vulnerabilities, or bugs in our technology could harm our business, results of operations, financial
    condition, and our reputation could be harmed.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">If
    there are interruptions or performance problems associated with the technology or infrastructure used to operate our technology,
    customers may experience service outages, other organizations may be reluctant to use our technology, and our reputation could be
    harmed.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
    face cybersecurity risks that could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and
    restrictions on our use of data.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">If
    we are unable to attract new users and organizations, our revenue growth and profitability will be harmed.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Any
    inability to deal with and manage our development and growth could have a material adverse effect on our business, operations, financial
    performance and prospects.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">If
    we are not able to maintain and enhance our brand and increase market awareness of our company and products, our business, results
    of operations and financial condition may be adversely affected.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
    cannot guarantee that our future monetization strategies will be successfully implemented or generate sustainable revenues and profit.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
    have been reliant on government subsidies and research and development grants in the past and we cannot ensure that our existing
    capital will be sufficient to meet our capital requirements.</span></td></tr>
  </table>
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<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; color: Black"></span></p>

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    with the rapidly evolving landscape of global data privacy and security laws may be challenging, and any failure or perceived failure
    to comply with such laws, or other concerns about our practices or policies with respect to the processing of personal data, could
    damage our reputation and deter current and potential customers and end users from using our platform and products and services or
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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  <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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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  <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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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<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; color: Black">&#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; color: Black">As
a result of these risks and other risks described under &#8220;Risk Factors,&#8221; there is no guarantee that we will experience growth
or profitability in the 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; color: Black">&#160;</span></p>


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<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; color: Black"><b>RISK
FACTORS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i>You
should consider carefully the following risk factors, as well as the other information in this Annual Report, including our financial
statements and notes thereto. If any of the following risks were to actually occur, our business, financial conditions, results of operations
and prospects could be materially adversely affected and the value of our securities could decline. The risks and uncertainties described
below in this Annual Report for the year ended June 30, 2023, are not the only risks facing us. We may face additional risks and uncertainties
not currently known to us or that we currently deem to be immaterial. This Annual Report also contains forward-looking statements that
involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements
as a result of a number of factors, including the risks described below. See &#8220;Cautionary Note Regarding Forward-Looking Statements.&#8221;
</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Risks
Relating to our Business and Industry</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
recent growth may not be indicative of our future growth, and we may not be able to sustain our revenue growth rate in the future. Our
growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have experienced growth since the inception of our operations. Our revenue increased by 27.3% from year- end 2022 to year-end 2023. However,
you should not rely on the revenue growth of any prior quarterly or annual period as an indication of our future performance. We cannot
assure you that we will be able manage our growth at the same rate as we did in the past, or avoid any decline in the future. To maintain
our growth, we need to attract more customers, scale up our business and continue to improve our technology, among other things. Moreover,
our current and planned staffing, systems, policies, procedures and controls may not be adequate to support our future operations. To
effectively manage the expected growth of our operations and personnel, we will also be required to refine our operational, financial
and management controls and reporting systems and procedures. If we fail to efficiently manage the expansion of our business, our costs
and expenses may increase faster than we planned and we may not successfully attract a sufficient number of customers and end users in
a cost-effective manner, respond timely to competitive challenges, or otherwise execute our business strategies. Our growth requires
significant financial resources and will continue to place significant demands on our management. There is no guarantee that we will
be able to effectively manage any future growth in an efficient, cost-effective and timely manner, or at all. Our past growth is not
necessarily indicative of results that we may achieve in the future. If we fail to effectively manage the growth of our business and
operations, our reputation, results of operations and overall business and prospects could be negatively impacted.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>The
market and technology space in which we participate are competitive, new, and rapidly changing, and if we do not compete effectively,
introduce new features or products successfully, make enhancements to our existing products and services, or if our products and services
do not perform as well as our competitors&#8217;, then our business, results of operations, and financial condition could be harmed.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
market is subject to rapidly evolving products and technological change, and our future success depends on our technology. Products,
services and technologies developed by others may render our products, services or technology obsolete or non-competitive. To attract
new customers and end users and keep our existing ones engaged, we must introduce new products and services and upgrade our existing
offerings to meet their evolving preferences. It is difficult to predict the preferences of a particular customer or a specific group
of customers. Changes and upgrades to our existing products may not be well received by our customers and end users, and newly introduced
products or services may not achieve success as expected. Moreover, the functionality, reliability or security of our technology or our
ability to adequately maintain, develop, update or enhance our technology each depends on numerous factors, many of which are beyond
our control, and any failure in respect of any of the foregoing may cause the level of usage and customer satisfaction to decline. This
may result in reduced sales, loss of customers, damage to reputation, an inability to attract new clients and potential claims for breach
of contract or other litigation.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
future revenue and growth also depends on our ability to develop enhancements, new features and products, and services that utilize our
technology. Enhancements, new features and products, and services that we develop may not be introduced in a timely or cost-effective
manner, may contain errors or defects, may have interoperability difficulties with our platform or other products and services or may
not achieve the broad market acceptance necessary to generate significant revenue. The failure to successfully develop enhancements,
services, features, products or other new solutions may materially adversely impact our future operations and financial performance,
competitive position and business prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Additionally,
the market for generative artificial intelligence (&#8220;AI&#8221;), including &#8220;chatbots&#8221;, machine learning, and generative
AI workloads is an intensely competitive and rapidly evolving market, and our future financial performance may depend on our ability
to adapt to, and capture new spending, in this market. If more consumers utilize AI and AI-related technology to search for online content,
or if we do not successfully integrate AI with our solutions and products or integrate AI with our solutions as rapidly or effectively
as other competitors within our industry, search traffic volumes through traditional search engines may decline, and our solutions and
products may not compete as effectively with AI or other available solutions, which may in turn have a negative impact on our business
and financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
use third-party services and technologies in connection with our business, and any disruption to the provision of these services and
technologies to us could result in negative publicity and a slowdown in the growth of our user base, which could materially and adversely
affect our business, financial condition and results of operations.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
business depends, in part, on services provided by, and relationships with, various third parties. For example, we rely on contracts
with third-party suppliers such as Cloudflare, Inc. (&#8220;Cloudfare&#8221;), which provides cloud hosting services. If these contracts
and services are terminated or suffer a disruption in the future and we are not able to replace or accommodate for those events in a
timely and cost-effective manner, our operations and financial performance, competitive position and business prospects may be adversely
impacted.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
are faced with uncertainties related to our research and development.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
products and services are the subject of continuous research and development and must be continually and substantially developed in order
to gain and maintain competitive and technological advantage, and in order to meaningfully improve the usability, scalability and accuracy
of our products and services. There are no guarantees that we will be able to undertake such research and development successfully or
cost effectively. Failure to successfully undertake such research and development, anticipate technical problems, or estimate research
and development costs or timeframes accurately may adversely affect our results and viability.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may be unable to execute our business plans or maintain high levels of service and customer satisfaction, which may adversely affect
our business, operating results or financial condition. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">To
continue to grow our business, it is important that existing customers renew their subscriptions when existing contracts expire and that
we expand our relationships with existing customers. Customers have no obligation to renew their subscriptions and may decide not to
renew their subscriptions with a similar contract period, at the same prices and terms, or at all. In the past, some of our customers
have elected not to continue to use our services. Any failure to maintain high-quality technical support, or a market perception that
we do not maintain high-quality technical support, could adversely affect client retention, our reputation, our ability to sell our applications
to existing and prospective clients, and, as a result, our business, operating results or financial condition. Our ability to retain
customers and expand deployments with them may decline or fluctuate as a result of a number of factors, including customer satisfaction,
functionality, reliability, customer support, prices, competitor prices, customer experience, new feature releases and overall performance
of our technology.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Further,
our solutions are inherently complex and may in the future contain, or develop, undetected defects or errors. Any defects in our platform
could adversely affect our reputation, impair our ability to sell our applications in the future and result in significant costs to us.
The costs incurred in correcting any platform defects may be substantial and could adversely affect our business, operating results or
financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
growth strategy is largely dependent upon increasing the number of customers that use our technology. As we seek to increase our sales,
we may face upfront sales costs and longer sales cycles, higher customer acquisition costs, more complex customer requirements and volume
discount requirements. We may also be required to enter into customized contractual arrangements with certain customers, particularly
large enterprises, pursuant to which we are required to offer more favorable pricing terms in exchange for larger total contract values
that accompany large deployments. As we continue to expand our sales efforts, we will need to continue to increase investment in sales
and marketing. There is no assurance that such investments will succeed and contribute to additional customer acquisition, and in turn
result in revenue growth.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
can be no assurance that we will successfully commercialize our technology or our products and services or that existing product markets
will continue to grow or that new markets will develop. If we are unable to increase sales to customers, our business, financial condition,
operations and overall financial performance may suffer.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
will face additional risks as we offer new products and services, transact with a broader array of clients and counterparties, and expose
ourselves to new geographical markets.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are committed to providing new products and services in order to strengthen our market position in the industries that we operate in.
We expect to expand our product and service offerings as permitted by relevant regulatory authorities, transact with new clients not
in our traditional client base, and enter into new markets. If we are unable to achieve the expected results with respect to our offering
of new products and services, our new client base, and in new geographical markets, our business, financial condition, and results of
operations could be materially and adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may not be able to successfully identify, consummate or integrate acquisitions, and acquisitions may adversely affect our financial leverage.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Part
of our business strategy may, from time to time, include pursuing synergistic acquisitions. We have expanded, and plan to continue to
expand, our business by making strategic acquisitions and regularly seeking suitable acquisition targets to enhance our growth. In September
2022 and June 2023, we acquired technology assets from Jimmy Kelley Digital, a marketing firm headquartered in Austin, Texas. We may
fund such acquisitions using cash on hand or accessing the capital markets. To the extent we finance such acquisitions with debt, the
incurrence of such debt may result in a significant increase in our interest expense and financial leverage.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Further,
the pursuit of acquisitions may pose certain risks to us. We may not be able to identify acquisition candidates that fit our criteria
for growth and profitability. Even if we are able to identify such candidates, we may not be able to acquire them on terms or financing
satisfactory to us. We will incur expenses and dedicate attention and resources associated with the review of acquisition opportunities,
whether or not we consummate such acquisitions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Additionally,
even if we are able to acquire suitable targets on agreeable terms, we may not be able to successfully integrate their operations with
ours. Achieving the anticipated benefits of any acquisition will depend in significant part upon whether we integrate such acquired businesses
and personnel, as the case may be, in an efficient and effective manner. We may not be able to achieve the anticipated operating and
cost synergies or long-term strategic benefits of our acquisitions within the anticipated timing or at all. For example, elimination
of duplicative costs may not be fully achieved or may take longer than anticipated. The benefits from any acquisition may be offset by
the costs incurred in integrating the businesses and operations. We may also assume liabilities in connection with acquisitions to which
we would not otherwise be exposed. An inability to realize any or all of the anticipated synergies or other benefits of an acquisition
as well as any delays that may be encountered in the integration process, which may delay the timing of such synergies or other benefits,
could have an adverse effect on our business, results of operations and financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Real
or perceived errors, failures, vulnerabilities, or bugs in our technology could harm our business, results of operations, financial condition,
and our reputation could be harmed</i>. </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
will need to ensure that our technology continues to be developed, updated and enhanced to add new features. The success of any enhancement
or new feature depends on several factors, including our understanding of market demand, timely execution, successful introduction or
integration and market acceptance. We may not successfully develop new content and features or enhance our technology to meet customer
needs or demands. In addition, new content and features or enhancements may not achieve adequate acceptance in the market.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Errors,
failures, vulnerabilities or bugs may occur in our technology, particularly when updates are deployed or new features or enhancements
are rolled out. In addition, utilization of our technology in complicated, large-scale customer environments may expose errors, failures,
vulnerabilities or bugs. Any such errors, failures, vulnerabilities or bugs may not be identified until after updates are deployed or
new features or enhancements are rolled out. As a provider of technology solutions, our brand and reputation are particularly sensitive
to such errors, failures, vulnerabilities or bugs given that our customers&#8217; proprietary information will be available through the
technology. Any unauthorized access to customers&#8217; proprietary information by third parties or loss in customer data could expose
us to significant liability.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Real
or perceived errors, failures, vulnerabilities or bugs in our technology could result in negative publicity, loss of competitive position,
loss of customer data, loss of or delay in market acceptance or claims for losses suffered or incurred by customers, all of which could
adversely impact our business and our future operations and financial performance, competitive position and business prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>If
there are interruptions or performance problems associated with the technology or infrastructure used to operate our technology, customers
may experience service outages, other organizations may be reluctant to use our technology, and our reputation could be harmed.</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; color: Black">&#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; color: Black">Our
technology is hosted through data centers provided by Cloudflare, a provider of cloud infrastructure services. Our operations therefore
depend on the virtual cloud infrastructure hosted by Cloudflare as well as the information stored in these virtual data centers and which
third-party Internet service providers transmit. Any incident affecting Cloudflare&#8217;s infrastructure could negatively affect the
availability, functionality or reliability of our technology. A prolonged Cloudflare service disruption affecting our technology, or
Cloudflare no longer being willing to offer its cloud infrastructure services, for example, could damage our reputation, expose us to
liability, cause us to lose customers or otherwise adversely impact our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">While
our agreement with Cloudflare is ongoing for an indefinite term and may be terminated by us for any reason upon the delivery of adequate
notice, or by either party if the other party is in material breach of the agreement and such agreement remains uncured for a period
of 30 days, Cloudflare may also terminate our agreement at its sole discretion at any time, with or without notice for any reason or
no reason at all. Cloudflare may also change or discontinue any of its virtual cloud infrastructure services from time to time, temporarily
suspend our right to access or use any portion of the virtual cloud infrastructure, and may modify our agreement at any time upon requisite
notice to us. While alternative cloud infrastructure services are available, we may incur significant costs and delays if we are required
to transition to a new service provider, and alternative cloud infrastructure providers may provide services on terms less favorable
to those offered by Cloudflare.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>We
face cybersecurity risks that could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and restrictions
on our use of data.</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; color: Black">&#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; color: Black">Our
information systems and data, including those we maintain with our third-party service providers, may be subject to cybersecurity breaches
in the future. Computer programmers and hackers may be able to penetrate our network security and misappropriate, copy or pirate our
confidential information or that of third parties, create system disruptions or cause interruptions or shutdowns of our internal systems
and services. Our technology may become subject to denial-of-service attacks, where a website is bombarded with information requests
eventually causing the website to overload, resulting in a delay or disruption of service. Computer programmers and hackers also may
be able to develop and deploy viruses, worms and other malicious software programs that attack our products or otherwise exploit any
security vulnerabilities of our products. Certain of our employees have access to sensitive information about our clients&#8217; employees.
While we conduct background checks of our employees and limit access to systems and data, it is possible that one or more of these individuals
may circumvent these controls, resulting in a security breach.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">There
is also a growing trend of advanced persistent threats being launched by organized and coordinated groups against corporate networks
to breach security for malicious 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; color: Black">&#160;</span></p>


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<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; color: Black">&#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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
techniques used to obtain unauthorized, improper, or illegal access to our systems, our data or customers&#8217; data, disable or degrade
service, or sabotage systems are constantly evolving and have become increasingly complex and sophisticated, may be difficult to detect
quickly, and often are not recognized or detected until after they have been launched. Although we have developed systems and processes
designed to protect our data and customer data and to prevent data loss and other security breaches and expect to continue to expend
significant resources to bolster these protections, there can be no assurance that these security measures will provide absolute security.
Any actual or perceived breach of our security could damage our reputation, cause existing clients to discontinue the use of our solution,
prevent us from attracting new clients, or subject us to third-party lawsuits, regulatory fines or other actions or liabilities, any
of which could adversely affect our business, operating results or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Disruptions
in the availability of our technology, through cyber-attacks or otherwise, could damage our computer or telecommunications systems, impact
our ability to service our customers, adversely affect our operations and the results of operations, and have an adverse effect on our
reputation. The costs to us to eliminate or alleviate security problems, bugs, viruses, worms, malicious software programs and security
vulnerabilities could be significant, and the efforts to address these problems could result in interruptions, delays, cessation of service
and loss of existing or potential customers and may impede our sales, distribution and other critical functions. We may also be subject
regulatory penalties and litigation by customers and other parties whose information has been compromised, all of which could have a
material adverse effect on our business, results of operations and 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; color: Black">&#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; color: Black"><b><i>If
we are unable to attract new users and organizations, our revenue growth and profitability will be harmed. </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; color: Black">&#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; color: Black">Our
ability to broaden our customer base and achieve broader market acceptance of our technology will depend to a significant extent on the
ability of our sales and marketing team to drive our sales pipeline and cultivate relationships to drive revenue growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
have invested in, and plan to continue, expanding our sales and marketing activities. Identifying, recruiting, and training sales personnel
will require significant time, expense, and attention. We also plan to dedicate significant resources to sales and marketing programs.
If we are unable to hire, develop, and retain talented sales or marketing personnel, if our new sales or marketing personnel are unable
to achieve desired productivity levels in a reasonable period of time, or if our sales and marketing programs are not effective, our
ability to broaden our customer base and achieve broader market acceptance of our technology could be harmed. In addition, the investments
we make in our sales and marketing team will occur in advance of experiencing benefits from such investments, making it difficult to
determine in a timely manner if we are efficiently allocating resources in these areas.</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; color: Black">&#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; color: Black"><b><i>If
we fail to offer a high-quality customer experience, our business and reputation will suffer. </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; color: Black">&#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; color: Black">Our
business model is based on recurring revenue arising from customers. A poor user experience may not necessarily be anticipated but may
affect the growth of customer numbers and repeat purchases or ongoing contracts for the use of our software services. Factors that may
contribute to poor customer experience include:</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; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Poor
user experiences may result in a decline in the level of usage of our products, the loss of customers, adverse publicity, litigation
and regulatory investigations. If any of these occur, it may adversely impact our operations and financial performance, position and
prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>Any
inability to deal with and manage our development and growth could have a material adverse effect on our business, operations, financial
performance and business prospects.</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; color: Black">&#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; color: Black">Achievement
of our objectives will largely depend on the ability of the board of directors and management to successfully implement our development
and growth strategy. However, there can be no assurance that our board of directors and management will successfully implement our development
and growth strategy. Failure by our board of directors and management to properly implement and manage the strategic direction of the
Company and our business would adversely affect our financial performance.</span></p>

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


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<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; color: Black">&#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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
we target rapid sales growth, this may bring challenges in recruiting sufficient qualified personnel to manage growth and maintain the
desired quality of service and support. If any of the foregoing inabilities or challenges occurs, our business may be adversely impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>Failure
to set optimal prices for our products could adversely impact our business, results of operations and financial condition.</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; color: Black">&#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; color: Black">We
derive substantially all of our revenue from license subscription fees earned from customers using our technology as well as from advertising
fees earned from customers publishing their content on our digital property network. We also offer tiered, volume-based discounts to
our largest customers and in some cases, customers are contracted to some level of minimum revenue commitment. If competitors introduce
new products or services at prices that are more competitive than ours for similar products and services, we may be unable to attract
new customers or retain existing customers based on our historical pricing. Further, as we expand internationally, we also must determine
the appropriate price to enable us to compete effectively internationally. As a result, in the future we may be required or choose to
reduce our prices or change our pricing model, which could adversely affect our business, results of operations and financial condition.</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; color: Black">&#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; color: Black"><b><i>We
cannot guarantee that our future monetization strategies will be successfully implemented or generate sustainable revenues and profit.</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; color: Black">&#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; color: Black">We
have developed a diversified revenue model and plan to explore additional opportunities to monetize our customer base and technology
by, for example, promoting additional value-added services to end users to generate more subscription fees. If these efforts fail to
achieve our anticipated results, we may not be able to increase or maintain our revenue growth. Specifically, in order to increase the
number of our customers and end users and their levels of spending, we will need to address a number of challenges, including providing
consistent quality products and services; continuing to innovate and stay ahead of our competitors; and improving the effectiveness and
efficiency of our sales and marketing efforts. If we fail to address any of these challenges, we may not be successful in increasing
the number of our customers and end users and their expenditures with us, which could have a material adverse impact on our business,
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>We
have been reliant on government subsidies and research and development grants in the past and we cannot ensure that our existing capital
will be sufficient to meet our capital requirements.</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; color: Black">&#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; color: Black">To
date, a substantial but declining portion of our operations have been funded through government subsidies and research and development
grants. Such subsidies and grants accounted for 8.9% and 14.5% of the sum of our revenue and other income (referred to herein as &#8220;total
income&#8221;) for the years ended June 30, 2023 and June 30, 2022, respectively. We expect to generate revenues primarily through license
subscription fees from our customer-base and through the acquisition of additional online directories and databases to grow the number
of business profiles within our network and hence the opportunity to generate increased advertising revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
believe that our existing capital and other sources of liquidity will be sufficient to meet our capital requirements, however, the adequacy
of our available funds to meet our operating and capital requirements will depend on many factors, including our ability to achieve revenue
growth and maintain favorable operating margins; the cost, progress and results of our future research and product development; the effect
of competing technological and market developments; and costs incurred in enforcing and defending certain of the patents and other intellectual
property rights upon which our technologies are based, to the extent such rights are challenged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
cannot be certain that in the future alternative financing sources, including previously received government subsidies and research and
development grants, will be available to us at such times or in the amounts we need or whether we can negotiate commercially reasonable
terms or at all, or that our actual cash requirements will not be greater than anticipated. If we are unable to obtain future financing
through the methods we described above or through other means, our business may be materially impaired and we may be unable to complete
our business objectives and may be required to cease operations, curtail one or more product development or commercialization programs,
significantly reduce expenses, sell assets, seek a merger or joint venture partner, file for protection from creditors or liquidate all
our assets. Additionally, though we have engaged qualified external consultants to assist us with the preparation of our grant applications,
our government subsidies remain subject to review and potential audits, and we may be required to repay all or portion of the grant with
penalties, as applicable, if we are deemed ineligible for such subsidies following such audits.</span></p>

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


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<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; color: Black">&#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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>If
we are not able to maintain and enhance our brand and increase market awareness of our company and products, our business, results of
operations and financial condition may be adversely affected.</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; color: Black">&#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; color: Black">We
believe that maintaining and enhancing the &#8220;Locafy&#8221; brand identity and increasing market awareness of our company and products,
is critical to achieving widespread acceptance of our platform, to strengthen our relationships with our existing customers and to our
ability to attract new customers. The successful promotion of our brand will depend largely on our continued marketing efforts, our ability
to continue to offer high quality products, and our ability to successfully differentiate our products and platform from competing products
and services. Our brand promotion activities may not be successful or yield increased 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; color: Black">&#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; color: Black">Negative
publicity about us, our products or our platform could materially and adversely impact our ability to attract and retain customers, our
business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">The
promotion of our brand also requires us to make substantial expenditures, and we anticipate that these expenditures will increase as
our market becomes more competitive and as we expand into new markets. To the extent that these activities increase revenue, this revenue
may not be enough to offset the increased expenses we incurred. If we do not successfully maintain and enhance our brand, our business
may not grow, our pricing power may be reduced relative to our competitors and we may lose customers, all of which would adversely affect
our business, results of operations and financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Compliance
with the rapidly evolving landscape of global data privacy and security laws may be challenging, and any failure or perceived failure
to comply with such laws, or other concerns about our practices or policies with respect to the processing of personal data, could damage
our reputation and deter current and potential customers and end users from using our platform and products and services or subject us
to significant compliance costs or penalties, which 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Failure
to comply with the increasing number of data protection laws in the jurisdictions in which we operate, as well as concerns about our
practices with regard to the collection, use, storage, retention, transfer, disclosure, and other processing of personal data, the security
of personal data, or other privacy-related matters, such as cybersecurity breaches, misuse of personal data and data sharing without
necessary safeguards, including concerns from our customers, employees and third parties with whom we conduct business, even if unfounded,
could damage our reputation and operating results. As we seek to expand our business, we are, and may increasingly become, subject to
various laws, regulations and standards, as well as contractual obligations, relating to data privacy and security in the jurisdictions
in which we operate. The regulatory and legal frameworks regarding data privacy and security issues in many jurisdictions are constantly
evolving and developing and can be subject to significant changes from time to time, including in ways that may result in conflicting
requirements among various jurisdictions. Interpretation and implementation standards and enforcement practices are similarly in a state
of flux and are likely to remain uncertain for the foreseeable future. As a result, we may not be able to comprehensively assess the
scope and extent of our compliance responsibility at a global level and we may fail to fully comply with the applicable data privacy
and security laws, regulations and standards. Moreover, these laws, regulations and standards may be interpreted and applied differently
over time and from jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may have a
material and adverse impact on our business, financial condition and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
certain jurisdictions in which we operate, stringent, extra-territorial data protection laws exist which increase our compliance burden
and the risk of scrutiny. For example, the General Data Protection Regulation (EU) 2016/679 (&#8220;GDPR&#8221;), which applies to the
collection, use, storage, retention, transfer, disclosure, and other processing of personal data obtained from individuals located in
the European Union (&#8220;EU&#8221;) and in the United Kingdom (&#8220;UK&#8221;) or by businesses operating within the EU or the UK,
became effective on May 25, 2018 and has resulted, and will continue to result, in significantly greater compliance burdens and costs
for companies with customers, end users, or operations in the EU. The GDPR, which in post-Brexit UK is known as the &#8220;UK GDPR,&#8221;
places stringent obligations and operational requirements on us as both a processor and controller of personal data and could make it
more difficult or more costly for us to use and share personal data. Under the GDPR, data protection supervisory authorities are given
various enforcement powers, including levying fines of up to 20 million Euros or up to 4% of an organization&#8217;s annual worldwide
turnover, whichever is greater, for the preceding financial year, for non-compliance. Data subjects also have the right to be compensated
for damages suffered as a result of a controller or processor&#8217;s non-compliance with the GDPR. While the GDPR provides a more harmonized
approach to data protection regulation across the EU member states and the UK, it also gives EU member states and the UK certain areas
of discretion and therefore laws and regulations in relation to certain data processing activities may differ on a member state by member
state basis, which could further limit our ability to use and share personal data and could require localized changes to our operating
model. In addition to the GDPR, the EU also has released a proposed Regulation on Privacy and Electronic Communications, or the ePrivacy
Regulation, to replace the EU&#8217;s current Privacy and Electronic Communications Directive, or the ePrivacy Directive, to, among other
things, better align EU member states and the rules governing online tracking technologies and electronic communications, such as unsolicited
marketing and cookies, with the requirements of the GDPR. While the ePrivacy Regulation was originally intended to be adopted on May
25, 2018 (alongside the GDPR), it is currently going through the European legislative process, and commentators now expect it to be adopted
after 2024. The current draft of the ePrivacy Regulation significantly increases fining powers to the same levels as GDPR and may require
us to change our operational model and incur additional compliance expenses. Additional time and effort may need to be spent addressing
the new requirements in the potential ePrivacy Regulation as compared to the GDPR.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Under
the GDPR, restrictions are placed on transfers of personal data outside of the European Economic Area and the UK to countries which have
not been deemed &#8220;adequate&#8221; by the European Commission (including the United States). As a global business, with customers
and end users worldwide, we are susceptible to any changes in legal requirements affecting international data flows. On July 10, 2023,
the European Commission adopted its adequacy decision for the new EU-US Data Privacy Framework following the invalidation of its predecessor,
the EU-US Privacy Shield. This decision re-established a previously popular mechanism to legitimize cross-border transfers of personal
data between the EU and the U.S. The new Data Privacy Framework was immediately challenged in the EU courts, just as Privacy Shield was,
and it is unclear whether the new Framework will survive judicial review. While the invalidation of Privacy Shield did not invalidate
the use of standard contractual clauses, a second mechanism for making lawful cross-border transfers, the decision has called the validity
of standard contractual clauses into question under certain circumstances. In response, the European Data Protection Board and the UK
Information Commissioner&#8217;s Office recently published new versions of the standard contractual clauses that purport to address the
CJEU&#8217;s decision. Taken together, these recent legal developments have made the legality of transferring personal data from the
EU to the U.S. or various other jurisdictions outside of the EU more uncertain. Due to this evolving regulatory guidance, we may need
to invest in additional technical, legal and organization safeguards in the future to avoid disruptions to data flows within our business
and to and from our customers and service providers. Furthermore, this uncertainty, and its eventual resolution, may increase our costs
of compliance, impede our ability to transfer data and conduct our business, and harm our business or results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Outside
of the EU and UK, many jurisdictions have adopted or are adopting new data privacy and security laws, which may result in additional
expenses to us and increase the risk of non-compliance. For example, in the United States, various federal and state regulators, including
governmental agencies like the Federal Trade Commission, have adopted, or are considering adopting, laws and regulations concerning personal
data and data security. This patchwork of legislation and regulation may give rise to conflicts or differing views of personal privacy
rights. For example, certain state laws may be more stringent or broader in scope, or offer greater individual rights, with respect to
personal data than federal, international or other state laws, and such laws may differ from each other, all of which may complicate
compliance efforts. One such comprehensive privacy law in the United States is the California Consumer Privacy Act (&#8220;CCPA&#8221;),
which came into effect on January 1, 2020. Among other things, the CCPA requires companies that process information of California residents
to make new detailed disclosures to consumers about such companies&#8217; data collection, use and sharing practices, gives California
residents expanded rights to access and delete their personal information, and to opt out of certain personal information sharing with
(and sales of personal information to) third parties. The CCPA provides for civil penalties for violations, as well as a private right
of action for certain data breaches that result in the loss of personal data. This private right of action is expected to increase the
likelihood of, and risks associated with, data breach litigation. The CCPA was amended in September 2018, November 2019 and September
2020, and it is possible that further amendments will be enacted, but even in its current form it remains unclear how various provisions
of the CCPA will be interpreted and enforced. Additionally, a new privacy law, the California Privacy Rights Act (&#8220;CPRA&#8221;),
which took take effect in most material respects on January 1, 2023, modifies the California Consumer Privacy Act significantly, including
by expanding consumers&#8217; rights with respect to certain sensitive personal information and creating a new state agency to oversee
implementation and enforcement efforts, potentially resulting in further uncertainty and requiring us to incur additional costs and expenses
in an effort to comply. Other state privacy laws with similarities to the CCPA, such as the Colorado Privacy Act, the Utah Consumer Privacy
Act, and the Virginia Consumer Data Privacy Act, will come into force in 2023. Connecticut, Iowa, Indiana, Tennessee, Oregon, Montana
and Texas have each recently passed their own general consumer privacy laws, which will come into force in 2024 and 2025, and there have
been ongoing discussions and proposals in the U.S. Congress with respect to new federal data privacy and security laws to which we would
become subject if enacted. All of these evolving compliance and operational requirements impose significant costs that are likely to
increase over time, may require us to modify our data processing practices and policies, divert resources from other initiatives and
projects, and could restrict the way products and services involving data are offered, all of which may have a material and adverse impact
on our business, financial condition and results of operations.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
addition to government regulation, privacy advocates and industry groups have and may in the future propose self-regulatory standards
from time to time. These and other industry standards may legally or contractually apply to us, or we may elect to comply with such standards.
We expect that there will continue to be new proposed laws and regulations concerning data privacy and security, and we cannot yet determine
the impact such future laws, regulations and standards may have on our business. New laws, amendments to or re-interpretations of existing
laws, regulations, standards and other obligations may require us to incur additional costs and restrict our business operations. For
example, there is an increasing trend of jurisdictions requiring data localization, which may prohibit companies from storing data relating
to resident individuals in data centers outside the relevant jurisdiction or, at a minimum, require a complete set of the data to be
stored in data centers within the relevant jurisdiction. Because the interpretation and application of laws, regulations, standards and
other obligations relating to data privacy and security are still uncertain, it is possible that these laws, regulations, standards and
other obligations may be interpreted and applied in a manner that is inconsistent with our data processing practices and policies or
the features of our products and services. If so, in addition to the possibility of fines, lawsuits, regulatory investigations, public
censure, other claims and penalties, and significant costs for remediation and damage to our reputation, we could be materially and adversely
affected if legislation or regulations are expanded to require changes in our data processing practices and policies or if governing
jurisdictions interpret or implement their legislation or regulations in ways that negatively impact our business, financial condition
and results of operations. Furthermore, the developing requirements relating to clear and prominent privacy notices (including in the
context of obtaining informed and specific consents to the collection and processing of personal data, where applicable) may potentially
deter end users from consenting to certain uses of their personal data. In general, negative publicity of us or our industry regarding
actual or perceived violations of our end users&#8217; privacy-related rights, including fines and enforcement actions against us or
other similarly placed businesses, also may impair users&#8217; trust in our privacy practices and make them reluctant to give their
consent to share their data with us. Any inability to adequately address data privacy or security-related concerns, even if unfounded,
or to comply with applicable laws, regulations, standards and other obligations relating to data privacy and security, could result in
additional cost and liability to us, harm our reputation and brand, damage our relationships with consumers and have a material and adverse
impact on our business, financial condition and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">With
regard to our commercial arrangements, we and our counterparties, including business partners and external service providers, might be
subject to contractual obligations regarding the processing of personal data. While we believe our and our counterparties&#8217; conduct
under these agreements is in material compliance with all applicable laws, regulations, standards, certifications and orders relating
to data privacy or security, we or our counterparties may fail, or be alleged to have failed, to be in full compliance. In the event
that our acts or omissions result in alleged or actual failure to comply with applicable laws, regulations, standards, certifications
and orders relating to data privacy or security, we may incur liability. While we endeavor to include indemnification provisions or other
protections in such agreements to mitigate liability and losses stemming from our counterparties&#8217; acts or omissions, we may not
always be able to negotiate for such protections and, even where we can, there is no guarantee that our counterparties will honor such
provisions or that such protections will cover the full scope of our liabilities and losses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">While
we strive to comply with our internal data privacy guidelines as well as all applicable data privacy and security laws and regulations,
and contractual obligations in respect of personal data, there is no assurance that we are able to comply with these laws, regulations
and contractual obligations in all respects. Any failure or perceived failure by us, external service providers or business partners
to comply may result in proceedings or actions against us, including fines and penalties or enforcement orders (including orders to cease
processing activities) being levied on us by government agencies or proceedings or actions against us by our business partners, customers
or end-users, including class action privacy litigation in certain jurisdictions, and could damage our reputation and discourage current
and future users from using our products and services, which could materially and adversely affect our business, financial condition
and results of operations. In addition, compliance with applicable laws on data privacy requires substantial expenditure and resources,
including to continually evaluate our policies and processes and adapt to new requirements that are or become applicable to us on a jurisdiction-by-jurisdiction
basis, which would impose significant burdens and costs on our operations or may require us to alter our business practices. Concerns
about the security of personal data also could lead to a decline in general Internet usage, which could result in a decrease in demand
for our products and services and have a material and adverse effect on our business, financial condition and results of operations.
Furthermore, if the local government authorities in our target markets require real-name registration for users of our platform, the
growth of our customer and end-user bases may slow down and our business, financial condition and results of operations may be adversely
affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
rely on key personnel and employees with the technical know-how to lead and operate our businesses.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
depend on the expertise, experience and efforts of our executive officers and other key employees. A failure to attract and retain executive,
business development, technical and other key personnel could reduce our revenues and operational effectiveness. There is a continuing
demand for relevant qualified personnel, and we believe that our future growth and success will depend upon our ability to attract, train
and retain such personnel.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Competition
for personnel in our industry is intense, and there is a limited number of persons with knowledge of, and experience in, this industry.
There can be no assurance that we will maintain sufficiently qualified personnel or hire additional qualified personnel on a timely basis,
or that we will be able to retain our key management personnel. An inability to attract or maintain a sufficient number of requisite
personnel, particularly those with the requisite technical expertise, could have a material adverse effect on our performance or on our
ability to capitalize on market opportunities or meet our stated objectives.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>If
we fail to adequately protect our proprietary rights, our competitive position could be impaired and we may lose valuable assets, generate
reduced revenue, and incur costly litigation to protect our rights. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
use intellectual property and technology developed in the course of our business. A substantial part of our commercial success will depend
on our ability to establish and protect our intellectual property to maintain our software source code.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
component of the underlying technology on which our technology is built is patented in the United States (Patent Number US 9286274).
However, the granting of a patent does not guarantee validity since it may be revoked on the grounds of invalidity at any time during
its life and, at any point, an alleged infringer may assert that the patent is invalid. The granting of the patent also does not guarantee
that the patentee has freedom to operate the invention claimed in the patent because, for example, the working of a patented invention
may be prevented by the existence of another patent. In addition, there are limitations associated with patent protection and, generally
speaking, a patent issued in one jurisdiction will not prevent unauthorized exploitation of the invention in other jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Further
to the above, the commercial value of our intellectual property assets is dependent on any relevant legal protections. These legal mechanisms,
however, do not guarantee that the intellectual property will be protected or that our competitive position will be maintained. No assurance
can be given that employees or third parties will not, knowingly or unknowingly, breach confidentiality agreements, infringe or misappropriate
our intellectual property or commercially sensitive information or that competitors will not be able to produce non-infringing competitive
products. Competition in retaining and sustaining protection of technologies and the complex nature of technologies can lead to expensive
and lengthy disputes for which there can be no guaranteed outcome. There can be no assurance that any intellectual property which we
(or entities we deal with) may have an interest in now or in the future will afford us commercially significant protection of technologies
or that any of the projects that may arise from technologies will have commercial applications.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
addition, there can be no assurance that we will implement adequate measures to protect our intellectual property. Failure in the measures
implemented to protect our intellectual property may result in an erosion of any potential competitive position. Additionally, securing
rights to (or developing) technologies complementing our existing intellectual property will also play an important part in our commercial
success. There is no guarantee that such rights can be secured or such technologies can be developed.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
results of operations may be harmed if we are subject to a protracted infringement claim, a claim that results in a significant damage
award, a third-party infringement claim, or a claim that results in an injunction. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">There
is a risk that the validity, ownership or authorized use of intellectual property relevant to us and our technology may be successfully
challenged by third parties or that third parties may assert intellectual property infringement, unfair competition or like claims against
us under copyright, trade secret, patent or other laws. If a third party accuses us of infringing on its intellectual property rights
or if a third party commences litigation against us for the infringement of intellectual property rights, we may incur significant costs
in defending such action, whether or not it ultimately prevails. Typically, intellectual property litigation is expensive and may result
in the inability to use the intellectual property in question. While we are not aware of any claims of this nature in relation to any
of the intellectual property rights in which we have or will acquire an interest, such claims, if made, may harm, directly or indirectly,
our business and operations. Costs that we incur in defending third-party infringement actions may also include diversion of management&#8217;s
and technical personnel&#8217;s time and attention from normal commercial operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">In
addition, parties making claims against us may be able to obtain injunctive or other equitable relief that could prevent us from further
using our technology and intellectual property or commercializing our products. In the event of a successful claim of infringement against
us, we may be required to pay damages and other costs and obtain one or more licenses from the prevailing third party. If we are not
able to obtain these licenses at a reasonable cost, if at all, it could encounter delays in commercializing our products or product introductions
and loss of substantial resources while we attempt to develop alternative products. Defense of any lawsuit or failure to obtain any of
these licenses could prevent us from commercializing available products and could cause us to incur substantial expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Any
of these events could adversely impact our business and our future operations and financial performance, position and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>There
is substantial doubt about our ability to continue as a going concern.</i></b>&#160;&#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; color: Black">&#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; color: Black">Our
independent registered public accounting firm has issued an opinion on our consolidated financial statements included in this Annual
Report that states that there is substantial doubt in respect of the assumption that we will continue as a going concern. We have incurred
substantial operating losses and have used cash in our operating activities for the past few years. As of and for the year ended June
30, 2023, we had a net loss of A$3,891,586 and net cash used in operating activities of A$2,260,971. Our consolidated financial statements
do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable
to continue as a going concern. We also cannot be certain that additional financing, if needed, will be available on acceptable terms,
or at all, and our failure to raise capital when needed could limit our ability to continue our operations. There remains substantial
doubt about our ability to continue as a going concern for the next twelve months from the date the consolidated financial statements
were issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">To
date, we have experienced negative cash flow from development of our technology, as well as from the costs associated with building a
sales force to market our product and services. Our ability to achieve or, if achieved, sustain profitability is based on numerous factors,
many of which are beyond our control, including the market acceptance of our products, competitive product development and our market
penetration and margins. If such factors become significant, we may never be able to generate sufficient revenue to achieve or,
if achieved, sustain profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="color: Black">of the numerous risks
and uncertainties associated with further development and commercialization of our technology and any future tests, we are unable to
predict the extent of any future losses or the exact timing of when we will become profitable, if ever. We may never become profitable,
and you may never receive a return on an investment in our securities. An investor in our securities must carefully consider the substantial
challenges, risks and uncertainties inherent in the development in our industry. We may never develop our technology and our business
may fail.</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; color: Black">&#160;</span></p>


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<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; color: Black">&#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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
may need additional capital, and financing may not be available on terms acceptable to us, or at all.</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; color: Black">&#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; color: Black">Our
independent registered public accounting firm has issued an opinion on our consolidated financial statements included in this Annual
Report that states that there is substantial doubt in respect of the assumption that we will continue as a going concern, there is a
risk that we may need additional cash resources in the future to fund our growth plans or if we experience adverse changes in business
conditions or other developments. We may also need additional cash resources in the future if we find and wish to pursue opportunities
for new investments, acquisitions, capital expenditures or similar actions. If we determine that our cash requirements exceed the amount
of cash and cash equivalents we have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities.
We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all. The issuance and sale of additional
equity would result in further dilution to our shareholders. One or more new debt financings could subject us to any or all of the following
risks:</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; color: Black">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    and foreclosure on our assets if our operating revenue is insufficient to repay debt obligations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">acceleration
    of obligations to repay the indebtedness (or other outstanding indebtedness), even if we make all principal and interest payments
    when due, if we breach any covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation
    of that covenant;</span></td></tr>
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    inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such
    financing while the debt security is outstanding;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">diverting
    a substantial portion of cash flow to pay principal and interest on such debt, which would reduce the funds available for expenses,
    capital expenditures, acquisitions and other general corporate purposes; 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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">creating
    potential limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we
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  </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; color: Black">&#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; color: Black">The
occurrence of any of these risks could adversely affect our operations or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>The
market for our solutions among may be limited if prospective clients demand customized features and functions that we do not offer.</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; color: Black">&#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; color: Black">Prospective
clients may require customized features and functions unique to their business processes that we do not offer. In order to ensure we
meet these requirements, we may devote a significant amount of support and service resources to these prospective clients, increasing
the cost and time required to complete sales with no guarantee that these prospective clients will adopt our solution. Further, we may
not be successful in implementing any customized features or functions. If prospective clients require customized features or functions
that we do not offer, or that would be difficult for them to deploy themselves, the market for our solution will be more limited and
our business could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>Because
our long-term success depends, in part, on our ability to expand the sales of our products to clients located outside of Australia, our
business could be subject to risks associated with international operations.</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; color: Black">&#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; color: Black">Our
operations are conducted primarily in Australia. An element of our growth strategy is to expand our operations and client base. If we
decide to expand our operations into other international markets, it will require significant resources and management attention and
may subject us to various regulatory, economic and political risks. Because of our lack of experience with international operations,
we cannot ensure that our international expansion efforts will be successful, and the impact of such expansion efforts may adversely
affect our business, operating results or financial condition.</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; color: Black">&#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; color: Black"><b><i>The
COVID-19 endemic and its continuing effects have significantly impacted the global economy and markets and may continue to do so, which
could adversely affect our business, financial condition and the trading price of our securities.</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; color: Black">&#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; color: Black">In
May 2023, the World Health Organization determined that COVID-19 no longer fit the definition of a public health emergency. COVID-19
is expected to remain a serious endemic threat for an indefinite future period and may continue to adversely affect the global economy,
including as related but not limited to, supply chain issues and supply shortages, volatile market conditions and rising global inflation,
which in turn could adversely affect our ability to obtain future debt or equity financing or affect the trading price of our securities,
among others. It is difficult to determine the extent of the economic and market impacts from COVID-19 and its continuing effects, and
the many ways in which they may negatively affect our business, the trading price of our securities or on our future results of operations
and financial condition.</span></p>

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


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<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; color: Black">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>As
a company primarily based outside of the United States, our business is subject to economic, political, regulatory and other risks associated
with international operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
a company with substantial operations in Australia, our business is subject to risks associated with conducting business outside the
United States. Many of our suppliers are located outside the United States. Accordingly, our future results could be harmed by a variety
of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    jurisdictions could present different issues for securing, maintaining or obtaining freedom to operate in such jurisdictions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">business
    interruptions resulting from geo-political actions, including war and terrorism, health epidemics, or natural disasters including
    earthquakes, typhoons, floods and fires.</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; color: Black">&#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; color: Black"><b>Risks
Related to Our Securities </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; color: Black">&#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; color: Black"><b><i>The
market price of our securities may be volatile, which could result in substantial losses.</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; color: Black">&#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; color: Black">Securities
markets worldwide have experienced, and are likely to continue to experience, significant price and volume fluctuations. This market
volatility, as well as general economic, market or political conditions, could subject the market price of our securities to wide price
fluctuations regardless of our operating performance. Some of the factors that may cause the market price of our securities to fluctuate
include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#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; color: Black">&#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; color: Black">price
    and volume fluctuations in the global stock markets 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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">changes
    in operating performance and stock market valuations of other companies in our industry;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">sales
    of our ordinary shares by us or any significant shareholder;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">failure
    of securities analysts and credit rating agencies to initiate or maintain coverage of us, changes in financial estimates by securities
    analysts and credit rating agencies who follow us, or our failure to meet these estimates or the expectations of investors;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">the
    financial projections we may provide to the public (in the event we decide to provide any such projections), any changes in those
    projections or our failure to meet those projections;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">rumors
    and market speculation involving us or other companies in our industry;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">actual
    or anticipated changes in our results of operations or fluctuations in our results of operations;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">litigation
    involving us, our industry or both, or investigations by regulators into our operations or those of our competitors;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">announced
    or completed acquisitions of businesses or technologies by us or our competitors;</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; color: Black">&#160;</span></p>


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<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; color: Black"></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">new
    laws or regulations or new interpretations of existing laws or regulations applicable to 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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">changes
    in tax laws and regulations as well as accounting standards, policies, guidelines, interpretations or principles;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">any
    significant change in our management team;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">general
    economic conditions and slow or negative growth of our markets; 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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">other
    risk factors described in this section of this Annual Report.</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; color: Black">&#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; color: Black">In
addition, stock markets have historically experienced substantial price and volume fluctuations. Broad market and industry factors may
harm the market price of our securities. Hence, the market price of our securities could fluctuate based upon factors that have little
or nothing to do with us, and these fluctuations could materially reduce the market price of our securities regardless of our operating
performance. In the past, following periods of volatility in the market price of a company&#8217;s securities, securities class action
litigation has been instituted against that company. If we were involved in any similar litigation, we could incur substantial costs,
our management&#8217;s attention and resources could be diverted and it could harm our business, operating results and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>The
requirements of being a U.S. public company may strain our resources, divert management&#8217;s attention and affect our ability to attract
and retain qualified board members.</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; color: Black">&#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; color: Black">Our
ordinary shares and warrants are listed on Nasdaq. As a U.S. public company, we are subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). In addition, we are subject to other reporting and corporate governance
requirements, including certain requirements of Nasdaq and certain provisions of the Sarbanes-Oxley Act of 2002 (&#8220;Sarbanes-Oxley&#8221;),
which imposes significant compliance obligations upon us. We are also required to ensure that we have the ability to prepare financial
statements that are fully compliant with all applicable reporting requirements on a timely basis. Compliance with these rules and regulations
will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand
on our systems and resources. The Exchange Act requires, among other things, that we file annual reports with respect to our business
and operating results. Sarbanes-Oxley, as well as rules subsequently implemented by the Securities and Exchange Commission (the &#8220;SEC&#8221;)
and Nasdaq, have imposed increased regulation and disclosure and require enhanced corporate governance practices of public companies.
Our efforts to comply with evolving corporate governance laws, regulations and standards are likely to result in increased administrative
expenses and a diversion of management&#8217;s time and attention from revenue-generating activities to compliance activities. These
changes will require a significant commitment of additional resources. We may need to hire more employees in the future to comply with
these requirements, which will increase our costs and 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; color: Black">&#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; color: Black">We
may not be successful in implementing these requirements and implementing them could materially adversely affect our business. In addition,
if we fail to implement the requirements with respect to our internal accounting and audit functions, our ability to report our operating
results on a timely and accurate basis could be impaired. If we do not implement such requirements in a timely manner or with adequate
compliance, we might be subject to sanctions or investigations by regulatory authorities, such as the SEC or Nasdaq. Any such action
could harm our reputation and the confidence of investors, customers and other third parties with whom we do business and could materially
adversely affect our business and cause the trading price of our ordinary shares to fall.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">In
addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs and making some activities more time consuming. These laws, regulations
and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application
in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to
invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative
expenses. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing
bodies due to ambiguities related to practice, regulatory authorities may initiate legal proceedings against us and our business may
be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Being
a U.S. public company and adhering to these new rules and regulations makes it more expensive for us to obtain director and officer liability
insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could
also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our Audit
and Risk Committee, and qualified executive officers.</span></p>

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


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<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; color: Black">&#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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
are a &#8220;foreign private issuer&#8221; and may have disclosure obligations that are different from those of U.S. domestic reporting
companies. As a foreign private issuer, we are subject to different U.S. securities laws and rules than a domestic U.S. issuer, which
could limit the information publicly available to our shareholders. </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; color: Black">&#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; color: Black">As
a &#8220;foreign private issuer,&#8221; we are subject to reporting obligations that, in certain respects, are less detailed and less
frequent than those of U.S. domestic reporting companies. For example, we are not required to issue quarterly reports, proxy statements
that comply with the requirements applicable to U.S. domestic reporting companies, or individual executive compensation information that
is as detailed as that required of U.S. domestic reporting companies. We will also have four months after the end of each fiscal year
to file our annual reports with the SEC and will not be required to file current reports as frequently or promptly as U.S. domestic reporting
companies. Furthermore, our officers, directors and principal shareholders are exempt from the insider reporting and short-swing profit
recovery requirements in Section 16 of the Exchange Act. Accordingly, our shareholders may not know on as timely a basis when our officers,
directors and principal shareholders purchase or sell their ordinary shares, as the reporting deadlines under the corresponding Australian
insider reporting requirements are not applicable. As a foreign private issuer, we are also exempt from the requirements of Regulation
FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about
an issuer before other investors. As a result of such varied reporting obligations, shareholders should not expect to receive the same
information at the same time as information provided by U.S. domestic companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">In
addition, as a foreign private issuer, we have the option to follow certain Australian corporate governance practices rather than those
of the United States, except to the extent that such laws would be contrary to U.S. securities laws, provided that we disclose the requirements
we are not following and describe the Australian practices we follow instead. As a result, our shareholders may not have the same protections
afforded to shareholders of companies that are subject to all domestic U.S. corporate governance 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; color: Black">&#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; color: Black"><b><i>We
may lose our &#8220;foreign private issuer&#8221; status in the future, which could result in additional costs and expenses to us. </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; color: Black">&#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; color: Black">We
are a &#8220;foreign private issuer,&#8221; as such term is defined in Rule 405 under the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;), and are not subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. We may in the future
lose foreign private issuer status if a majority of our ordinary shares are held in the United States and we fail to meet the additional
requirements necessary to avoid loss of foreign private issuer status, such as if: (i) a majority of our directors or executive officers
are U.S. citizens or residents; (ii) a majority of our assets are located in the United States; or (iii) our business is administered
principally in the United States. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer would
be significantly more than the costs incurred as an Australian foreign private issuer. If we are not a foreign private issuer, we would
be required to file periodic and current reports and registration statements on U.S. domestic issuer forms with the SEC, which are generally
more detailed and extensive than the forms available to a foreign private issuer. In addition, we may lose the ability to rely upon exemptions
from corporate governance requirements that are available to foreign private 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; color: Black">&#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; color: Black"><b><i>We
are an &#8220;emerging growth company,&#8221; and any decision on our part to comply only with certain reduced reporting and disclosure
requirements applicable to emerging growth companies could make our ordinary shares less attractive to investors. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act. For as long as we continue to be an &#8220;emerging
growth company,&#8221; we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies
that are not &#8220;emerging growth companies,&#8221; including, but not limited to, not being required to have our independent registered
public accounting firm audit our internal control over financial reporting under Section 404, reduced disclosure obligations regarding
executive compensation in our periodic reports and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. We could be an &#8220;emerging growth
company&#8221; until the fifth anniversary of the fiscal year end date following the completion of our initial public offering in March
2022, however, our status would change more quickly if we have more than $1.235 billion in annual revenue, if the market value of our
ordinary shares held by non-affiliates equals or exceeds $700 million as of June 30 of any year, or we issue more than $1.0 billion of
non-convertible debt over a three-year period before the end of that period.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Investors
could find our ordinary shares less attractive if we choose to rely on these exemptions. If some investors find our ordinary shares less
attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our ordinary shares
and our share price may be more volatile.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>If
we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial
results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm
our business and the trading price of our ordinary shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Effective
internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure
controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered
in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection
with Section 404 or any subsequent testing by our independent registered public accounting firm, may reveal deficiencies in our internal
controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to
our financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors
to lose confidence in our reported financial information, which could have a negative effect on the trading price of 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; color: Black">&#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; color: Black">Prior
to our initial public offering in March 2022, we were a private company with limited accounting personnel and other resources with which
to address our internal controls and procedures. Our independent registered public accounting firm has not conducted an audit of our
internal control over financial reporting. However, in preparing our consolidated financial statements as of and for the years ended
June 30, 2023 and 2022, we identified material weaknesses in our internal control over financial reporting. As a result of lacking an
effective accounting review process, material adjustments were made to the financial statements for the last two fiscal years in order
to be in conformity with International Financial Reporting Standards. We also identified a significant deficiency relating to insufficient
written policies and procedures for accounting and financial reporting which led to inadequate financial statement closing process. To
remediate our material weaknesses, we expect to incur substantially more additional costs for addressing our material weaknesses and
deficiencies. Our remedial measures will include: (a) hiring qualified internal control personnel, including financial and IT personnel,
to manage the implementation of internal control policies, procedures and improvement of the internal audit function, system user access,
security management and data protection, as applicable; (b) developing and implementing written policies and procedures for accounting
and financial reporting that meet the standards applied to public companies listed in the United States; and (c) conducting internal
control training to management, key operations personnel and the accounting department, so that management and relevant personnel understand
the requirements and elements of internal control over financial reporting mandated by the U.S. securities laws. We have commenced the
implementation of several aforementioned remedial measures, which we expect to complete by June 30, 2024. Our ongoing remedial measures
include the formal documentation of key Company controls, processes and accounting transactions. The implementation of any or all of
these measures, however, still may not fully address the material weaknesses in our internal control over financial reporting. Additionally,
as most of our documentation will be prepared internally, we do not expect there to be significant material costs to implement our remedial
measures. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses or control
deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial
reporting requirements and related regulatory filings on a timely basis. Moreover, ineffective internal control over financial reporting
significantly hinders our ability to prevent fraud.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Any
future failure to maintain such internal controls could adversely impact our ability to report our financial results on a timely and
accurate basis, which could result in our inability to satisfy our reporting obligations or result in material misstatements in our financial
statements. If our financial statements are not accurate, investors may not have a complete understanding of our operations or may lose
confidence in our reported financial information, which could result in a material adverse effect on our business or have a negative
effect on the trading price of our ordinary shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For
as long as we are an &#8220;emerging growth company&#8221;, our independent registered public accounting firm will not be required to
attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404. We could be an &#8220;emerging
growth company&#8221; until the fifth anniversary of the fiscal year end date following the completion of our initial public offering
in March 2022. An independent assessment of the effectiveness of our internal controls could detect problems that our management&#8217;s
assessment might not. Undetected material weaknesses in our internal controls could lead to financial statement restatements and require
us to incur the expense of remediation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
we identify material weaknesses in our internal control over financial reporting, or if we are unable to comply with the requirements
of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, or if our independent registered
public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting when
required, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our ordinary
shares could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities are
listed, the SEC, or other regulatory authorities, which could require additional financial and management resources.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Substantial
future sales of our ordinary shares, or the perception that these sales could occur, may cause the price of our ordinary shares to drop
significantly, even if our business is performing well. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">A
large volume of sales of our ordinary shares, or securities convertible into or exercisable or exchangeable for our ordinary shares,
into the public market, including shares of our ordinary shares issued upon exercise of options or warrants, could decrease the prevailing
market price of our ordinary shares and could impair our ability to raise additional capital through the sale of equity securities in
the future. Even if a substantial number of sales of our ordinary shares or warrants does not occur, the mere perception of the possibility
of these sales could depress the market price of our ordinary shares or warrants and have a negative effect on our ability to raise capital
in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
do not anticipate paying cash dividends and, accordingly, shareholders must rely on share appreciation for any return on their investment.
</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have never paid any dividends on our ordinary shares. We currently intend to retain our future earnings, if any, to fund the development
and growth of our businesses and do not anticipate that we will declare or pay any cash dividends on our ordinary shares in the foreseeable
future. As a result, capital appreciation, if any, of our ordinary shares will be your sole source of gain on your investment for the
foreseeable future. Investors seeking cash dividends should not invest in our ordinary shares.</span></p>

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<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; color: Black"><b><i>Our
failure to meet the continued listing requirements Nasdaq could result in a delisting of our securities.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
March 21, 2023, we received a letter from the Listing Qualifications Department of Nasdaq indicating that we did not meet the minimum
of $2.5 million in shareholders&#8217; equity required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(b)(1) or
the alternative compliance standards relating to the market value of listed securities or net income from continuing operations (the
&#8220;Minimum Stockholders&#8217; Equity Requirement&#8221;). The letter also indicated that we will be provided with a period of 45
calendar days to submit a plan to regain compliance, and if such plan is accepted by Nasdaq, we may be granted up to 180 calendar days
from March 21, 2023 in which to regain compliance. On June 21, 2023, we received a letter from the Listing Qualifications Staff of Nasdaq
indicating that, based upon our continued non-compliance with the Minimum Stockholders&#8217; Equity Requirement, as of June 30, 2023,
our securities would be subject to delisting unless we timely request a hearing before the Nasdaq Hearings Panel (the &#8220;Panel&#8221;).
Further, as of June 21, 2023, we did not meet the alternative compliance standards relating to the market value of listed securities
of $35 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last
three most recently completed fiscal years. On August 17, 2023, we presented our appeal to the Panel and on August 24, 2023, the Panel
informed us that we had been granted an exception to Nasdaq Listing Rule 5550(b)(1) until October 31, 2023 by demonstrating compliance
with the Minimum Stockholders&#8217; Equity Requirement through the filing of this Form 20-F.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
have in the past, and may in the future, be unable to comply with certain of the listing standards that we are required to meet to maintain
the listing of our ordinary shares on Nasdaq. For instance, on June 30, 2022, we received a letter from the Listing Qualifications Department
of Nasdaq indicating that, based upon the closing bid price of our ordinary shares for the 30 consecutive business day period, we did
not meet the minimum bid price of $1.00 per share required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2).
Effective as of December 7, 2022, we effected the Reverse Share Split of our ordinary shares and IPO Warrants. On December 22, 2022 we
received notice from Nasdaq indicating that the Company had regained compliance with the minimum bid price requirement under Nasdaq Listing
Rule 5550(a)(2), and the matter was closed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">If
we fail to satisfy the continued listing requirements of Nasdaq, such as minimum stockholders&#8217; equity requirements or minimum bid
price requirements, Nasdaq may take steps to delist our ordinary shares. Such a delisting would have a negative effect on the price of
our ordinary shares, impair the ability to sell or purchase our ordinary shares when persons wish to do so, and any delisting materially
adversely affect our ability to raise capital or pursue strategic restructuring, refinancing or other transactions on acceptable terms,
or at all. Delisting from Nasdaq could also have other negative results, including the potential loss of institutional investor interest
and fewer business development opportunities, as well as a limited amount of news and analyst coverage of us. Delisting could also result
in a determination that our ordinary shares are a &#8220;penny stock,&#8221; which would require brokers trading in our ordinary shares
to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary market for our ordinary
shares. In the event of a delisting, we would attempt to take actions to restore our compliance with Nasdaq&#8217;s listing requirements,
but we can provide no assurance that any such action taken by us would allow our securities to become listed again, stabilize the market
price or improve the liquidity of our securities, prevent our ordinary shares from dropping below the Nasdaq minimum bid price requirement
or prevent future non-compliance with Nasdaq&#8217;s listing requirements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>We
are governed by the corporate laws of Australia, which in some cases have a different effect on shareholders than the corporate laws
of the United States and may have the effect of delaying or preventing a change in control. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are governed by the Australian <i>Corporations Act 2001</i> (Cth) (the &#8220;Corporations Act&#8221;) and other relevant laws, which
may affect the rights of shareholders differently from those of a company governed by the laws of a U.S. jurisdiction, and may, together
with our Constitution (&#8220;Constitution&#8221;), have the effect of delaying, deferring or discouraging another party from acquiring
control of the Company by means of a tender offer, a proxy contest or otherwise, or may affect the price an acquiring party would be
willing to offer in such an instance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Our
Constitution and Australian laws and regulations applicable to us may adversely affect our ability to take actions that could be beneficial
to our shareholders.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">As
an Australian company, we are subject to different corporate requirements than a corporation organized under the laws of the United States.
Our Constitution, as well as the Corporations Act, sets forth various rights and obligations that apply to us as an Australian company
and which may not apply to a U.S. corporation. These requirements may operate differently than those of many U.S. companies. You should
carefully review the summary of these matters set forth under &#8220;<i>Item 10. Additional Information&#8212;B. Memorandum and Articles
of Association</i>&#8221; as well as our Constitution, which is included as an exhibit to this Annual Report, prior to investing in our
securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>U.S.
civil liabilities may not be enforceable against us, our directors, our officers or certain experts named in this Annual Report.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are governed by the Corporations Act and our principal place of business is in Australia. All of our directors and officers, reside
outside of the United States, and all or a substantial portion of their assets are located outside the United States. As a result, it
may be difficult for investors to effect service of process within the United States upon us and such directors, officers and experts
or to enforce judgments obtained against us or such persons, in U.S. courts, in any action, including actions predicated upon the civil
liability provisions of U.S. federal securities laws or any other laws of the United States. Additionally, rights predicated solely upon
civil liability provisions of U.S. federal securities laws or any other laws of the United States may not be enforceable in original
actions, or actions to enforce judgments obtained in U.S. courts, brought in Australian courts, including courts in the State of Western
Australia. In addition, as a company incorporated in Australia, the provisions of the Corporations Act regulate the circumstances in
which shareholder derivative actions may be commenced which may be different, and in many ways less permissive, than for companies incorporated
in the United States.</span></p>

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<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; color: Black">&#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; color: Black"><b><i>If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price
and trading volume could decline. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
trading market for our ordinary shares will depend on the research and reports that securities or industry analysts publish about us
or our business. We do not have any control over these analysts. We cannot assure you that analysts will cover us or provide favorable
coverage. If one or more of the analysts who cover us downgrade our stock or change their opinion of our ordinary shares, our share price
would likely decline. If one or more of these analysts cease coverage of the Company or fail to regularly publish reports on us, we could
lose visibility in the financial markets, which could cause our share price or trading volume to decline.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>U.S.
holders of our securities may suffer adverse tax consequences if we are characterized as a passive foreign investment company.</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; color: Black">&#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; color: Black">While
we do not believe we are a passive foreign investment company (&#8220;PFIC&#8221;), the determination as to whether we are a PFIC for
any taxable year is based on the application of complex U.S. federal income tax rules that are subject to differing interpretations.
If we are a PFIC for any taxable year during which a U.S. Holder (as defined under &#8220;<i>Item 10. Additional Information&#8211;E.
Taxation&#8211;Material U.S. Federal Income Tax Considerations</i>&#8221;) holds our ordinary shares and warrants, it would likely result
in adverse U.S. federal income tax consequences for such U.S. Holder. U.S. Holders should carefully read &#8220;<i>Item 10. Additional
Information&#8211;E. Taxation&#8211;Material U.S. Federal Income Tax Considerations for United States Holders</i>&#8221; for more information
and consult their own tax advisors regarding the likelihood and consequences if we are treated as a PFIC for U.S. federal income tax
purposes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Insiders
have substantial control over us which could delay or prevent a change in corporate control or result in the entrenchment of management
or the board of directors. </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Our
directors, executive officers and principal shareholders, together with their affiliates and related persons, will beneficially own,
in the aggregate, approximately 22.4% of our outstanding ordinary shares. As a result, these shareholders, if acting together, may have
the ability to determine the outcome of matters submitted to our shareholders for approval, including the election and removal of directors
and any merger, or sale of all or substantially all of our assets. In addition, these persons, acting together, may have the ability
to control our management and affairs. Accordingly, this concentration of ownership may harm the market price of our ordinary shares
by:</span></p>

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  <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; color: Black">&#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; color: Black">&#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; color: Black">delaying,
    deferring, or preventing a change in control; </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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">entrenching
    our management or the board of directors; </span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">impeding
    a merger, takeover, or other business combination involving us; 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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">discouraging
    a potential acquirer from making a tender offer or otherwise attempting to obtain control of us.</span></td></tr>
  </table>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 72px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="a_004"></span>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; color: Black"><b>INFORMATION
    ON THE COMPANY </b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>A.
History and Development of the Company</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
were incorporated on April 23, 2009 in Australia under the name Gumiyo Australia Pty Ltd. On January 14, 2021, we changed our name to
Locafy Limited. Our principal executive offices are located at 246 Churchill Avenue, Subiaco, Western Australia 6008, Australia and our
telephone number is +61 409 999 339. On March 25, 2022, we completed our initial public offering in the United States. Our ordinary shares
and warrants are listed on Nasdaq under the symbols &#8220;LCFY&#8221; and &#8220;LCFYW&#8221;, respectively. Our website address is
<i>www.locafy.com</i>. The information contained on, or that can be accessed through, our website is not a part of this Annual Report.
We have included our website address in this Annual Report solely as an inactive textual reference.</span></p>

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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
SEC maintains an internet site at <i>www.sec.gov</i> that contains reports, proxy and information statements, and other information regarding
issuers that file electronically with the SEC. As a foreign private issuer, we are exempt from the rules under the Exchange Act that
prescribe the furnishing and content of proxy statements to shareholders.</span></p>

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<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; color: Black"><b>B.
Business Overview</b></span></p>

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<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; color: Black"><b>Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
are an Australian company currently focused on commercializing our Software as a Service (&#8220;SaaS&#8221;) online Search Engine Optimization
(&#8220;SEO&#8221;) technology (&#8220;Technology&#8221;). Our Technology publishes search engine optimized web pages using a combination
of data integrations and generative AI (&#8220;Content&#8221;) and our &#8220;Entity Based&#8221; SEO technology and know-how (&#8220;Site
Structure&#8221;). Once the Content and Site Structure is integrated with our Technology, the production of search engine optimized web
pages is largely automated, which enables us to scale production. Based on our testing and those active in production, these web pages
are highly likely to appear prominently in search engine results pages (&#8220;SERP&#8221;) for search keywords relevant to those web
pages, more rapidly than alternative solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#8220;Local
search&#8221; is one of the strongest emerging trends in SEO, with consumers increasingly searching for products and services in close
proximity to their immediate location. According to Safari Digital, approximately 46% of all Google searches include &#8220;local intent&#8221;.
Our Technology provides users with a cost-effective solution to increase their online visibility and thereby increase the likelihood
that consumers searching online for local products and services will find the end customer&#8217;s business. Our &#8220;first generation&#8221;
local search product, Proximity Network, enabled our end users to gain search relevance for a specific keyword and location. For this
product, our Technology creates a separate landing page for each keyword and location combination and automates the interlinking of those
pages, creating a network of pages, which effectively operates as a niche micro-directory for a customer. Our ongoing research and development
to improve our Technology resulted in the June 2023 release of our Local Pages product (&#8220;Local Pages&#8221;), a more advanced local
search product that utilizes our local &#8220;Site Structure&#8221;. This product does not require a consumer to enter a location in
their search query as the pages are designed to rank locally, for a broader range of keywords relevant to the business, based on where
the consumer is physically searching from. We believe that Local Pages also generally perform better in SERP results as compared to Proximity
Networks for a wider range of keywords.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">In
August 2022, we acquired technology assets from Jimmy Kelley Digital, which enabled us to extend our product offering beyond local search
solutions to now include &#8220;national search&#8221; and &#8220;brand search&#8221; solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">National
search solutions allow us to access a wider market opportunity by enabling end users to reach a broader audience for &#8220;national&#8221;
search terms. Our research and development into ranking factors for &#8220;national&#8221; search terms has led to pioneering &#8220;Entity-Based&#8221;
SEO. Based on our research, an &#8220;Entity&#8221; is the highest order keyword or reference point attributed by search engines that
they use to help establish the context of a website. This form of SEO focuses on search optimization of the Entity, which by default
encompasses a collection of associated keywords. The effect is to gain leverage across multiple keywords through the optimization of
a singular Entity, which from our testing, dramatically enhances the search relevancy of a web page. We are now incorporating this breakthrough
technology across our entire product range. Our National SEO solutions combine Content with national search optimized Site Structures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Brand
search solutions are primarily focused on improving search prominence for products sold via online marketplaces, in particular, on Amazon.
On October 4, 2022 we launched our Brand Boost product which is an e-commerce SEO marketing tool. Our Brand SEO solutions combine Content
with brand optimized Site Structures.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Fundamental
to each of our search solutions are the landing pages created through our Technology; each of which are configured for a specific use
case. Our landing pages contain features that would otherwise require significant manual effort to achieve or the application of additional
and more expensive solutions. For instance, in order to achieve superior SERP rankings we optimize our landing pages to enable search
engines to detect and understand the relevant page content based on a specific &#8220;Entity&#8221;. We also automatically incorporate
other contributing factors affecting SERP rankings include page speed, accessibility security, and unique quality content, for which
we are able to leverage generative artificial intelligence (&#8220;AI&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
also operate a Publishing division, which includes ownership of Hotfrog, a global online business directory, and three additional Australian-focused
directories, AussieWeb.com.au (&#8220;AussieWeb&#8221;), PinkPages.com.au (&#8220;PinkPages&#8221;) and SuperPages.com.au (&#8220;SuperPages&#8221;).
Combined, these directory assets contain more than 46 million business listings and an email database of approximately 245,000 subscribers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
believe these large customer databases represent significant untapped commercial potential as we continue our research and development
into how to produce individual landing pages from the directory databases on a large-scale. In June 2023, we commenced in-market trials
with two of our existing partners to programmatically generate Local Pages using business listing content drawn from our business directory
database and supplemented with other content sources, including the end user&#8217;s Google Business Profile and generative AI content.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For
the approximate 334 million businesses worldwide that may be seeking to get found online for the products and services they offer, there
are two main alternatives. The first is to pay for digital advertising and the alternative is to buy SEO services to enhance their own
online presence. Both markets are substantial, with annual spend on digital advertising anticipated to be over $600 billion in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Before
the advent of search engines such as Google, Yahoo! and Bing, one method for finding information online was through web directories.
A web directory is a searchable catalog of links to external websites. The links are typically organized according to categories, for
example &#8220;professional services &gt; bookkeeping.&#8221; A person searching for information can also browse by category or type
a query in a search box. Many of these early web directories were built by companies that owned print directories, and they tended to
employ the same commercial strategies online as they did in print. That business model has been superseded by search engine tactics that
favor results for the most relevant service in the nearest proximity to the search user. Search engines now effectively operate in competition
to traditional directory business models.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Search
engines are programs that create a catalog of information by, amongst other things, scanning the Internet to assess the structure of
websites and the content within websites. Internet users utilize search engines through the use of keyword(s) search terms. Search engines
like Google have developed a series of algorithms to determine what content is best served for a particular keyword search. While search
engines do not publish specific details about how their search algorithms operate, SEO is the method used to increase the likelihood
of obtaining a high ranking (ideally first page) for relevant keyword searches.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">The
goal for many content publishers (i.e., business owners) is for their own website or other online presence solutions to appear in the
first SERP for related keyword searches. For example, a plumber may want to feature in searches where the keywords are &#8220;hot water
systems&#8221; or &#8220;leaking tap.&#8221; Accordingly, a website&#8217;s keyword ranking is very important because the higher a website
ranks in the SERP, the more likely Internet users will view the website, which is likely to then generate more calls, map views, requests
for directions or form fills. This means the business can be expected to acquire more sales leads, which could generate more 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; color: Black">&#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; color: Black">An
alternative and common internet marketing strategy involves paying an advertising fee to a search engine to appear in specific keyword
search results. Google Ads (formerly Adwords) is an example of such a program. The major disadvantages to a business of implementing
such a strategy are cost, complexity and a behavioral phenomenon coined &#8220;banner blindness,&#8221; which describes the phenomenon
of users having learned to ignore content that resembles ads, is located in close proximity to ads, or that appears in locations traditionally
dedicated to ads.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Studies
have shown that 94% of people skip over paid search adverts. Given the challenges with paid advertising, we believe content publishers
prefer solutions like those offered by Locafy that are based on SEO principles which promote organic search results.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b>Our
Strategy</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; color: Black">&#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; color: Black">Historically,
we have applied our Technology on websites owned by end users as well as on landing pages that we own. However, the reliance on end users
to assist with implementations is neither efficient nor scalable and should customers cancel, they would still retain the benefit of
the SEO improvements already made by our Technology. We intend to increasingly apply our Technology on our own online properties as a
priority and utilize our landing pages as the foundation for all of our SEO solutions. By utilizing our proprietary landing pages, we
are able to realize a number of benefits, including:</span></p>

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<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: 0.75pt; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Speed
    to market</b>: we do not need to access an end user&#8217;s existing website and therefore we can create and deploy our landing pages
    with minimal reliance on the end user to undertake any necessary actions or modifications to their systems;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Accuracy</b>:
    we intend to &#8220;lock down&#8221; critical elements of our landing pages so that our partners and end users are unable to make
    changes that will inadvertently cause a negative impact on its SEO performance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Speed
    to impact</b>: because our landing pages incorporate our proprietary site structures the time required for the landing pages to rank
    highly in SERP results is improved;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Control</b>:
    search algorithms constantly change which requires website owners to constantly monitor for and adapt to any future changes. As we
    have control over the landing pages, any necessary maintenance can be applied more effectively;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Intellectual
    Property retention</b>: we are able to more effectively retain key aspects of our technical know-how;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Asset
    retention</b>: by retaining ownership of the landing pages we are effectively building a portfolio of online properties which provides
    us flexibility as to how we are able to monetize these assets. At a basic level, we are able to extend our advertising reach through
    the placement of Google Ads. We can also lease the landing pages to end users and should this arrangement terminate (e.g. non-payment
    or cancellation) the end user does not retain the benefit of the Technology had it been applied to their own website. Further, we
    would then be able to re-lease the landing page by simply changing content applicable to another end user. This is a more sophisticated
    application of a &#8220;rank and rent&#8221; business model; 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; padding: 0.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Cost
    effectiveness</b>: depending on the SEO solution acquired, there is typically little to no associated setup fees.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Our
Products and Services</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
provide an integrated suite of solutions with the objective of helping to maximize the online marketing presence for business owners.
The products we offer can be broadly categorized as: Publishing and SEO solutions. Further, within SEO solutions we have products that
are applicable to Local, National and Brand related searches.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Publishing</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; color: Black">&#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; color: Black">We
own and operate several online directories. An important component of an online presence for a business owner is to publish a business
profile on various online directories, also referred to as &#8220;citation management.&#8221; Business owners or digital agencies on
behalf of business owners publish business profiles (providing search relevancy) on many business directories in markets in which the
business operates (providing search prominence in their proximity). While many smaller business owners do this manually, there are service
providers that manage large volumes of business profiles through technology platforms. It is more efficient for these citation management
services to be managed via an API that can synchronize with and publish to third-party directories, such as those we own.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
have several commercial agreements with citation management companies that pay a fee to connect to our directories via API to publish
citations for their clients. The attraction for citation management companies is that our directory network attracts high volumes of
Internet traffic and clicks as a result of consumers searching for local products and services. We intend to continue to seek out additional
commercial citation management opportunities and to add to our publishing network through the production of additional niche directories
or acquisition of relevant directories, databases and complementary technologies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
also intend to continue our directory network upgrades to further develop the automated production of web products from the data published
to the directories. In June 2023, we commenced in-market trials with two of our existing partners to programmatically generate Local
Pages using content drawn from our business directory listing data and supplemented with other data sources, including the end user&#8217;s
Google Business Profile and AI-generated content. We intend to extend our commercial agreements with these and other partners for Local
Pages subscriptions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Local
SEO solutions</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; color: Black">&#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; color: Black">Our
SEO solutions are designed to gain online marketing prominence for specific keywords within specific locations either for businesses
with a physical address or businesses that operate in a specific service area.</span></p>

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<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; color: Black"><span style="text-decoration: underline">Proximity
Pages and Proximity Networks</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; color: Black">&#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; color: Black">The
primary purpose of our Proximity Pages is to create a prominent and relevant online presence in a business&#8217;s immediate proximity
in order to deliver more sales leads at a lower cost of acquisition than alternative methods. Typical calls to action include chat-bots,
click-to-call, click-to-book, request directions and request-a-quote (via basic form fill). A Proximity Network is a collection of interlinked
Proximity Pages. The power of each Proximity Page when combined with the interlinking of related pages within a single solution provides
additional SEO benefits that generally result in improved page ranking for the desired keywords. The Proximity Pages and Proximity Networks
complement a customer&#8217;s existing online marketing presence and do not require any adjustment to their existing website.</span></p>

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<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; color: Black"><span style="text-decoration: underline">Local
Pages</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Local
Pages campaigns employ our local search optimized Site Structures, which focuses on optimizing the landing pages we publish for a relevant
primary keyword (&#8220;Entity&#8221;). The term &#8220;Entity&#8221; describes the effect of having keywords naturally associated with
a primary keyword to form a &#8220;cluster&#8221; of related search terms. Once that optimization takes effect, amongst other advantages,
the Local Pages will typically rank for the cluster of keywords relevant to that Entity without needing to specifically optimize all
of the associated keywords on the landing pages.</span></p>

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<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; color: Black"><span style="text-decoration: underline">Map
Pack Booster</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; color: Black">&#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; color: Black">Our
Map Pack Booster (previously marketed as &#8220;Proximity Booster&#8221;) involves optimizing a client&#8217;s Google Business Profile
(&#8220;GBP&#8221;) by linking it to our Proximity Network or Local Pages products. By linking one of our Local SEO products to the GBP,
we ensure there is a consistent and relevant optimized web presence promoting the keywords contained in the GBP. Through this process,
we believe we can achieve faster and higher-ranking results within Google&#8217;s &#8220;Local Pack&#8221; for competitive keywords.
We believe it is a distinct commercial advantage for a business to appear in the top 3 of a &#8220;Local Pack&#8221; given its positioning
and prominence in Google search results, emphasized by the fact that around 32% of local organic traffic is generated from the Top 3
map pack results.</span></p>

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<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; color: Black"><b><i>National
SEO solutions</i></b></span></p>

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<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; color: Black"><span style="text-decoration: underline">Keystone</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; color: Black"><b><i>&#160;</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; color: Black">Our
breakthrough Keystone product enables our landing pages to rapidly achieve search prominence on a national scale. The Keystone solution
promotes the &#8220;Entity&#8221; associated with the business but does not associate that with a specific location. For this solution,
we utilize our national search optimized Site Structure, which enables the landing page to rank highly in generic national SERP results.</span></p>

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<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; color: Black"><b><i>Brand
SEO solutions</i></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; color: Black"><b><i>&#160;</i></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; color: Black"><span style="text-decoration: underline">Brand
Boost</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; color: Black"><b><i>&#160;</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; color: Black">Our
Brand Boost product has the potential to rapidly increase online product sales in e-commerce marketplaces. In this use-case we utilize
our landing pages to optimize for search rankings within online marketplaces (e.g., Amazon) for products associated with a brand. Historically,
clients have typically reported increased sales between 20% to 60% following this technology being implemented. Our brand search optimized
Site Structure is utilized for this solution.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Our
Competitive Strengths</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; color: Black">&#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; color: Black">Typical
providers of SEO solutions could be broadly classified into three categories: enterprise level organizations, digital media agencies
and SEO freelancers. We believe we have both a technological and commercial competitive advantage over each of these alternative service
providers. Indeed, many of these types of SEO solution providers become our customers because our Technology automates a lot of otherwise
manual work and we achieve superior results compared to what they would otherwise be able to achieve.</span></p>

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


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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><span style="text-decoration: underline">Site
Structure and Know-How</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; color: Black"><b><i>&#160;</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; color: Black">The
advantages of our Technology have been gained through years of meticulous research, development and live testing. This has resulted in
the development of proprietary know-how on the optimal website structure to implement to meet a broad range of SEO objectives. In addition
to the SEO site structure, our landing pages incorporate known search ranking factors relating to speed, accessibility, security and
unique quality content. This know-how has been embedded within our Technology platform which facilitates ease-of-application, repetition
and scale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black"><span style="text-decoration: underline">Time
to effect</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; color: Black"><b><i>&#160;</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; color: Black">Our
current generation landing pages are particularly effective in rapidly achieving high-ranking search results, especially when compared
to traditional SEO techniques such as &#8220;back-linking&#8221; and &#8220;content-first focus&#8221;. These traditional methods often
take months to take effect (if at all), whereas our technology has the ability to generate a Page 1 search result within 30 days of implementation
and oftentimes much faster than that. We achieve these results due to our proprietary Site Structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black"><b><i>Commercial
Advantages</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; color: Black"><b><i>&#160;</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; color: Black"><span style="text-decoration: underline">Scale</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; color: Black"><b><i>&#160;</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; color: Black">Throughout
our operational processes, we aim to have minimal human intervention as necessary. Our Platform&#8217;s customer &#8220;self-serve&#8221;
capability allows our partners and customers to purchase and implement our SEO products, which for those customers connected to our Platform
via API, can be largely pre-populated with existing content. Our Technology enables very high volumes of websites to be developed through
automation which accordingly allows us to operate at scale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Large-enterprise
media groups typically service tens of thousands of customers using either third party SEO technology or their own technology solutions.
Digital agencies typically service dozens to hundreds of clients while SEO freelancers typically service a handful of customers. The
amount of manual work required to deploy alternative SEO solutions for any of these competitors is a limiting factor in their ability
to scale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><span style="text-decoration: underline">Set
up time</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; color: Black">&#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; color: Black">We
automate many SEO tasks that would otherwise take considerable time, cost and manual effort to undertake. The typical set up time for
our solutions is minutes as compared to potentially weeks or months for alternative comparative solutions. This is due, in part, to the
fact we do not need to interact with the client&#8217;s existing website, which would typically require substantial changes to its foundations
in order to obtain an equivalent SERP ranking performance. By default, our landing pages already incorporate key proprietary SEO technologies,
which makes implementations more efficient and effective. We can also add Content to the site in a largely automated manner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><span style="text-decoration: underline">Set
up Costs</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; color: Black">&#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; color: Black">Given
that our SEO solutions can be largely automated, we have the option to waive or charge a minimal set up fee, whereas digital agencies
and SEO freelancers would generally charge a few thousand dollars through to tens of thousands of dollars in set up fees as they are
providing a labor-intensive 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; color: Black">&#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; color: Black">Additionally,
because our SEO solutions have the ability to demonstrate SERP ranking performance in a short period of time (i.e., typically within
30 days from implementation), customers can quickly see results as compared to other service providers who typically set expectations
with customers of achieving results within 6 to 12 months from implementation.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Revenue
Model and Commercial Overview</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; color: Black">&#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; color: Black"><b><i>Revenue
Model</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; color: Black"><b><i>&#160;</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; color: Black">Our
revenue model is focused on securing long-term, recurring revenue contracts both within our Subscription and Publishing revenue lines.
Our Subscription revenues are derived via both direct-to-end user and channel sales. The delivery of these contracts may incorporate
professional services, however, these services tend to be limited in scope as most implementations are highly automated. In the case
of Publishing revenues, we primarily earn income through the bulk-publishing of business profiles online and through advertising generated
by online user traffic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Direct
clients are typically charged our recommended retail price (&#8220;RRP&#8221;) and can also qualify for volume discounts. Resellers are
typically charged wholesale prices which are a discount to RRP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black"><b><i>Subscription
Fee Revenues</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; color: Black"><b><i>&#160;</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; color: Black">We
charge recurring subscription fees for our products across our Local, National and Brand range of SEO solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black"><span style="text-decoration: underline">Local
SEO</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; color: Black"><b><i>&#160;</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; color: Black">Our
Local SEO products currently comprise of Proximity Networks, Local Pages and Map Pack Boosters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black">Proximity
Networks are used to enhance search rankings for a target keyword within a defined geographical location. We generate a landing page
for each keyword and location combination being targeted. The size of the network will therefore depend on the volume of keywords and
locations with the volume being the multiple of those two factors. For example, a client that selects five (5) keywords and 50 locations
will have a 250 page Proximity Network. We typically charge a monthly subscription fee based on the volume of pages within each Proximity
Network.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black">Local
Pages are typically charged as a monthly subscription fee for each campaign.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black">Map
Pack Booster can be implemented as a standalone solution or sold in conjunction with either Proximity Network or Local Pages. The solution
effectively amplifies a customer&#8217;s GBP to gain search prominence in Google&#8217;s Map Pack. We typically charge an additional
monthly subscription fee for each application of Map Pack Booster.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black"><span style="text-decoration: underline">National
SEO</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; color: Black"><b><i>&#160;</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; color: Black">Keystone,
our National SEO product, is currently charged as a flat monthly subscription fee for each campaign. However, because the value of each
Keystone keyword can be significantly different due to its search popularity, we continue to evaluate the commercial viability of adopting
a &#8220;market-based&#8221; or &#8220;value-based&#8221; pricing model. In certain cases, we may charge professional fees to implement
Keystone.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><span style="text-decoration: underline">Brand
SEO</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; color: Black">&#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; color: Black">Brand
Boost, our Brand SEO product, is currently charged as a flat monthly subscription fee for each campaign. However, because Brand Boost
seeks to drive search traffic to e-commerce websites and marketplaces, we continue to evaluate the commercial viability of adopting a
&#8220;value-based&#8221; pricing model where we are able to share in any increase in end-user sales revenue. In certain cases, we may
charge professional fees to implement Brand Boost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black"><b><i>Advertising
Revenues</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; color: Black"><b><i>&#160;</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; color: Black">We
generate advertising revenue from our online Publishing assets, including the global directory network Hotfrog and a number of Australian-focused
directories including AussieWeb, PinkPages and SuperPages.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black">From
each directory, additional advertising revenue is generated, for instance, from Google Ads (formerly Adsense), which is variable and
based on a number of factors, including site traffic. In some cases, business owners also pay a premium advertising rate to appear higher
within a specific directory&#8217;s search results pages.</span></p>

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


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<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; color: Black"><b><i>&#160;</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; color: Black"><b><i></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; color: Black">We
also generate revenue through bulk listing contracts. We enter into commercial contracts with owners or managers of online business databases,
including citation management companies that seek to advertise their client&#8217;s business profile on our Publishing Network of online
directories. This can range from a few thousand listings up to several million listings. The fees we charge are typically relative to
the volume of business listings being published, with contracts being either fixed-price for an agreed term or variable based on the
volume of profiles being published.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>&#160;</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; color: Black"><b><i>Service
Fee Revenues</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; color: Black"><b><i>&#160;</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; color: Black">We
may enter into commercial contracts with clients to produce various online publishing solutions in exchange for service fees. These solutions
typically relate to bespoke applications of our existing products. Under these contracts, we may also charge ongoing service fees to
maintain and support the solution in a managed services arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>Commercial
Overview</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; color: Black">&#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; color: Black">To
support our revenue model, our commercial drivers are to partner with more Publishers and Resellers. We also maintain a direct-to-end
user customer base.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><span style="text-decoration: underline">Publishers</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; color: Black">&#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; color: Black">We
have existing commercial agreements with diversified media organizations who wish to increase their online audience reach. Our technology
improves the online search prominence of their publications, which the media organizations themselves are able to monetize on their online
publishing &#8220;mastheads&#8221;. On June 22, 2023 we announced the signing of an agreement with a prominent U.S.-based diversified
media company to sell our Keystone technology to its portfolio of clients that advertise on their media assets. While no revenues were
generated in the year ended June 30, 2023 as a result of this agreement, we expect significant revenues to be recognized in the year
ending June 30, 2024 and future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
also partner with data aggregation companies who provide citation management services whereby their business users are able to centrally
manage their advertised business profile across multiple online directories, search engines, applications and maps. Data aggregation
companies connect to our Publishing API, to facilitate automated bulk publishing to one or more of our owned directories. We currently
collectively publish on our Hotfrog directory property more than 8 million business profiles originated from data aggregation companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">During
the year ended June 30, 2023, revenues from our data aggregation partners grew 34.1% to A$871,502 (2022: A$649,937) due to the net new
increase in the number of partners connected to our Publishing API. Advertising revenues across our network of directory properties remained
steady at A$313,882 (2022: A$314,513).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">As
a result of enhancements made to our Publishing API in June 2023, we have extended the functionality for our data aggregation partners
to re-purpose the business profile data they provide to us to additionally produce our Local SEO products for resale. We are currently
undergoing live trials of this solution with two long standing clients, both of whom are data aggregation companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
are also optimistic about the potential of applying Proximity Networks towards our own online directory properties. Our strategy is to
increase both the number of pages as well as the search prominence of those pages with an expectation of increased search impressions,
leading to increased advertising revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><span style="text-decoration: underline">Resellers</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; color: Black">&#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; color: Black">An
important component of our business model includes creating a sales network by leveraging resellers who supply our products and services
to their end-user client base. Our resellers typically manage many business profiles, ranging from a few dozen for smaller agencies,
to several thousand for mid-sized agencies, to hundreds-of-thousands or even millions for Publishers. By initially engaging with these
types of channel partners, we reduce upfront sales and marketing costs and gain access to large client bases where there is a strong
existing client relationship with a trusted service provider.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Our
resellers obtain pricing which is typically at a discount to suggested retail pricing. We invoice the reseller and support them through
our customer success team. Our resellers are responsible for invoicing their end user clients and maintaining those relationships. Under
this model, we believe we can achieve revenue growth without a proportionate increase in costs since our solutions are generally digital
in nature and highly scalable with minimal marginal production cost.</span></p>

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


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<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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">In
some markets, we engage master resellers, which are resellers that that have the rights to appoint resellers within their own network.
In these cases, the master reseller appoints customers both directly and via their reseller network.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">During
the year ended June 30, 2023, revenues from our reseller sales channel grew 15.5% to A$2,229,913 (2022: A$1,929,836). The growth was
comparatively modest as our strategy was to simply maintain existing reseller customers while we completed the development of our newer
range of products incorporating our Entity-based technologies. Selling the Entity-based technologies to new resellers would avoid confusion
and reduce support and maintenance costs for both ourselves and our resellers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><span style="text-decoration: underline">Direct-to-End
Users</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; color: Black">&#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; color: Black">Historically,
we have built (organically and via acquisitions) a direct-to-end user customer base. While our current strategic focus is to grow our
Publisher and Reseller channels, our Direct channel still remains significant. During the year ended June 30, 2023, revenues in this
segment increased 47.6% to A$1,961,396 (2022: A$1,328,403). The growth is mainly attributed to an increase in customers and subscriptions
in Australia and North America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b>Growth
Strategy</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; color: Black">&#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; color: Black">Our
main objectives are to rapidly expand our reseller channel network, primarily in the North American and Australian markets, and through
automation, expand their uptake. We also intend to accelerate our data acquisition activities and data synchronization projects to maximize
the addressable market within our ecosystem to which we can apply our Technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Our
growth strategy is to:</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; color: Black">&#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; color: Black">&#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; color: Black">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; color: Black">Leverage
    our existing substantial databases of small businesses and digital agencies to automate the production of high performing landing
    pages to drive both subscription and advertising revenues.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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; color: Black">Deliver
    API access to data partners including directories, citation management companies and large media agencies to scale the delivery of
    highly optimized landing page solutions in key markets.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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; color: Black">Grow
    our reseller base in North American and APAC markets to deliver a network effect of growth of end customers using 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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; color: Black">Deploy
    leading edge SEO solutions to resellers to ensure we are delivering innovative solutions that are rapid to deploy and rapid to take
    effect.</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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; color: Black">Continue
    to refine our local, national and brand focused SEO products to ensure we stay ahead of the market in terms of automated SEO offerings
    delivered by SaaS.</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; color: Black">&#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; color: Black">In
addition, we will:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">&#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; color: Black">&#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; color: Black">increase
    the velocity of data synchronization projects with database owners, online directories, SEO agencies and citation management companies
    to enable more resellers to market and sell our products directly from the resellers&#8217; own administration dashboards;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">undertake
    acquisitions of relevant digital agencies, online directories and databases to grow the number of business profiles within our network
    and marketing control, which has the potential to increase the number of direct clients that subscribe to 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">complete
    a major data migration project to unify all current business profiles across our disparate online publishing network, thereby enabling
    streamlined customer management, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">increase
    the production of niche business directories utilizing our own technology to target high value business categories to generate advertising
    and subscription revenues;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">enhance
    the scale of our existing commercial partners;</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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">further
    develop our technology and its capabilities; 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; color: Black">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">upgrade
    and implement new internal systems and reporting to support our anticipated growth and any increased commercial activities.</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; color: Black">&#160;</span></p>


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<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; color: Black">&#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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">We
intend to seek additional staffing and resources as needed to assist in implementing these key objectives, secure new commercial contracts
and service our existing client base, particularly in engineering, marketing and design to help grow the business and facilitate this
commercialization strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
plan to generate increased revenues through existing partnerships and also through securing new commercial partnerships. We also plan
to explore new acquisitions and business initiatives, which expand both our client base and the capabilities of our technology and solutions
in both existing and new markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
plan to target clients who own or manage large online databases and are seeking to reduce their operating costs, increase their organic
traffic and increase revenues from advertising and lead generation solutions. Accordingly, the type of commercial partners that we are
targeting include online directory publishers, data management companies, digital agencies, large media companies and domain registrars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">We
plan to continue our ongoing maintenance, development and enhancement of our technology to ensure it meets consumer demand and remains
compliant with new and emerging technologies and data protection 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; color: Black">&#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; color: Black"><b>Competition</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; color: Black">&#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; color: Black">We
compete against various companies to attract and engage users, some of which are larger and have greater brand name recognition, longer
operating histories, larger marketing budgets and established customer relationships, access to larger customer bases and significantly
greater resources for the development of their solutions. In addition, we may face potential competition from participants in adjacent
markets that may enter our markets by leveraging related technologies and partnering with or acquiring other companies or providing alternative
approaches to provide similar results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Furthermore,
rival product offerings by existing and new competitors as well as technology developments by competitors may have an adverse impact
on our business operations, financial performance and prospects as well as on the value and market price of our ordinary shares. This
risk may influence our customer acquisition cost and customer lifetime value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Given
the recent advent of AI and chatbots, it is too early to properly assess its impact on how consumers search for online content and the
effect this will have on us and our technology.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b>Intellectual
Property</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; color: Black">&#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; color: Black">Our
ability to establish and protect our core technology and intellectual property, including our software source code and copyright, is
critical to our success. We rely on a combination of patents, trade secrets, including know-how, and contractual rights to establish
and protect our proprietary rights in our technology. A component of the underlying technology on which our technology is built is patented
in the United States (Patent Number US 9286274), which will remain in effect until January 27, 2035. In addition, we enter into confidentiality
and non-disclosure agreements with our employees and business partners. The agreements we enter into with our employees also provide
that all software, inventions, developments, works of authorship and trade secrets created by them during the course of their employment
are our 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; color: Black">&#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; color: Black">See
&#8220;<i>Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to our Business and Industry&#8212;If we fail to adequately
protect our proprietary rights, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue,
and incur costly litigation to protect our rights.</i>&#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; color: Black">&#160;</span></p>


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<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; color: Black"><b>&#160;</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; color: Black"><b></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; color: Black"><b>C.
Organizational Structure</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; color: Black">&#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; color: Black">We
commenced activities in April 2009. The chart below illustrates our organizational structure, including the dates and jurisdictions of
incorporation. As of the date hereof, Moboom USA Inc. has ceased operations and remained dormant during the year. We intend to
formally close the company at an appropriate time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><img src="image_003.jpg" alt="" /></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>D.
Property, Plants and Equipment</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; color: Black">&#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; color: Black">We
are headquartered in Perth, Australia where we lease and occupy for office space approximately 603 square meters (approximately 6,490
square feet) as of the date of this Annual Report. The current lease term expires in November 2026, and we believe that our existing
facilities are generally adequate to meet our current of future needs, but we expect to seek additional space as needed to accommodate
future growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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: 72px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="a_005"></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; color: Black"><b>UNRESOLVED
    STAFF COMMENTS </b></span></td></tr>
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<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; color: Black">&#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; color: Black">None.</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; color: Black">&#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: 72px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><span id="a_006"></span>ITEM
5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><b>OPERATING
                                            AND FINANCIAL REVIEW AND PROSPECTS</b></p></td></tr>
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<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; color: Black">&#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; color: Black"><b>Overview</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; color: Black">&#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; color: Black">We
are an Australian company currently focused on commercializing our Software as a Service (SaaS) online Search Engine Optimization (SEO)
technology (&#8220;Technology&#8221;). Our Technology publishes search engine optimized web pages using a combination of data integrations
and generative AI (&#8220;Content&#8221;) and our &#8220;Entity Based&#8221; SEO technology and know-how (&#8220;Site Structure&#8221;).
Once the Content and Site Structure is integrated with our Technology, the production of search engine optimized web pages is largely
automated which enables the Company to scale production. Based on our testing and those in production, these web pages are highly likely
to appear prominently in search engine results pages (&#8220;SERP&#8221;) for search keywords relevant to those web pages, more rapidly
than alternative solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Fundamental
to each of our search solutions are the landing pages created through our Technology; each of which are configured for a specific use
case. Our landing pages contain features that would otherwise require significant manual effort to achieve or the application of additional
and more expensive solutions. For instance, in order to achieve superior SERP rankings we optimize our landing pages to enable search
engines to detect and understand the relevant page content based on a specific &#8220;Entity&#8221;. We also automatically incorporate
other contributing factors affecting SERP rankings include page speed, accessibility security, and unique quality content, for which
we are able to leverage generative artificial intelligence (&#8220;AI&#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; color: Black">&#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; color: Black">We
also operate a Publishing division, which includes ownership of Hotfrog, a global online business directory, and three additional Australian-focused
directories, AussieWeb.com.au (&#8220;AussieWeb&#8221;), PinkPages.com.au (&#8220;PinkPages&#8221;) and SuperPages.com.au (&#8220;SuperPages&#8221;).
Combined, these directory assets contain more than 46 million business listings and an email database of approximately 245,000 subscribers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b>A.
Operating Results</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; color: Black">&#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; color: Black"><b><i>Revenue.
</i></b>We derive substantially all of our revenue from license subscription fees earned from customers using our technology as well
as from data and advertising fees earned from customers publishing their content on our digital property network.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>Operating
Expenses. </i></b>The most significant components of operating expenses are personnel costs, which consist of salaries, benefits, bonuses
and commissions. We also incur other non-personnel costs related to our general overhead expenses. We plan to continue investing in sales
and marketing by increasing our sales and marketing headcount, expanding our sales channels and building our brand awareness. We expect
our sales and marketing expenses to continue to increase in absolute dollars for the foreseeable future as we expand our sales and marketing
efforts, although these expenses may fluctuate as a percentage of our total revenue from period to period depending on the timing of
these expenses and, over the longer term, we expect them to decline as a percentage of revenue as we scale our business. Following the
completion of our initial public offering in March 2022, we have incurred additional expenses as a result of operating as a public company,
including costs to comply with the rules and regulations applicable to companies listed on a national securities exchange, costs related
to compliance and reporting obligations pursuant to the rules and regulations of the SEC and increased expenses for insurance, investor
relations and professional services.</span></p>

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


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<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; color: Black">&#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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i>Comparison
of the Years Ended June 30, 2023 and 2022</i></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; color: Black">&#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; color: Black">The
following table sets forth information concerning our operating results for the years ended June 30, 2023 and 2022:</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; color: Black">&#160;</span></p>

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    <td style="padding: 0pt; text-align: center; color: Black">&#160;</td><td style="padding: 0pt; text-align: center; color: Black; font-weight: bold">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><b><i>Revenue</i></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; color: Black">&#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">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;</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; color: Black"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Subscription
revenues grew 26.8% to A$4,020,241 (2022: A$3,169,094). The increase in subscription revenues was modest compared to previous years as
we did not aggressively pursue new business while we incorporated technologies acquired from Jimmy Kelley Digital into our developed
Technology. As this was a significant upgrade that would have key technologies &#8220;baked-in&#8221; to improve page performance, reduce
input errors and require lower maintenance, our preference was to wait for these new products to be available for commercial release
in June 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">The
intellectual property acquired from Jimmy Kelley Digital also provided us with a platform to access a new customer segment comprising
SEO specialists who understand the benefits from the Company&#8217;s implementation of Entity-Based SEO. Approximately A$700,000 was
derived from this segment during the relevant period post-acquisition, comprising both direct and channel partner 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; color: Black">&#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; color: Black">Advertising
revenues have remained steady at A$315,524 (2022: A$316,713). Given our technical focus on Platform upgrades, we reduced R&amp;D efforts
related to the creation and publication of our proposed &#8220;decentralised&#8221; directories. That said, the Platform upgrade itself
will serve as the foundation for further work to grow our directory network and associated advertising revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">Data
revenues increased by 34.1% to A$871,502 (2022: A$649,937). The growth in Data revenues was due to the net new increase in the number
of partners connected to our Publishing API during the year. While not having a significant financial impact during the year ended June
30, 2023, our recent Platform technology upgrade included enhancements to our Publishing API so that both are now in the same
Locafy technology ecosystem. As a result, data partners will have the ability to programmatically create additional online assets for
resale to their end user customers and potentially lead to increased demand for our subscription revenue 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; color: Black">&#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; color: Black"><b><i>Other
Income</i></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; color: Black">&#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; color: Black">Other
income decreased by 23.4% to A$993,493 (2022: A$1,298,499) primarily due to the year ended June 30, 2022 including R&amp;D tax incentive
grants for both the years ended June 30, 2022 and 2021, and a significantly lower foreign exchange gain during the year ended June 30,
2023, partially offset with a gain from the extinguishment of a liability.</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; color: Black">&#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; color: Black"></span></p>


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<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; color: Black">&#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; color: Black"></span></p>

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<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; color: Black">&#160;</span></p>

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    <td style="padding: 0pt; font-weight: bold; text-align: left">Total Operating Expenses </td><td style="padding: 0pt">&#160;</td>
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    <td style="padding: 0pt; text-align: left">&#160;</td><td style="padding: 0pt; text-align: right">(293,080</td><td style="padding: 0pt; text-align: left">)</td><td style="padding: 0pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black">During
the year ended June 30, 2023, total operating expenses increased 3.0% primarily due to an increase in employment related expenses and
an increase in amortization expenses, partially offset through lower consultancy 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; color: Black">&#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; color: Black"><i>Technology
expense. </i>Technology expense includes the software and hosting services required to operate and maintain our platform, software that
we use in the management of our broader operations, and third-party solutions that we may offer for resale. The decrease in technology
expense for the year ended June 30, 2023 compared to the year ended June 30, 2022 is primarily attributed to a A$194,387 reduction in
expenses related to third party &#8220;signals&#8221; software required in the delivery of our solutions, resulting from the conclusion
of minimum purchasing commitments and partially offset by the A$120,813 increase in costs associated with the development and maintenance
of new technologies acquired from Jimmy Kelley Digital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><i>Employee
benefits expense</i>. The most significant components of operating expenses are personnel costs, relating to our engagement of employees
and contractors, together with associated expenses including recruitment, payroll taxes and insurances. Employee benefits expenses increased
19.4% to A$5,267,246 for the year ended June 30, 2023 (2022: A$4,411,926). The increase in expenses was mainly due to an increase in
headcount during the first half of the year ended June 30, 2023. Through the acquisition of Jimmy Kelley Digital, we shifted our development
efforts and streamlined all areas of the organization, in particular in sales and operations, leading to a significant reduction in employee
and contractor expenses during the second half of the year ended June 30, 2023. At June 30, 2023, we had 34 employees globally (2022:
50). The year ended June 30, 2023 included A$460,603 in non-cash share-based payment expenses, which was primarily related to the issue
of performance rights from prior years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><i>Occupancy
expense.</i> The increase in occupancy expenses for the year ended June 30, 2023 compared to the year ended June 30, 2022 was primarily
due to a contractual increase in lease costs for our Perth office, the adoption of leased premises in connection with the acquisition
of assets from Jimmy Kelley Digital, partially offset by the termination of short-term office premises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><i>Advertising
expense.</i> Advertising expenses decreased in the year ended June 30, 2023 as compared to the year ended June 30, 2022 primarily due
to a reduction in trade show attendance and associated costs, together with the reduction in the engagement of marketing consultants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><i>Consultancy
expense. </i>Consultancy expense for the year ended June 30, 2023 was A$874,638 (2022: A$1,691,544) with the decrease primarily due to
the costs associated with our initial public offering during the year ended June 30, 2022. However, the year ended June 30, 2023 included
additional costs related to audit, compliance and investor relations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#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; color: Black"><i>Depreciation
and amortization expense.</i> The increase in depreciation and amortization expense to A$1,355,170 for the year ended June 30, 2023 (2022:
A$852,361) was as a result of our acquisition of technology and other assets and our capitalization of development 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; color: Black">&#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; color: Black"><i>Other
expenses. </i>The movement in other expenses primarily related to a reduction in foreign exchange 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; color: Black">&#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; color: Black"><i>Impairment
of financial assets.</i> There was an increased focus on debtor collections during the year ended June 30, 2023, incorporating among
other things, a greater involvement from account managers (e.g., linking commissions to collections), referrals to external debt collections
agencies and the increased collection of customer credit card and direct debit details.</span></p>

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


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<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; color: Black"></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"></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"><b><i>Comparison
of the Years Ended June 30, 2022 and 2021</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information concerning our operating results for the years ended June 30, 2022 and 2021:</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <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">Other
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    <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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(132,515</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></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
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  <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">Operating
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  <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">Financial
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    <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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(748,190</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(58,913</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></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">Loss
    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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,090,327</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(995,766</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></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    tax expense</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>
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    <td style="border-bottom: Black 1.5pt solid; 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="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; padding-bottom: 1.5pt; text-align: left"><span style="font-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">Loss
    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="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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,090,327</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(995,766</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></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    comprehensive income</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>
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    <td style="border-bottom: Black 1.5pt solid; 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="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">(1,653</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><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; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    comprehensive loss for the year</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>
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  </table>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</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>

<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: bold 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>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change</span></td><td style="font: bold 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 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: bold 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>
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    A$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    A$</span></td><td style="font: bold 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: bold 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>
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  <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: 44%; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,191,425</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; 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: 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; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,031,264</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; 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: 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; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+92.6
                                            %</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-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; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    income</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,298,499</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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">788,258</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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">510,241</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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+64.7
                                            %</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">&#160;</span></td></tr>
  </table>

<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">&#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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Publishing</i>:
While revenues from our data aggregation partners grew modestly at 7.9% to A$649,937 for the year ended June 30, 2022 (2021: A$602,304),
advertising revenues grew 77.5% to A$314,513 for the year ended June 30, 2022 (2021: A$177,126). The growth in advertising revenues was
due to an expansion of online properties carrying advertising together with an improvement in on-page SEO, leading to higher page impressions.
As we accelerate our creation of online properties using our core technologies, we expect advertising revenues to continue to grow strongly.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Direct</i>:
Historically, we have built (organically and via acquisitions) a direct-to-end user customer base. While our current strategic focus
is to grow our channel partnerships, we still saw a 12.3% increase in direct-to-end user revenues to A$1,328,403 for the year ended June
30, 2022 (2021: A$1,183,025). The growth is mainly attributed to customers in Australia, New Zealand and Europe.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Channel</i>:
Our pursuit of a channel distribution strategy during the period resulted in 742.8% revenue growth to A$1,929,836 for the year ended
June 30, 2022 (2021: A$228,970). This growth is mainly due to an increase in net new resellers and an increase in average sales volumes
within those accounts. This type of growth exemplifies the multiplier effect that we anticipated by engaging with resellers and partners
with an existing end-user customer base. We anticipate being able to reach a wider and larger number of end-user customers through this
model. We offer tiered, volume-based discounts to our largest customers and in some cases, customers are contracted to some level of
minimum revenue commitment. We are focused on developing the North American and Australian/New Zealand regions, which derived revenues
for the year ended June 30, 2022 of A$884,383 (2021: A$15,897) and A$643,166 (2021: A$170,061), respectively.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Income</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income primarily relates to funding through various Australian government grants and subsidies. Our main source of funding is through
an R&amp;D Tax Incentive program, which for the year ended June 30, 2022 included both the actual cash received with respect to our claim
for the year ended June 30, 2021 plus the cash funding estimated to be received with respect to claimable expenditure of A$757,609 for
the year ended June 30, 2022 (2021: A$497,358). A further A$495,457 is attributed to unrealized foreign exchange gains primarily due
to the Company holding significant U.S. Dollar financial assets combined with the appreciation of the U.S Dollar against the Australian
Dollar. For the year ended June 30, 2022, we did not receive any government subsidies due to COVID-19 (2021: A$290,900).</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>

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<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Expenses</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>

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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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>
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  <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: bold 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>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021
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  <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: 44%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology
    expense</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: 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; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,805,432</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; 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: 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; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(651,644</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; 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: 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; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,153,788</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; 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: 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; width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+177.0
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  <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-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
    benefits expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,411,926</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,359,459</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,052,467</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+86.9
                                            %</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">&#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; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Occupancy
    expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(66,365</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52,219</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14,146</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+27.0
                                            %</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">&#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; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising
    expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(67,575</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(346,437</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+512.6
                                            %</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">&#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; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultancy
    expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,691,544</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(240,928</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,450,616</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+602.0
                                            %</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">&#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; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    and amortization expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(852,361</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(397,506</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(454,855</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+114.4
                                            %</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">&#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; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(245,079</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(132,515</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(112,564</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+84.9
                                            %</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">&#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-bottom: 1.5pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
    of financial assets</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; padding-bottom: 1.5pt; text-align: left"><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">(376,606</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; 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; padding-bottom: 1.5pt; text-align: left"><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">(14,690</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; 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; padding-bottom: 1.5pt; text-align: left"><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">(361,916</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; 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; padding-bottom: 1.5pt; text-align: left"><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">+2,463.6
                                            %</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Operating 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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,863,325</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,916,536</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,946,789</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+151.8
                                            %</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">&#160;</span></td></tr>
  </table>

<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"></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">During
the year ended June 30, 2022, operating expenses broadly increased due to our expanding commercial operations.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Technology
expense. </i>Technology expense includes the software and hosting services required to operate and maintain our platform, software that
we use in the management of our broader operations, and third-party solutions that we may offer for resale, typically as part of a bundled
solution. The increase in technology expense for the year ended June 30, 2022 compared to the year ended June 30, 2021 is mainly attributed
to the increase in the sales of our bundled &#8220;Proximity&#8221; solutions, which incorporates an element of third-party software.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employee
benefits expense</i>. The most significant components of operating expenses are personnel costs, relating to our engagement of employees
and contractors, together with associated expenses including recruitment, payroll taxes and insurances. Employee benefits expenses increased
86.9% to A$4,411,926 for the year ended June 30, 2022 (2021: A$2,359,459) due to our increased number of employees as we expand our capabilities
across all of our functional areas (i.e., sales, marketing, operations and R&amp;D). At June 30, 2022, we had 50 employees globally (2021:
21).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Occupancy
expense.</i> The increase in occupancy expenses for the year ended June 30, 2022 compared to the year ended June 30, 2021 was primarily
due to the renewal of our short-term office premises for a longer comparative period.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advertising
expense.</i> Advertising expenses increased significantly for the year ended June 30, 2022 compared to the year ended June 30, 2021 due
to a greater focus on brand and product awareness. With the lifting of global travel restrictions previously imposed due to COVID-19,
we attended more tradeshows and similar sales and marketing opportunities. We expect our sales and marketing expenses to remain steady
in the near term as we become more targeted in securing new business while working with existing customers to increase their average
spend.</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"><i>&#160;</i></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"><i>Consultancy
expense. </i>Consultancy expense for the year ended June 30, 2022 was A$1,691,544 (2021: A$240,928) with the increase primarily due to
the costs associated with our initial public offering and listing of our ordinary shares and warrants on Nasdaq in March 2022.</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"><i>&#160;</i></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"><i>Depreciation
and amortization expense.</i> The increase in depreciation and amortization expense to A$852,361 for the year ended June 30, 2022 (2021:
A$397,506) was as a result of our acquisition of databases and the re-commencement of our program to capitalize development costs due
to the stronger nexus between our R&amp;D efforts and the commercialization of the developed technologies.</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"><i>&#160;</i></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"><i>Other
expenses. </i>With the easing of travel restrictions due to COVID-19, the increase in other expenses was primarily due to an increase
in travel and related expenses.</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"><i>&#160;</i></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"><i>Impairment
of financial assets.</i> Historically, we have not experienced any significant recoverability issues with respect to our accounts receivable,
however, during the year ended June 30, 2022, we saw a higher level of delinquent accounts and bad debts leading to a higher provision
for bad and doubtful debts. We attribute this to a decline in the broader global economic environment and in some cases delays in customer
implementations. We have taken steps to improve operational efficiencies, including installing a platform upgrade allowing for easier
product ordering, implementations and the ability for customers to supply credit card details as a payment method. We believe these changes
will assist with our controls to reduce accounts receivable ageing and improve collections.</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>


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<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Liquidity and Capital Resources</b></span></p>

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<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"><b><i>Overview</i></b></span></p>

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<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">Since
our inception and through June 30, 2023, we have financed our operations and capital expenditures primarily through cash flows generated
by operations and sales of our equity securities. From our inception in 2009 through to June 30, 2023, we have raised in excess of A$47
million of equity capital.</span></p>

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<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"><b><i>Comparison
of the Years Ended June 30, 2023 and 2022</i></b></span></p>

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<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">The
following table shows our cash, accounts receivable and working capital as of the dates indicated:</span></p>

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<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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 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: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    at June 30,</span></td><td style="font: bold 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 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; 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023<br />
A$</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022<br />
A$</b></span></p></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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td 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></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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</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: 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; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,174,700</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; 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: 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; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,083,735</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-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">Accounts
    receivable, 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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,288,513</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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,203,249</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">&#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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,773,625</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; 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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,917,209</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></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">Working
    capital <sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">689,588</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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,369,775</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">&#160;</span></td></tr>
  </table>

<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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup>Working
capital is defined as current assets less current liabilities.</span></p>

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<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">The
table below presents our cash flows for the periods indicated:</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>

<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: 0pt"><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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Years
    Ended June 30,</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></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: 0pt"><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: 0pt"><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; padding-bottom: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023<br />
A$</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022<br />
A$</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><span style="font-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; padding-bottom: 0pt; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used by operating activities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; 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; padding-bottom: 0pt; 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; padding-bottom: 0pt; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,260,971</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; 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; padding-bottom: 0pt; 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; padding-bottom: 0pt; 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; padding-bottom: 0pt; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,240,436</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; width: 1%"><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; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used by investing activities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: 0pt"><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: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,619,616</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: 0pt"><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: 0pt"><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: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,005,531</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash from financing activities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: 0pt"><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: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,853,276</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: 0pt"><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: 0pt"><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: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,183,513</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><span style="font-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-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    increase/(decrease) in cash and cash equivalents</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: 0pt"><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: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,027,310</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: 0pt"><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: 0pt"><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: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,937,547</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><span style="font-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; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    foreign exchange difference</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: 0pt"><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: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">118,275</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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: 0pt"><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: 0pt"><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: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">495,457</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended June 30, 2023, net cash used by operating activities was A$2,260,971, attributable to a net loss of A$3,891,586 adjusted
for non-cash movements totaling A$997,998 in operating cash flows before movements in working capital as well as a net cash inflow
from cash generated from operations of A$632,728. Operating cash flows before movements in working capital of A$997,998 consisted of
A$1,355,171 in depreciation and amortization expenses, A$304,345 in share-based payments, A$295,263 from expected credit losses, A$533,119
from expected R&amp;D tax incentives and other rebates, A$282,489 gain on liability extinguishments and A$141,284 in net foreign exchange
gains.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended June 30, 2022, net cash used by operating activities was A$4,240,436, attributable to a net loss of A$5,090,327 adjusted
for non-cash movements totaling A$1,704,373 in operating cash flows before movements in working capital as well as a net cash
outflow from cash generated from operations of A$854,482. Operating cash flows before movements in working capital of A$1,704,373 consisted
of A$852,361 in depreciation and amortization expenses, A$359,544 in share-based payments, A$369,844 from expected credit losses, A$666,534
in implied interest expense related to convertible notes, and A$543,910 in net foreign exchange gains.</span></p>

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


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<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; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended June 30, 2023 and 2022, net cash used by investing activities was A$1,619,616 and A$2,005,531, respectively, attributable
to A$1,617,446 and A$1,615,192, respectively, in cash payments for the purchase of intellectual property and further cash payments of
A$2,170 and A$390,339, respectively, for the purchase of property, plant and equipment.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended June 30, 2023, net cash from financing activities was A$2,853,276, of which A$2,892,449 was from the issuance of shares,
partially offset by A$6,500 from the net repayment of borrowings and A$32,673 reduction in leasing liabilities.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended June 30, 2022, net cash from financing activities was A$9,183,513, of which A$9,340,432 was from the issuance of shares,
partially offset by A$97,500 from the net repayment of borrowings and A$59,419 reduction in leasing liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>At
The Market Offering Agreement with H.C. Wainwright &amp; Co., LLC</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 18, 2023, we entered into an at the market offering agreement (the &#8220;Sales Agreement&#8221;) with H.C. Wainwright &amp; Co.,
LLC (&#8220;Wainwright&#8221;), as sales agent, under which we may offer and sell, from time to time, through Wainwright, our ordinary
shares pursuant to an effective shelf registration statement on Form F-3, as amended (File No. 333-272066), declared effective by the
SEC on June 1, 2023 and related prospectus supplement. Wainwright acts as our sales agent on a commercially reasonable efforts basis,
consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of
Nasdaq. If expressly authorized by us, Wainwright may also sell our ordinary shares in privately negotiated transactions. Wainwright
is entitled to compensation at a fixed placement fee of 3.0% of the gross sales price of our ordinary shares made pursuant to the Sales
Agreement. We have no obligation to sell any ordinary shares pursuant to the Sales Agreement, and may at any time suspend sales pursuant
to the Sales Agreement. As of June 30, 2023, we have sold 245,010 ordinary shares under the Sales Agreement at a at a weighted average
exercise price of $9.14 per share, which resulted in net proceeds of approximately $2,168,910 to us, after deducting sales commissions
and expenses payable by us.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Together
with our existing cash and cash equivalents, anticipated funds received from improved sales and cost savings from operations, including
from a reduction in excess staffing requirements and technologies, we believe will be sufficient to meet our anticipated cash needs for
at least the next 12 months. However, our liquidity assumptions may prove to be incorrect, and we could exhaust our available financial
resources sooner than we currently expect. We may seek additional funds at any time through equity, equity linked or debt financing arrangements.
Our future capital requirements and the adequacy of available funds will depend on many factors, including those described in the section
of this Annual Report captioned &#8220;<i>Risk Factors</i>&#8221;. We may not be able to secure additional financing to meet our operating
requirements on acceptable terms, or at all.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not engaged in any off-balance sheet financing arrangements and do not have any holdings in variable interest entities. We do not
have any contingent assets or liabilities.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently
Issued Accounting Pronouncements</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has considered the implications of all new or amended Accounting Standards and Interpretations issued by the International Accounting
Standard Board (IASB) that are mandatory for the current reporting period. The adoption of these standards do not have significant impact
on the financial performance or position of the Group.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
new amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Standards
and Interpretations Issued but not yet Effective</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the date of authorization of the financial statements, the Group has not applied the following new and revised Australian Accounting
Standards, Interpretations and amendments that have been issued but are not yet effective:</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>

<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; text-align: justify; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
    or revised requirement</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; text-align: justify; width: 56%"><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; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effective</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">AASB
    2020-1</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">Classification
    of Liabilities as Current or Non-current</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    1, 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AASB
    2021-2 Disclosure of Accounting Policies and Definition of Accounting Estimates</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AASB
                                            7 Financial Instruments</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">AASB
    101 Presentation of Financial Statements</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">AASB
    108 Accounting Policies</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">AASB
    134 Interim Financial Reporting</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">AASB
    Practice Statement 2 Making Materiality Judgements</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">January
    1, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AASB
    2021-5</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    Tax related to Assets and Liabilities arising from a Single Transaction</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    1, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AASB
    2014-10</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
    or Contribution of Assets between an Investor and its Associates or Joint Venture</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    1, 2025</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amendments to the individual Standards may be applied early, separately from the amendments to the other Standards, where feasible.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not anticipate that the amendments will have a material impact on the Group but may change the disclosure of accounting policies included
in the financial statements.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual
Obligations</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; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future minimum payments under non-cancelable contracts were as follows as of June 30, 2023:</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">&#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="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: center; font-weight: bold; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
    Obligations</span></td><td style="padding-left: 0pt; text-align: center; padding-bottom: 0pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-left: 0pt; text-align: center; padding-bottom: 0pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0pt; text-align: center; padding-bottom: 0pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0pt; text-align: center; padding-bottom: 0pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-left: 0pt; text-align: center; padding-bottom: 0pt; font-weight: bold"></td><td style="padding-left: 0pt; text-align: center; padding-bottom: 0pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0pt; text-align: center; padding-bottom: 0pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: center; font-size: 12pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payment
    due by period</b></span></td><td style="padding-left: 0pt; text-align: center; padding-bottom: 0pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><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; padding-bottom: 0pt; text-align: center; font-weight: bold; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><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; padding-bottom: 0pt; text-align: center; font-weight: bold; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 1 year</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><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; padding-bottom: 0pt; text-align: center; font-weight: bold; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1&#8211;3
    years</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><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; padding-bottom: 0pt; text-align: center; font-weight: bold; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3&#8211;5
    years</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><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; padding-bottom: 0pt; text-align: center; font-weight: bold; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
    than 5 years</span></td><td style="padding-left: 0pt; padding-bottom: 0pt; text-align: center; font-weight: bold"><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 style="padding-bottom: 0pt; text-align: justify; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-Term
    Debt Obligations <sup>(1)</sup></span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            301,600</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            301,600</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            -</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            -</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            -</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 0pt; width: 35%; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease Payments<sup>(2)</sup></span></td><td style="padding-bottom: 0pt; width: 2%; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 9%; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">417,743</span></td><td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 2%; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 9%; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85,165</span></td><td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 2%; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 9%; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">269,843</span></td><td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 2%; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 9%; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62,735</span></td><td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 2%; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 9%; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; width: 1%; text-align: left; padding-left: 0pt"><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 style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
Obligations <sup>(3)</sup></span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">137,855</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">126,284</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,571</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            857,198</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            513,049</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            281,414</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            62,735</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td><td style="padding-bottom: 0pt; text-align: right; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            -</span></td><td style="padding-bottom: 0pt; text-align: left; padding-left: 0pt"><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"></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"><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"></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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">(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">Relate
    to unsecured notes which we would seek to repay.</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">We
    lease our corporate head office in Perth, Australia under an operating lease arrangement that expires November 20, 2026. The terms
    of the lease agreement provide for rental payments on a graduated basis. We recognize rent expense on a straight-line basis over
    the lease periods.</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">Amounts
    consist of purchase obligations with certain vendors to provide products and services for operating purposes.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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"><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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commitment amounts in the table above are associated with contracts that are enforceable and legally binding and that specify all significant
terms, including fixed or minimum services to be used, fixed, minimum or variable price provisions, and the approximate timing of the
actions under the contracts. The table does not include obligations under agreements that we can cancel without a significant penalty.
We do not have any capital lease obligations and all of our property, equipment and software have been purchased with cash.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
enter into agreements in the normal course of business with vendors for products and services for operating purposes which are cancellable
at any time by us. These payments are not included in this table of contractual obligations.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and Qualitative Disclosure About Market Risk</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations
in interest rates and foreign currency exchange rate risk.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk </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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2023, we had cash and cash equivalents of A$3,174,700. We have limited exposure to interest rate risk. Our exposure to market
interest rates relates primarily to short-term deposits. Our cash and cash equivalents are not locked into long-term deposits at fixed
rates so as to mitigate the risk of earning interest below the current floating rate. We do not have any credit facilities bearing variable
interest rates or that allow lenders to reset the interest rate or the basis for the interest rate.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Exchange Rate Risk </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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of services provided by third parties in the United States, Canada and Europe, we incur financial assets and liabilities in
foreign currency denominated transactions that are affected by movements in the applicable exchange rate. We do not enter into any hedging
transactions, although trade receivables and cash at banks held in foreign currency denominations provide a partial natural hedge against
liabilities to be settled in foreign currencies. We are primarily exposed to foreign exchange risk inherent in U.S. dollar-denominated
contracts related to our commercialization and acquisition activities. As of June 30, 2023 and June 30, 2022, we had a net exposure to
the U.S. dollar of A$2,032,889 and A$3,212,072, respectively, primarily in cash and cash equivalents. An appreciation of the Australian
dollar against the U.S. dollar by 10% would have increased our operating loss for the year ended June 30, 2023 by A$952,682 and increased
our operating loss for the year ended June 30, 2022 by A$292,006, while a depreciation would have increased our operating loss for the
year ended June 30, 2023 by A$478,018 and would have decreased our operating loss by A$321,207 for the year ended June 30, 2022. As we
continue our commercialization and acquisition activities, we expect to face continued exposure to exchange rate risk from the U.S. dollar.
There was minimal or insignificant exposure to the Euro, Great British Pound or to the Canadian dollar during the years ended June 30,
2023 and 2022.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Research and Development, Patents and Licenses</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2016, we were granted a patent in the United States (Patent Number US 9286274) relating to the process of taking structured data
provided in standard technical formats (for example, XML, JSON, CSV and XLS) of any quantity, to be published to any web browser and
made accessible on any viewing device that uses a browser to display content, including smart phones, tablets, laptops, desktops and
wearables (in so far as the content from data feeds can be published on a myriad of devices). Data may be transmitted via Web API, FTP
or local upload. We have continued research and development of our core technologies to further enhance its performance and extend their
applicable commercial use cases.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Trend Information</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market for AI, including &#8220;chatbots&#8221;, machine learning, and generative AI workloads is an intensely competitive and rapidly
evolving market, and our future financial performance may depend on our ability to adapt to, and capture new spending, in this market.
If more consumers utilize AI and AI-related technology to search for online content, or if we do not successfully integrate AI with our
solutions and products or integrate AI with our solutions as rapidly or effectively as other competitors within our industry, search
traffic volumes through traditional search engines may decline, and our solutions and products may not compete as effectively with AI
or other available solutions, which may in turn have a negative impact on our business and financial condition.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed in this section and elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments
or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability,
liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating
results or financial condition.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Critical Accounting Estimates</b></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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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"><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: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="b_002"></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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Directors and Senior Management</b></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"><b>&#160;</b></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"><b></b>The
following table sets forth the name, age and position of each of our directors and executive officers as of the date of this Annual Report.
The address for our directors and executive officers is c/o Locafy Limited, 246 Churchill Avenue, Subiaco, Western Australia 6008, Australia.</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>

<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: 25%"><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; 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%; 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; 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: 61%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</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">Gavin
    Burnett</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Managing Director</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">Melvin
    Tan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer and Executive Director</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">Collin
    Visaggio</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    of the Board and Non-Executive Director</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">Ranko
    Matic</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Executive
    Director</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">Andrea
Betti<sup>(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Executive
    Director</span></td></tr>
  </table>
<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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)
</sup>Ms. Betti was appointed to the board of directors on March 23, 2023.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships between any of our directors or members of senior management. There are no arrangements or understandings
with major shareholders, customers, suppliers or others pursuant to which any of our directors or members of senior management were selected
to be a director or member of senior management.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Senior
Management and Key Employees</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gavin
Burnett, Chief Executive Officer and Managing Director</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Burnett founded Locafy (f/k/a Moboom Limited) and has served as our Chief Executive Officer and Managing Director since 2009. Prior to
2009, Mr. Burnett has more than a decade of digital media experience and has held senior executive positions in ASX-listed media organizations
where he was responsible for the development of core digital assets through to their commercialization. Mr. Burnett has been the recipient
of numerous industry awards including WA Technology Product of the Year 2004 and twice finalist in Ernst &amp; Young&#8217;s Entrepreneur
of the Year 2003 &amp; 2004. He holds a Bachelor of Commerce from Curtin University.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Melvin
Tan, Chief Financial Officer and Executive Director</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tan has served as our Chief Financial Officer since May 2012 and served as a member of our board of directors since August 2016. Mr.
Tan has held senior finance roles in technology companies for the majority of his career, and has experience in growing businesses organically
and through strategic acquisitions. Mr. Tan worked as a finance executive in both public and private companies as well as a public accounting
firm. He is a Fellow Certified Practicing Accountant (FCPA), Fellow Governance Institute Australia (FGIA/FCIS) and holds Bachelor Degrees
in Law and Commerce from The University of Western Australia (LLB, BCom).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Employee
Directors</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Collin
Visaggio, Chairman of the Board and Non-Executive Director</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Visaggio has served as a member of our board of directors and chairperson since August 2017. Mr. Visaggio has 34 years of experience
in corporate leadership, strategy, financing and governance. He was formerly the Chief Financial Officer of InterOil Corporation, a company
he listed on the New York Stock Exchange in March 2009. Collin previously held senior business positions within Woodside Petroleum and
BP Australia. He also served on the board of directors of Santa Maria Ladies College from 2004 to March 2010, including as Chairman for
four of those years. He has a Bachelor of Business from Curtin University and a Master&#8217;s Degree in Business Administration from
Murdoch University.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ranko
Matic, Non-Executive Director</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Matic has served as a non-executive director on our board of directors since June 2022. Mr. Matic is a Chartered Accountant with over
30 years of experience in financial and executive management, accounting, audit, business and corporate advisory. Mr. Matic is a director
of a chartered accounting firm and a corporate advisory company based in Perth and has specialist expertise and exposure in areas of
audit, corporate services, due diligence, mergers and acquisitions, and valuations. Mr. Matic is a non-executive director of Panther
Metals Limited (ASX: PNT), Cavalier Resources Limited (ASX: CVR) and Lycaon Resources Limited (ASX: LYN) and formerly a non-executive
director of Australia Gold &amp; Copper Limited (ASX: AGC) and Argosy Minerals Limited (ASX: AGY).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Andrea
Betti, Non-Executive Director</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Betti has served as a non-executive director on our board of directors from March 23, 2023. Ms. Betti is an accounting and corporate
governance professional with over 25 years&#8217; experience in accounting, corporate governance, finance and corporate banking. Andrea
has a Bachelor of Commerce, Graduate Diploma in Corporate Governance, Graduate Diploma in applied Finance and Investment and a Masters
of Business Administration. She is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate member
of the Governance Institute of Australia. Ms. Betti is currently a director of a corporate advisory company based in Perth that provides
corporate and other advisory services to public listed companies based in Perth and has specialist expertise and exposure in areas of
corporate governance, accounting, corporate services, initial public offerings and due diligence. Ms. Betti has also acted as Non-Executive
Director, Chief Financial Officer and Company Secretary for companies in the private and public listed sector and continues to hold various
roles in this capacity with publicly listed companies. Ms. Betti is currently a non-executive director of Argosy Minerals Metals Limited
(ASX: AGY).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors continually assesses its composition and skills matrix to consider the addition of board and management resources
our business develops and grows.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are aware of the need to have sufficient management to properly supervise our operations. As our activities require an increased level
of involvement, the board of directors will look to appoint additional management, consultants or other contractors when and where appropriate
to ensure proper management of our activities.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Compensation</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compensation
Philosophy </i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
goal of our compensation program is to attract, retain and motivate our employees and executives. Our board of directors is responsible
for setting our executive compensation and establishing corporate performance objectives. In considering executive compensation, the
board strives to ensure that our total compensation is competitive within the industry in which we operate and supports our overall strategy
and corporate objectives. The combination of base salary, annual incentives and long-term incentives that we provide our executive officers
is designed to accomplish this. Our board of directors considers the implications of the risks associated with our compensation policies
and practices. For additional details regarding the relevant education and experience of our board of directors see &#8220;<i>Item 6&#8212;Directors,
Senior Management and Employees&#8212;A. Directors and Senior Management</i>&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Components
of Compensation Package </i></b></span></p>

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<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">There
are two major components of our executive compensation program:</span></p>

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<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">base
    salary; and </span></td></tr>
  </table>
<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>

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  <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">variable-performance
    based compensation, consisting of: </span></td></tr>
  </table>
<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>

<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">&#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">annual,
    discretionary cash bonuses based on a comparison of individual and corporate performance to pre-set goals and objectives; and </span></td></tr>
  </table>
<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>

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  <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">&#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">long-term
    incentives, consisting of grants of long-term stock performance rights. </span></td></tr>
  </table>
<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>


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

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<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">The
objective of the board of directors when determining compensation to be paid to our senior executives is to ensure that the level and
form of compensation: (a) attracts and retains talented, qualified, experienced and effective executives consistent with the general
sector; (b) motivates the short and long-term performance of these executives; (c) reflects our current state of development; (d) reflects
our performance and financial status; (e) reflects individual performance; and (f) aligns the interests of the executives with our overall
business objectives and the interests of our shareholders.</span></p>

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<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">In
addition to industry trends, the board of directors considers a variety of other factors it considers relevant and appropriate when assessing
compensation policies and practices for director and executive compensation levels. These factors include the long-range interests of
our business and our shareholders, the implications of the risks associated with our compensation policies and practices in light of
our financial performance, our overall financial and operating performance and the board of directors&#8217; assessment of each executive&#8217;s
individual achievements, performance and contribution toward meeting corporate objectives.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assessments
to determine executive compensation are made through board discussion. To ensure our executive compensation is appropriate and competitive,
the board of directors will typically review the compensation practices on an annual basis but may also conduct reviews on an ad hoc
basis as the need arises. We have not retained any third-party advisors to conduct compensation reviews of our pay levels and practices.
We aim to provide compensation that is competitive with companies at a similar stage of development; however, no formal benchmark group
of companies is established.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted both short-term and long-term incentive plans. These plans are available to our directors, key employees, including officers,
and consultants, as determined by our board of directors.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Base
Salary </i></b></span></p>

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<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">Base
salaries for our named executive officers are evaluated and established to provide a reasonable amount of non-contingent remuneration
in order to retain executives with experience and skills required to achieve our strategic and organizational goals. In determining base
salaries, the board of directors references salary levels in the industry and location in which we operate, the individual&#8217;s experience
level, the scope and complexity of the position held, and the level of expertise and capabilities demonstrated by and expected by the
executive officers.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bonuses
</i></b></span></p>

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<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">The
board of directors considers, on an annual basis, discretionary cash bonuses to reward extraordinary performance during the preceding
fiscal year which has led to our milestones, strategic transactions, or capital raising achievements. The discretionary bonuses are intended
to provide a short-term incentive for executive officers to meet our goals, as well as to remain competitive within the industry. In
determining whether a bonus will be awarded, the board of directors considers such factors as the executive&#8217;s performance over
the past year, our achievements in the past year and the executive&#8217;s role in effecting such achievements, after taking into account
our financial and operating performance.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors determines performance bonus payments based on the results achieved as compared to targets established for a particular
fiscal year.</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">&#160;</span></p>


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<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">&#160;</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"><b><i>Variable-Performance
Based Compensation</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors considers long-term performance incentive awards and stock performance rights to be an important component of executive
compensation. Under our Incentive Performance Rights Plan (the &#8220;Performance Rights Plan&#8221;) adopted by us, executive officers
may be provided with long-term incentives consisting of grants of long-term stock performance rights. The objective of providing long-term
incentives is to encourage our executive officers to acquire an ownership interest in us over a period of time, which is intended to
align the interests of executive officers with the interests of shareholders while discouraging excessive risk taking. In granting long-term
incentives, the board of directors considers past grants offered to executive officers under the Performance Rights Plan as well as other
factors. The board of directors retains the discretion to declare who may be eligible to receive long-term stock performance rights and
to, by resolution, amend or add to all or any of the provisions of the Performance Rights Plan, or the terms or conditions of any long-term
stock performance rights granted under the Performance Rights Plan, including giving any amendment retrospective effect, amongst others.
Continued service is attached to the vesting of the long-term stock performance rights, unless otherwise resolved by the board of directors.</span></p>

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<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"><b>Summary
of Compensation </b></span></p>

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<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">The
following table provides information about the compensation awarded to, earned by or paid to each of our directors and executive officers
for the year ended June 30, 2023.</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>

<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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short
    term</span></td><td style="padding-bottom: 0pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 0pt"><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; padding-bottom: 0pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-<br />
    employment</span></td><td style="padding-bottom: 0pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 0pt"><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; padding-bottom: 0pt; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other<br /> long</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">term</span></p></td><td style="padding-bottom: 0pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 0pt"><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; padding-bottom: 0pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share-based<br />
    payments<sup>(1)</sup></b></span></td><td style="padding-bottom: 0pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Salary
                                            &amp; fees</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A$
                                            </b></span></p></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash<br />
                                            bonus &amp; non-<br /> monetary benefits</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A$</b></span></p></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual<br />
                                            leave<br /> accrual<sup>(2)</sup></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A$</b></span></p></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Super-<br />
                                            annuation</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A$</b></span></p></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long<br />
                                            service<br /> leave<br /> accrual<sup>(3)</sup></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A$</b></span></p></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance<br />
                                            Rights</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A$</b></span></p></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Employee
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    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 0pt; width: 30%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collin
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    <td style="padding-bottom: 0pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranko
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    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,000</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Melvin
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: left"><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 style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Penner<sup>(5)</sup></span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">149,710</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,324</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">177,034</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Watkins<sup>(6)</sup></span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>

<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"><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; 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: 0.25in"><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">The
    fair value of the performance rights is calculated at the date of grant in accordance with IFRS 2 <i>Share Base Payments</i> for
    non-market performance conditions. The value disclosed is the portion of the grant-date fair value of the performance rights recognized
    as an expense in each reporting period.</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">Represents
    accounting adjustments for accrued annual leave.</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">In
    accordance with AASB 119 <i>Employee Benefits</i>, long service leave is classified as other long-term employee benefits.</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">Appointed
    as a director of our board of directors on March 23, 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">(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">Former
    Chief Technology Officer. Mr. Penner&#8217;s employment with us ceased on December 30, 2022.</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">Former
    Chief Operating Officer. Mr. Watkins&#8217;s employment with us ceased on October 27, 2022.</span></td></tr>
  </table>
<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"></p>


<!-- Field: Page; Sequence: 47; Value: 2 -->
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<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"></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">Details
of performance rights held by our directors and senior management for the year ended June 30, 2023 are set forth below.</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>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collin Visaggio</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,150</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,082</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><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)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><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 style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Melvin
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 10pt">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 10pt">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><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"><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">(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">On
    December 7, 2022, our shareholders authorized at an extraordinary general shareholders&#8217; meeting, the Reverse Share Split. Issued
    and outstanding performance rights have been adjusted on a 1-for-20 basis. The number of performance rights following the split are
    reflected in the table above.</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">In
    order to preserve cash and to reduce debt, the directors agreed to apply a portion of unpaid entitlements and director&#8217;s fees
    as at June 30, 2023 towards acquiring performance rights. The number of performance rights issued was based upon a price of $7.46
    per Performance Right; which was calculated by applying the 30-day volume weighted average price per ordinary share ended June 23,
    2023 and a AUD:USD exchange rate of $0.6670; the 30-day average rate ended June 23, 2023 (published by the Reserve Bank of Australia).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Held
    at appointment date of March 23, 2023.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Employment, Consulting and Management Arrangements and Termination and Change in Control Benefits </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
is a summary description of material terms of compensation awarded to, earned by, paid or payable to our named executive officers pursuant
to agreements or arrangements.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gavin
Burnett, Chief Executive Officer and Managing Director</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2020, we entered into an Executive Agreement with Gavin Burnett (the &#8220;Burnett Agreement&#8221;) pursuant to which Mr.
Burnett is serving as our Chief Executive Officer and Managing Director. The Burnett Agreement will continue on an ongoing basis, unless
terminated earlier in accordance with its terms. Pursuant to the Burnett Agreement, we will pay Mr. Burnett A$328,500 per annum, inclusive
of superannuation and exclusive of any short-term incentives, long term incentives or bonus entitlements. Under the Burnett Agreement,
if certain short-term incentive milestones are achieved within the required time frame, Mr. Burnett will be eligible to receive a percentage
increase to his base salary. In addition, if 100 to 125 percent of certain Gross Revenue Targets (as defined in the Burnett Agreement)
are reached by certain dates, Mr. Burnett will be eligible to receive increases to his base salary, as specified in the Burnett Agreement.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that Mr. Burnett is terminated under certain circumstances, notwithstanding such termination, if targets are ultimately met
for the fiscal year during which the termination occurred, Mr. Burnett shall be entitled to receive a cash bonus that is prorated for
the number of days Mr. Burnett was employed during that fiscal year.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Burnett Agreement contains other terms and conditions considered standard for an agreement of this nature.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Melvin
Tan, Chief Financial Officer and Executive Director</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2020, we entered into an Executive Agreement with Melvin Tan (the &#8220;Tan Agreement&#8221;) pursuant to which Mr. Tan is
serving as our Chief Financial Officer. The Tan Agreement will continue on an ongoing basis, unless terminated earlier in accordance
with its terms. Pursuant to the Tan Agreement, we will pay Mr. Tan A$219,000 per annum, inclusive of superannuation and exclusive of
any short-term incentives, long term incentives or bonus entitlements. Under the Tan Agreement, if certain short-term incentive milestones
are achieved within the required time frame, Mr. Tan will be eligible to receive a percentage increase to his base salary. In addition,
if 100 to 125 percent of certain Gross Revenue Targets (as defined in the Tan Agreement) are reached by certain dates, Mr. Tan will be
eligible to receive increases to his base salary, as specified in the Tan Agreement.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<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"></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">In
the event that Mr. Tan is terminated in certain circumstances, notwithstanding such termination, if targets are ultimately met for the
fiscal year during which the termination occurred, Mr. Tan shall be entitled to receive a cash bonus that is prorated for the number
of days Mr. Tan was employed during that fiscal year.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Tan Agreement contains other terms and conditions considered standard for an agreement of this nature.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Board Practices</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors currently consists of five directors. Our board of directors will facilitate its exercise of independent supervision
over management by ensuring that a majority of its members are &#8220;independent&#8221;. Under our Constitution, at each annual general
meeting, one-third of the directors, other than the Managing Director, or if their number is not a multiple of three, then the number
nearest to one-third (rounded upwards in case of doubt) of the directors must retire. The following table provides the beginning and
expiration of each director&#8217;s term as of June 30, 2023:</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1.5pt solid; width: 35%; font-weight: bold; text-align: center; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</span></td><td style="text-align: center; width: 2%; font-weight: bold; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; width: 1%; font-weight: bold; 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; padding-bottom: 0pt; width: 24%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Beginning
                                            of Term</b></span></td><td style="width: 1%; padding-bottom: 0pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; width: 2%; font-weight: bold; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 35%; font-weight: bold; text-align: center; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration
    of Term</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gavin Burnett</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Melvin Tan</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
                                            28, 2022</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the 2024 annual general
    meeting</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colin Visaggio</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
                                            31, 2022</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the 2023 annual general
    meeting</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranko Matic</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
                                            28, 2022</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the 2024 annual general
    meeting</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea Betti</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
                                            23, 2023</span></td><td style="padding-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the 2023 annual general
    meeting</span></td></tr>
  </table>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, no director, other than the Managing Director, shall hold office for a period in excess of 3 years, or until the third annual
general meeting following his or her appointment, whichever is the longer, without submitting himself for re-election. The current Managing
Director of the board of directors is Gavin Burnett.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
retiring director remains in office until the relevant shareholder meeting and will be eligible for re-election at that meeting.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Meetings
of Directors </i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors is responsible for our stewardship and for providing oversight as to the management of our business and affairs, including
providing guidance and strategic oversight to management by, among other things:</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>

<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">appointing
    our Chief Executive Officer; </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">developing
    the corporate goals and objectives that our Chief Executive Officer is responsible for meeting, and reviewing the performance of
    our Chief Executive Officer against such corporate goals and objectives; </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">taking
    steps to satisfy itself as to the integrity of our Chief Executive Officer and other executive officers and that our Chief Executive
    Officer and other executive officers create a culture of integrity throughout the organization;</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">reviewing
    and approving our Code of Conduct and Ethics and reviewing and monitoring compliance with the Code of Conduct and Ethics and our
    enterprise risk management processes; </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">adopting
    a strategic planning process to establish objectives and goals for our business and reviewing, approving, and modifying, as appropriate,
    the strategies proposed by management to achieve such objectives and goals; 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">reviewing
    and approving material transactions not in the ordinary course of business. </span></td></tr>
  </table>
<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"></p>

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    <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; text-align: justify"></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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></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"><b>Foreign
Private Issuer Status </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;foreign private issuer&#8221; under SEC and Nasdaq rules, which also exempts us, as well as our directors, executive officers
and 10% shareholders, from certain requirements that apply to U.S. public companies and their directors, executive officers and 10% shareholders.
See <i>&#8220;Item 3. Key Information</i>&#8212;<i>D. Risk Factors&#8212;We are a &#8220;foreign private issuer&#8221; and may have disclosure
obligations that are different from those of U.S. domestic reporting companies. As a foreign private issuer, we are subject to different
U.S. securities laws and rules than a domestic U.S. issuer, which could limit the information publicly available to our shareholders.</i>&#8221;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Committees</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of our size and nature, we believe that the current size of the board of directors is a cost effective and practical method of
directing and managing us. As our activities develop in size, nature and scope, the size of the board, the formation of board committees
and the implementation of additional corporate governance policies and structures will be reviewed.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
assist with the effective discharge of its duties, our board of directors has established an Audit and Risk Committee. The Audit and
Risk Committee operates under a charter approved by our board of directors, which sets forth the purposes and responsibilities of the
Audit and Risk Committee as well as qualifications for committee membership, committee structure and operations and committee reporting
to our board of directors</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
and Risk Committee</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our Audit and Risk Committee are Collin Visaggio, Ranko Matic and Andrea Betti. Our board of directors has determined that
each of Mr. Visaggio, Mr. Matic and Ms. Betti satisfies the independence requirements under Nasdaq listing standards and Rule 10A-3(b)(1)
of the Exchange Act. The chairperson of our Audit and Risk Committee is Colin Visaggio. Our board of directors has determined that each
of Mr. Visaggio, Mr. Matic and Ms. Betti is an &#8220;audit committee financial expert&#8221; within the meaning of SEC regulations.
Each member of our Audit and Risk Committee can read and understand fundamental financial statements in accordance with applicable requirements.
In arriving at these determinations, our board of directors has examined each member&#8217;s scope of experience and the nature of his
or her employment.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit and Risk Committee&#8217;s duties are specified in our Audit and Risk Committee Charter, and include, but are not limited to:</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>

<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-top: 0pt; width: 0.25in; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; width: 0.25in; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-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; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with the independent auditors any audit problems or difficulties and management&#8217;s response;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-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; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
    the annual audited financial statements with management and the independent auditors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-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; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><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 steps taken to monitor and
    control major financial risk exposures;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-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; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving all proposed related party transactions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-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; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually
    reviewing and reassessing the adequacy of our Audit and Risk Committee Charter;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-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; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
    separately and periodically with management and the independent auditors; 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; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><span style="font-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; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt"><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-top: 0pt; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-align: justify; padding-right: 0pt; padding-left: 0pt"><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.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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"><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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely upon the exemption available to foreign private issuers under the Nasdaq listing rules with respect to the determination of the
compensation of our Chief Executive Officer and other executive officers in lieu of forming a compensation committee consisting entirely
of independent directors (or the determination of such compensation solely by the independent members of our board of directors). In
lieu of a compensation committee, the remuneration of an executive director is decided by our board of directors, without the affected
executive director participating in that decision-making process.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total maximum remuneration of non-executive directors is initially set by the Constitution and subsequent variation is by ordinary resolution
of shareholders in general meeting in accordance with the Constitution and the Corporations Act, as applicable. The determination of
non-executive directors&#8217; remuneration within that maximum will be made by the board of directors having regard to the inputs and
value to us of the respective contributions by each non-executive director. The current amount has been set at an amount not to exceed
A$300,000 per annum.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
agreed by the board of directors, directors are also entitled to be paid reasonable travel, hotel and other expenses incurred by them
respectively in or about the performance of their duties as directors.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director who has a material interest in a matter before our board of directors or any committee on which he or she serves is required
to disclose such interest as soon as the director becomes aware of it. In situations where a director has a material interest in a matter
to be considered by our board of directors or any committee on which he or she serves, such director may be required to remove himself
or herself from the meeting while discussions and voting with respect to the matter are taking place.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors reviews and approves the remuneration policy to enable us to attract and retain executives and directors who will
create value for shareholders having consideration to the amount considered to be commensurate for a company of its size and level of
activity as well as the relevant directors&#8217; time, commitment and responsibility. Our board of directors is also responsible for
reviewing any employee incentive and equity-based plans including the appropriateness of performance hurdles and total payments proposed.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
Committee</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors does not have a nominating committee, as director nominees are presented by our board of directors to our shareholders
based upon the nominations made by the board of directors itself. We rely upon the exemption available to foreign private issuers under
the Nasdaq listing rules related to independent director oversight of nominations to our board of directors and the adoption of a formal
written charter or board resolution addressing the nominations process.</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"><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; text-align: justify"><span style="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"><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. Additional
biographical information of our directors and executive officers is set forth above under &#8220;<i>Item 6. Directors, Senior Management
and Employees&#8212;A. Directors and Senior Management</i>&#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>

<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 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>Board
    Diversity Matrix</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country
    of Principal Executive Offices:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Australia</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">Foreign
    Private Issuer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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: #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">Disclosure
    Prohibited under Home Country Law</span></td>
    <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</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">Total
    Number of Directors</span></td>
    <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></tr>
  </table>
<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>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; 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-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Female</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Did
    Not Disclose Gender</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part I:
    Gender Identity</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 12%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 12%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 12%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 12%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="width: 1%; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part II:
    Demographic Background</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented Individual
    in Home Country Jurisdiction</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><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-family: Times New Roman, Times, Serif; font-size: 10pt">LGBTQ+</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Did Not Disclose Demographic
    Background</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><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; text-align: justify"><span style="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"></p>


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<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"></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"><b>Code
of Conduct</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a Code of Conduct and Ethics applicable to all of our directors, officers and employees. We post on our website all disclosures
that are required by law or the listing standards of Nasdaq concerning any amendments to, or waivers from, any provision of the Code
of Conduct and Ethics. The reference to our website address does not constitute incorporation by reference of the information contained
at or available through our website, and you should not consider it to be a part of, this Annual Report.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Monitoring
Compliance with the Code of Conduct and Ethics </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors is responsible for reviewing and evaluating the Code of Conduct and Ethics periodically and will make any necessary
changes thereto. Our board of directors is also charged with the monitoring of compliance with the Code of Conduct and Ethics and will
be responsible for considering any waivers of the Code of Conduct and Ethics.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
of Directors </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director who has a material interest in a matter before our board of directors or any committee on which he or she serves is required
to disclose such interest as soon as the director becomes aware of it. In situations where a director has a material interest in a matter
to be considered by our board of directors or any committee on which he or she serves, such director may be required to excuse himself
or herself from the meeting while discussions and voting with respect to the matter are taking place. Directors will also be required
to comply with the relevant provisions of the Corporations Act regarding conflicts of interest and any material personal interest in
a matter that relates to our affairs. Under the Corporations Act, we may be required to obtain approval of shareholders before providing
certain financial benefits to directors, unless an exemption set out in the Corporations Act applies.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Complaint
Reporting and Whistleblower Policy </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to foster a climate of openness and honesty in which any concern or complaint pertaining to a suspected violation of the law, our
Code of Conduct and Ethics or any of our policies or any unethical or questionable act or behavior, the board of directors will adopt
a whistleblower policy that requires that our employees promptly report such violation or suspected violation. In order to ensure that
violations or suspected violations can be reported without fear of retaliation, harassment or an adverse employment consequence, our
whistleblower policy will contain procedures that are aimed to facilitate confidential, anonymous submissions by our employees.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Employees</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"><b>&#160;</b></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">As
of June 30, 2023, we had 34 full time employees and contractors. Of these employees, 22 were employed in Australia, 5 in the Philippines,
3 in the United States, 4 in other countries. These employees are engaged in technical development, sales and marketing, customer support,
finance, legal, human resources and general management. We rely upon and engage consultants on a contract basis to provide services,
management and personnel who assist us to carry on our technical development, administrative, shareholder communication and marketing
activities.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Share Ownership </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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding the ownership of our ordinary shares by our directors and executive officers is set forth in &#8220;<i>Item 7.A&#8212;Major
Shareholders</i>&#8221; of this Annual Report.</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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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"><span id="b_003"></span><b>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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Major Shareholders </b></span></p>

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<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">The
following table indicates information as of the date of this Annual Report regarding the beneficial ownership of our ordinary shares
for:</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>

<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">each
    person who is known by us to beneficially own 5% or more of our 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">&#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">each
    named executive officer; </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">each
    of our directors; 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">all
    of our directors and executive officers as a group. </span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of
securities to persons who possess sole or shared voting power or investment power with respect to those securities. In addition, the
rules provide that beneficial ownership includes ordinary shares issuable pursuant to the exercise of stock options or warrants or upon
conversion of a security that are either exercisable or convertible within 60 days of September 30, 2023. These shares are deemed to
be outstanding and beneficially owned by the person holding those options or warrants for the purpose of computing the percentage ownership
of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. Unless
otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares
shown as beneficially owned by them. As of July 11, 2023, we had 985 record holders of our ordinary shares, with 420 record holders in
Australia, representing 60.6% of our outstanding ordinary shares, and 502 record holders in the United States, representing 20.5% of
our outstanding ordinary shares. The address for our directors and executive officers is c/o Locafy Limited, 246 Churchill Avenue, Subiaco,
Western Australia 6008, Australia. As of June 30, 2023, there were 1,276,248 ordinary shares issued and outstanding.</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"><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: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of Beneficial Owner</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><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; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of</span></p>
                                                                  <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></p>
                                                                  <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficially</span></p>
                                                                  <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owned</span></p></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><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; text-align: center; font-weight: bold"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage of Shares</span></p>
                                                                  <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding</span></p></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><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 style="font-weight: bold; font-style: italic; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Named
    Executive Officers and Directors:</span></td><td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 12pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 55%; text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gavin
    Burnett</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">176,526                                            <sup></sup></span></td><td style="width: 1%; text-align: left"><sup>(1)</sup></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.8</span></td><td style="width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Melvin
    Tan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,671                                            <sup></sup></span></td><td style="text-align: left"><sup>(2)</sup></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collin
    Visaggio</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,201                                            <sup></sup></span></td><td style="text-align: left"><sup>(3)</sup></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranko Matic</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,930</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea
    Betti</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><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 style="text-align: left; padding-left: 0pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Current Executive Officers and Directors as a Group</span></p>
                                                    <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5 persons)</span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">286,328 <sup></sup></span></td><td style="text-align: left"><sup>(1)(2)(3)<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></sup></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.4</span></td><td style="text-align: left"><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; text-align: justify"></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>

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<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>

<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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    beneficial ownership of less than 1%</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">(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">Excluding
    47,706 ordinary shares underlying certain unvested and contingent performance 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">(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">Excluding
    54,290 ordinary shares underlying certain unvested and contingent performance 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">(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">Excluding
    19,082 ordinary shares underlying certain unvested and contingent performance rights.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not controlled by another corporation, by any foreign government or by any natural or legal persons except as set forth herein, and
there are no arrangements known to us which would result in a change in control of us at a subsequent date.</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"><b>&#160;</b></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"><b>B.
Related Party Transactions </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Agreements
with Executive Officers</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Director
and Senior Management Compensation </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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a description of our agreements with our executive officers, please see &#8220;<i>Item 6. Directors, Senior Management and Employees&#8212;B.
Compensation</i>&#8221;.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indemnification
Agreements</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Constitution provides that, except to the extent prohibited by law including under the Corporations Act, we will indemnify every person
who is or has been an officer of the Company against any liability (other than conduct involving a lack of good faith on the part of
the officer) incurred by that person as an officer. This includes any liability incurred by that person in their capacity as an officer
of our subsidiary where we requested that person to accept that appointment.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into Deeds of Indemnity, Insurance and Access (the &#8220;Indemnity Deeds&#8221;) with each of our directors. Under the
Indemnity Deeds, we have agreed to indemnify (to the maximum extent permitted by law and our Constitution, subject to certain specified
exceptions) each director against certain liabilities incurred in their capacity as our or our subsidiaries&#8217; director and any and
all costs and expenses relating to such a claim or to any notified event incurred by such director, including costs and expenses reasonably
and necessarily incurred to mitigate any liability for such a claim or any claim which may arise from such a notified event.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us
pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Interests of Experts and Counsel</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; text-align: justify"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"></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="b_004"></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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Consolidated Statements and Other Financial Information </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;<i>Item 18. Financial Statements</i>&#8221; of this Annual Report for the consolidated financial statements and other financial
information.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. We are not
currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our
business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management
resources and other factors.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></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"><br />
We have never declared or paid any dividends on our ordinary shares or any of our other securities. We currently intend to retain any
future earnings to finance the growth and development of our business, and we do not anticipate that we will declare or pay any cash
dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of our board of directors
and will be dependent upon our financial condition, results of operations, capital requirements, restrictions under any future indebtedness
and other factors the board of directors deems relevant.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Significant Changes</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
discussion of significant changes since June 30, 2023 is provided under Item 5 of this Annual Report and is incorporated herein by reference.</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>


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<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"><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="b_005"></span>ITEM
    9.</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>THE
    OFFER AND LISTING </b></span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Offer and Listing Details </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares and warrants are listed on Nasdaq under the symbols &#8220;LCFY&#8221; and &#8220;LCFYW&#8221;, respectively.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Plan of Distribution </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"><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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Markets</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares and warrants are listed on Nasdaq under the symbols &#8220;LCFY&#8221; and &#8220;LCFYW&#8221;, respectively. There can
be no assurance that our ordinary shares and warrants will remain listed on Nasdaq.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Selling Shareholders </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"><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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Dilution </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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b>F.
Expenses of the Issue </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; text-align: justify; margin: 0pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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"><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"><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: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="b_006"></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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Share Capital </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; text-align: justify"><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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Memorandum and Articles of Association</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated on April 23, 2009 under the name Gumiyo Australia Pty Ltd. under the Corporations Act and on January 14, 2021, we changed
our name to Locafy Limited. The following description of the material terms of our Constitution is a summary and does not purport to
be complete. It should be read in conjunction with our Constitution, attached as Exhibit 1.1 to this Annual Report, and certain sections
of the Corporations Act.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
we are governed by the laws of Australia, some of the laws affecting our shareholders differ from those of the United States. See &#8220;<i>Item
3. Key Information&#8212;D. Risk Factors&#8212;&#8217;We are governed by the corporate laws of Australia which in some cases have a different
effect on shareholders than the corporate laws of the United States and may have the effect of delaying or preventing a change in control&#8217;&#8221;.</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Australian
law does not limit the authorized share capital that may be issued by a corporation and does not recognize the concept of par value.
Subject to our Constitution, the Corporations Act, and the rules governing the listing of our securities on Nasdaq, our directors are
entitled to issue shares in our capital, grant options over unissued shares, and settle the manner in which fractions of a share are
to be dealt with. The directors may decide the persons to whom, and the terms on which, shares are issued or options are granted as well
as the rights and restrictions that attach to those shares or options subject to our Constitution, the Corporations Act and the rules
governing the listing of our securities on the Nasdaq.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
shares</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
holder of our ordinary shares is entitled to receive notice of and to be present, to vote and to speak at general meetings. Subject to
any rights or restrictions attached to any shares, on a show of hands each holder of ordinary shares present has one vote and, on a poll,
one vote for each fully paid share held, and for each partly paid share, a fraction of a vote equivalent to the proportion to which the
share has been paid up. Voting may be in person or by proxy, attorney or representative.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
business, the election of a chairman and the adjournment of the meeting, shall be transacted at any general meeting unless a quorum is
present comprising two shareholders present in person, by proxy, attorney or representative.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividend
Rights</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of our ordinary shares are entitled to receive such dividends as may be declared by the directors, subject to and in accordance with
the Corporations Act, the rights of any preference shareholders and to the rights of the holders of any shares created or raised under
any special arrangement as to dividend. If the directors determine that a final or interim dividend is payable, it is (subject to the
terms of issue on any shares or class of shares) paid on all shares proportionate to the amount for the time being paid on each share.
Dividends may be paid by cash, electronic transfer, or any other method as the board determines.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors have the power to capitalize and distribute the whole or part of the amount from time to time standing to the credit of any
reserve account or the profit and loss account or otherwise available for distribution to shareholders, subject to any rights or restrictions
for the time being attached to any class or class of shares. The capitalization and distribution must be in the same proportions which
the shareholders would be entitled to receive if distributed by way of a dividend.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the rules of Nasdaq, the directors may pay a dividend out of any fund or reserve or out of profits derived from any source.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Variation
of Class Rights</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Corporations Act provides that if a company has a constitution that sets out the procedure for varying or cancelling rights attached
to shares in a class of shares, those rights may be varied or cancelled only in accordance with the procedure.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights attached to our ordinary shares may only be varied with the consent in writing of members holding at least three-quarters of the
issued shares of that class, or with the sanction of a special resolution passed at a separate meeting of the holders of shares of that
class. Any variation of rights will be subject to the Corporations Act.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rights
of Non-Resident or Foreign Shareholders</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no specific limitations in the Corporations Act which restrict the acquisition, ownership, or disposal of shares in an Australian
company by non-resident or foreign shareholders. The Foreign Acquisitions and Takeovers Act 1975 (Cth) regulates investment in Australian
companies and may restrict the acquisition, ownership, and disposal of our ordinary shares by non-resident or foreign shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a reconciliation of the number of ordinary shares outstanding from June 30, 2022 through June 30, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><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: 90%">
  <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">Number of <br /> Ordinary shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%">Ordinary shares outstanding at June 30, 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right">20,528,803</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Consolidation of ordinary shares due to Reverse Share Split</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(19,497,565</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Shares issued from capital raises</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">245,010</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: 1.5pt">Ordinary shares outstanding at June 30, 2023:</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">1,276,248</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights
and Restrictions on Classes of Shares</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Corporations Act, rights attaching to our ordinary shares are detailed in our Constitution. Our Constitution provides that any
of our ordinary shares may be issued with preferred, deferred or other special rights or restrictions, whether in relation to dividends,
voting, return of share capital, payment of calls or otherwise as the board may determine from time to time. Except as provided by contract
or by our Constitution to the contrary, all unissued shares are under the control of the board which may grant options on the ordinary
shares, allot or otherwise issue the ordinary shares on the terms and conditions and for the consideration it deems fit. Currently our
outstanding share capital consists of only one class of ordinary shares.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividend
Rights</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board may from time to time determine to pay dividends to shareholders. All unclaimed dividends may be invested or otherwise made use
of by the board for our benefit until claimed or otherwise disposed of in accordance with our Constitution, except as otherwise provided
by statute.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Constitution, each holder of our ordinary shares is entitled to receive notice of and to be present, to vote and to speak at general
meetings. Subject to any rights or restrictions attached to any shares, on a show of hands each holder of ordinary shares present has
one vote and, on a poll, one vote for each fully paid share held, and for each partly paid share, a fraction of a vote equivalent to
the proportion to which the share has been paid up.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Australian law, shareholders of a public company with more than one member are not permitted to approve corporate matters by written
consent. Our Constitution does not provide for cumulative voting.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <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"><span style="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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Corporations Act, our board of directors must convene a general meeting if requested to do so by shareholders with at least 5%
of the votes that may be cast at the general meeting or members with at least 5% of the votes that may be cast at a general meeting may
call, and arrange to hold, a general meeting.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
only items of business included in the relevant notice of meeting (or any supplementary notice) would be considered and voted on at general
meetings.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Right
to Share in our Profits</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the Corporations Act (which contains no overriding provisions as of the filing of this Annual Report) and pursuant to our Constitution,
our shareholders are entitled to participate in our profits only by payment of dividends. The board may from time to time determine to
pay dividends to the shareholders.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rights
to Share in the Surplus in the Event of Liquidation</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Constitution provides for the right of shareholders to participate in a surplus in the event of our liquidation. In certain circumstances,
any division may be otherwise than in accordance with the legal rights of the contributories, and in particular, our creditors and any
other class of security holders may be given preferential or special rights or may be excluded altogether or in part from participation
in a surplus in the event of liquidation.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our business is wound up, the liquidator may, with the authority of a special resolution, divide among the shareholders in kind the whole
or any part of our property of, and may for that purpose set such value as he considers fair upon any property to be so divided, and
may determine how the division is to be carried out as between the shareholders or different classes of shareholders.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liquidator may, with the authority of a special resolution, vest the whole or any part of any such property in trustees upon such trusts
for the benefit of the contributories as the liquidator thinks fit, but so that no shareholder is compelled to accept any shares or other
securities in respect of which there is any liability.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Redemption
Provisions</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Constitution and subject to the Corporations Act (which contains no overriding provisions as of the date of filing of this Annual
Report) we are able to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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%">
  <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">redeem
    and cancel ordinary shares, subject to obtaining the necessary and prior shareholder approval; 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">issue
    preference shares on the terms that they are, or may at our option be, liable to be redeemed, with or without shareholder approval.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholders&#8217;
Meetings</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must hold an annual general meeting within five months of the end of each fiscal year. Our end of fiscal year is currently June 30 each
year. At the annual general meeting, shareholders typically consider the annual financial report, directors&#8217; report and auditor&#8217;s
report and vote on matters, including the election of directors and the appointment of the auditor (if necessary). We may also hold other
meetings of shareholders from time to time. The annual general meeting must be held in addition to any other meetings which we may hold.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
applicable law or our Constitution requires a special resolution, a resolution of shareholders is passed if more than 50% of the votes
at the meeting are cast in favor of the resolution by shareholders in person or proxy entitled to vote upon the relevant resolution.
A special resolution is passed if the notice of meeting sets out the intention to propose the special resolution and it is passed if
at least 75% of the votes at the meeting are cast by shareholders in person or proxy entitled to vote upon the relevant resolution.</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>


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    <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"><span style="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"><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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
special resolution usually involves more important questions affecting us as a whole or the rights of some or all of our shareholders.
Special resolutions are required in a variety of circumstances under our Constitution and the Corporations Act, including without limitation:</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>

<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="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    change our name;</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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    amend or repeal and replace our Constitution;</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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    approve the terms of issue of preference shares;</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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    approve the variation of class rights of any class of shareholders;</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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
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  <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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
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  <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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    approve a selective capital reduction of our shares;</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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
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  <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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
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  <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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
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  <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: center"><span style="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">&#160;</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: 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">to
    confer on a liquidator, with either general or specific authority in respect of compensation arrangements of such liquidator; and</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: center"><span style="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">&#160;</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: 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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    approve an arrangement entered into between a company about to be, or in the course of being, wound up.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Governance</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Our
Constitution</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
constituent document is a constitution, which is similar in nature to the by-laws of a company incorporated under the laws of a U.S.
state. Our Constitution does not provide for or prescribe any specific objectives or purposes of Locafy. Our Constitution is subject
to the terms of the Corporations Act. Our Constitution may be amended or repealed and replaced by special resolution of shareholders,
which is a resolution passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interested
Directors</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
where permitted by the Corporations Act, a director who has a material personal interest in a matter that is being considered at a meeting
of directors must not be present while the matter is being considered at the meeting or vote on that matter.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
a relevant exception applies under the Corporations Act, our directors are:</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>

<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">required
    to disclose all their and their associates&#8217; holdings of our securities, any and all dealings in any of those securities and
    certain other interests; 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">required
    to obtain prior shareholder approval of any provision of related party benefits to any of those directors or their associates.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Borrowing
Powers Exercisable by Directors</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our Constitution, the management and control of our business affairs are vested in our board of directors, subject to the Constitution
and the Corporations Act. The board of directors has the power to raise or borrow money. The board of directors may also charge any of
our property or business or any uncalled capital and may issue debentures or give any other security for any of our debts, liabilities
or obligations or of any other person, in each case, in the manner and on terms it deems fit.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Retirement
of Directors</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Constitution, at each annual general meeting one-third of the directors, other than the Managing Director, or if their number is
not a multiple of three, then the number nearest to one-third (rounded upwards in case of doubt) of the directors must retire.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, no director, other than the Managing Director, shall hold office for a period in excess of 3 years, or until the third annual
general meeting following his or her appointment, whichever is the longer, without submitting himself for re-election.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
retiring director remains in office until the relevant shareholder meeting and will be eligible for re-election at that meeting.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Access
to and Inspection of Documents</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspection
of our records is governed by our Constitution and the Corporations Act. Any shareholder of the Company has the right to inspect or obtain
copies of our share register on the payment of any prescribed fee required by us. Our books containing the minutes of general meetings
will be kept at our registered office and will be open to inspection of members at all times when the office is required to be open to
the public. Generally other corporate records, including minutes of directors&#8217; meetings, financial records and other documents,
are not open for inspection by shareholders (who are not directors). Where a shareholder is acting in good faith and an inspection is
deemed to be made for a proper purpose, a shareholder may apply to the court to make an order for inspection of our books.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Takeovers
&#8211; Change of Control</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Takeovers
of Australian public companies, such as Locafy, are regulated by the Corporations Act, which prohibits the acquisition of a &#8220;relevant
interest&#8221; in issued voting shares in a company if the acquisition will lead to that person&#8217;s or someone else&#8217;s voting
power in the company increasing from 20% or below to more than 20% or increasing from a starting point that is above 20% and below 90%,
subject to a range of exceptions.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
a person will have a relevant interest in securities if the person:</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>

<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="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; 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">is
    the holder of the securities;</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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">has
    power to exercise, or control the exercise of, a right to vote attached to the securities; or</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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">has
    the power to dispose of, or control the exercise of a power to dispose of, the securities, including any indirect or direct power
    or control.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
at a particular time, a person has a relevant interest in issued securities and the person:</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>

<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="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; 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">has
    entered or enters into an agreement with another person with respect to the securities;</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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">has
    given or gives another person an enforceable right, or has been or is given an enforceable right by another person, in relation to
    the securities (whether the right is enforceable presently or in the future and whether or not on the fulfillment of a condition);</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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">has
    granted or grants an option to, or has been or is granted an option by, another person with respect to the securities;</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#9679;<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
    other person would have a relevant interest in the securities if the agreement were performed, the right enforced or the option exercised;
    or</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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">the
    other person is taken to already have a relevant interest in the securities.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are a number of exceptions to the above prohibition on acquiring a relevant interest in issued voting shares above 20%. In general terms,
some of the more significant exceptions include:</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>

<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="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.25in">&#9679;<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">acquisition
    relating to takeover bids;</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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>&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">when
    shareholders approve the takeover by resolution passed at general meeting;</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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>&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    acquisition by a person of no more than 3% in any 6 month period; or</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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>&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">when
    the acquisition results from the issue of securities under a pro rata rights issue.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breaches
of the takeovers provisions of the Corporations Act are criminal offenses. The Australian Securities and Investment Commission (&#8220;ASIC&#8221;)
and the Australian Takeovers Panel have a wide range of powers relating to breaches of takeover provisions, including the ability to
make orders canceling contracts, freezing transfers of, and rights attached to, securities, and forcing a party to dispose of securities.
There are certain defenses to breaches of the takeover provisions provided in the Corporations Act.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Ownership Regulation</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no limitations on the rights to own securities imposed by our Constitution. However, the Foreign Acquisitions and Takeovers Act 1975
(Cth) and Foreign Acquisitions and Takeovers Regulations 2015, (together, &#8220;Australia&#8217;s Foreign Investment Regime&#8217;),
regulates certain types of acquisitions by &#8216;foreign persons&#8217; of equity interests in Australian companies and acquisitions
and proposed acquisitions of shares and voting power in Australian companies.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Australia&#8217;s Foreign Investment Regime, as currently in effect, foreign persons must make a mandatory notification to the Australian
Federal Treasurer through the Foreign Investment Review Board (&#8220;FIRB&#8221;) and obtain receipt of a no objections notification
from the Australian Federal Treasurer in the following circumstances (among others):</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>

<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="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; 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">all
    foreign persons acquiring a &#8216;direct interest&#8217; (generally an interest of 10% or more) of the shares in a company that
    is a &#8216;national security business&#8217;, regardless of value;</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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">&#8216;foreign
    government investors&#8217; acquiring a direct interest in the share of any company, regardless of value; and</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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">&#8216;foreign
    persons&#8217; that are not &#8216;foreign government investors&#8217; acquiring a substantial interest (generally 20% or more) of
    the shares in a company which has a total asset value of A$281 million or more (or A$1,216 million or more in the case of investors
    incorporated in the US and ultimately owned by entities and persons within the US).</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
present, we do not have total assets of A$281 million and we are not a &#8216;national security business.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
entity is a &#8216;foreign government investor&#8217; if it is:</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>

<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="width: 0.5in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; 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 foreign government or separate government entity; or</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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 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">a corporation, trust or limited partnership in which foreign government entities/separate government entities/ from:</span></td></tr>
  </table>
<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>

<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">&#9675;<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
    single country, together with associates, hold (directly or indirectly) an interest of 20% or more (including through actual or potential
    voting power); 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">&#160;</span></td>
    <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">&#9675;<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">multiple
    countries, together with associates, hold (directly or indirectly) interests of 40% or more in aggregate (including through actual
    or potential voting power) &#8211; provided the interest holders do not meet certain passive investor requirements.</span></td></tr>
  </table>
<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"></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>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisitions
thresholds take account of interests held by &#8216;associates&#8217; and there are tracing rules that can apply. &#8220;Associates&#8221;
is a broadly defined term under Australia&#8217;s Foreign Investment Regime and includes:</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>

<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">spouses,
    lineal ancestors and descendants, and siblings;</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">partners,
    officers of companies, the company or its 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">&#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">their
    shareholders related through substantial shareholdings or voting power;</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;&#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">corporations
    whose directors are controlled by the person, or who control a person;</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;&#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">associations
    between trustees and substantial beneficiaries of trust estates; 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;&#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">for
    foreign government investors, any foreign government investor from the same country.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Australian Federal Treasurer may prevent a proposed acquisition in the above categories or impose conditions on such acquisition if the
Australian Federal Treasurer is satisfied that the acquisition would be contrary to the national interest. If a foreign person acquires
shares or an interest in shares in an Australian company in contravention of Australia&#8217;s Foreign Investment Regime, the Australian
Federal Treasurer may order the divestiture of such person&#8217;s shares or interest in shares in such company. The Australian Federal
Treasurer may order divestiture pursuant to Australia&#8217;s Foreign Investment Regime if it is determined that the acquisition has
resulted in that foreign person, either alone or together with other non-associated or associated foreign persons, controlling the company
and that such control is contrary to the national interest. Criminal offences and civil penalties for breaches of Australia&#8217;s Foreign
Investment Regime can apply to failing to give notification of certain acquisitions, undertaking certain acquisitions without a no objection
notification or contravening a condition in a no objection notification.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
foreign person seeking to acquire holdings in excess of the above caps (including their Associates, as the case may be) would need to
complete an application form setting out the proposal and relevant particulars of the acquisition/shareholding. The Australian Federal
Treasurer then has 30 days to consider the application and a further 10 days to notify the applicant of that decision. The decision period
commences upon receipt of payment of the correct application fee. However, FIRB can request an extension of time. If the applicant does
not consent to the extension, FIRB can issue an interim order preventing the foreign person from carrying out the proposed transactions
and allowing FIRB a further 90 days to consider the application.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we become a &#8216;foreign person&#8217; under Australia&#8217;s Foreign Investment Regime due to levels of foreign ownership of our
shares, we would be required to obtain the approval of the Australian Federal Treasurer for us, together with our associates, to undertake
certain acquisitions of Australian entities, businesses and land.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Material Contracts </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a description of our material agreements, see &#8220;<i>Item 4. Information on the Company&#8212;B. Business Overview</i>&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Exchange Controls </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;<i>Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Foreign Ownership Regulation</i>&#8221;.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Taxation </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS</b></span></p>

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<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">The
following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of ordinary
shares and IPO Warrants by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase our ordinary
shares and IPO Warrants pursuant to this Annual Report and hold such ordinary shares and IPO Warrants as capital assets.
This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), U.S. Treasury regulations promulgated
thereunder and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject
to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may
be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under
U.S. federal income tax law (such as certain financial institutions, insurance companies, broker-dealers and traders in securities or
other persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans,
regulated investment companies, real estate investment trusts, certain former citizens or residents of the United States, persons who
hold our ordinary shares and IPO Warrants as part of a &#8220;straddle&#8221;, &#8220;hedge&#8221;, &#8220;conversion transaction&#8221;,
&#8220;synthetic security&#8221; or integrated investment, persons that have a &#8220;functional currency&#8221; other than the U.S.
dollar, persons that own directly, indirectly or through attribution 10% or more of the voting power of our ordinary shares, corporations
that accumulate earnings to avoid U.S. federal income tax, persons subject to special tax accounting rules under Section 451(b) of the
Code, partnerships and other pass-through entities, and investors in such pass-through entities). This discussion does not address any
U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative minimum tax consequences.</span></p>

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<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">As
used in this discussion, the term &#8220;U.S. Holder&#8221; means a beneficial owner of our ordinary shares and IPO Warrants that
is, for U.S. federal income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or
entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States,
any state thereof, or the District of Columbia, (3) an estate the income of which is subject to U.S. federal income tax regardless of
its source or (4) a trust (i) with respect to which a court within the United States is able to exercise primary supervision over its
administration and one or more United States persons have the authority to control all of its substantial decisions or (ii) that has
elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.</span></p>

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<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">If
an entity treated as a partnership for U.S. federal income tax purposes holds our ordinary shares and IPO Warrants, the U.S. federal
income tax consequences relating to an investment in our ordinary shares and IPO Warrants will depend in part upon the status
and activities of such entity and the particular partner. Any such entity should consult its own tax advisor regarding the U.S. federal
income tax consequences applicable to it and its partners of the purchase, ownership and disposition of our ordinary shares and IPO
Warrants. Persons considering an investment in our ordinary shares and IPO Warrants should consult their own tax advisors
as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our ordinary shares and
IPO Warrants, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.</span></p>

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<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"><b><i>Passive
Foreign Investment Company Consequences</i></b></span></p>

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<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">In
general, a corporation organized outside the United States will be treated as a passive foreign investment company, or PFIC, for any
taxable year in which either (1) at least 75% of its gross income is &#8220;passive income&#8221;, (the &#8220;PFIC income test&#8221;),
or (2) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for
the production of passive income (the &#8220;PFIC asset test&#8221;). Passive income for this purpose generally includes, among other
things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income. Assets
that produce or are held for the production of passive income generally include cash, even if held as working capital or raised in a
public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S.
corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at
least a 25% interest (by value) is taken into account.</span></p>

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<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">Section
1298(a)(4) of the Code provides that to the extent provided in regulations, if any person has an option to acquire stock in a PFIC, such
stock shall be considered as owned by such person. Certain proposed regulations provide rules for treatment of options to acquire stock
in a PFIC. It is not currently known if, when or the extent to which such proposed regulations will be finalized and become effective.
The discussion below assumes that regulations relating to options to acquire PFIC stock will become effective and would apply to the
IPO Warrants. Each prospective investor is urged to consult with its own tax advisor about the tax consequences of holding IPO
Warrants if we are classified as a PFIC.</span></p>

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<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">Although
we do not believe that we will be a PFIC for the tax year ending June 30, 2023, our determination is based on an interpretation of complex
provisions of the law, which are not addressed in a significant number of administrative pronouncements or rulings by the Internal Revenue
Service (the &#8220;IRS&#8221;). Accordingly, because PFIC status is determined on an annual basis and generally cannot be determined
until the end of the taxable year, there can be no assurance that we will not be a PFIC for the current taxable year. Because we may
continue to hold a substantial amount of cash and cash equivalents, and because the calculation of the value of our assets may be based
in part on the value of our ordinary shares, which may fluctuate considerably, we may be a PFIC in future taxable years. Even if we determine
that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would
not successfully challenge our position. Our status as a PFIC is a fact-intensive determination made on an annual basis. Accordingly,
our U.S. counsel expresses no opinion with respect to our PFIC status and also expresses no opinion with regard to our expectations regarding
our PFIC status.</span></p>

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<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">If
we are a PFIC in any taxable year during which a U.S. Holder owns our ordinary shares and IPO Warrants, the U.S. Holder could
be liable for additional taxes and interest charges under the &#8220;PFIC excess distribution regime&#8221; upon (1) a distribution paid
during a taxable year that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if
shorter, the U.S. Holder&#8217;s holding period for our ordinary shares and IPO Warrants, and (2) any gain recognized on a sale,
exchange or other disposition, including a pledge, of our ordinary shares and IPO Warrants, whether or not we continue to be a
PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution
or gain ratably over the U.S. Holder&#8217;s holding period for our ordinary shares and IPO Warrants. The amount allocated to
the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first
taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other
taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable, as ordinary income
for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to the tax.</span></p>

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<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">If
we are a PFIC for any year during which a U.S. Holder holds our ordinary shares and IPO Warrants, we must generally continue to
be treated as a PFIC with respect to that holder for all succeeding years during which the U.S. Holder holds our ordinary shares and
IPO Warrants, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a &#8220;deemed sale&#8221; election
with respect to our ordinary shares and IPO Warrants. If the election is made, the U.S. Holder will be deemed to sell our ordinary
shares and IPO Warrants it holds at their fair market value on the last day of the last taxable year in which we qualified as
a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale
election, the U.S. Holder&#8217;s ordinary shares and IPO Warrants would not be treated as shares of a PFIC unless we subsequently
become a PFIC.</span></p>

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<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">If
we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares and IPO Warrants and one of our non-U.S.
corporate subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by
value) of the ordinary shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by
the lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive
the proceeds of those distributions or dispositions. Each U.S. Holder is advised to consult its tax advisors regarding the application
of the PFIC rules to our non-U.S. subsidiaries.</span></p>

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<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">If
we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized
on our ordinary shares if such U.S. Holder makes a valid &#8220;mark-to-market&#8221; election for our ordinary shares. A mark-to-market
election is available to a U.S. Holder only for &#8220;marketable stock&#8221;.</span></p>

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<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">Our
ordinary shares will be marketable stock as long as they remain listed on the Nasdaq and are regularly traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter. If a mark-to-market election is in effect, a U.S. Holder generally would
take into account, as ordinary income each year, the excess of the fair market value of our ordinary shares held at the end of such taxable
year over the adjusted tax basis of such ordinary shares. The U.S. Holder would also take into account, as an ordinary loss each year,
the excess of the adjusted tax basis of such our ordinary shares over their fair market value at the end of the taxable year, but only
to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-market
election. The U.S. Holder&#8217;s tax basis in our ordinary shares would be adjusted to reflect any income or loss recognized as a result
of the mark-to-market election. Any gain from a sale, exchange or other disposition of our ordinary shares in any taxable year in which
we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition would be treated first as
ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss.</span></p>

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<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">A
mark-to-market election will not apply to our ordinary shares for any taxable year during which we are not a PFIC, but will remain in
effect with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries
that we may organize or acquire in the future. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution
regime with respect to any lower-tier PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder&#8217;s mark-to-market
election for our ordinary shares.</span></p>

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<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">The
tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make
a valid qualified electing fund, or QEF, election. Because at this time we do not expect to provide U.S. Holders with the information
necessary for a U.S. Holder to make a valid QEF election, prospective investors should assume that a QEF election will not be available.</span></p>

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<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">Each
U.S. person that is an investor of a PFIC is generally required to file an annual information return on IRS Form 8621 containing such
information as the U.S. Treasury Department may require. The failure to file IRS Form 8621 could result in the imposition of penalties
and the extension of the statute of limitations with respect to U.S. federal income tax.</span></p>

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<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">The
U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own
tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our ordinary shares and IPO
Warrants, the consequences to them of an investment in a PFIC, any elections available with respect to our ordinary shares and IPO
Warrants and the IRS information reporting obligations with respect to the purchase, ownership and disposition of the ordinary shares
and IPO Warrants of a PFIC.</span></p>

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<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"><b><i>Distributions</i></b></span></p>

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<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">Subject
to the discussion above under &#8220;Passive Foreign Investment Company Consequences&#8221;, a U.S. Holder that receives a distribution
with respect to our ordinary shares generally will be required to include the gross amount of such distribution in gross income as a
dividend when actually or constructively received to the extent of the U.S. Holder&#8217;s pro rata share of our current and/or accumulated
earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder
is not a dividend because it exceeds the U.S. Holder&#8217;s pro rata share of our current and accumulated earnings and profits, it will
be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder&#8217;s ordinary
shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder&#8217;s ordinary shares, the remainder will
be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles,
U.S. Holders should expect all distributions to be reported to them as dividends. Distributions on our ordinary shares that are treated
as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will
constitute passive category income. Such dividends will not be eligible for the &#8220;dividends received&#8221; deduction generally
allowed to corporate shareholders with respect to dividends received from U.S. corporations.</span></p>

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<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">Dividends
paid by a &#8220;qualified foreign corporation&#8221; are eligible for taxation for certain non-corporate U.S. Holders at a reduced capital
gains rate rather than the marginal tax rates generally applicable to ordinary income provided certain requirements are met. However,
if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under &#8220;Passive
Foreign Investment Company Consequences&#8221;), we will not be treated as a qualified foreign corporation, and therefore the reduced
capital gains tax rate described above will not apply. Each U.S. Holder is advised to consult its tax advisors regarding the availability
of the reduced tax rate on dividends with regard to its particular circumstances.</span></p>

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<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">A
non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid
or the preceding taxable year) generally will be considered to be a qualified foreign corporation (a) if it is eligible for the benefits
of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory
for purposes of this provision and which includes an exchange of information program, or (b) with respect to any dividend it pays on
our ordinary shares that are readily tradable on an established securities market in the United States. We believe that we qualify as
a resident of Australia for purposes of, and are eligible for the benefits of, the U.S.-Australia Treaty, although there can be no assurance
in this regard. Further, the IRS has determined that the U.S.-Australia Treaty is satisfactory for purposes of the qualified dividend
rules and that it includes an exchange of information provision. Therefore, subject to the discussion above under &#8220;Passive Foreign
Investment Company Consequences&#8221;, if the U.S.-Australia Treaty is applicable, such dividends will generally be &#8220;qualified
dividend income&#8221; in the hands of individual U.S. Holders, provided that certain conditions are met, including holding period and
the absence of certain risk reduction transactions. In addition, it is anticipated that our ordinary shares will qualify for the exception
applicable to dividends from stock that is readily tradeable on an established securities market.</span></p>

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<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"><b><i>Sale,
Exchange or Other Disposition of our Ordinary Shares and IPO Warrants</i></b></span></p>

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<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">Subject
to the discussion above under &#8220;Passive Foreign Investment Company Consequences&#8221;, a U.S. Holder generally will recognize capital
gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our ordinary shares and IPO
Warrants in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value
of any property received) on the sale, exchange or other disposition and such U.S. Holder&#8217;s adjusted tax basis in our ordinary
shares and IPO Warrants. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for noncorporate
U.S. Holders or long-term capital loss if, on the date of sale, exchange or other disposition, our ordinary shares and IPO Warrants
were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain
is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by a U.S.
Holder from the sale or other disposition of our ordinary shares and IPO Warrants generally will be gain or loss from sources
within the United States for U.S. foreign tax credit purposes.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exercise
or Lapse of an IPO Warrant</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules described above and except as discussed below with respect to the cashless exercise of a warrant, a U.S. Holder generally
will not recognize gain or loss on the exercise of a warrant and related receipt of an ordinary share, except to the extent that cash
is received in lieu of the issuance of a fractional ordinary share.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder&#8217;s initial tax basis in the ordinary share received on the exercise of a warrant should be equal to the sum of (i) the
U.S. Holder&#8217;s tax basis in the warrant plus (ii) the exercise price paid by the U.S. Holder on the exercise of the warrant. A U.S.
Holder&#8217;s holding period for ordinary shares received on exercise of an IPO Warrant will commence on the date following the
date of exercise of the IPO Warrant and will not include the period during which the U.S. Holder held the warrant.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. federal income tax treatment of a cashless exercise of warrants into ordinary shares is unclear, and the tax consequences of a cashless
exercise could differ from the consequences upon the exercise of a warrant described in the preceding paragraph.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the absence of clear authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance as to the
tax treatment that would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their own tax advisors regarding
the U.S. federal income tax consequences of a cashless exercise of our IPO Warrants.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise of an IPO Warrant for ordinary shares generally will not be a taxable event for the exercising U.S. Holder. A U.S. Holder
will have a tax basis in the ordinary shares received on exercise of an IPO Warrant equal to the sum of the U.S. Holder&#8217;s
tax basis in the IPO Warrant surrendered, reduced by any portion of the basis allocable to a fractional share, plus the exercise
price of the IPO Warrant. A U.S. Holder generally will have a holding period in ordinary shares acquired on exercise of an
IPO Warrant that commences on the date of exercise of the IPO Warrant.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Medicare
Tax on Net Investment Income</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders who are individuals, estates or trusts are subject to an additional 3.8% U.S. federal income tax on all or a portion of
their &#8220;net investment income,&#8221; which generally includes dividends (and constructive dividends) on the securities and net
gains from the disposition of ordinary shares or IPO Warrants. U.S. Holders that are individuals, estates or trusts should consult
their tax advisors regarding the applicability of the Medicare tax to them.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting and Backup Withholding</i></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our ordinary
shares and IPO Warrants, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described
above under &#8220;Passive Foreign Investment Company Consequences&#8221;, each U.S. Holder who is a shareholder of a PFIC must file
an annual report containing certain information. U.S. Holders paying more than $100,000 for our ordinary shares may be required to file
IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be
imposed upon a U.S. Holder that fails to comply with the required information reporting.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
on and proceeds from the sale or other disposition of our ordinary shares and IPO Warrants may be reported to the IRS unless the
U.S. Holder establishes a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (1) fails to
provide an accurate United States taxpayer identification number or otherwise establish a basis for exemption, or (2) is described in
certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting
and backup withholding tax rules. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules
generally will be allowed as a refund or a credit against a U.S. Holder&#8217;s U.S. federal income tax liability if the required information
is furnished by the U.S. Holder on a timely basis to the IRS.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EACH
PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN OUR UNITS IN LIGHT
OF THE INVESTOR&#8217;S OWN CIRCUMSTANCES</b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
AUSTRALIAN FEDERAL INCOME TAX CONSIDERATIONS</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this section, we discuss the material Australian income tax, stamp (or transfer) duty and goods and services tax considerations related
to the acquisition, ownership and disposal by the absolute beneficial owners of the ordinary shares. It is based upon existing Australian
tax law as of the date of this registration statement, which is subject to change, possibly retrospectively. This discussion does not
address all aspects of Australian tax law which may be important to particular investors in light of their individual investment circumstances,
such as shares held by investors subject to special tax rules (for example, financial institutions, insurance companies or tax-exempt
organizations). In addition, this summary does not discuss any non-Australian or state tax considerations, other than transfer duty.</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"></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>


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<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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
investors are urged to consult their tax advisors regarding the Australian and non-Australian income and other tax considerations of
the acquisition, ownership and disposition of the ordinary shares. This summary is based upon the premise that the holder is not an Australian
tax resident and is not carrying on business in Australia through a permanent establishment (referred to as a &#8220;Non-Australian Holder&#8221;
in this summary).</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This
summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular shareholder, and no
representations with respect to the income tax consequences to any particular shareholder are made. This summary is not exhaustive of
all Australian federal income tax considerations. Accordingly, you should consult your own tax advisor with respect to your particular
circumstances.</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Australian
residents may be liable to pay Australian tax on income derived from Australian sources. One mechanism by which that tax is paid (for
non-residents who have no permanent establishment or fixed base in Australia or where the income is not connected with a permanent establishment
or fixed base) is known as withholding tax. Dividends paid by a resident Australian company to a resident of the United States of America
who is entitled to the benefits of the Australia/US double tax treaty and is beneficially entitled to the dividends are subject to withholding
tax at the rate of 15% to the extent the dividends are &#8216;unfranked&#8217;. The rate of withholding tax on dividends is normally
30%, but since the United States has concluded a double tax treaty agreement with Australia, the rate is reduced to 15% where the benefits
of the treaty apply. It should be noted, however, that under Section 128B(3) of the Income Tax Assessment Act 1936 (Cth), to the extent
that dividends paid to non-residents have been franked (generally where a company pays tax itself), such dividends are exempt from withholding
tax. &#8220;Franked dividends&#8221; is the expression given to dividends when the profits out of which those dividends are paid have
been taxed at company level and such tax is allocated to the dividend. Accordingly, an Australian company paying fully franked dividends
to a non-resident is not required to deduct any withholding tax. Dividends on which withholding tax has been paid are generally not subject
to any further Australian tax. In other words, the withholding tax should represent the final Australian tax liability in relation to
those dividends.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
pertinent provisions of the double tax treaty between Australia and the United States provide that dividends are primarily liable for
tax in the country of residence of the beneficial owner of the dividends. However, the source country, in this case Australia, may also
tax them, but in such case the tax will be limited to 15% if the benefits of the treaty apply. Where the beneficial owner is a United
States resident corporation that directly holds at least 10% of the voting power in us, the tax will be limited to 5%. The 15% limit
does not apply to dividends derived by a resident of the United States of America who has a permanent establishment or fixed base in
Australia, if the holding giving rise to the dividends is effectively connected with that establishment or base. Such dividends are taxed
on a net assessment basis as business income or independent personal services income as the case may be.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not paid any cash dividends since our inception, and we do not anticipate the payment of cash dividends in the foreseeable future.
See &#8220;<i>Item 8.A. Financial Statements and Other Financial Information&#8212;Dividend Policy</i>&#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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-Australian Holder will not generally be subject to capital gains tax in Australia as the Non-Australian Holder is unlikely to have
an indirect interest in Australian real property. An indirect interest in Australian real property will only occur where more than 50%
of the market value of our assets are attributable to Australian real property.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dual
Residency</b></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an investor were a resident of both Australia and the United States under those countries&#8217; domestic taxation laws, that investor
may be subject to tax as an Australian resident. If, however, the shareholder is determined to be a United States resident for the purposes
of Australia/US double tax treaty, the Australian tax applicable would be limited by the Australia/US double tax treaty. Shareholders
should obtain specialist taxation advice in these circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Duty</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
transfer of shares through trading on the Nasdaq should not be subject to transfer duty.</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"></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>


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<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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inheritance
and Estate Taxes in Australia</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Australia
does not have estate or death duties. Generally, no capital gains tax liability is realized upon the inheritance of a deceased person&#8217;s
shares. The disposal of inherited shares by beneficiaries, may, however, give rise to a capital gains tax liability.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Goods
and Services Tax</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issue or transfer of shares will not incur Australian goods and services tax and does not require a stockholder to register for Australian
goods and services tax purposes.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
Dividends and Paying Agents </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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b>G.
Statement by Experts</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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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"><b>H.
Documents on Display </b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information
with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet site at <i>www.sec.gov</i>
that contains reports, proxy and information statements and other information we have filed electronically with the SEC. As a foreign
private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy
statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports
and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange
Act.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain a corporate website at <i>www.locafy.com</i>. Information contained on, or that can be accessed through, our website does not
constitute a part of this Annual Report. We also make available on our website&#8217;s investor relations page at <i>www.investor.locafy.com</i>,
free of charge, our Annual Report and the text of our reports on Form 6-K, including any amendments to these reports, as well as certain
other SEC filings, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The information
contained on our website is not incorporated by reference in this Annual Report. See also <i>Item 10. Additional Information&#8212;B.
Memorandum and Articles of Association&#8212;Access to and Inspection of Documents</i>&#8221;.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.
Subsidiary Information </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; text-align: justify"><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; 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"><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="b_007"></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 MARKET RISKS </b></span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
<i>&#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Quantitative and Qualitative
Disclosure about Market Risk&#8221;.</i></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>

<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="b_008"></span>ITEM
    12.</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>DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES </b></span></td></tr>
  </table>
<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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <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"><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; 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="x_002"></span>PART
II </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>

<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="b_009"></span>ITEM
    13.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Defaults,
    Dividend Arrearages and Delinquencies</b></span></td></tr>
  </table>
<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"><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"><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="b_010"></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; text-transform: uppercase"><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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
- D. Material Modifications to the Rights of Security Holders</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; text-align: justify"><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"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Use of Proceeds</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; text-align: justify"><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"><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="b_011"></span>ITEM
    15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Controls
    and Procedures</b></span></td></tr>
  </table>
<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"><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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered
by this Annual Report. Based on such evaluation, particularly given the size and nature of our Company, our Chief Executive Officer and
Chief Financial Officer have concluded that as of June 30, 2023, our disclosure controls and procedures are designed at a reasonable
assurance level and are effective to provide reasonable assurance that material information we are required to disclose in reports that
we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules
and forms of the SEC, 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. While disclosure controls and procedures
and internal controls over financial reporting were adequate and effective we continue to implement certain measures to strengthen control
processes and procedures.</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"><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 and Attestation Report of the Registered Public Accounting
Firm</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, including the Chief Executive Officer and the Chief Financial Officer, are responsible for establishing and maintaining adequate
internal control over financial reporting for the Company to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with IFRS. The fundamental issue is ensuring all transactions
are properly authorized and identified and entered into a well-designed, robust and clearly understood accounting system on a timely
basis to minimize risk of inaccuracy, failure to fairly reflect transactions, failure to fairly record transactions necessary to present
financial statements in accordance with IFRS, unauthorized receipts and expenditures, or the inability to provide assurance that unauthorized
acquisitions or dispositions of assets can be detected.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally,
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 deterioration in the degree of compliance with our policies and procedures.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management,
including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our internal control
over financial reporting as of June 30, 2023. In conducting this evaluation, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control &#8211; Integrated Framework (2013). Based on our assessment,
management has concluded that our internal control over financial reporting was not effective as of June 30, 2023.&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness is defined as 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. Management has concluded that we did not maintain effective disclosure controls and procedures due to the
material weakness in internal control over financial reporting which existed at that date, relating to the documentation of accounting
policies and procedures, particularly relating to the correct application of complex accounting measures.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Remediation
Efforts</i></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"><i>&#160;</i></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">The
measures that we are undertaking to remediate the material weakness in internal control over financial reporting have and will include:
(a) hiring qualified internal control personnel, including financial and IT personnel, to manage the implementation of internal control
policies, procedures and improvement of the internal audit function, system user access, security management and data protection, as
applicable; (b) developing and implementing written policies and procedures for accounting and financial reporting that meet the standards
applied to public companies listed in the United States; and (c) conducting internal control training to management, key operations personnel
and the accounting department, so that management and relevant personnel understand the requirements and elements of internal control
over financial reporting mandated by the U.S. securities laws. We believe we have made progress in accordance with our remediation plan
even though the material weaknesses will not be considered remediated until we have completed implementing the necessary additional applicable
controls and operate with them for a sufficient period of time to allow management and our auditors to concluded that these controls
are operating effectively.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot determine when our remediation plan will be fully completed and we cannot provide any assurance that these remediation efforts
will be successful or that our internal control over financial reporting will be effective as a result of these efforts.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<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"><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; 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; text-align: justify"><span style="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"><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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Changes in Internal Control Over Financial Reporting</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Exchange Act) that occurred during the period covered by this Annual Report that have materially affected, or that are reasonably likely
to materially affect, our internal control over financial reporting.</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>

<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; text-transform: uppercase"><b><span id="b_012"></span>ITEM
    16.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>[Reserved]</b></span></td></tr>
  </table>
<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>

<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="b_013"></span>ITEM
    16A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Audit
    Committee Financial Expert</b></span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that Collin Visaggio, independent Chairperson of our Audit and Risk Committee, Ranko Matic and Andrea
Betti, independent directors serving on our Audit and Risk Committee, each possesses specific accounting and financial management expertise
and that both are &#8220;audit committee financial experts&#8221; as defined by the rules of the SEC.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Visaggio is a Fellow of the Australian Society of Certified Practicing Accountants and is a member of the Australian Institute of Company
Directors. He has a Bachelor of Business Degree from Curtin University, Bentley, Western Australia and a Master of Business Administration
(MBA) degree from Murdoch University, Murdoch, Western Australia. While completing his MBA, he won the Alcoa Australia prize for top
student in Strategic Management and he has also attended the Stanford Senior Executive Program (SEP) in Management at Stanford University,
Stanford, California.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Visaggio has had experience in senior business positions within Woodside Petroleum and BP Australia. Mr. Visaggio was at Woodside Petroleum
from March 1988 until July 2005, with his final position being Manager, Compliance and Business for the Africa Business Unit, and prior
position as Manager, Commercial and Planning for the Gas Business Unit. Prior to this and during his 17 years with Woodside, he was Deputy
Chief Financial Officer, and Financial Analyst and Planning Manager within the Corporate Finance Unit.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Matic is a Chartered Accountant with over 30 years of experience in financial and executive management, accounting, audit, business and
corporate advisory. Mr. Matic is a director of a chartered accounting firm and a corporate advisory company based in Perth and has specialist
expertise and exposure in areas of audit, corporate services, due diligence, mergers and acquisitions, and valuations.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Betti has a Bachelor of Commerce, Graduate Diploma in Corporate Governance, Graduate Diploma in applied Finance and Investment and a
Masters of Business Administration. She is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate
member of the Governance Institute of Australia. Andrea is currently a director of a corporate advisory company based in Perth that provides
corporate and other advisory services to public listed companies based in Perth and has specialist expertise and exposure in areas of
corporate governance, accounting, corporate services, initial public offerings and due diligence.</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>

<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="b_031"></span>ITEM
    16B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Code
    of Ethics</b></span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe in strict adherence to the highest standards of business ethics and responsibility. We have adopted a Code of Conduct and Ethics
applicable to all of our directors, officers and employees. We post on our website all disclosures that are required by law or the listing
standards of Nasdaq concerning any amendments to, or waivers from, any provision of the Code of Conduct and Ethics. Our Code of Conduct
and Ethics may be accessed, free of charge, at <i>https://investor.locafy.com/governance-overview</i>. The reference to our website address
does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider
it to be a part of this Annual Report.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors is responsible for reviewing and evaluating the Code of Conduct and Ethics periodically and will make any necessary
changes thereto. Our board of directors is also charged with the monitoring of compliance with the Code of Conduct and Ethics and will
be responsible for considering any waivers of the Code of Conduct and Ethics.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<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"></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"></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>

<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="b_014"></span>ITEM
    16C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Principal
    Accountant Fees and Services</b></span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Audit Fees</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth the aggregate fees billed for each of the last two fiscal years for professional fees to our principal accountants
for the audit of the annual financial statements or for services normally provided by the accountant in connection with statutory and
regulatory filings or engagements for those fiscal years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 21.25pt"><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%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 85%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ended June 30, 2023</span></td>
    <td style="width: 2%; text-align: left">A$</td>
    <td style="width: 12%; text-align: right">159,965</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ended June 30, 2022</span></td>
    <td style="text-align: left">A$</td>
    <td style="text-align: right">67,413</td><td style="text-align: left">&#160;</td></tr>
  </table>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
fees consists of fees for professional services rendered by our principal independent registered public accountant for the audit related
work connected to annual financial statements, review of interim financial statements and work relating to the Company&#8217;s F-1 filing
for those fiscal years.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Audit-Related Fees</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth additional aggregate fees to those reported under &#8220;Audit Fees&#8221; in each of the last two fiscal years
that were provided by the principal accountant that are reasonably related to the performance of the audit or review of the financial
statements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 21.25pt"><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%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 85%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ended June 30, 2023</span></td>
    <td style="width: 2%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td>
    <td style="width: 12%; text-align: right">17,440</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ended June 30, 2022</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A$</span></td>
    <td style="text-align: right">66,697</td><td style="text-align: left">&#160;</td></tr>
  </table>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-related
fees consists of fees for assurance and related services by our principal independent registered public accountant that are reasonably
related to the performance of the auditor review of our financial statements and are not reported above under &#8220;Audit Fees&#8221;.
The services for the fees disclosed under this category include fees related to our public offering, and not reported under Audit Fees.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Tax Fees</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice and tax planning:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 21.25pt"><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%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 85%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ended June 30, 2023</span></td><td style="width: 2%; text-align: left">&#160;</td>
    <td style="width: 12%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ended June 30, 2022</span></td><td style="text-align: left">&#160;</td>
    <td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  </table>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
All Other Fees</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
accountant not described above, including advisory services related to our Interactive Data File (XBRL information):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 21.25pt"><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%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 85%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ended June 30, 2023</span></td>
    <td style="width: 2%">&#160;</td><td style="width: 12%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal year ended June 30, 2022</span></td>
    <td>&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  </table>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.
Audit Committee Pre-Approval Policies and Procedures</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Audit and Risk Committee pre-approves our engagement of Grant Thornton Audit Pty Ltd to render audit or non-audit services in terms of
its non-audit services policy. All of the services described above were approved in terms of our delegation of authority framework and
the Audit and Risk Committee&#8217;s policy on non-audit services.</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>

<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="b_015"></span>ITEM
    16D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><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; text-align: justify"><span style="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"><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; 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="b_016"></span>ITEM
    16E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><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; text-align: justify"><span style="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"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<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"><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; 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: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="b_017"></span>ITEM
    16F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Change
    in Registrant&#8217;s Certifying Accountant</b></span></td></tr>
  </table>
<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"><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; 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="b_018"></span>ITEM
    16G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Corporate
    Governance</b></span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of Australia. Our governing document is our Constitution. We have additionally implemented a corporate
governance framework guided by <i>The Corporate Governance Principles and Recommendations</i> (4th Edition), as published by the Australian
Securities Exchange&#8217;s Corporate Governance Council.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
qualify as a &#8220;foreign private issuer&#8221; as defined in Section 405 of the Securities Act. As a foreign private issuer, we are
exempt from certain rules under the Exchange Act that impose disclosure requirements as well as procedural requirements for proxy solicitations
under Section 14 of the Exchange Act. In addition, the members of our board of directors and senior management are not subject to short-swing
profit and insider trading reporting obligations under Section 16 of the Exchange Act. They are, however, subject to the obligations
to report changes in share ownership under Section 13 of the Exchange Act and related SEC rules, to the extent applicable.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foreign private issuer exemption also permits us to follow home country corporate governance practices or requirements instead of certain
Nasdaq listing requirements, including the following exemptions upon which we rely:</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>

<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-right: 0pt; padding-left: 0pt; 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-right: 0pt; padding-left: 0pt; 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; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exemption from the requirement that our independent directors meet regularly in executive sessions under Nasdaq listing rules. The
    Corporations Act does not require the independent directors of an Australian company to have such executive sessions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0pt; padding-left: 0pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><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-right: 0pt; padding-left: 0pt"><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; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exemption from the quorum requirements applicable to meetings of shareholders under Nasdaq listing rules. In compliance with Australian
    law, our Constitution provides that two shareholders present, in person or by proxy, attorney or a representative, shall constitute
    a quorum for a general meeting. Nasdaq listing rules require that an issuer provide for a quorum as specified in its by-laws for
    any meeting of the holders of ordinary shares, which quorum may not be less than 33 1/3% of the outstanding voting 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; padding-right: 0pt; padding-left: 0pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 0pt; padding-left: 0pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><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-right: 0pt; padding-left: 0pt"><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; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exemption from the requirement to disclose third-party director and director nominee compensation under Nasdaq listing rules. The
    Corporations Act does not have a similar requirement.</span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;<i>Item 6. Directors, Senior Management and Employees&#8212;C. Board Practices</i>&#8221; for additional information.</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>

<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="b_019"></span>ITEM
    16H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Mine
    Safety Disclosure</b></span></td></tr>
  </table>
<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"><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; 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="b_020"></span>ITEM
    16I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections</b></span></td></tr>
  </table>
<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"><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; text-align: justify"><span style="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"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.75in"><b><span id="b_021"></span>ITEM 16J.</b></td>
  <td><b>INSIDER TRADING POLICIES</b></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></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"><b>&#160;</b></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">Not
applicable.<b></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 0.75in"><b><span id="b_022"></span>ITEM 16K.</b></td>
  <td><b>CYBERSECURITY</b></td></tr>
</table>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="x_003"></span>PART III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="b_023"></span>ITEM
    17.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Financial
    Statements</b></span></td></tr>
  </table>
<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"><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; 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="b_024"></span>ITEM
    18.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Financial
    Statements</b></span></td></tr>
  </table>
<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
our financial statements beginning on page F-1, which are filed as part of this Annual Report and incorporated herein by reference.</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>

<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="b_025"></span>ITEM
    19.</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>EXHIBITS</b></span></td></tr>
  </table>
<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"><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">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; 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"><b>Description</b></span></td></tr>
  <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="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: 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: 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: 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: 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/1875547/000149315222002796/ex3-1.htm" style="-sec-extract: exhibit">Constitution of Locafy Limited, as currently in effect (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Registration Statement on Form F-1, filed with the SEC on February 1, 2022).</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">&#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>
    <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: top; 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; 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: bottom; text-align: justify"><a href="ex2-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities.</span></a></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">&#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>
    <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: top; 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; 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: 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/1875547/000149315222002796/ex3-1.htm" style="-sec-extract: exhibit">Constitution of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Registration Statement on Form F-1, filed with the SEC on February 1, 2022).</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">&#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>
    <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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</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>
    <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/1875547/000149315222002796/ex4-1.htm" style="-sec-extract: exhibit">Form of Deed Poll Constituting Convertible Loan Notes (incorporated by reference to Exhibit 4.1 to the Company&#8217;s Registration Statement on Form F-1, filed with the SEC on February 1, 2022).</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">&#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>
    <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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4
    </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>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1875547/000149315222006158/ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Representative&#8217;s Warrant (incorporated by reference to Exhibit 4.2 to the Company&#8217;s Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022). </span></a></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">&#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>
    <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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</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>
    <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/1875547/000149315222006158/ex4-3.htm" style="-sec-extract: exhibit">Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to the Company&#8217;s Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).</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">&#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>
    <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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</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>
    <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/1875547/000149315222002796/ex4-4.htm" style="-sec-extract: exhibit">Form of Convertible Note Deed (incorporated by reference to Exhibit 4.4 to the Company&#8217;s Registration Statement on Form F-1, filed with the SEC on February 1, 2022).</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">&#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>
    <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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</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>
    <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/1875547/000149315222006158/ex4-5.htm" style="-sec-extract: exhibit">Specimen Ordinary Share Certificate (incorporated by reference to Exhibit 4.5 to the Company&#8217;s Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).</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">&#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>
    <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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</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>
    <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/1875547/000149315222006158/ex1-1.htm" style="-sec-extract: exhibit">Form of Underwriting Agreement (incorporated by reference to Exhibit 1.1 to the Company&#8217;s Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).</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">&#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>
    <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: 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: 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: 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/1875547/000149315222006158/ex10-1.htm" style="-sec-extract: exhibit">Executive Agreement, dated January 1, 2020, by and among Locafy Limited (f/k/a Moboom Limited) and Gavin Burnett (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).</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">&#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>
    <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: 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: 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: 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/1875547/000149315222002796/ex10-2.htm" style="-sec-extract: exhibit">Company Performance Rights Plan (as of July 16, 2021) (incorporated by reference to Exhibit 10.3 to the Company&#8217;s Registration Statement on Form F-1, filed with the SEC on February 1, 2022).</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">&#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>
    <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: 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: 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: 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/1875547/000149315222002796/ex10-3.htm" style="-sec-extract: exhibit">Form of Deed of Access, Insurance and Indemnity (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Registration Statement on Form F-1, filed with the SEC on February 1, 2022).</a></span></td></tr>
  </table>
<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"><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"><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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<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"><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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; 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: bottom; width: 0.1in; text-align: justify"><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/1875547/000149315222002796/ex10-4.htm" style="-sec-extract: exhibit">Lease Agreement, by and between Landville Pty Ltd and Victor Vlahos as trustee for the Victor Vlahos Family trust and Locafy Limited (incorporated by reference to Exhibit 10.4 to the Company&#8217;s Registration Statement on Form F-1, filed with the SEC on February 1, 2022).</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">&#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>
    <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: 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: 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: 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/1875547/000149315222006158/ex10-5.htm" style="-sec-extract: exhibit">Executive Agreement, dated January 1, 2020, by and among Locafy Limited (f/k/a Moboom Limited) and Melvin Tan (incorporated by reference to Exhibit 10.5 to the Company&#8217;s Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).</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">&#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>
    <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: top"><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">4.6</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"></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"></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"></span></p></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>
    <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/1875547/000149315222006158/ex10-6.htm" style="-sec-extract: exhibit">Form of Warrant Agency Agreement, by and between Computershare Inc. and Computershare Trust Company, N.A., and Locafy Limited (incorporated by reference to Exhibit 10.6 to the Company&#8217;s Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).</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">&#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>
    <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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</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>
    <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/1875547/000149315223018200/ex1-2.htm" style="-sec-extract: exhibit">At The Market Offering Agreement, dated May 18, 2023, by and between Locafy Limited and H.C. Wainwright &amp; Co., LLC (incorporated by reference to Exhibit 1.2 to the Company&#8217;s Registration Statement on Form F-3, filed with the SEC on May 19, 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">&#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>
    <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: top; 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; 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: 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/1875547/000149315222006158/ex21-1.htm" style="-sec-extract: exhibit">List of subsidiaries (incorporated by reference to Exhibit 21.1 to the Company&#8217;s Registration on Form F-1/A, filed with the SEC on March 7, 2022).</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">&#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>
    <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: top; 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; 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: bottom; text-align: justify"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a).</span></a></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">&#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>
    <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: top; 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; 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: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><a href="ex12-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a).</span></a></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></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">13.1**</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>
    <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="ex13-1.htm">Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</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">&#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>
    <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: top"><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">13.2**</span></p></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>
    <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="ex13-2.htm">Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</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">15.1*</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>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><a href="ex15-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Grant Thornton Audit Pty Ltd, an Independent Registered Public Accounting Firm.</span></a></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">&#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>
    <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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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 Instant 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">101.SCH*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">101.CAL*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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
    XBLR 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">101.DEF*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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</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">101.LAB*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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</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">101.PRE*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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</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">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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 &#8211; (formatted as Inline XBRL and contained in Exhibit 101)</span></td></tr>
  </table>
<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"><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"><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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed herewith.</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">**
Furnished herewith.</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">#
Indicates management contract or compensatory plan.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
schedules and/or exhibits have been omitted in accordance with the instructions to Item 19 of Form 20-F. A copy of any omitted schedule
and/or exhibit will be furnished supplementally to the SEC or its staff upon request.</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"></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>


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    <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"><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"><span style="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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="b_032"></span><b>SIGNATURES
</b></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"><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"><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"><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; text-transform: uppercase"><b>Locafy
    Limited </b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
    11, 2023</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="font: 10pt Times New Roman, Times, Serif; width: 45%"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
                                            Gavin Burnett</i></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Gavin
    Burnett</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">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><span style="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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <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: 0.5in; text-align: center"><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; background-color: #CCEEFF">
    <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="#F_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID: 2233)</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"><a href="#f_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated statements of profit or loss and other comprehensive income</span></a></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: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#f_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated statements of financial position</span></a></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"><a href="#f_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated statements of changes in equity</span></a></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: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#f_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated statements of cash flows</span></a></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"><a href="#f_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to consolidated financial statements</span></a></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: 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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"></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"><b><span id="F_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
of Directors and Shareholders</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">Locafy
Limited</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"><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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statement of financial positions of Locafy Limited and subsidiaries (the &#8220;Company&#8221;)
as of June 30, 2023 and 2022, the related consolidated statements of profit or loss and other comprehensive income, statement in changes
in equity, and statement cash flows for each of the three years in the period ended June 30, 2023, and the related notes (collectively
referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of June 30, 2023 and 2022, and the results of its operations and its cash flows for each of
the three years in the period ended June 30, 2023, in conformity with International Financial Reporting Standards, as issued by the International
Accounting Standards Board.</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"><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; text-align: justify"><span style="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"><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) (&#8220;PCAOB&#8221;) 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; text-align: justify"><span style="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"><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; text-align: justify"><span style="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"><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 supporting
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; text-align: justify"><span style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Substantial
Doubt about the Company&#8217;s Ability to Continue as a Going Concern</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
3.2 to the financial statements, the Company incurred a net loss of $3,891,686 during the year ended June 30, 2023, and as of that date,
the Company&#8217;s incurred operating cash outflows of $2,260,971. These conditions, along with other matters as set forth in Note 3.2,
raise substantial doubt about the Company&#8217;s ability to continue as a going concern. Management&#8217;s plans in regard to these
matters are also described in Note 3.2. The financial statements do not include any adjustments that might result from the outcome of
this uncertainty<span style="background-color: white">.</span></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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<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>


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<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"></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"></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"><b>Locafy
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
statement should be read in conjunction with the notes to the financial statements.</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>


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<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"><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"><b>Locafy
Limited</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"><span id="f_027"></span><b>Consolidated
statement of financial position</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"><b>As
at 30 June 2023</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>

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  <tr id="xdx_408_eifrs-full--CurrentLiabilitiesAbstract_i01B_zOlmxU0MGnYa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_ecustom--AccruedExpensesCurrent_i02I_maCLzFu8_zoYz1vh0up0a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eifrs-full--EquityAbstract_i01B_zyADaT53gyn6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eifrs-full--IssuedCapital_i02I_maEzXw1_z3EQXGfboKM2" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eifrs-full--Equity_i01TI_mtEzXw1_zgGbwVL0xMoe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </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-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
statement should be read in conjunction with the notes to the 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>


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<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>Locafy
Limited</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><span id="f_028"></span>Consolidated
statement of changes in equity</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"><b>for
the years ended 30 June 2023, 30 June 2022 and 30 June 2021</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>

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  <tr id="xdx_430_c20200701__20210630_eifrs-full--Equity_iS_zzTz4oFuA2k7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40A_eifrs-full--ComprehensiveIncome_zsEJaIqtware" style="vertical-align: bottom; background-color: White">
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    <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_403_eifrs-full--IssueOfEquity_zfNkT7xjB9Ta" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eifrs-full--ShareIssueRelatedCost_iN_di_zxeKL1c2JyE7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_430_c20200701__20210630_eifrs-full--Equity_iE_zFKn8lth4wwd" style="vertical-align: bottom; background-color: White">
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  <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 id="xdx_432_c20210701__20220630_eifrs-full--Equity_iS_zl8YugxModBb" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Balance at 1 July 2021</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_404_eifrs-full--ProfitLoss_zKYpMEvOW4le" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Loss for the year</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0299">-</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: xdx2ixbrl0300">-</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: xdx2ixbrl0301">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40A_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations_zmMN6CkbeJ81" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Exchange difference on translation of foreign operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <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: xdx2ixbrl0308">-</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"><span style="-sec-ix-hidden: xdx2ixbrl0309">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_409_eifrs-full--ComprehensiveIncome_zbmY7vhuvWA6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total other comprehensive income</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0314">-</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: xdx2ixbrl0315">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <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></tr>
  <tr id="xdx_407_eifrs-full--IssueOfEquity_zPgHQrEdcMY" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issue of ordinary shares</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0320">-</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: xdx2ixbrl0321">-</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: xdx2ixbrl0322">-</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: xdx2ixbrl0323">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_eifrs-full--IssueOfConvertibleInstruments_zfqanQcXn9Cb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issue of convertible notes</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0327">-</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: xdx2ixbrl0328">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0330">-</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:IssueOfConvertibleInstruments" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">140,721</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--IssueOfWarrants_zWLh0xsoxxhd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issue of warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0333">-</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: xdx2ixbrl0334">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0336">-</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: xdx2ixbrl0337">-</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="LCFY:IssueOfWarrants" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">363,282</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--IssueOfPerformanceRights_zN41SDzvpuK3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issue of performance rights</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0340">-</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: xdx2ixbrl0341">-</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="LCFY:IssueOfPerformanceRights" contextRef="From2021-07-012022-06-30_ifrs-full_ReserveOfChangeInValueOfTimeValueOfOptionsMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,054,776</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: xdx2ixbrl0343">-</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: xdx2ixbrl0344">-</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="LCFY:IssueOfPerformanceRights" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,054,776</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--ShareIssueRelatedCost_iN_di_zOqQ2OMstQF" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Share issue costs</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:ShareIssueRelatedCost" contextRef="From2021-07-012022-06-30_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">983,334</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"><span style="-sec-ix-hidden: xdx2ixbrl0348">-</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"><span style="-sec-ix-hidden: xdx2ixbrl0349">-</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"><span style="-sec-ix-hidden: xdx2ixbrl0350">-</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"><span style="-sec-ix-hidden: xdx2ixbrl0351">-</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:ShareIssueRelatedCost" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">983,334</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_43B_c20210701__20220630_eifrs-full--Equity_iE_zJ4GuSW7OZh9" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Balance at 30 June 2022</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Equity" contextRef="AsOf2022-06-30_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">143,780</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <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 id="xdx_43B_c20220701__20230630_eifrs-full--Equity_iS_zVvm10EL5SKj" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">Balance at 1 July 2022</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_437_c20220701__20230630_eifrs-full--Equity_iS_z9AVITmaRj64" style="display: none; vertical-align: bottom; background-color: White">
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  <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 id="xdx_400_eifrs-full--ProfitLoss_ztXNXOVrq1r" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loss for the year</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0377">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_403_eifrs-full--OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations_zQ5wVTWwE5Xc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Exchange difference on translation of foreign operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <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: xdx2ixbrl0385">-</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"><span style="-sec-ix-hidden: xdx2ixbrl0386">-</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:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslationOtherThanTranslationOfForeignOperations" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">23,010</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_404_eifrs-full--ComprehensiveIncome_zdYLIjyspIS8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total other comprehensive income</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0391">-</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: xdx2ixbrl0392">-</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:ComprehensiveIncome" contextRef="From2022-07-012023-06-30_ifrs-full_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">3,891,586</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:ComprehensiveIncome" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">3,914,596</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: 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_40F_eifrs-full--IssueOfEquity_zxJthDWpJqil" style="vertical-align: bottom; background-color: White">
    <td>Issue of ordinary shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:IssueOfEquity" contextRef="From2022-07-012023-06-30_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">3,295,822</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: xdx2ixbrl0397">-</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: xdx2ixbrl0398">-</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: xdx2ixbrl0399">-</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: xdx2ixbrl0400">-</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:IssueOfEquity" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">3,295,822</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--IssueOfPerformanceRights_zehLZipWdbP3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Issue of performance rights</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0403">-</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: xdx2ixbrl0404">-</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="LCFY:IssueOfPerformanceRights" contextRef="From2022-07-012023-06-30_ifrs-full_ReserveOfChangeInValueOfTimeValueOfOptionsMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">866,105</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: xdx2ixbrl0406">-</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="LCFY:IssueOfPerformanceRights" contextRef="From2022-07-012023-06-30_ifrs-full_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">28,514</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="LCFY:IssueOfPerformanceRights" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">894,619</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--TransferToRetainedEarningsOnHistoricalExpiryOfShareOptions_zyUjaXQ9KDAj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfer to retained earnings on historical expiry of share options</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0410">-</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: xdx2ixbrl0411">-</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="LCFY:TransferToRetainedEarningsOnHistoricalExpiryOfShareOptions" contextRef="From2022-07-012023-06-30_ifrs-full_ReserveOfChangeInValueOfTimeValueOfOptionsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">3,603,916</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: xdx2ixbrl0413">-</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="LCFY:TransferToRetainedEarningsOnHistoricalExpiryOfShareOptions" contextRef="From2022-07-012023-06-30_ifrs-full_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">3,603,916</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: xdx2ixbrl0415">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--TransferToRetainedEarningsOnHistoricalConversionOfNotes_znea2VcVgdyg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Transfer to retained earnings on historical conversion of notes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0417">-</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: xdx2ixbrl0418">-</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: xdx2ixbrl0419">-</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="LCFY:TransferToRetainedEarningsOnHistoricalConversionOfNotes" contextRef="From2022-07-012023-06-30_ifrs-full_ReserveOfEquityComponentOfConvertibleInstrumentsMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">140,721</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="LCFY:TransferToRetainedEarningsOnHistoricalConversionOfNotes" contextRef="From2022-07-012023-06-30_ifrs-full_RetainedEarningsMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">140,721</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: xdx2ixbrl0422">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--ShareIssueRelatedCost_iN_di_zm8easVfgxT6" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Share issue costs</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:ShareIssueRelatedCost" contextRef="From2022-07-012023-06-30_ifrs-full_IssuedCapitalMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">403,373</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"><span style="-sec-ix-hidden: xdx2ixbrl0425">-</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"><span style="-sec-ix-hidden: xdx2ixbrl0426">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<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">This
statement should be read in conjunction with the notes to the financial statements.</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>


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<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>Locafy
Limited</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>

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    <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>
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  <tr id="xdx_406_eifrs-full--PurchaseOfInvestmentProperty_i01N_di_msCzD50_z9wuwaoNN2qe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eifrs-full--PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_i01N_di_msCzD50_zEtjy2xiVXA5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Purchase of property, plant and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_eifrs-full--CashFlowsFromUsedInInvestingActivities_i01T_mtCzD50_maCzuNm_z92lIBIlcPPf" 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 by investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <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_40A_eifrs-full--CashFlowsFromUsedInFinancingActivitiesAbstract_iB_zdmZIEQgOiLg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Cash flows from 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 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_406_eifrs-full--ProceedsFromIssuingShares_i01_maCzKnL_zsv4XLbJAEJ4" style="vertical-align: bottom; background-color: White">
    <td>Proceeds from issue of shares</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>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,739,999</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eifrs-full--PaymentsForShareIssueCosts_i01N_di_msCzKnL_zoAISHXFDPyb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Payment for share issue costs</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">(<ix:nonFraction name="ifrs-full:PaymentsForShareIssueCosts" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">403,373</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:PaymentsForShareIssueCosts" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">639,429</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:PaymentsForShareIssueCosts" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">10,150</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_404_eifrs-full--RepaymentsOfCurrentBorrowings_i01N_di_msCzKnL_z4mcUFZ2lYFe" style="vertical-align: bottom; background-color: White">
    <td>Repayment of borrowings</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">(<ix:nonFraction name="ifrs-full:RepaymentsOfCurrentBorrowings" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">6,500</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:RepaymentsOfCurrentBorrowings" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">97,500</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:RepaymentsOfCurrentBorrowings" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">284,070</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_i01N_di_msCzKnL_zsf2V3rKUJU9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Leasing liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</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:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">32,673</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:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">59,419</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:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">17,785</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40F_eifrs-full--CashFlowsFromUsedInFinancingActivities_i01T_mtCzKnL_maCzuNm_z6WH58nD3ik1" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash from financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</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:CashFlowsFromUsedInFinancingActivities" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">2,853,276</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:CashFlowsFromUsedInFinancingActivities" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">9,183,513</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:CashFlowsFromUsedInFinancingActivities" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,427,994</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: 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_409_eifrs-full--IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_iT_mtCzuNm_zBkYvBwIZQR6" 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">&#160;</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:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">1,027,311</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:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">2,937,546</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:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">489,540</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eifrs-full--EffectOfExchangeRateChangesOnCashAndCashEquivalents_zxGrOPBETfO5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net foreign exchange difference</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"><ix:nonFraction name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">118,276</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0515">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--CashAndCashEquivalents_iS_zacyYQ78QGxh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Cash and cash equivalents at the beginning of the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</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="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">4,083,735</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="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">650,731</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="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">161,191</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--CashAndCashEquivalents_iE_zgNUBsAAkPy7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at the end of the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 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
statement should be read in conjunction with the notes to the 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>


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<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><span id="f_030"></span>Notes
to the financial statements</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="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfGeneralInformationAboutFinancialStatementExplanatory"><p id="xdx_806_ecustom--DisclosureOfGeneralInformationAboutFinancialStatementExplanatory_zQp5MYdedPL8" style="font: 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>1.
<span id="xdx_828_zSHC5QJ06HG3">General information</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"><b>&#160;</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">Locafy
Limited (&#8220;Company&#8221; or &#8220;Locafy&#8221;) is a limited liability company incorporated in Australia. Its registered office
and principal place of business is 246 Churchill Avenue, Subiaco, Western Australia. Locafy&#8217;s ordinary shares are listed
on the Nasdaq Stock Exchange.</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">The
principal activities of the consolidated entity during the financial year ended 30 June 2023 were the continued commercialisation
of Locafy&#8217;s developed technologies, extension of the technology into local search solutions and the continual acquisition of businesses
and assets complimentary to Locafy&#8217;s technology and commercial model.</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">Locafy
has developed proprietary Search Engine Optimization (SEO) solutions delivered in a highly automated manner via a Software-as-a-Service
(SaaS) model. The company is focused on growing its customer base with a range of local and national SEO products, primarily through
distribution partners, targeting the North American and Australian markets.</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">The
company&#8217;s Local SEO solutions help to increase search engine relevance and prominence in a specific proximity, using a fast, easy
and automated approach. Our National Entity-Based SEO solutions enable the rapid increase in prominence in national markets for high
value key terms and our Brand focused SEO solutions drive increased sales in online marketplaces. Central to the platform is the ability
to automatically optimise published pages for relevant keyword searches and target audiences with minimal customer effort.</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">The
Company also operates a Publishing division, which includes ownership of the global directory, Hotfrog, and three additional Australian
directories, AussieWeb.com.au, PinkPages.com.au and SuperPages.com.au.</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">Locafy&#8217;s
business model is largely subscription based recurring revenue derived via both direct-to-end user and reseller channel sales.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfChangesInAccountingPoliciesExplanatory_zuQhNTVxd5b3" style="font: 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>2.
<span id="xdx_820_zDLCGxZKRxOa">Application of new and revised Accounting Standards</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>New
and revised standards that are effective for these financial statements</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">Certain
new accounting standards and interpretations have been published that are mandatory for 30 June 2023 reporting periods and have not been
adopted by the Group. The Group&#8217;s assessment of the impact of these new standards do not have a material impact on the entity in
the current reporting 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"><b>Impact
of standards issued but not yet applied</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"><b>&#160;</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">At
the date of authorization of the financial statements, the Group has not applied the following new and revised Australian Accounting
Standards, Interpretations and amendments that have been issued but are not yet effective:</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%; 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>New
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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: 61%"><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; padding-bottom: 1.5pt; 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>Effective</b></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AASB
    2020-1</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">Classification
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    January 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">AASB
    2021-2 Disclosure of Accounting Policies and Definition of Accounting Estimates</span></td>
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    <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">AASB
                                            7 Financial Instruments</span></p>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    January 2023</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AASB
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    January 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">AASB
    2014-10</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
    or Contribution of Assets between an Investor and its Associates or Joint Venture</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    January 2025</span></td></tr>
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<p style="font: 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"></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">The
amendments to the individual Standards may be applied early, separately from the amendments to the other Standards, where feasible.</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
do not anticipate that the amendments will have a material impact on the Group but may change the disclosure of accounting policies included
in the 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:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p id="xdx_80A_ecustom--DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_zCqvUNLVXwMb" style="font: 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>3.
<span id="xdx_82D_z1CbV7mr3Fu2">Significant accounting policies</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>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfGeneralInformationExplanatory"><p id="xdx_841_ecustom--DisclosureOfGeneralInformationExplanatory_zC8y5fNTdged" style="font: 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>3.1
<span id="xdx_860_zxQhwApedFEj">General information</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">The
financial statements cover Locafy Limited as a consolidated entity consisting of Locafy Limited and the entities it controlled at the
end of, or during, the year. The financial statements are presented in Australian dollars, which is Locafy Limited&#8217;s functional
and presentation currency.</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: 83; Value: 1 -->
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<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">A
description of the nature of the consolidated entity&#8217;s operations and its principal activities are included in the directors&#8217;
report, which is not part of the financial statements. The financial statements were authorized for issue, in accordance with a resolution
of directors, on October 11, 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><p id="xdx_84B_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zkg82ZfMMHtc" style="font: 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>3.2
<span id="xdx_864_zGW63jQrrOZ6">Basis of preparation</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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board (&#8216;AASB&#8217;) and the Corporations Act 2001, as appropriate for for-profit oriented
entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board (&#8216;IASB&#8217;).</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"><i>Historical
cost convention</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"><i>&#160;</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">The
financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial
assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment
properties, certain classes of property, plant and equipment and derivative financial instruments.</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>Going
concern basis</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">The
financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realisation
of assets and the settlement of liabilities in the ordinary course of business.</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">The
Consolidated Entity and Company have incurred a net loss after tax of A$<span id="xdx_900_eifrs-full--ProfitLossBeforeTax_iN_di_c20220701__20230630_zKWQgNPln65a" title="Loss before income tax"><ix:nonFraction name="ifrs-full:ProfitLossBeforeTax" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">3,891,586</ix:nonFraction></span> and experienced net cash outflows from operating activities
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<p style="font: 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">As
at 30 June 2023, the Consolidated Entity and Company had cash assets of A$<span id="xdx_909_eifrs-full--CashAndCashEquivalents_iI_c20230630_z9yWIBD9Pxi9" title="Cash and cash equivalents"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">3,174,700</ix:nonFraction></span> and reported current assets exceed its current liabilities
by A$<span id="xdx_909_ecustom--ExceedsOfCurrentLiabilities_iI_c20230630_zINh8fEmi9yf" title="Current liabilities"><ix:nonFraction name="LCFY:ExceedsOfCurrentLiabilities" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,046,370</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>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">The
Consolidated Entity and Company&#8217;s ability to continue as going concerns and to pay their debts as and when they fall due is dependent
on the generating additional revenues from its operations, managing all costs in line with management&#8217;s forecasts and, if necessary,
raising further capital. Management have prepared a cash flow forecast on this basis which indicates that the Consolidated Entity will
have sufficient cash flows to meet minimum operating overheads and committed expenditure requirements for the 12 month period from the
date of signing the financial report if they are successful in meeting those forecasts.</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">The
Directors believe the Consolidated Entity and Company will continue as a going concern, after consideration of the following factors:</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%; 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">regular
    review of management accounts and cash flow forecast, incorporating expected cash inflows from sales and collection of trade 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">&#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">close
    management of both its operating costs and corporate overheads;</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">sales
    pipeline continues to grow and the Company is confident of achieving further sales growth across a number of existing and new reseller
    customers and different product offerings;</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">expected
    increase in advertising yields across existing and new online assets; 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>
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    <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
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">The
financial report has therefore been prepared on the going concern basis. Should the Consolidated Entity and the Company be unable to
achieve successful outcomes in relation to each of the matters referred to above, there is substantial doubt whether the Consolidated
Entity and the Company will be able to continue as a going concern and, therefore, whether they will realise their assets and discharge
their liabilities in the normal course of business.</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">The
financial report does not include adjustments relating to the recoverability and classification of recorded asset amounts, nor to the
amounts and classification of liabilities that might be necessary should the Consolidated Entity and the Company not continue as a going
concern.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfBasisOfConsolidationExplanatory"><p id="xdx_84D_eifrs-full--DisclosureOfBasisOfConsolidationExplanatory_zv6z6IcR0sb3" style="font: 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>3.3
<span><span id="xdx_865_zlY4nBDvCKLk">Basis of consolidation</span></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">The
consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled
by the Company and its subsidiaries. Control is achieved when the Company:</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%; 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">has
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  <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">is
    exposed, or has rights, to variable returns from its involvement with the investee; 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">has
    the ability to use its power to affect its returns.</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">The
Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of
the three elements of control listed above.</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">Consolidation
of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.
Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement
of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control
the subsidiary.</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">Profit
or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests.
Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this
results in the non-controlling interests having a deficit balance.</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">When
necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company&#8217;s
accounting policies.</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">All
intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are
eliminated in full on consolidation.</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>


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    <!-- 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"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_zDfbO86YWcE6" style="font: 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>3.4
<span id="xdx_868_z6jdOT2b0Ph8">Segment Reporting</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">The
Company has three operating segments: publishing, direct sales and reseller sales. In identifying these operating segments, management
generally follows the Company&#8217;s service lines representing its main products and services (see Note 7). Each of these operating
segments are managed separately as each requires different technologies, marketing approach and other resources.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zqno2X2hF8q9" style="font: 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>3.5
<span id="xdx_86B_zwM1BPlCnQ5j">Revenue</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>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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
arises mainly from the sale of digital marketing solutions and associated services. To determine whether to recognise the revenue, the
Company follows a 5-step process:</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%; 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">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">Identifying
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  <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">Identifying
    performance 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Determining
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  <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">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">Allocating
    the transaction price to the performance 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Recognising
    revenue when/as performance obligations are satisfied.</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">The
Company often enters into transactions involving a range of the Company&#8217;s products and services, for example for the delivery of
software and related after-sales 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
all cases, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative
stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf 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">Revenue
is recognised either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the
promised goods or services to its customers.</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">The
Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these
amounts as contract liabilities in the statement of financial position (see Note 20). Similarly, if the Company satisfies a performance
obligation before it receives the consideration, the Company recognises either a contract asset or a receivable in its statement of financial
position, depending on whether something other than the passage of time is required before the consideration is due.</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>Revenue
from operating segments</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"><i>Publishing</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">The
Company generates revenues through advertisements placed on its website properties on a Pay-Per-Impression or similar basis and through
publishing business and product profiles on its online directory properties on a per insertion basis. Revenues are recognised during
the period in which the advertisements or listings are published.</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>Direct</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">The
Company separately identifies end user customers to which we have a direct sales, support and billing relationship. Revenue is derived
by providing customers access to the Company&#8217;s platform and is recognised in accordance with the terms of contracts provided in
the subscription agreement. The SaaS and related support revenue (if any) is recognised over time, being the subscription period, as
the customer simultaneously receives and consumes the benefit of accessing the platform.</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">Revenues
from the sale of product licences are recognised during the period in which the subscription is made available to our customers for use.
Where the Company provides services which involve developing a customer-specific website design or solution, in such cases, revenue is
recognised during the period in which the professional services were delivered or upon the achievement of agreed performance obligations.</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>


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<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">Access
to the platform is not considered distinct from other performance obligations, as access to any platform alone does not allow the customer
to obtain substantially all the benefits of the access, and is therefore accounted for as a single performance obligation.</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">Consideration
received can be variable in nature, based upon customer usage in excess of contractually agreed units. The variable consideration is
included in the transaction price at the company&#8217;s best estimate, using either an expected value or most likely outcome, whichever
provides the best estimate and is included in revenue to the extent that it is highly probable that there will be no significant reversal
of the cumulative amount of revenue when any price uncertainty is resolved.</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>Reseller</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">The
Company separately identifies end user customers to which sales, support and billing relationships are conducted through third party
resellers and partners.</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">Revenues
from the sale of product licences are recognised during the period in which the subscription is made available to our reseller for use.
Where the Company provides services which involve developing a customer-specific website design or solution, in such cases, revenue is
recognised during the period in which the professional services were delivered or upon the achievement of agreed performance obligations.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zUerRvG8KjTj" style="font: 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>3.6
<span><span id="xdx_865_zLezo4deiyVa">Foreign currencies</span></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">The
individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity
operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each
group entity are expressed in Australian dollars (A$), which is the functional currency of the Company and the presentation currency
for the 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing the financial statements of each individual group entity, transactions in currencies other than the entity&#8217;s functional
currency are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary
items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value
that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary
items that are measured in terms of historical cost in a foreign currency are not retranslated.</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">For
the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group&#8217;s foreign operations
are translated into Australian dollars using exchange rates prevailing at the end of the reporting period, unless exchange rates fluctuated
significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising,
if any, are recognised in other comprehensive income and accumulated in equity.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForGovernmentGrants_zzJyqgolEsyd" style="font: 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>3.7
<span id="xdx_86A_zMYYA68s3Owa">Government grants</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">Government
grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied
with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs,
for which it is intended to compensate, are expensed.</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">When
the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. When the
Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss
over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual
instalments.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_zfNAVjD9BBB6" style="font: 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>3.8
<span id="xdx_864_zauOQD6TiSg">Employee benefits</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">A
liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave, when it
is probable that settlement will be required and they are capable of being measured reliably.</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>


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<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">Liabilities
recognised in respect of short-term employee benefits, are measured at their nominal values using the remuneration rate expected to apply
at the time of settlement.</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">Liabilities
recognised in respect of long-term employee benefits are measured as the present value of the estimated future cash outflows to be made
by the Group in respect of services provided by employees up to reporting date.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_zHBUrrgZGWLk" style="font: 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>3.9
<span id="xdx_864_z84d3jhJkmFl">Share-based payments arrangements</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">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: 0pt 0; text-align: justify"><span style="font-family: Times New 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">Equity-settled
share-based payment transactions with parties other than employees are measured at the fair value of the goods or service received, except
where that fair value cannot be estimated reliably, in which case they are measured at their fair value of the equity instruments granted,
measured at the date the entity obtains the goods or the counterparty renders the service.</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">Performance
rights</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">Share-based
compensation benefits are provided to employees via the Company&#8217;s Incentive Performance Rights Plan (<b>Plan</b>). The objective
of the Plan is to assist in the recruitment, reward, retention and motivation of eligible persons of the Group. The fair value of performance
rights granted under the Plan are recognized as a share-based payment expense with a corresponding increase in equity.</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">The
fair value is measured at grant date and recognized over the period of service during which the employees become unconditionally entitled
to the performance rights. The fair value of the performance rights at grant date excludes the impact of any non-market vesting conditions
(for example, profitability and sales growth targets). These non-market vesting conditions are included in assumptions about the number
of performance rights that are expected to vest.</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">At
each statement of financial position date, the entity revises its estimate of the number of performance rights that are expected to vest.
The share-based payment expense recognized each period considers the most recent estimate. The impact of the revision to original estimates,
if any, is recognized in the statement of profit or loss and other comprehensive income with a corresponding adjustment to equity.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForIncomeTaxExplanatory_zuHxCwYyuKEl" style="font: 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>3.10
<span id="xdx_86E_zkbWmASJLNDf">Taxation</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">Income
tax expense represents the sum of the tax currently payable and deferred tax.</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>Current
tax</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">The
tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated
statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other
years, and items that are never taxable or deductible. The Group&#8217;s current tax is calculated using tax rates that have been enacted
or substantively enacted by the end of the reporting period.</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>Deferred
tax</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">Deferred
tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements
and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all
taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that
it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred
tax assets and liabilities are not recognised if the temporary differences arise from the initial recognition of assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit.</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>


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    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or
the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reported period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the group
expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zU9iGG95jbHf" style="font: 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>3.11
<span id="xdx_86E_z4bsWM5nDMzg">Property, plant and equipment</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">Fixtures
and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.</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">Depreciation
is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the diminishing
value method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with
the effect of any changes in estimate accounted for on a prospective basis. The following useful lives are applied:</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="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfDetailedInformationAboutFixedAssetDepreciationRateExplanatory"><p id="xdx_89F_ecustom--DisclosureOfDetailedInformationAboutFixedAssetDepreciationRateExplanatory_z228lVhZgLrd" 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zOT70HxpKOvd" style="display: none">Schedule of fixed asset depreciation rate</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Class of fixed asset</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Depreciation rate</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Leasehold improvements</td><td>&#160;</td>
    <td style="text-align: left"><span id="xdx_90C_eifrs-full--DepreciationMethodPropertyPlantAndEquipment_c20220701__20230630__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--LeaseholdImprovementsMember_zBuHmNrPIqE5" title="Depreciation rate, description"><ix:nonNumeric contextRef="From2022-07-012023-06-30_ifrs-full_LeaseholdImprovementsMember" name="ifrs-full:DepreciationMethodPropertyPlantAndEquipment">Remaining lease term</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">IT equipment</td><td>&#160;</td>
    <td><span id="xdx_90A_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_uPure_c20220701__20230630__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zGFBIfH7F0k5" title="Depreciation rate"><ix:nonFraction name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_ifrs-full_OfficeEquipmentMember_ifrs-full_BottomOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>-<span id="xdx_900_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_uPure_c20220701__20230630__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zlXLwCLqFjXb" title="Depreciation rate"><ix:nonFraction name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_ifrs-full_OfficeEquipmentMember_ifrs-full_TopOfRangeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 49%; text-align: left">Other equipment</td><td style="width: 2%">&#160;</td>
    <td style="width: 49%; text-align: left"><span id="xdx_908_eifrs-full--DepreciationRatePropertyPlantAndEquipment_pid_dp_uPure_c20220701__20230630__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--OtherEquipmentMember_zydUNvlqtuX3" title="Depreciation rate"><ix:nonFraction name="ifrs-full:DepreciationRatePropertyPlantAndEquipment" contextRef="From2022-07-012023-06-30_custom_OtherEquipmentMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>%</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A3_zVnozLTLznSh" style="font: 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">An
item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the
continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined
as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.</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">In
the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter.
Material residual value estimates and estimates of useful life are updated as required, but at least annually.</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">Gains
or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and
the carrying amount of the assets and are recognised in profit or loss within other income or other expenses.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_zKePeuIkrxei" style="font: 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>3.12
<span id="xdx_868_zCZHaYRvur2b">Intangible assets other than goodwill</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>Research
and development</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">Expenditure
on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising
from development is recognised if, and only if, all of the following have been demonstrated:</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%; 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">the
    technical feasibility of completing the intangible asset so that it will be available for use or 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"><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
    intention to complete the intangible asset and use or sell it;</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">the
    ability to use or sell the intangible asset;</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">how
    the intangible asset will generate probable future economic benefits;</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">the
    availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
    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">the
    ability to measure reliably the expenditure attributable to the intangible asset during its development.</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">The
amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised,
development expenditure is recognised in profit or loss in the period in which it is incurred.</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">Subsequent
to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment
losses.</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: 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 -->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: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</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"><b>Patents
and trademarks</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">Patents
and trademarks are recognised at cost of acquisition and amortised over their useful lives. They have a finite life and are reported
at cost less accumulated amortisation and accumulated impairment losses.</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>Databases</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">Databases
are recognised at cost of acquisition and amortised over their useful lives. They have a finite life as data becomes dated and are reported
at cost less accumulated amortisation and accumulated impairment losses.</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="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_zb1xvtd8r1Sh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following useful lives are applied:</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zlQ7upVyW08l" style="display: none">Schedule
of intangible asset amortisation rate</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Class of fixed asset</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">Amortisation rate</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%">Patents</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><span id="xdx_903_eifrs-full--AmortisationRateIntangibleAssetsOtherThanGoodwill_pid_dp_uPure_c20220701__20230630__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__ifrs-full--CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember_zVG1Q5SJe9Nf" title="Intangible asset amortisation rate"><ix:nonFraction name="ifrs-full:AmortisationRateIntangibleAssetsOtherThanGoodwill" contextRef="From2022-07-012023-06-30_ifrs-full_CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRightsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Trademarks</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_908_eifrs-full--AmortisationRateIntangibleAssetsOtherThanGoodwill_pid_dp_uPure_c20220701__20230630__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__ifrs-full--BrandNamesMember_zREzrajLzxUa" title="Intangible asset amortisation rate"><ix:nonFraction name="ifrs-full:AmortisationRateIntangibleAssetsOtherThanGoodwill" contextRef="From2022-07-012023-06-30_ifrs-full_BrandNamesMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Databases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_eifrs-full--AmortisationRateIntangibleAssetsOtherThanGoodwill_pid_dp_uPure_c20220701__20230630__ifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__ifrs-full--TechnologybasedIntangibleAssetsMember_z8bVF96otLHc" title="Intangible asset amortisation rate"><ix:nonFraction name="ifrs-full:AmortisationRateIntangibleAssetsOtherThanGoodwill" contextRef="From2022-07-012023-06-30_ifrs-full_TechnologybasedIntangibleAssetsMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.67</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AC_zatdoogqPSg4" style="font: 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">At
the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable
amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When
a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating
units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation
basis can be identified.</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">Intangible
assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and
whenever there is an indication that the asset may be impaired.</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">Recoverable
amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset for which the estimates of future cash flows have not been adjusted.</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">If
the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its
recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a revaluation decrease.</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">When
an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount,
but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no  loss been recognised
for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset
is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zwywCGmjO95j" style="font: 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>3.13
<span id="xdx_86D_z9LQB6iw8OAh">Provisions</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">Provisions
for product warranties, legal disputes, onerous contracts or other claims are recognised when the Company has a present legal or constructive
obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts
can be estimated reliably. The timing or amount of the outflow may still be uncertain.</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">Provisions
are not recognised for future operating losses.</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">Provisions
are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at
the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar
obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a
whole. Provisions are discounted to their present values, where the time value of money is material.</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>


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    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
liability is recognised if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed
as contingent liabilities unless the outflow of resources is remote.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><p id="xdx_849_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_z7ByTzkwWl85" style="font: 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>3.14
<span id="xdx_867_z6LOr0dpI4pe">Financial instruments</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>Recognition
and derecognition</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">Financial
assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.</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">Financial
assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and
substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled
or expires.</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>Classification
and initial measurement of financial assets</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">All
financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified
into one of the following categories:</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%; 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">amortised
    cost</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">fair
    value through profit or loss (FVTPL), 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">&#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">fair
    value through other comprehensive income (FVOCI).</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">In
the periods presented the Group does not have any financial assets categorised as FVTPL or FVOCI.</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">The
classification is determined by both:</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%; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    entity&#8217;s business model for managing the financial asset, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    contractual cash flow characteristics of the financial asset.</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">All
revenue and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income
or other financial items.</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>Subsequent
measurement of financial assets</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">Financial
assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL):</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%; 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">they
    are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, 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">the
    contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal
    amount outstanding.</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">After
initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect
of discounting is immaterial.</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>Impairment
of financial assets</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">IFRS
9&#8217;s impairment requirements use forward-looking information to recognise expected credit losses &#8211; the &#8220;expected credit
loss (ECL) model&#8221;. Instruments within the scope of the requirements included loans and other debt-type financial assets measured
at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial
guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.</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>


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    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events,
current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.</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">In
applying this forward-looking approach, a distinction is made between:</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%; 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">financial
    instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (&#8216;Stage
    1&#8217;); 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">financial
    instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (&#8216;Stage
    2&#8217;).</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">&#8220;Stage
3&#8221; would cover financial assets that have objective evidence of impairment at the reporting date.</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">&#8220;12-month
expected credit losses&#8221; are recognised for the first category (i.e. Stage 1) while &#8220;lifetime expected credit losses&#8221;
are recognised for the second category (i.e. Stage 2).</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>Trade
and other receivables and contract assets</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">The
Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss
allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential
for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external
indicators and forward-looking information to calculate the expected credit losses. The Group assesses impairment of trade receivables
on an individual account basis.</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>Classification
and measurement of financial liabilities</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">The
Group&#8217;s financial liabilities include borrowings, trade and other payables and derivative financial instruments.</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">Financial
liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.</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">Subsequently,
financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities
designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative
financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes
in an instrument&#8217;s fair value that are reported in profit or loss are included within finance costs or finance income.</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>Convertible
Notes</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">The
component parts of convertible notes issued by the Group are classified separately as financial liabilities and equity in accordance
with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Conversion
options that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company&#8217;s
own equity instruments is an equity instrument.</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">At
the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible
instruments. This amount is recognised as a liability on an amortised cost basis using the effective interest method until extinguished
upon conversion or at the instrument&#8217;s maturity date.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_zhSd3yI4hCei" style="font: 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>3.15
<span id="xdx_868_zHmjIVymruL8">Trade and other receivables</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">The
Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected
credit losses. These are expected shortfalls in contractual cash flows, considering the potential for default at any point during the
lifetime of the financial instrument. In calculating, the Company uses its historical experience, external indicators and forward-looking
information to calculate expected credit losses using a provision matrix.</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>


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    <!-- 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics they have been
grouped based on the days past due. Refer to Note 3.14 for a detailed analysis of how the impairment requirements of IAS 9 are applied.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DescriptionOfAccountingPolicyForGoodsAndServicesTaxExplanatory"><p id="xdx_849_ecustom--DescriptionOfAccountingPolicyForGoodsAndServicesTaxExplanatory_zyQGB9rBe3f2" style="font: 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>3.16
<span id="xdx_868_z3YiZGfBxiZ">Goods and services tax</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">Revenues,
expenses and assets are recognised net of the amount of goods and services tax (GST), except:</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%; 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">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">where
    the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of
    an asset or as part of an item of expense; 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">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">for
    receivables and payable which are recognised inclusive of GST.</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">The
net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables.</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">Cash
flows are included in the cash flow statement on a gross basis. The GST component of cash flows arising from investing and financing
activities which is recoverable from, or payable to, the taxation authority is classified within operating cash flows.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForLeasesExplanatory_zFMxCoDV1UPj" style="font: 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>3.17
<span id="xdx_86E_z90Jr8oDQMFi">Leases</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">For
any new contracts entered into the Company considers whether a contract is, or contains a lease. A lease is defined as &#8220;a contract,
or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration&#8221;.
To apply this definition the Company assesses whether the contract meets three key evaluations which are whether:</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%; 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">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">the
    contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified
    at the time the asset is made available to the 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">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">the
    Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period
    of use, considering its rights within the defined scope of the contract;</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">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">the
    Company has the right to direct the use of the identified asset throughout the period of use. The Company assess whether it has the
    right to direct &#8216;how and for what purpose&#8217; the asset is used throughout the period of use.</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">At
lease commencement date, the Company recognises a right of use asset and a lease liability on the balance sheet. The right of use asset
is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company,
an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease
commencement date (net of any incentives received).</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">The
Company depreciates the right of use assets on a straight-line basis from the lease commencement date to the earlier of the end of the
useful life of the right of use asset or the end of the lease term. The Company also assesses the right of use asset for impairment when
such indicators exist.</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">At
the commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted
using the interest rate implicit in the lease if that rate is readily available or the Company&#8217;s incremental borrowing 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">Lease
payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments
based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably
certain to be exercised.</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">Subsequent
to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment
or modification, or if there are changes in in-substance fixed payments.</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">When
the lease liability is remeasured, the corresponding adjustment is reflected in the right of use asset, or profit and loss if the right
of use asset is already reduced to zero.</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>


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    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising
a right of use asset and lease liability, the payments in relation to these are recognised as an expense in 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 0; text-align: justify"><span style="font-family: Times New 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>Short-term
leases and leases of low value</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">Short-term
leases (lease term of 12 months or less) and lease of low value assets (under A$5,000) are recognised as incurred as an expense in the
consolidated income statement.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DescriptionOfAccountingPolicyForEquityReservesAndDividendPaymentsExplanatory"><p id="xdx_844_ecustom--DescriptionOfAccountingPolicyForEquityReservesAndDividendPaymentsExplanatory_zB9VjCyMb241" style="font: 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>3.18
<span id="xdx_86A_zjW6WY0sg9O1">Equity, reserves and dividend payments</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">Share
capital represents the nominal value of shares that have been issued.</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">Other
components of equity include the following:</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%; 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">share
    option reserve &#8211; comprises equity-settled employee benefits and equity-settled supplier payments (see Notes 3.8 and 3.9); 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">translation
    reserve &#8211; comprises foreign currency translation differences arising from the translation of financial statements of the Group&#8217;s
    foreign entity into functional currency (see Note 3.6).</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">Accumulated
losses include all current and prior period accumulated losses.</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">All
transactions with owners of the parent are recorded separately within equity.</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">Dividend
distributions payable to equity shareholders are included in other liabilities when the dividends have been approved in a general meeting
prior to the reporting date.</span></p>

</ix:nonNumeric><p id="xdx_850_zrIhQZ0zxj8g" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zLCNnX06a6P4" style="font: 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.
<span id="xdx_82C_zWeSki2nf3Yf">Significant management judgement in applying accounting policies and estimating uncertainty</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">The
following are the judgements made by management in applying the accounting policies of the Group that have the most significant effect
on these 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>

<p style="font: 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">Capitalisation
of internally developed software</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">Distinguishing
the research and development phases of a new customised software project and determining whether the recognition requirements for the
capitalisation of development costs are met, together with the allocation of time spent on these projects requires judgement. After capitalisation,
management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalised costs
may be impaired (see Note 3.12). Costs relating to maintaining current technology platforms are expensed in the period they are incurred.</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">Recognition
of deferred tax assets</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">The
extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be
available against which the deductible temporary differences and tax loss carry-forwards can be utilised. In addition, significant judgement
is required in assessing the impact of any legal or economic limits or uncertainties.</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">Research
and development tax incentives</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">Research
and development tax incentives are recognised when it is reasonable reliable the costs relating to the project can be determined. Refundable
research and development credits received from the research and development tax offset scheme are accounted for as a government grant
as per IAS 20. Consequently, a credit is been recognised in the same period necessary to match the benefits of the credit with the costs
for which it is intended to compensate. This credit has been presented as other income.</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>


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    <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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Asset
acquisition or business combination determination</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">Transactions
recognised as an asset acquisition have been determined on the basis they do not meet the definition of a business combination in accordance
with IAS 3 Business Combinations.</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">The
assets acquired and liabilities assumed are measured at their accounting book values at the acquisition date, and transitions costs were
included in the capitalized cost of the asset.</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">No
goodwill is recognised on the asset acquisition and no deferred taxes were recognize on the acquired assets and assumed liabilities,
as the recognition exceptions available under IAS 12 Income taxes was applied.</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>Estimating
uncertainty</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"><span style="text-decoration: underline">Impairment
of non-financial assets</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">Intangible
assets are reviewed for impairment whenever there is an indication that these assets may be impaired. This includes any capitalised internally
developed software that is not yet complete is not amortised. The Group considers the guidance of IAS 36 in assessing whether there is
any indication that an item of the above assets may be impaired.</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
assessment requires management&#8217;s judgement. If any such indication exists, the recoverable amount of the assets is estimated to
ascertain the amount of impairment loss. The recoverable amount is defined as the higher of the fair value less cost to sell and value
in use.</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">In
determining the value in use of assets, the Group applies a discounted cash flow model where the future cash flows derived from such
assets are discounted at an appropriate rate. Forecasts of future cash flow are estimated based on financial budgets and forecasts approved
by the management. Based on management&#8217;s assessment, there is no indication of impairment as at the end of the reporting period.</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">Contract
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">Recognised
amounts of contracted services and subscription revenues and their related receivables reflect management&#8217;s best estimate of each
contract&#8217;s outcome and stage of completion or delivery.</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">Useful
lives and residual values of depreciable assets</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">Management
reviews its estimate of the useful lives and residual values of depreciable assets at each reporting date, based on the expected utility
of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software
and IT equipment.</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">Leases
&#8211; determination of the appropriate discount rate to measure lease 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, the Group enters into leases with third-party landlords and as a consequence the rate implicit in the relevant lease is
not readily determinable. Therefore, the Group uses its incremental borrowing rate as the discount rate for determining its lease liabilities
at the lease commencement date. The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow over
similar terms which requires estimations when no observable rates are available.</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">Share
options and performance rights</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">The
Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the
date at which they are granted. The fair value is determined using an appropriate valuation model. The valuation basis and related assumptions
are detailed within Note 3.9.</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: 95; Value: 1 -->
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<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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfRevenueFromContractsWithCustomersExplanatory_zCZPUKN2lJqe" style="font: 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.
<span><span id="xdx_822_z3rcmlM47Mo2">Revenue</span></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>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory"><p id="xdx_89B_eifrs-full--DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory_zOSpw8Y5ypge" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<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_8B0_zWBtUPejKShe" style="display: none">Schedule of revenue disaggregate</span></span></p>

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<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="display: none; vertical-align: bottom">
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  <tr id="xdx_403_eifrs-full--RevenueFromContractsWithCustomers_zFenj7YDtrti" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<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="display: none; vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  </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">The
Group&#8217;s revenue disaggregated by primary geographical markets is 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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_404_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--GeographicalAreasAxis__custom--EuropesMember_z9oK9kApkag5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Europe</td><td>&#160;</td>
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  <tr id="xdx_403_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--GeographicalAreasAxis__custom--OtherCountriesMember_zgTRijE9dMXe" style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<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="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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<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%">
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<tr style="vertical-align: bottom">
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<p style="font: 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>

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<p style="font: 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>


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<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>

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  <tr id="xdx_406_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--TimingOfTransferOfGoodsOrServicesAxis__ifrs-full--GoodsOrServicesTransferredOverTimeMember_ztTBXhv659Nd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eifrs-full--RevenueFromContractsWithCustomers_zoa4S36W2d1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </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: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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  <tr id="xdx_408_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--TimingOfTransferOfGoodsOrServicesAxis__ifrs-full--GoodsOrServicesTransferredAtPointInTimeMember_zQvhpbFiGqUk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"><ix:nonFraction name="ifrs-full:RevenueFromContractsWithCustomers" contextRef="From2021-07-012022-06-30_custom_DirectMember_ifrs-full_GoodsOrServicesTransferredAtPointInTimeMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">62,920</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_407_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--TimingOfTransferOfGoodsOrServicesAxis__ifrs-full--GoodsOrServicesTransferredOverTimeMember_zNTBGp8Anc8" style="vertical-align: bottom; background-color: White">
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    <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:RevenueFromContractsWithCustomers" contextRef="From2021-07-012022-06-30_custom_PublishingMember_ifrs-full_GoodsOrServicesTransferredOverTimeMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">649,937</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_eifrs-full--RevenueFromContractsWithCustomers_zTdqdAPryQM5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt">Total</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<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="display: none; vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_405_eifrs-full--RevenueFromContractsWithCustomers_hifrs-full--TimingOfTransferOfGoodsOrServicesAxis__ifrs-full--GoodsOrServicesTransferredAtPointInTimeMember_zA6i8AECTu8a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 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></ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfOtherOperatingIncomeExplanatory_z70cMWlhlfsh" style="font: 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.
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<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>

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</ix:nonNumeric><p id="xdx_8A8_zvlycFhDIzla" 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: 97; Value: 1 -->
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<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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfEntitysReportableSegmentsExplanatory_zaUVgaS8F4j5" style="font: 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>7.<span id="xdx_821_zPSdHo9bgLxh">
Segment Reporting</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>

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    <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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<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%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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>
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  <tr id="xdx_40E_eifrs-full--Revenue_zIbaGyjoDY8i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_ecustom--TechnologyExpense_iN_pp0p0_di_zksVgu5c0Ycg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eifrs-full--EmployeeBenefitsExpense_iN_pp0p0_di_zzpAI0nBURgh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Employee benefit expense</td><td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--OccupancyExpense_iN_pp0p0_di_zPDSrL3bmM1b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eifrs-full--AdvertisingExpense_iN_pp0p0_di_zOeBQDmfPNub" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Advertising expense</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--ConsultancyExpense_iN_pp0p0_di_z8qnwpBCOK0i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eifrs-full--DepreciationAndAmortisationExpense_iN_pp0p0_di_zhlZY1qgqBj9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Depreciation and amortisation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="ifrs-full:DepreciationAndAmortisationExpense" contextRef="From2021-07-012022-06-30_custom_PublishingMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="AUD">256,021</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:DepreciationAndAmortisationExpense" contextRef="From2021-07-012022-06-30_custom_DirectMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="AUD">197,884</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_407_eifrs-full--ImpairmentLossOnFinancialAssets_iN_pp0p0_di_zErvc0VtNcDj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Impairment of financial assets</td><td>&#160;</td>
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  <tr id="xdx_40B_eifrs-full--OtherExpenseByNature_iN_pp0p0_di_zA8ZHaFM68a2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other expenses</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:OtherExpenseByNature" contextRef="From2021-07-012022-06-30_custom_PublishingMember" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="AUD">758</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left"></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <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></tr>
  <tr id="xdx_407_eifrs-full--ProfitLoss_pp0p0_zLxmP2nJqLA" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eifrs-full--Assets_iI_c20220630__ifrs-full--SegmentsAxis__custom--DirectMember_zOXSIFsZ6AV" style="font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:Assets" contextRef="AsOf2022-06-30_custom_DirectMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,069,196</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<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>

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    <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>
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<p style="font: 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: 98; Value: 1 -->
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<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">The
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as follows:</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>

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  <tr id="xdx_40C_eifrs-full--ResearchAndDevelopmentExpense_iN_pp0p0_di_zZuDRy3HV5Sk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Research and development costs</td><td>&#160;</td>
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<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="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <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>
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  <tr id="xdx_403_ecustom--DepositsAndPrepayments_iI_pp0p0_zw7FF8m58ufj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deposits and prepayments</td><td>&#160;</td>
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  <tr id="xdx_402_eifrs-full--PropertyPlantAndEquipment_iI_pp0p0_zmd5ADw60Y21" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Fixed assets</td><td>&#160;</td>
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  <tr id="xdx_40B_eifrs-full--RightofuseAssets_iI_pp0p0_zKaWNC2cjyQa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Right of use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-06-30_custom_ConsolidatedGroupMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="AUD">314,596</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--CapitalisedDevelopmentCosts_iI_pp0p0_zz7WnNgamOAg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Capitalised development costs</td><td>&#160;</td>
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  <tr id="xdx_403_eifrs-full--OtherAssets_iI_pp0p0_zYk4FG29cCC1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other assets</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:OtherAssets" contextRef="AsOf2023-06-30_custom_ConsolidatedGroupMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="AUD">286,598</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A7_zFXUd2Yv8oD8" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory"><p id="xdx_80C_eifrs-full--DisclosureOfFinanceIncomeExpenseExplanatory_z0Dtux8lCco1" style="font: 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>8.
<span id="xdx_820_zSDAIGApEknk">Other expenses and financial costs</span></b></span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfFinanceCostExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfFinanceCostExplanatory_zQRiB4YkPsM" 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_znlA5JN6WXv6" style="display: none">Schedule of other expenses and financial costs</span></span></span></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <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)">
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    <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>
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    <td style="text-align: left">Interest expense</td><td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--FinanceCosts_iNT_di_mtFCzu47_zfFALNcbq0Hc" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A5_z8KmpwYnHmbc" style="font: 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: 99; Value: 1 -->
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<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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfIncomeTaxExplanatory_zeLiY0qxgB1e" style="font: 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>9.
<span id="xdx_82B_zkUk44xtjcng">Tax expense</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>(a)
Tax expense</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">The
major component of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of Locafy
Limited as <span id="xdx_90E_eifrs-full--AverageEffectiveTaxRate_dp_c20220701__20230630_zAMO6r0Zv6Xd" title="Domestic tax rate percentage"><ix:nonFraction name="ifrs-full:AverageEffectiveTaxRate" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% (2022: <span id="xdx_903_eifrs-full--AverageEffectiveTaxRate_dp_c20210701__20220630_zqAVhXONdbZ5" title="Domestic tax rate percentage"><ix:nonFraction name="ifrs-full:AverageEffectiveTaxRate" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%) and the reported tax expense in profit and loss are as follows:</span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory"><p id="xdx_891_eifrs-full--DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_z7EdpL7zfQ2k" 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_znt8g1fxENo3" style="display: none">Schedule
of tax expense profit and loss</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20220701__20230630_zOFQWcrd6lQh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023<br /> A$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 52%; text-align: left">Loss before income tax</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_402_eifrs-full--AverageEffectiveTaxRate_dp_z6GHsyFNOe75" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Domestic tax rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AverageEffectiveTaxRate" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr id="xdx_400_eifrs-full--TaxExpenseIncomeAtApplicableTaxRate_zOviz0DHlebc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Expected tax expense/(benefit)</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: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">972,896</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</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: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">1,272,582</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</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: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" contextRef="From2020-07-012021-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">258,899</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Adjustment for tax-exempt income:</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_405_ecustom--DeclineInValueOfDepreciatingAssets_zo6j4o838eu4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_ecustom--ResearchDevelopmentTaxIncentive_zvBN7PCT5DEh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">-R&amp;D tax incentive</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LCFY:ResearchDevelopmentTaxIncentive" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">125,780</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="LCFY:OtherDeductibleExpenses" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">301,604</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Adjustment for non-deductible expenses:</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>
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    <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></tr>
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</ix:nonNumeric><p id="xdx_8A9_zkXWpuNosbu9" style="font: 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>(b)
Deferred tax assets and liabilities</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">As
at 30 June 2023, the Company had accumulated tax losses totaling A$<span id="xdx_90E_eifrs-full--TaxEffectOfTaxLosses_c20220701__20230630_zoLrRlv7aK43" title="Accumulated tax losses"><ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">31,508,456</ix:nonFraction></span> (2022: A$<span id="xdx_90D_eifrs-full--TaxEffectOfTaxLosses_c20210701__20220630_zfLoUpqFpose" title="Accumulated tax losses"><ix:nonFraction name="ifrs-full:TaxEffectOfTaxLosses" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">27,083,603</ix:nonFraction></span>). A deferred tax asset in relation
to the tax value of losses carried forward has not been recognised in the accounts as, presently, the Company does not expect to be in
a position to utilise these losses in the foreseeable future.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfTradeAndOtherReceivablesExplanatory_z1L8bSteimA9" style="font: 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>10.
<span id="xdx_82A_zIdkummrPnLj">Trade and other receivables</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>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfTradeAndOtherReceivablesTableExplanatory"><p id="xdx_895_ecustom--DisclosureOfTradeAndOtherReceivablesTableExplanatory_zyaKDNdvaWoi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
and other receivables consist of the following:</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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zSNTnF76lfUe" style="display: none">Schedule
of trade
and other receivables</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_ecustom--AllowanceForCreditLosses_iN_di_msTRzlis_zTZ4RCX7z0r7" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <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_ecustom--TradeReceivableResearchAndDevelopmentTaxIncentive_maORzj6E_z4Qcy0eQlSlc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Goods and services taxes</td><td>&#160;</td>
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  <tr id="xdx_406_eifrs-full--TradeAndOtherCurrentReceivablesDueFromRelatedParties_iI_maORzj6E_zvRrIOUhnu4e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AA_zC27BDOV2dhh" style="font: 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: 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 -->24<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
amounts are short term. The net carrying value of trade receivables is considered a reasonable approximation of fair value.</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">All
of the Group&#8217;s trade and other receivables have been reviewed for indicators of impairment by ascertaining the solvency of the
debtor and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the Group. The
allowance for credit loss in the year ended 30 June 2023 primarily relates to one customer where there is continuing dialogue between
the Company and that party to find a resolution. The balance takes into consideration increasing interest rates and other global economic
conditions that may affect the ability of our customers to pay their accounts in a timely manner.</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">The
current impairment provision applies the IFRS 9 expected loss model. The allowance in the comparative period was assessed as insignificant,
as the credit risk for trade receivables was negligible.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfOtherAssetsExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfOtherAssetsExplanatory_z5rILLNZoi59" style="font: 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>11.
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of other current assets</span></b></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A4_z2YdkEvndYO" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zwt09FjciEaa" style="font: 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>12.
<span id="xdx_82C_zmA0LjoDXkj2">Subsidiaries</span></b></span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory"><p id="xdx_890_eifrs-full--DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory_zMNuOkHski7d" 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_z9joejfR6dTa" style="display: none">Schedule
of subsidiaries</span></span></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="border-bottom: Black 1.5pt solid; font-weight: bold">Name of subsidiary</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AA_zX1ZvGt3g4te" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zG8W16o6Jiz5" style="font: 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>13.
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<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><p id="xdx_898_eifrs-full--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_zSdVCmP3ARxe" 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zuuoGcayDA1h" style="display: none">Schedule of property, plant and equipment</span></span></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>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Gross carrying amount</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_43A_c20210701__20220630_ecustom--PropertyPlantAndEquipmentCost_iS_z1vmiKL02egg" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt">Disposals</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_43B_c20210701__20220630_ecustom--AccumulateddepreciationPropertyPlantAndEquipment_iS_zSUbL8rsl5jk" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_ecustom--AccumulateddepreciationOfDisposalOfPropertyPlantAndEquipment_zoRxexMldSce" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_ecustom--AccumulateddepreciationOfDepreciationOfPropertyPlantAndEquipment_z4hs36gaXgIf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_435_c20210701__20220630_ecustom--AccumulateddepreciationPropertyPlantAndEquipment_iE_ztheKg8CrEmc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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_c20220630_eifrs-full--PropertyPlantAndEquipment_iI_zJHOJvJA4rpc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<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="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eifrs-full--DisposalsPropertyPlantAndEquipment_iN_di_zdSzoJZriMIa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_431_c20220701__20230630_ecustom--PropertyPlantAndEquipmentCost_iE_zSAqDhKxjNOl" style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_43B_c20220701__20230630_ecustom--AccumulateddepreciationPropertyPlantAndEquipment_iS_zF7KH9iDPMvj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_438_c20220701__20230630_ecustom--AccumulateddepreciationPropertyPlantAndEquipment_iS_zjsEkg9cbDxg" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <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>
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  <tr id="xdx_408_ecustom--AccumulateddepreciationOfDisposalOfPropertyPlantAndEquipment_zeoJq4xvz0n5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_ecustom--AccumulateddepreciationOfDepreciationOfPropertyPlantAndEquipment_z1AH04ZCtdYk" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_43A_c20220701__20230630_ecustom--AccumulateddepreciationPropertyPlantAndEquipment_iE_ziKZYKdGegZb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_432_c20220701__20230630_ecustom--AccumulateddepreciationPropertyPlantAndEquipment_iE_zqEeTpym7ric" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_43B_c20230630_eifrs-full--PropertyPlantAndEquipment_iI_zH27UVtgdps2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8AD_zJIQ8x5e2pag" style="font: 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>


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<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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_zagZ9fdZqsEc" style="font: 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>14.
<span id="xdx_823_zO2LPvyNwOl7">Right of use assets and lease liabilities</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Right
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<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfDetailedInformationAboutOfRightOfUseAssets"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutOfRightOfUseAssets_zYvsPSqtp0Ma" 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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B4_znYuvN23efoh" style="display: none">Schedule of right of use assets</span></b></span></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">
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<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="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_ecustom--RightofuseAssetsDisposalsOfAccumulatedAmortization_zMlXZO8muR9k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eifrs-full--DepreciationRightofuseAssets_iN_di_zgcp9VJfrThd" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_ecustom--RightofuseAssetsAccumulatedAmortization_iE_zYitFeA8bE15" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <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></tr>
  <tr id="xdx_43A_c20220701__20230630_eifrs-full--RightofuseAssets_iE_zIb7fcznv7L4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8AE_zN4sVURhnzaj" style="font: 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"></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>Lease
liabilities</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"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" continuedAt="ConU001434-01" escape="true" name="LCFY:DisclosureOfDetailedInformationAboutOperatingLeaseLiabilities"><p id="xdx_89A_ecustom--DisclosureOfDetailedInformationAboutOperatingLeaseLiabilities_gL3DODIAOLL-PWICXK_zawaUFOhIgOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
liabilities are presented in the consolidated statement of financial position 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zYMpd6JmOUT9" style="display: none">Schedule of operating lease liabilities</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_404_eifrs-full--CurrentLeaseLiabilities_iI_maLLzO3d_zR645Gbjhkrf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Current</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">85,165</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_408_eifrs-full--NoncurrentLeaseLiabilities_iI_maLLzO3d_zT7CPsYGNIK3" style="vertical-align: bottom; background-color: White">
    <td>Non-current</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="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">332,578</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="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">417,744</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eifrs-full--LeaseLiabilities_iTI_mtLLzO3d_zZQzmYi7ikAl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">417,743</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">450,416</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zeAqsNlRg5A1" style="font: 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">The
Company has a lease for office space. This lease is reflected in the consolidated financial statement of financial position as a right-of-use
asset and a lease liability. For the lease over the office space, the Company must keep this property in a good state of repair and return
the property in their original condition at the end of lease.</span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfDetailedOriginalConditionInEndLease"><p id="xdx_890_ecustom--DisclosureOfDetailedOriginalConditionInEndLease_zCbprP8M5Yve" 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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B7_z2h6Dve7Ny9g" style="display: none">Schedule of original condition in end lease</span></span></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">
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  </table>

</ix:nonNumeric><p id="xdx_8A1_zGjP9pJ2xct" style="font: 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 id="xdx_C09_gL3DODIAOLL-PWICXK_zp9lSzToAEM9"><ix:continuation continuedAt="ConU001434-02" id="ConU001434-01">The
lease liabilities are secured by the related underlying right of use assets. Future minimum lease payments at 30 June 2022 were as follows:</ix:continuation></span></span></p>

<div id="xdx_C01_gL3DODIAOLL-PWICXK_zKxBKEQqpGIl"><ix:continuation continuedAt="ConU001434-03" id="ConU001434-02"><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" id="xdx_30B_134_zSSJvq33fqtj" summary="xdx: Disclosure - Schedule of operating lease liabilities (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr id="xdx_400_ecustom--LeaseLiabilitiesClassifiedAsFinancingActivities_zV82pcbB0ea8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_ecustom--FinanceCharges_zrECLUb00lKi" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 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></b></span></p>


<ix:exclude><!-- Field: Page; Sequence: 102; Value: 1 -->
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<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></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>

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<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>

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<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>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--AdditionsOfIntangibleAssetsAndGoodwill_hifrs-full--ClassesOfIntangibleAssetsAndGoodwillAxis__custom--PatentMember_zfrrP0sBfJIi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<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>

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<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>

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  <tr id="xdx_402_eifrs-full--AmortisationIntangibleAssetsOtherThanGoodwill_iN_di_hifrs-full--ClassesOfIntangibleAssetsOtherThanGoodwillAxis__ifrs-full--CapitalisedDevelopmentExpenditureMember_zknI0GdRDLV4" style="vertical-align: bottom; background-color: White">
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<p style="font: 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%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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    were not achieved and, accordingly, the acquisition is that it is an asset acquisition. The details of the asset acquisition are
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<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"></span></p>

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

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<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>

<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: 100%">
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<p style="font: 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%">
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    acquisition. The details of the asset acquisition are as follows:</span></td></tr>
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<p style="font: 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 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">
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</ix:nonNumeric><p id="xdx_8AA_zKoVD37BdMWh" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zHOMr64rlTfc" style="font: 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>16.
<span id="xdx_827_zUDLyC3ElYdl">Trade and other payables</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>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfTradesAndOtherPayablesExplanatory"><p id="xdx_890_ecustom--DisclosureOfTradesAndOtherPayablesExplanatory_z3d7OZ4aVwLb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
and other payables consist of the following:</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zT1qVcRhmGNl" style="display: none">Schedule of trade payables</span> </span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_404_ecustom--TradePayables_iI_maTAOCPzNi5_zLu6tt23t4sb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 11%; text-align: right">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_407_ecustom--SundyPayables_iI_maTAOCPzNi5_zTNvhoaciPda" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sundry payables</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LCFY:SundyPayables" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,280,210</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_402_ecustom--DeferredConsiderationPayable_maTAOCPzNi5_zUurIlBkgk4i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Deferred consideration</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_407_eifrs-full--TradeAndOtherCurrentPayables_iTI_mtTAOCPzNi5_zBiMiFAiIYy4" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif">Trade and other payables</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 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: 0.25in"><span id="xdx_F0D_z6V3B8j5ZPj5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
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  </table>
</ix:nonNumeric><p id="xdx_8A1_zEBmtG7Kvv33" style="font: 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">All
amounts are short term. The carrying values of trade payables is considered to be a reasonable approximation of fair value.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfBorrowingsExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfBorrowingsExplanatory_ziLX2WDe5g37" style="font: 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>17.
<span id="xdx_822_zPU8332wXfOl">Borrowings</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>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory"><p id="xdx_89A_eifrs-full--DisclosureOfFinancialLiabilitiesExplanatory_zKF3IqRLTZU1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrowings
include the following financial liabilities:</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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zJooXcQgFJgb" style="display: none">Schedule
of financial liabilities</span></span></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">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Conversion of debt to equity</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Repayment of borrowings</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
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</ix:nonNumeric><p id="xdx_8A0_zDWv6ELYSQL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 104; Value: 1 -->
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<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 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfProvisionsExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfProvisionsExplanatory_zCh4fnxWcRRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.
<span id="xdx_826_za6B7VQFpGO">Provisions</span></b></span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory"><p id="xdx_89E_eifrs-full--DisclosureOfEmployeeBenefitsExplanatory_zX069cdEtpve" style="font: 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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_z2ukz8wlofs3" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Employee benefits</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--CurrentProvisionsForEmployeeBenefits_iI_maPFEBzrSI_maPFEBzdNf_z5vlrtIR2wd8" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eifrs-full--NoncurrentProvisionsForEmployeeBenefits_iI_maPFEBzrSI_maPFEBzdNf_zJVWBfqb1Z22" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Non-current</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="ifrs-full:NoncurrentProvisionsForEmployeeBenefits" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">48,271</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eifrs-full--ProvisionsForEmployeeBenefits_iTI_maPFEBzrSI_mtPFEBzdNf_zm5ptzRVIqef" style="vertical-align: bottom; background-color: White">
    <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-weight: bold">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A2_z9C9ziERGb85" style="font: 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>&#160;</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">The
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<p style="font: 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>
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<p style="font: 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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zk8rSvviEFLg" style="font: 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>19.
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<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfDetailedInformationAboutAccruedExpensesExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutAccruedExpensesExplanatory_zfYYdSL3ie4g" style="font: 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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zNSO0Qi3rc8c" style="display: none">Schedule
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    <td style="text-align: left">Accrued expenses</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Salaries payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zbXmgDYUR5yj" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory"><p id="xdx_800_eifrs-full--ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory_zPIz4lJ04o7l" style="font: 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>20.
<span id="xdx_825_zu5cjzHxqOZi">Contract liabilities</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>

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liabilities consist of the following:</span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfDetailedInformationAboutContractLiabilitiesExplanatory"><p id="xdx_898_ecustom--DisclosureOfDetailedInformationAboutContractLiabilitiesExplanatory_zZgeSrPLarM9" 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zsySd8JYAy69" style="display: none">Schedule
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zaSW4gEjJ7oa" style="margin-top: 0; margin-bottom: 0">&#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"></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>

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<p style="font: 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>



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<span id="xdx_82B_zT2uUrF76xjc">Share capital</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">The
share capital of Locafy Limited consists only of fully paid ordinary shares. All shares are equally eligible to receive dividends and
the repayment of capital and represent one vote at shareholders&#8217; meeting of the Company.</span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfDetailedInformationAboutShareCapitalExplanatory"><p id="xdx_893_ecustom--DisclosureOfDetailedInformationAboutShareCapitalExplanatory_zdmSemSPpc2d" 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 id="xdx_8B7_zDq2bR2iY323" style="display: none">Schedule of share capital</span></span></p>

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  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_ecustom--EquityBeginning_iS_zI95CJQuziX9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_ecustom--EquityBeginning_iS_zcaqIarX3T84" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<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 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_408_ecustom--IssueOfEquityForInitialPublicOffering_zG21HWdNaEf5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr id="xdx_409_ecustom--IssueOfEquityOnConversionOfConvertibleNotes_z9iNoGZUBji8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issues on conversion of convertible notes</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--NumberOfSharesIssuedOnConversionOfConvertibleNotes_c20220701__20230630_z1HGsSBMnM2e" title="Issues on conversion of convertible notes, shares" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1733">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_ecustom--IssueOfEquityConsolidationOfOrdinarySharesDueToReverseShareSplit_zWPInpgG5ZMa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Consolidation of ordinary shares due to Reverse Share Split</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--IssueOfEquityAtMarketOffering_z5FUPDXeHXtk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Share issue, At The Market Offering</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--EquityEnding_iE_ztOcyyxTU9jb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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<p style="font: 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>

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<p style="font: 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></b></span></p>

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    <td style="text-align: left; padding-bottom: 1.5pt">Closing balance at 30 June</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#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>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </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"></span>&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    currency translation reserve</ix:footnote></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">Exchange
differences relating to the translation of the results and net assets of the Group&#8217;s foreign operations from their functional currencies
to the Group&#8217;s presentation currency (ie Australian dollars) are recognised directly in other comprehensive income and accumulated
in the foreign currency translation reserve.</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: 0.25in"><span id="xdx_F01_zEaXiSOFrVN2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
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  </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">The
Company had issued share options to certain employees and suppliers. While these options have since expired unexercised, the value of
the options at the date of issue are accumulated in the share option reserve. In addition, the Company has issued Performance Rights
(refer to Note 30).</span></p>

</ix:nonNumeric><p id="xdx_8AB_zDRZnCLpzIO" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfAccumulatedLossesExplanatory"><p id="xdx_80C_ecustom--DisclosureOfAccumulatedLossesExplanatory_zsWRgkgOpyw3" style="font: 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>23.
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 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></b></span></p>

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<p style="font: 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></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"><b>&#160;</b></span></p>

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  <tr id="xdx_40D_ecustom--AdjustmentsForDecreaseIncreaseInProvisionsAndAccruals_i01_msWC2_zfvCFL3zcgq2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_ecustom--CashGeneratedFromOperations_i01T_mtWC2_maWC3_zlIyDslImc9g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Cash generated from operations</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A2_zQeT4947vLJh" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfEarningsPerShareExplanatory_zi2JhzPh2Qs6" style="font: 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>25.
<span id="xdx_823_z7F61mWwG1l8">Earnings per share</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">On
7 December 2022, our shareholders authorised at an extraordinary general shareholders&#8217; meeting, a one-for-twenty reverse share
split of our issued and outstanding ordinary shares (the &#8220;Reverse Share Split&#8221;). The number of ordinary shares following
the split are reflected in the calculation 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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
basic and diluted earnings per share have been calculating the profit attributable to shareholders of the parent company (Locafy Limited)
as the numerator, i.e. no adjustments to profit were necessary in 2023 or 2022.</span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:EarningsPerShareExplanatory"><p id="xdx_89C_eifrs-full--EarningsPerShareExplanatory_z1wCOW2N6dE3" 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 id="xdx_8B1_zYgEBXgRXCt9" style="display: none">Summary of basic and diluted earnings per share</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_494_20220701__20230630_zbNed73DbLqb" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49F_20210701__20220630_zwhnKd7ZczWh" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#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">Consolidated Group</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <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">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_eifrs-full--WeightedAverageShares_zvpxDo1TDfU4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Weighted average number of shares used in basic earnings per share</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageShares" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,053,920</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: 16%; text-align: right"><ix:nonFraction name="ifrs-full:WeightedAverageShares" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,031,238</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--AdjustedWeightedAverageShares_znsMZiSvNVa5" style="vertical-align: bottom; background-color: White">
    <td>Weighted average number of shares used in diluted earnings per share</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:AdjustedWeightedAverageShares" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,053,920</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:AdjustedWeightedAverageShares" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,031,238</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AD_zbawqn09Mrv2" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfContingentLiabilitiesExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfContingentLiabilitiesExplanatory_zVZNz63uQHye" style="font: 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>26.
<span id="xdx_82C_zItiAsXNgeSi">Contingent liabilities</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">There
were no contingent liabilities in both 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory"><p id="xdx_80E_eifrs-full--DisclosureOfFairValueOfFinancialInstrumentsExplanatory_zmuEsQVcfO5c" style="font: 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>27.
<span id="xdx_828_zQbhlIX9jEMk">Fair value of financial instruments</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>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory"><p id="xdx_893_eifrs-full--DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_z7uWm73nOmMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments comprise the following:</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_zmjYV4aV9BBe" style="display: none">Summary of fair value of financial instruments</span>&#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" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_490_20230630_zTyUdDaTvWdh" style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</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 id="xdx_496_20220630_zIrsPFiV3XZi" style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Consolidated Group</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td>&#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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</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>A$</b></span></p></td><td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_408_eifrs-full--CashAndCashEquivalents_iI_hifrs-full--CategoriesOfFinancialAssetsAxis__custom--FinancialAssetsLiabilitiesMember_maTFVOFzBbm_zwfveSIuDNqc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 51%; text-align: left">Cash and cash equivalents</td>
    <td style="width: 11%; text-align: center">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 15%; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-06-30_custom_FinancialAssetsLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">3,174,700</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: 15%; text-align: right"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-06-30_custom_FinancialAssetsLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">4,083,735</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eifrs-full--TradeAndOtherCurrentReceivables_iI_hifrs-full--CategoriesOfFinancialAssetsAxis__custom--FinancialAssetsLiabilitiesMember_maTFVOFzBbm_zmtabrRkVekh" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentReceivables" contextRef="AsOf2023-06-30_custom_FinancialAssetsLiabilitiesMember" id="Fact001943" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,288,513</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="AsOf2022-06-30_custom_FinancialAssetsLiabilitiesMember" id="Fact001944" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,203,249</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eifrs-full--ShorttermDepositsNotClassifiedAsCashEquivalents_iI_hifrs-full--CategoriesOfFinancialAssetsAxis__custom--FinancialAssetsLiabilitiesMember_maTFVOFzBbm_zJ2se7sVcnEj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Term deposits with financial institutions <span id="xdx_F44_zqopQr6JRhTf" style="display: none; font-family: Times New Roman, Times, Serif">(b)</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents" contextRef="AsOf2023-06-30_custom_FinancialAssetsLiabilitiesMember" id="Fact001946" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">69,942</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:ShorttermDepositsNotClassifiedAsCashEquivalents" contextRef="AsOf2022-06-30_custom_FinancialAssetsLiabilitiesMember" id="Fact001947" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">69,942</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eifrs-full--TradeAndOtherPayables_iNI_di_hifrs-full--CategoriesOfFinancialAssetsAxis__custom--FinancialAssetsLiabilitiesMember_msTFVOFzBbm_zftRD3Eswtug" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td>&#160;</td>
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    <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:Borrowings" contextRef="AsOf2022-06-30_custom_FinancialAssetsLiabilitiesMember" id="Fact001956" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">308,100</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  </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%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<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_zuK3HATLOOC2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
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  </table>
</ix:nonNumeric><p id="xdx_8A5_zBp8nBC0lqV9" style="font: 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></b></span></p>

<ix:exclude><!-- Field: Page; Sequence: 108; Value: 1 -->
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<p style="font: 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>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfFinancialInstrumentsRiskExplanatory"><p id="xdx_806_ecustom--DisclosureOfFinancialInstrumentsRiskExplanatory_zq4w7ajqZV4i" style="font: 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>28.
<span id="xdx_821_zvVCUselGOP3">Financial instruments risk</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"><b>&#160;</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"><b>Risk
management objective and policies</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"><b>&#160;</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">The
Company is exposed to various risks in relation to financial instruments.</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">Risk
management is carried out under the policies approved by the Company&#8217;s Audit and Risk Committee. The Committee identifies and evaluates
the risk and takes appropriate measures to minimize the risks. The nature and extent of such risks, and management&#8217;s risk management
strategy are noted 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>

<p style="font: 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>Market
risk analysis</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"><b>&#160;</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">The
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which result from both its operating and investing 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>

<p style="font: 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">Foreign
currency risk</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">The
Company&#8217;s functional and presentation currency is Australian Dollars (AUD). Exposures to currency exchange rates arise from the
Company&#8217;s overseas sales and purchases, which are primarily denominated in US dollars (USD).</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">To
mitigate the Company&#8217;s exposure to foreign currency risk, non-AUD cash flows are monitored in their respective currencies together
with movements in foreign currency exchange rates. The Company does not currently engage in any hedging 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:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfFinancialAssetsExplanatory"><p id="xdx_891_eifrs-full--DisclosureOfFinancialAssetsExplanatory_zba6Ug6fqnh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
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<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"><span id="xdx_8B8_zHWVr3c6NNQ" style="display: none">Summary of financial assets and liabilities</span>&#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>&#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">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">30 June 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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Financial assets</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_ecustom--FinancialAssetsLiabilities_iI_uUSD_c20230630__ifrs-full--AssetsAndLiabilitiesAxis__ifrs-full--FinancialAssetsMember_z8hMuI8JldS5" title="Financial asset (liabilities)" style="width: 16%; text-align: right"><ix:nonFraction name="LCFY:FinancialAssetsLiabilities" contextRef="AsOf2023-06-30_ifrs-full_FinancialAssetsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,013,159</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_ecustom--FinancialAssetsLiabilities_iI_uUSD_c20230630__ifrs-full--AssetsAndLiabilitiesAxis__ifrs-full--FinancialLiabilitiesMember_zFeLnXnvyxs6" title="Financial asset (liabilities)" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LCFY:FinancialAssetsLiabilities" contextRef="AsOf2023-06-30_ifrs-full_FinancialLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">980,270</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_985_ecustom--FinancialAssetsLiabilities_iI_c20230630__ifrs-full--AssetsAndLiabilitiesAxis__ifrs-full--FinancialLiabilitiesMember_z6oEVp9coQhh" title="Financial asset (liabilities)" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="LCFY:FinancialAssetsLiabilities" contextRef="AsOf2023-06-30_ifrs-full_FinancialLiabilitiesMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">2,246,647</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total exposure</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <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></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">30 June 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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total exposure</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zM048uSVGbK5" style="font: 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">The
following table illustrates the sensitivity of profit and equity in relation to the Company&#8217;s financial assets and financial liabilities
and the AUD:USD exchange rate &#8220;all other things being equal&#8221;. It assumes a +/- 10% change of the AUD:USD exchange rate for
the year ended 30 June 2023 (2022: 10%). The percentages have been determined based on the average market volatility in exchange rates
in the previous twelve months. The sensitivity analysis is based on the Company&#8217;s foreign currency financial instruments held at
each reporting date.</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>

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<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_8BD_zLoNnHjbgbud" style="display: none">Summary of profit and equity changes of foreign exchange rates</span>&#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">&#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">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 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">If
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<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="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A5_zZmxT2sWDVOi" style="font: 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">The
higher foreign currency exchange rate sensitivity in profit in 2023 compared with 2022 is attributable to an increase in USD denominated
cash and trade receivables.</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">&#160;</span></p>

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<p style="font: 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 style="text-decoration: underline">Interest
rate risk</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">The
Company&#8217;s cash and term deposits with financial institutions are impacted by interest rate risks. Other receivables and payables
have short maturities and are non-interest bearing. Management believes that the risk of interest rate movement would not have a material
impact on the Company&#8217;s operations.</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">The
Company is in the business of software development. Earning interest income is not the primary objective of the business, hence, management
does not closely monitor the movements in market interest rates as these do not have a material impact on the Company&#8217;s business
activities. The cash balances and term deposits are placed at the prevailing short term market interest rates with credit worthy financial
institutions.</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>

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<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: 100%">
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<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%">
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table illustrates the sensitivity of profit and equity in relation to the Company&#8217;s financial assets and financial liabilities
and interest rate movements &#8220;all other things being equal&#8221;. It assumes a +/- 1% change in interest rates for the year ended
30 June 2023 (2022: 1%).</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>

<ix:exclude><!-- Field: Page; Sequence: 110; Value: 1 -->
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<p style="font: 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>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfEffectOfChangesInInterestRatesExplanatory"><p id="xdx_89B_ecustom--DisclosureOfEffectOfChangesInInterestRatesExplanatory_zbBQ6Fjhej5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
interest rates had increased by 1% then this would have had the following impact:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BA_z1CwoNfR1EQb" style="display: none">Summary of profit and equity changes of interest rates</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; 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: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">A$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%">30 June 2023</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>30 June 2022</td><td>&#160;</td>
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<p style="font: 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">If
interest rates had decreased by 1% then this would have had the following impact:</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 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; font-weight: bold">Profit and equity for the year</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">A$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%">30 June 2023</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>30 June 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--ProfitAndEquityOfInterestRatesLoss_c20210701__20220630_zRy4k9wI3Ptd" title="Profit and equity of changes of interest rates loss" style="text-align: right">(<ix:nonFraction name="LCFY:ProfitAndEquityOfInterestRatesLoss" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="AUD">550</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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</ix:nonNumeric><p id="xdx_8A4_zkTr3fgsOyIb" style="font: 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>Credit
risk analysis</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"><b>&#160;</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">Credit
risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to credit risk from financial
assets including cash and cash equivalents held at banks, trade and other receivables.</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">Credit
risk management</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">The
credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and
are only with major reputable financial institutions.</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">Trade
receivables consist of a large number of customers in various industries and geographical areas. Sales are primarily monthly subscriptions
in nature and credit risk arising from trade debtors are mitigated by the Company&#8217;s ability to terminate the services provided
to the debtor.</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">Trade
receivables</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">The
Company applies the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do
not have a significant financing component.</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">In
measuring expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics.
They have been grouped broadly based on advertising, channel partners and direct to end user customer categories.</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">The
expected loss rates are based on the payment profile for sales over the past 12 months before 30 June 2023. The historical rates are
adjusted to reflect current and forward looking macroeconomic factors affecting the customer&#8217;s ability to settle the amount outstanding.
The Company has identified interest rates to be the most relevant factor and accordingly adjusts historical loss rates for expected changes
in this factor. However, given the short period of credit risk exposure, the impact of this macroeconomic factor has not been considered
significant within the reporting period.</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">Trade
receivables are written off (i.e derecognised) when there is no reasonable expectation of recovery. Failure to make payments within 180
days from the invoice due date and failure to engage with the Company on alternative payment arrangements amongst others are considered
indicators of no reasonable expectation of recovery.</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">On
the above basis, the expected credit loss for trade receivables as at 30 June 2023 was A$<span id="xdx_902_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iI_c20230630__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember_zjlH3jbAAZU2" title="Credit loss for trade receivables"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_TradeReceivablesMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">360,777</ix:nonFraction></span> (2022: $<span id="xdx_90B_eifrs-full--AllowanceAccountForCreditLossesOfFinancialAssets_iI_c20220630__ifrs-full--ClassesOfFinancialInstrumentsAxis__ifrs-full--TradeReceivablesMember_z1MAAdnXi5xf" title="Credit loss for trade receivables"><ix:nonFraction name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" contextRef="AsOf2022-06-30_ifrs-full_TradeReceivablesMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">369,844</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>

<p style="font: 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>Liquidity
risk analysis</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"><b>&#160;</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">Liquidity
risk is where the Company may be unable to meet its financial obligations as and when they fall due, generally due to a shortage of cleared
funds. The Company manages its liquidity risk through continuously monitoring its cleared funds position by utilising short term cash
budgets, considering expected cash flows from financial assets and liabilities, in particular its trade receivables and payables and
negotiating extended payment terms where possible. The Company&#8217;s existing cash resources and trade receivables exceed the current
cash outflow requirements.</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>

<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 -->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>

<p style="font: 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="From2022-07-01to2023-06-30" escape="true" name="LCFY:DisclosureOfContractualMaturityAnalysisExplanatory"><p id="xdx_89D_ecustom--DisclosureOfContractualMaturityAnalysisExplanatory_zjiHMCBubZ45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual maturity analysis of the Company&#8217;s financial instruments is noted below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B2_z4NMnEPC27Vg" style="display: none">Schedule
of contractual maturity analysis of financial instruments</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; 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: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><p style="font: 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>&#160;</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"><b>30 June 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Financial assets:</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_40F_ecustom--LiquidityRiskAnalysisOfFinancialAssets_iI_hifrs-full--TypesOfFinancialAssetsAxis__custom--CashAndCashEquivalentMember_zg6WOnv1kJcg" style="vertical-align: bottom; background-color: White">
    <td style="width: 46%; text-align: left">Cash and cash equivalents</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="LCFY:LiquidityRiskAnalysisOfFinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_NotLaterThanThreeMonthsMember_custom_CashAndCashEquivalentMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">3,174,700</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"><span style="-sec-ix-hidden: xdx2ixbrl2137">-</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: 14%; text-align: right"><ix:nonFraction name="LCFY:LiquidityRiskAnalysisOfFinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_CurrentMember_custom_CashAndCashEquivalentMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">3,174,700</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_ecustom--LiquidityRiskAnalysisOfFinancialAssets_iI_hifrs-full--TypesOfFinancialAssetsAxis__custom--TradeAndOtherReceivablesMember_zXxpXXEBLPD4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Trade and other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="LCFY:LiquidityRiskAnalysisOfFinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_NotLaterThanThreeMonthsMember_custom_TradeAndOtherReceivablesMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,288,513</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: xdx2ixbrl2141">-</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="LCFY:LiquidityRiskAnalysisOfFinancialAssets" contextRef="AsOf2023-06-30_ifrs-full_CurrentMember_custom_TradeAndOtherReceivablesMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,288,513</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--LiquidityRiskAnalysisOfFinancialAssets_iI_hifrs-full--TypesOfFinancialAssetsAxis__custom--TermDepositsMember_zRuiB7QZFpT1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Term deposits</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<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>

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    <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>
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</ix:nonNumeric><p id="xdx_8A4_zefJbtL0Islb" style="font: 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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory_z6BZpd3Q5x18" style="font: 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>29.
<span id="xdx_826_zeSNIffusDh1">Capital management policies</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"><b>&#160;</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">The
Company&#8217;s capital management objectives are:</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: 0.25in"><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">To
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  <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">To
    provide an adequate return to shareholders by pricing products and services in a way that reflects the level of risk involved in
    providing those goods and services.</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">Management
assesses the Company&#8217;s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive
leverage. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares,
convert debt to equity or sell assets to reduce debt.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfSharebasedPaymentArrangementsExplanatory_zXSrmtmvsNHe" style="font: 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>30.
<span id="xdx_822_zEocsJAmSBcb">Share-based payments</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"><b>&#160;</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"><b>Performance
Rights Plan</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"><b>&#160;</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">The
Company has a performance-based compensation scheme which allows select employees, contractors and consultants the right to acquire ordinary
shares in the Company upon the Company attaining certain milestones and performance targets (&#8220;Performance Right&#8221;). No amounts
are paid or payable by the recipient on receipt of the Performance Right or the shares (if issued). The Performance Rights carry neither
entitlement to dividends nor voting rights.</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">&#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>

<ix:exclude><!-- Field: Page; Sequence: 112; Value: 1 -->
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<p style="font: 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">Performance
Rights vesting conditions</span></span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory_zsKCHPRYd3ka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8BD_zwAg8N0SdAQ4" style="display: none">Summary of vesting conditions and expiry dates</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; margin: 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="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 19%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tranche</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: 61%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Vesting
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    <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: 16%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expiry
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  <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">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"><span id="xdx_903_eifrs-full--DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_c20220701__20230630__custom--VestingConditionAxis__custom--NewVestingConditionsMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--TrancheOneMember_zeTAxIu4hXb9" title="Vesting Conditions"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_NewVestingConditionsMember_custom_TrancheOneMember" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">Total
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 id="xdx_900_eifrs-full--DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_c20220701__20230630__custom--VestingConditionAxis__custom--NewVestingConditionsMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--TrancheTwoMember_z6vYspY31y4a" title="Vesting Conditions"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_NewVestingConditionsMember_custom_TrancheTwoMember" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">Total
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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--DateOfGrantOfSharebasedPaymentArrangement_c20220701__20230630__custom--VestingConditionAxis__custom--NewVestingConditionsMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--TrancheTwoMember_zWgkJEzFJMY9" title="Expiry Date"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_NewVestingConditionsMember_custom_TrancheTwoMember" name="ifrs-full:DateOfGrantOfSharebasedPaymentArrangement">30
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  <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">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_c20220701__20230630__custom--VestingConditionAxis__custom--NewVestingConditionsMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--TrancheThreeMember_zA4RJXALdan4" title="Vesting Conditions"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_NewVestingConditionsMember_custom_TrancheThreeMember" name="ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">Total
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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--DateOfGrantOfSharebasedPaymentArrangement_c20220701__20230630__custom--VestingConditionAxis__custom--NewVestingConditionsMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--TrancheThreeMember_ziou2OIRLO4d" title="Expiry Date"><ix:nonNumeric contextRef="From2022-07-012023-06-30_custom_NewVestingConditionsMember_custom_TrancheThreeMember" name="ifrs-full:DateOfGrantOfSharebasedPaymentArrangement">30
    June 2024</ix:nonNumeric></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A9_z6wehuAO12dc" style="font: 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">As
at 30 June 2023, none of the vesting conditions have been met.</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">Valuation
and recognition</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">The
liability for the performance rights is measured, initially and at the end of each reporting period until settled, at the full fair value
of the performance rights, taking into account the probability of the Company attaining the performance hurdles, the probability that
employees will remain eligible to retain the performance rights through continued service and the extent to which employees have rendered
services to date.</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">The
value of the Performance Rights within the Reserve at 30 June 2023 was $<span id="xdx_905_ecustom--PerformanceRightsLiability_iI_c20230630_zeKRIpHqOZM8"><ix:nonFraction name="LCFY:PerformanceRightsLiability" contextRef="AsOf2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">2,203,370</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: $<span id="xdx_901_ecustom--PerformanceRightsLiability_iI_c20220630_zBNsSKFW3te3"><ix:nonFraction name="LCFY:PerformanceRightsLiability" contextRef="AsOf2022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,054,776</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">).
The expense recognised for employee services received during the year was $<span id="xdx_90B_ecustom--EmployeeServiesRecognised_c20220701__20230630_zCw5ja29reo2"><ix:nonFraction name="LCFY:EmployeeServiesRecognised" contextRef="From2022-07-01to2023-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">460,603</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2022: $<span id="xdx_903_ecustom--EmployeeServiesRecognised_c20210701__20220630_zP1HTTAvsYF8"><ix:nonFraction name="LCFY:EmployeeServiesRecognised" contextRef="From2021-07-012022-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">291,029</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: justify"><span style="font-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">Movements
in Performance Rights during the year</span></span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><p id="xdx_895_eifrs-full--DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory_zfsvw1Ocxsr5" 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 id="xdx_8B7_zAC5y61yb7j4" style="display: none">Summary of performance rights movements</span></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="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<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>

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<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="vertical-align: bottom">
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  <tr id="xdx_406_eifrs-full--NumberOfOutstandingShareOptions_iS_uShares_zY29xNRNAEAk" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2270">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_uShares_zCMusTzHnWde" style="vertical-align: bottom; background-color: White">
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    <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: xdx2ixbrl2272">-</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"><span style="-sec-ix-hidden: xdx2ixbrl2273">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A1_zZ92OxY6df99" style="font: 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">On
7 December 2022, our shareholders authorised at an extraordinary general shareholders&#8217; meeting, a one-for-twenty reverse share
split of our issued and outstanding ordinary shares (the &#8220;Reverse Share Split&#8221;). Issued and outstanding performance rights
were split on the same basis. The number of performance rights following the split are reflected in the table above.</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></b></span></p>

<ix:exclude><!-- Field: Page; Sequence: 113; Value: 1 -->
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<p style="font: 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>&#160;</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"><b></b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfRelatedPartyExplanatory_zyjouwj0Jghk" style="font: 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>31.
<span id="xdx_822_zOz111teR4u5">Related party transactions</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"><b>&#160;</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 style="text-decoration: underline">Principles
of related party compensation</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">The
Company&#8217;s current remuneration structure is largely comprised of fixed remuneration and long-term performance-based incentives,
which we believe to be appropriate for a business of our size and nature. Locafy listed in March 2022 and is undertaking a continuous
improvement program to transition from its legacy executive remuneration framework that was in line with a venture capital structure
to that of a listed company. This will include a review of the framework to align executive remuneration with our reward principles,
strategy and best practice.</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">Directors&#8217;
remuneration</span></span></p>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:SummaryOfClassesOfEmployeeBenefitsExpensesTableTextBlock"><p id="xdx_89B_ecustom--SummaryOfClassesOfEmployeeBenefitsExpensesTableTextBlock_zxYBtRAHN313" 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 id="xdx_8B3_zYCsGCtw7uA1" style="display: none">Summary of employee benefits expense</span></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="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</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 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>Salary
&amp; fees</b></span></p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">benefits</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Super-</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">annuation</p></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Performance Rights</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">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 25%; text-align: left">Total directors</td><td style="width: 1%">&#160;</td>
    <td id="xdx_983_eifrs-full--WagesAndSalaries_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zBxo17d25a2c" title="Short term Salary &amp; fees" style="width: 8%; text-align: right"><ix:nonFraction name="ifrs-full:WagesAndSalaries" contextRef="From2022-07-012023-06-30_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">656,685</ix:nonFraction></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98C_eifrs-full--SocialSecurityContributions_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_z2iHSaRaCHif" title="Short term Cash bonus &amp; non-monetary benefits" style="width: 8%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl2284">-</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_98D_eifrs-full--OtherShorttermEmployeeBenefits_iN_di_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_fKDIp_z9SNPhvPENr6" title="Short term Annual leave accrual" style="width: 8%; text-align: right">(<ix:nonFraction name="ifrs-full:OtherShorttermEmployeeBenefits" contextRef="From2022-07-012023-06-30_custom_DirectorsMember" id="Fact002286" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">138,697</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_98F_eifrs-full--PostemploymentBenefitExpenseInProfitOrLoss_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_z2jUFZKaKpU4" title="Post-employment Super-annuation" style="width: 8%; text-align: right"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseInProfitOrLoss" contextRef="From2022-07-012023-06-30_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">60,295</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_989_eifrs-full--OtherLongtermBenefits_iN_di_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_fKDMp_zELIrXoQf026" title="Other long term Long service leave accrual" style="width: 8%; text-align: right">(<ix:nonFraction name="ifrs-full:OtherLongtermBenefits" contextRef="From2022-07-012023-06-30_custom_DirectorsMember" id="Fact002290" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">83,531</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_98C_eifrs-full--ExpenseFromSharebasedPaymentTransactionsWithEmployees_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_fKDEp_zmvy6yY0ayM1" title="Share-based payments Performance Rights" style="width: 8%; text-align: right"><ix:nonFraction name="ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees" contextRef="From2022-07-012023-06-30_custom_DirectorsMember" id="Fact002292" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">639,351</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_982_eifrs-full--EmployeeBenefitsExpense_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zVjmQXyQvspc" title="Total" style="width: 8%; text-align: right"><ix:nonFraction name="ifrs-full:EmployeeBenefitsExpense" contextRef="From2022-07-012023-06-30_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">1,134,103</ix:nonFraction></td><td style="width: 1%; 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">&#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; text-align: left"><span id="xdx_F08_zDo4APHBkKlk" 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_F1D_zYcF8IlTorrk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002295" xml:lang="en-US">The
    fair value of the performance rights is calculated in accordance with IFRS 2 Share-based Payments for non-market performance conditions.
    The value disclosed is the portion of the grant-date fair value of the performance rights recognised as an expense in each reporting
    period.</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; text-align: left">&#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: left"><span id="xdx_F0A_z1XvfBdyVXVc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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: 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: left"><span id="xdx_F0A_zzdW9h6ksJTc" 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_F11_zfn0R0d84g6f" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002297" xml:lang="en-US">In
    accordance with AASB 119 Employee benefits, long service leave is classified as other long-term employee benefits.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A7_zaM9TLQ7dQUb" style="font: 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">Performance
Rights held by Directors</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>

<ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="LCFY:SummaryOfPerformanceRightsHeldTableTextBlock"><p id="xdx_89F_ecustom--SummaryOfPerformanceRightsHeldTableTextBlock_zevOhELFtPYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement during the reporting period of Performance Rights over ordinary shares in Locafy Limited held, directly, indirectly or beneficially
by directors, including their related parties, is 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"><span id="xdx_8BD_zk8QPs8H43M2" style="display: none">Summary of performance rights held</span>&#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>&#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: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Held at July 1, 2022</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><sup>(1)</sup></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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Granted as compensation</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><sup>(2)</sup><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></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">Exercised</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">Lapsed</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">Forfeited</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">Other changes</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">Held at June 30, 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">Vested during the year</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"><p style="margin-top: 0; margin-bottom: 0">Vested and exercise-able at</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">June 30, 2023</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 10%; text-align: left">Total Directors</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_986_ecustom--PerformanceRightsHeldOutstanding_iS_uShares_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_fKDEp_zeEoXt9mP8o9" title="Performance Rights Held, Beginning Balance" style="width: 7%; text-align: right"><ix:nonFraction name="LCFY:PerformanceRightsHeldOutstanding" contextRef="AsOf2022-06-30_custom_DirectorsMember" id="Fact002301" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">96,357</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<p style="font: 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%">
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</ix:nonNumeric><p id="xdx_8A1_z8QXqytsi5Ol" style="font: 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>

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<p style="font: 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 style="text-decoration: underline">Shares
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<p style="font: 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="From2022-07-01to2023-06-30" escape="true" name="LCFY:SummaryOfSharesHeldTableTextBlock"><p id="xdx_894_ecustom--SummaryOfSharesHeldTableTextBlock_zHDxaRhZveOi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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directors, including their related parties, is 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 id="xdx_8B3_zxb0P2nK0epi" style="display: none">Summary of shares held</span></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>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>changes <sup>(2)</sup></b></span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; text-align: left">Total Directors</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_986_ecustom--SharesHeldOutstanding_iE_c20220701__20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zgIUatrw8uG6" title="Shares Held, Ending Balance" style="width: 12%; text-align: right"><ix:nonFraction name="LCFY:SharesHeldOutstanding" contextRef="AsOf2023-06-30_custom_DirectorsMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">286,328</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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<p style="font: 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: 0.25in"><span id="xdx_F08_zSb8JGAZqA0e" 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_F16_zMaMJ2Z72fC5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002334" xml:lang="en-US">On
    7 December 2022, our shareholders authorised at an extraordinary general shareholders&#8217; meeting, a one-for-twenty reverse share
    split of our issued and outstanding ordinary shares (the &#8220;Reverse Share Split&#8221;). Issued and outstanding shares were split
    on the same basis. The number of shares following the Reverse Share Split are reflected in the table above.</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">&#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 id="xdx_F0C_z6SZbhwdWQSj" 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_F15_zuo8xDIlMOwi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002335" xml:lang="en-US">Other
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</ix:nonNumeric><p id="xdx_8A8_zXnZXriiegeb" style="font: 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">Other
related party transactions</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">Mr.
Ranko Matic held the company secretary position for the period, 1 July 2022 to 6 September 2022 and was paid A$<span id="xdx_909_ecustom--OtherRelatedPartyTransactions_iI_c20230630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrRankoMaticMember_zRuvGVEOXaI8" title="Other related party transactions"><ix:nonFraction name="LCFY:OtherRelatedPartyTransactions" contextRef="AsOf2023-06-30_custom_MrRankoMaticMember" format="ixt:numdotdecimal" decimals="0" unitRef="AUD">6,000</ix:nonFraction></span> as a retainer for
those services during that period.</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><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zSheZSerr0P4" style="font: 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>32.
<span id="xdx_826_zZannHWwF0Hf">Events after the reporting date</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"><b>&#160;</b></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">&#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">On
    18 July 2023, the Company announced the signing of a new enterprise contract with a leading integrated marketing and advertising
    agency; primarily focused on the deployment of the Company&#8217;s Keystone product.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-01to2023-06-30" escape="true" name="ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfAuthorisationOfFinancialStatementsExplanatory_zholw0S7nONg" style="font: 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>33.
<span id="xdx_828_zDQSuKMglYR7">Authorisation of financial statements</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"><b>&#160;</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">The
consolidated financial statements for the year ended 30 June 2023 (including comparatives) were approved by the board of directors on
11 October 2023.</span></p>

</ix:nonNumeric><p id="xdx_81F_zyb2f0QConcb" style="font: 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%; 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: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="image_004.jpg" alt="" style="height: 33.75pt; width: 115.5pt" /></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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="image_005.jpg" alt="" style="height: 46.5pt; width: 28.5pt" /></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gavin
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Melvin
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  <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">Chief
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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<p style="font: 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></p>

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{"company-data": {"conformed-name": "Locafy Ltd", "cik": "0001875547", "assigned-sic": "7370", "irs-number": "000000000", "state-of-incorporation": "C3"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41333", "film-number": "231320865"}, "business-address": {"street1": "246A CHURCHILL AVENUE", "city": "SUBIACO WA", "state": "C3", "zip": "6008", "phone": "61 409 999 339"}, "mail-address": {"street1": "246A CHURCHILL AVENUE", "city": "SUBIACO WA", "state": "C3", "zip": "6008"}}
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
June 30
,
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:
001-41333
Locafy
Limited
(Exact
name of Registrant as specified in its charter)
Not
    applicable
Australia
(Translation
    of Registrant's name into English)
(Jurisdiction
    of incorporation or organization)
Locafy
Limited
246
Churchill Avenue
Subiaco
WA
6008
,
Australia
+61
409 999 339
(Address
of principal executive offices)
Gavin
Burnett
Locafy
Limited
246
Churchill Avenue
Subiaco
WA
6008
,
Australia
Tel:
+61
409 999 339
(Name,
Telephone, Email and/or Facsimile number 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
Ordinary
    Shares, no par value per share
LCFY
The
Nasdaq
Capital Market
Warrants
    to purchase Ordinary Shares
LCFYW
The
Nasdaq
Capital Market
Securities
registered or to be registered pursuant to Section 12(g) of the Act: 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 shell company report:
On
June 30, 2023, the issuer had
1,276,248
ordinary shares, no par value per share, outstanding.
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 electronically 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 and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth
company. See definition of "accelerated filer," "large 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 registrant has used to prepare the financial statements included in this filing:
U.S.
    GAAP
☐
International Financial Reporting Standards
as issued
Other
☐
by
    the International Accounting Standards Board
☒
If
"Other" has been checked in response to the previous question, indicate by check mark which 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 Exchange
Act). Yes ☐
No
☒
TABLE
OF CONTENTS
1
PART I
ITEM
    1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
5
ITEM
    2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
5
ITEM
    3.
KEY
    INFORMATION
5
ITEM
    4.
INFORMATION
    ON THE COMPANY
26
ITEM
    4A.
UNRESOLVED
    STAFF COMMENTS
36
ITEM
    5.
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
36
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
44
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
53
ITEM
    8.
FINANCIAL INFORMATION
54
ITEM
    9.
THE OFFER AND LISTING
55
ITEM
    10.
ADDITIONAL INFORMATION
56
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
69
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
69
PART II
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
70
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
70
ITEM
    15.
CONTROLS AND PROCEDURES
70
ITEM
    16.
[RESERVED]
71
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
71
ITEM
    16B.
CODE OF ETHICS
71
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
72
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
72
ITEM
    16E.
PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
72
ITEM
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
73
ITEM
    16G.
CORPORATE GOVERNANCE
73
ITEM
    16H.
MINE SAFETY DISCLOSURE
73
ITEM
    16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
73
ITEM
    16J.
INSIDER TRADING POLICIES
73
ITEM
    16K.
CYBERSECURITY
73
PART III
ITEM
    17.
FINANCIAL STATEMENTS
74
ITEM
    18.
FINANCIAL STATEMENTS
74
ITEM
    19.
EXHIBITS
74
SIGNATURES
76
2
BASIS
OF PRESENTATION
Except
as otherwise indicated, references in this Annual Report on Form 20-F ("Annual Report") to "Locafy," the "Company,"
the "Group," "we," "us" and "our" refer to Locafy Limited, a company incorporated under
the laws of Australia, and its directly owned subsidiary on a consolidated basis.
We
express all amounts in this Annual Report in U.S. dollars, except where otherwise indicated. References to "$" and "US$"
are to U.S. dollars and references to "A$" are to Australian dollars. Except as otherwise noted, conversions from Australian
dollars into U.S. Dollars were made at the rate of A$1.0000 to US$0.6630, which was the daily exchange rate published by the Reserve
Bank of Australia on June 30, 2023.
We
have made rounding adjustments to some of the figures included in this Annual Report. Accordingly, numerical figures shown as totals
in some tables may not be an arithmetic aggregation of the figures that preceded them.
On
December 7, 2022, our shareholders approved, at a general meeting of shareholders, a 1-for-20 reverse share split (the "Reverse
Share Split") of our outstanding ordinary shares and warrants (the "IPO Warrants") issued in connection with our initial
public offering in the United States, effective as of 11:00 a.m. (Australia time). Except as otherwise indicated, all share and per share
information in this Annual Report gives effect to the Reverse Share Split.
PRESENTATION
OF FINANCIAL INFORMATION
We
report under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board
("IASB"). None of the financial statements were prepared in accordance with generally accepted accounting principles in the
United States. We present our financial statements in Australian dollars.
The
consolidated financial statements and accompanying notes thereto presented in this Annual Report have been audited by Grant Thornton
Audit Pty Ltd, our independent registered public accounting firm.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Annual Report contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking
statements are contained principally in the sections entitled "Risk Factors", "Operating and Financial Review and Prospects",
"Business Overview" and "Business". Forward-looking statements can often be identified by the use of terminology
such as "subject to", "believe," "anticipate," "plan," "expect," "intend,"
"estimate," "project," "may," "will," "should," "would," "could,"
"can," the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. Forward-looking
statements are any statements that look to future events and include, but are not limited to, statements regarding our business strategy;
trends, opportunities and risks affecting our business, industry and financial results; future expansion or growth plans and potential
for future growth; our ability to attract new clients to purchase our solution; our strategy of expanding our business through strategic
acquisitions and to integrate such acquisitions with our business and personnel; our ability to retain customer base and induce them
to license additional products; our ability to accurately forecast future revenues and appropriately plan our expenses; market acceptance
of our solutions; our expectations regarding implementation of remedial measures; our expectations regarding future revenues generated
by our solutions; our ability to attract and retain qualified employees and key personnel; and the impact of the novel coronavirus (COVID-19)
endemic and its ongoing effects on our business, results of operations, cash flows, financial condition and liquidity.
Forward-looking
statements are neither historical facts nor assurances of future performance, and are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely
on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially
from those indicated in the forward-looking statements include, among others, the following:
3
●
our
    expenses, future revenues, capital requirements and our needs for financing;
●
our
    ability to successfully commercialize, develop, market or sell new products or adopt new technology platforms;
●
the
    possibility that our customers may not renew maintenance agreements or purchase additional professional services;
●
our
    ability to attract and retain qualified personnel;
●
our
    ability to adequately manage our growth;
●
our
    ability to maintain good relations with our partners;
●
our
    reliance on relationships with third parties;
●
our
    ability to adequately protect our intellectual property and proprietary rights;
●
our
    ability to regain and maintain compliance with continued listing requirements of The Nasdaq Capital Market's ("Nasdaq");
●
our
    ability to compete effectively;
●
the
    availability of suitable acquisition targets;
●
our
    ability to maintain effective internal controls; and
●
the
    other factors set forth under the heading "Risk Factors" of this Annual Report.
The
forward-looking statements contained in this Annual Report are based on current expectations, assumptions, and beliefs concerning future
developments and their potential effects on us. There can be no assurance that future developments will be those that have been assumed
or anticipated. These forward-looking statements are subject to a number of risks and uncertainties (some of which are beyond our control)
that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors".
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may
vary in material respects from those projected in these forward-looking statements. We may not actually achieve the plans, intentions
or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
The forward-looking statements contained in this Annual Report represent our expectations as of the date of this Annual Report (or as
the date they are otherwise stated to be made) and are subject to change after such date. However, we disclaim any intention or obligation
or undertaking to update or revise any forward-looking statements whether as a result of new information, future events or otherwise,
except as required under applicable securities laws.
4
PART
I
ITEM
    1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
A.
Directors and Senior Management
Not
applicable.
B.
Advisers
Not
applicable.
C.
Auditors
Not
applicable.
ITEM
    2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
    3.
KEY
    INFORMATION
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
5
D.
Risk Factors
RISK
FACTOR SUMMARY
Investing
in our securities is speculative and involves substantial risk. You should carefully consider all of the information in this Annual
Report prior to investing in our securities. There are numerous risk factors related to our business that are described under
"Risk Factors" on page 8 and elsewhere in this Annual Report. These risks could materially and adversely impact our
business, results of operations, financial condition and future prospects, which could cause the trading price of our ordinary
shares to decline and could result in a loss of your investment. Among these important risks are the following:
●
Our
    recent growth may not be indicative of our future growth, and we may not be able to sustain our revenue growth rate in the future.
    Our growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
●
The
    market and technology space in which we participate are competitive, new, and rapidly changing, and if we do not compete effectively,
    introduce new features or products successfully, make enhancements to our existing products and services, or if our products and
    services do not perform as well as our competitors', then our business, results of operations, and financial condition could
    be harmed.
●
We
    use third-party services and technologies in connection with our business, and any disruption to the provision of these services
    and technologies to us could result in negative publicity and a slowdown in the growth of our user base, which could materially and
    adversely affect our business, financial condition and results of operations.
●
If
    we fail to manage our growth effectively, we may be unable to execute our business plan or maintain high levels of service and customer
    satisfaction.
●
We
    will face additional risks as we offer new products and services, transact with a broader array of clients and counterparties, and
    expose ourselves to new geographical markets.
●
Real
    or perceived errors, failures, vulnerabilities, or bugs in our technology could harm our business, results of operations, financial
    condition, and our reputation could be harmed.
●
If
    there are interruptions or performance problems associated with the technology or infrastructure used to operate our technology,
    customers may experience service outages, other organizations may be reluctant to use our technology, and our reputation could be
    harmed.
●
We
    face cybersecurity risks that could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and
    restrictions on our use of data.
●
If
    we are unable to attract new users and organizations, our revenue growth and profitability will be harmed.
●
Any
    inability to deal with and manage our development and growth could have a material adverse effect on our business, operations, financial
    performance and prospects.
●
If
    we are not able to maintain and enhance our brand and increase market awareness of our company and products, our business, results
    of operations and financial condition may be adversely affected.
●
We
    cannot guarantee that our future monetization strategies will be successfully implemented or generate sustainable revenues and profit.
●
We
    have been reliant on government subsidies and research and development grants in the past and we cannot ensure that our existing
    capital will be sufficient to meet our capital requirements.
6
●
Compliance
    with the rapidly evolving landscape of global data privacy and security laws may be challenging, and any failure or perceived failure
    to comply with such laws, or other concerns about our practices or policies with respect to the processing of personal data, could
    damage our reputation and deter current and potential customers and end users from using our platform and products and services or
    subject us to significant compliance costs or penalties, which could materially and adversely affect our business, financial condition
    and results of operations.
●
We
    rely on key personnel and employees with the technical know-how to lead and operate our businesses.
●
If
    we fail to adequately protect our proprietary rights, our competitive position could be impaired and we may lose valuable assets,
    generate reduced revenue, and incur costly litigation to protect our rights.
●
Our
    results of operations may be harmed if we are subject to a protracted infringement claim, a claim that results in a significant damage
    award, a third-party infringement claim, or a claim that results in an injunction.
●
We
    may need additional capital, and financing may not be available on terms acceptable to us, or at all.
●
The
    COVID-19 endemic and its continuing effects have significantly impacted the global economy and markets and may continue to do so,
    which could adversely affect our business, financial condition and the trading price of our securities.
●
As
    a company primarily based outside of the United States, our business is subject to economic, political, regulatory and other risks
    associated with international operations.
●
The
    requirements of being a U.S. public company may strain our resources, divert management's attention and affect our ability
    to attract and retain qualified board members.
●
We
    are a "foreign private issuer" and may have disclosure obligations that are different from those of U.S. domestic reporting
    companies. As a foreign private issuer, we are subject to different U.S. securities laws and rules than a domestic U.S. issuer, which
    could limit the information publicly available to our shareholders.
●
We
    may lose our "foreign private issuer" status in the future, which could result in additional costs and expenses to us.
●
We
    are an "emerging growth company," and any decision on our part to comply only with certain reduced reporting and disclosure
    requirements applicable to emerging growth companies could make our ordinary shares less attractive to investors.
●
If
    we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our
    financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting,
    which would harm our business and the trading price of our ordinary shares.
●
Substantial
    future sales of our ordinary shares, or the perception that these sales could occur, may cause the price of our ordinary shares to
    drop significantly, even if our business is performing well.
●
We
    do not anticipate paying cash dividends and, accordingly, shareholders must rely on share appreciation for any return on their investment.
●
Our
    failure to meet the continued listing requirements Nasdaq could result in a delisting of our securities.
●
We
    are governed by the corporate laws of Australia, which in some cases have a different effect on shareholders than the corporate laws
    of the United States and may have the effect of delaying or preventing a change in control.
●
U.S.
    civil liabilities may not be enforceable against us, our directors, our officers or certain experts named in this Annual Report.
As
a result of these risks and other risks described under "Risk Factors," there is no guarantee that we will experience growth
or profitability in the future.
7
RISK
FACTORS
You
should consider carefully the following risk factors, as well as the other information in this Annual Report, including our financial
statements and notes thereto. If any of the following risks were to actually occur, our business, financial conditions, results of operations
and prospects could be materially adversely affected and the value of our securities could decline. The risks and uncertainties described
below in this Annual Report for the year ended June 30, 2023, are not the only risks facing us. We may face additional risks and uncertainties
not currently known to us or that we currently deem to be immaterial. This Annual Report also contains forward-looking statements that
involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements
as a result of a number of factors, including the risks described below. See "Cautionary Note Regarding Forward-Looking Statements."
Risks
Relating to our Business and Industry
Our
recent growth may not be indicative of our future growth, and we may not be able to sustain our revenue growth rate in the future. Our
growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
We
have experienced growth since the inception of our operations. Our revenue increased by 27.3% from year- end 2022 to year-end 2023. However,
you should not rely on the revenue growth of any prior quarterly or annual period as an indication of our future performance. We cannot
assure you that we will be able manage our growth at the same rate as we did in the past, or avoid any decline in the future. To maintain
our growth, we need to attract more customers, scale up our business and continue to improve our technology, among other things. Moreover,
our current and planned staffing, systems, policies, procedures and controls may not be adequate to support our future operations. To
effectively manage the expected growth of our operations and personnel, we will also be required to refine our operational, financial
and management controls and reporting systems and procedures. If we fail to efficiently manage the expansion of our business, our costs
and expenses may increase faster than we planned and we may not successfully attract a sufficient number of customers and end users in
a cost-effective manner, respond timely to competitive challenges, or otherwise execute our business strategies. Our growth requires
significant financial resources and will continue to place significant demands on our management. There is no guarantee that we will
be able to effectively manage any future growth in an efficient, cost-effective and timely manner, or at all. Our past growth is not
necessarily indicative of results that we may achieve in the future. If we fail to effectively manage the growth of our business and
operations, our reputation, results of operations and overall business and prospects could be negatively impacted.
The
market and technology space in which we participate are competitive, new, and rapidly changing, and if we do not compete effectively,
introduce new features or products successfully, make enhancements to our existing products and services, or if our products and services
do not perform as well as our competitors', then our business, results of operations, and financial condition could be harmed.
Our
market is subject to rapidly evolving products and technological change, and our future success depends on our technology. Products,
services and technologies developed by others may render our products, services or technology obsolete or non-competitive. To attract
new customers and end users and keep our existing ones engaged, we must introduce new products and services and upgrade our existing
offerings to meet their evolving preferences. It is difficult to predict the preferences of a particular customer or a specific group
of customers. Changes and upgrades to our existing products may not be well received by our customers and end users, and newly introduced
products or services may not achieve success as expected. Moreover, the functionality, reliability or security of our technology or our
ability to adequately maintain, develop, update or enhance our technology each depends on numerous factors, many of which are beyond
our control, and any failure in respect of any of the foregoing may cause the level of usage and customer satisfaction to decline. This
may result in reduced sales, loss of customers, damage to reputation, an inability to attract new clients and potential claims for breach
of contract or other litigation.
8
Our
future revenue and growth also depends on our ability to develop enhancements, new features and products, and services that utilize our
technology. Enhancements, new features and products, and services that we develop may not be introduced in a timely or cost-effective
manner, may contain errors or defects, may have interoperability difficulties with our platform or other products and services or may
not achieve the broad market acceptance necessary to generate significant revenue. The failure to successfully develop enhancements,
services, features, products or other new solutions may materially adversely impact our future operations and financial performance,
competitive position and business prospects.
Additionally,
the market for generative artificial intelligence ("AI"), including "chatbots", machine learning, and generative
AI workloads is an intensely competitive and rapidly evolving market, and our future financial performance may depend on our ability
to adapt to, and capture new spending, in this market. If more consumers utilize AI and AI-related technology to search for online content,
or if we do not successfully integrate AI with our solutions and products or integrate AI with our solutions as rapidly or effectively
as other competitors within our industry, search traffic volumes through traditional search engines may decline, and our solutions and
products may not compete as effectively with AI or other available solutions, which may in turn have a negative impact on our business
and financial condition.
We
use third-party services and technologies in connection with our business, and any disruption to the provision of these services and
technologies to us could result in negative publicity and a slowdown in the growth of our user base, which could materially and adversely
affect our business, financial condition and results of operations.
Our
business depends, in part, on services provided by, and relationships with, various third parties. For example, we rely on contracts
with third-party suppliers such as Cloudflare, Inc. ("Cloudfare"), which provides cloud hosting services. If these contracts
and services are terminated or suffer a disruption in the future and we are not able to replace or accommodate for those events in a
timely and cost-effective manner, our operations and financial performance, competitive position and business prospects may be adversely
impacted.
We
are faced with uncertainties related to our research and development.
Our
products and services are the subject of continuous research and development and must be continually and substantially developed in order
to gain and maintain competitive and technological advantage, and in order to meaningfully improve the usability, scalability and accuracy
of our products and services. There are no guarantees that we will be able to undertake such research and development successfully or
cost effectively. Failure to successfully undertake such research and development, anticipate technical problems, or estimate research
and development costs or timeframes accurately may adversely affect our results and viability.
We
may be unable to execute our business plans or maintain high levels of service and customer satisfaction, which may adversely affect
our business, operating results or financial condition.
To
continue to grow our business, it is important that existing customers renew their subscriptions when existing contracts expire and that
we expand our relationships with existing customers. Customers have no obligation to renew their subscriptions and may decide not to
renew their subscriptions with a similar contract period, at the same prices and terms, or at all. In the past, some of our customers
have elected not to continue to use our services. Any failure to maintain high-quality technical support, or a market perception that
we do not maintain high-quality technical support, could adversely affect client retention, our reputation, our ability to sell our applications
to existing and prospective clients, and, as a result, our business, operating results or financial condition. Our ability to retain
customers and expand deployments with them may decline or fluctuate as a result of a number of factors, including customer satisfaction,
functionality, reliability, customer support, prices, competitor prices, customer experience, new feature releases and overall performance
of our technology.
Further,
our solutions are inherently complex and may in the future contain, or develop, undetected defects or errors. Any defects in our platform
could adversely affect our reputation, impair our ability to sell our applications in the future and result in significant costs to us.
The costs incurred in correcting any platform defects may be substantial and could adversely affect our business, operating results or
financial condition.
Our
growth strategy is largely dependent upon increasing the number of customers that use our technology. As we seek to increase our sales,
we may face upfront sales costs and longer sales cycles, higher customer acquisition costs, more complex customer requirements and volume
discount requirements. We may also be required to enter into customized contractual arrangements with certain customers, particularly
large enterprises, pursuant to which we are required to offer more favorable pricing terms in exchange for larger total contract values
that accompany large deployments. As we continue to expand our sales efforts, we will need to continue to increase investment in sales
and marketing. There is no assurance that such investments will succeed and contribute to additional customer acquisition, and in turn
result in revenue growth.
9
There
can be no assurance that we will successfully commercialize our technology or our products and services or that existing product markets
will continue to grow or that new markets will develop. If we are unable to increase sales to customers, our business, financial condition,
operations and overall financial performance may suffer.
We
will face additional risks as we offer new products and services, transact with a broader array of clients and counterparties, and expose
ourselves to new geographical markets.
We
are committed to providing new products and services in order to strengthen our market position in the industries that we operate in.
We expect to expand our product and service offerings as permitted by relevant regulatory authorities, transact with new clients not
in our traditional client base, and enter into new markets. If we are unable to achieve the expected results with respect to our offering
of new products and services, our new client base, and in new geographical markets, our business, financial condition, and results of
operations could be materially and adversely affected.
We
may not be able to successfully identify, consummate or integrate acquisitions, and acquisitions may adversely affect our financial leverage.
Part
of our business strategy may, from time to time, include pursuing synergistic acquisitions. We have expanded, and plan to continue to
expand, our business by making strategic acquisitions and regularly seeking suitable acquisition targets to enhance our growth. In September
2022 and June 2023, we acquired technology assets from Jimmy Kelley Digital, a marketing firm headquartered in Austin, Texas. We may
fund such acquisitions using cash on hand or accessing the capital markets. To the extent we finance such acquisitions with debt, the
incurrence of such debt may result in a significant increase in our interest expense and financial leverage.
Further,
the pursuit of acquisitions may pose certain risks to us. We may not be able to identify acquisition candidates that fit our criteria
for growth and profitability. Even if we are able to identify such candidates, we may not be able to acquire them on terms or financing
satisfactory to us. We will incur expenses and dedicate attention and resources associated with the review of acquisition opportunities,
whether or not we consummate such acquisitions.
Additionally,
even if we are able to acquire suitable targets on agreeable terms, we may not be able to successfully integrate their operations with
ours. Achieving the anticipated benefits of any acquisition will depend in significant part upon whether we integrate such acquired businesses
and personnel, as the case may be, in an efficient and effective manner. We may not be able to achieve the anticipated operating and
cost synergies or long-term strategic benefits of our acquisitions within the anticipated timing or at all. For example, elimination
of duplicative costs may not be fully achieved or may take longer than anticipated. The benefits from any acquisition may be offset by
the costs incurred in integrating the businesses and operations. We may also assume liabilities in connection with acquisitions to which
we would not otherwise be exposed. An inability to realize any or all of the anticipated synergies or other benefits of an acquisition
as well as any delays that may be encountered in the integration process, which may delay the timing of such synergies or other benefits,
could have an adverse effect on our business, results of operations and financial condition.
Real
or perceived errors, failures, vulnerabilities, or bugs in our technology could harm our business, results of operations, financial condition,
and our reputation could be harmed
.
We
will need to ensure that our technology continues to be developed, updated and enhanced to add new features. The success of any enhancement
or new feature depends on several factors, including our understanding of market demand, timely execution, successful introduction or
integration and market acceptance. We may not successfully develop new content and features or enhance our technology to meet customer
needs or demands. In addition, new content and features or enhancements may not achieve adequate acceptance in the market.
10
Errors,
failures, vulnerabilities or bugs may occur in our technology, particularly when updates are deployed or new features or enhancements
are rolled out. In addition, utilization of our technology in complicated, large-scale customer environments may expose errors, failures,
vulnerabilities or bugs. Any such errors, failures, vulnerabilities or bugs may not be identified until after updates are deployed or
new features or enhancements are rolled out. As a provider of technology solutions, our brand and reputation are particularly sensitive
to such errors, failures, vulnerabilities or bugs given that our customers' proprietary information will be available through the
technology. Any unauthorized access to customers' proprietary information by third parties or loss in customer data could expose
us to significant liability.
Real
or perceived errors, failures, vulnerabilities or bugs in our technology could result in negative publicity, loss of competitive position,
loss of customer data, loss of or delay in market acceptance or claims for losses suffered or incurred by customers, all of which could
adversely impact our business and our future operations and financial performance, competitive position and business prospects.
If
there are interruptions or performance problems associated with the technology or infrastructure used to operate our technology, customers
may experience service outages, other organizations may be reluctant to use our technology, and our reputation could be harmed.
Our
technology is hosted through data centers provided by Cloudflare, a provider of cloud infrastructure services. Our operations therefore
depend on the virtual cloud infrastructure hosted by Cloudflare as well as the information stored in these virtual data centers and which
third-party Internet service providers transmit. Any incident affecting Cloudflare's infrastructure could negatively affect the
availability, functionality or reliability of our technology. A prolonged Cloudflare service disruption affecting our technology, or
Cloudflare no longer being willing to offer its cloud infrastructure services, for example, could damage our reputation, expose us to
liability, cause us to lose customers or otherwise adversely impact our business.
While
our agreement with Cloudflare is ongoing for an indefinite term and may be terminated by us for any reason upon the delivery of adequate
notice, or by either party if the other party is in material breach of the agreement and such agreement remains uncured for a period
of 30 days, Cloudflare may also terminate our agreement at its sole discretion at any time, with or without notice for any reason or
no reason at all. Cloudflare may also change or discontinue any of its virtual cloud infrastructure services from time to time, temporarily
suspend our right to access or use any portion of the virtual cloud infrastructure, and may modify our agreement at any time upon requisite
notice to us. While alternative cloud infrastructure services are available, we may incur significant costs and delays if we are required
to transition to a new service provider, and alternative cloud infrastructure providers may provide services on terms less favorable
to those offered by Cloudflare.
We
face cybersecurity risks that could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and restrictions
on our use of data.
Our
information systems and data, including those we maintain with our third-party service providers, may be subject to cybersecurity breaches
in the future. Computer programmers and hackers may be able to penetrate our network security and misappropriate, copy or pirate our
confidential information or that of third parties, create system disruptions or cause interruptions or shutdowns of our internal systems
and services. Our technology may become subject to denial-of-service attacks, where a website is bombarded with information requests
eventually causing the website to overload, resulting in a delay or disruption of service. Computer programmers and hackers also may
be able to develop and deploy viruses, worms and other malicious software programs that attack our products or otherwise exploit any
security vulnerabilities of our products. Certain of our employees have access to sensitive information about our clients' employees.
While we conduct background checks of our employees and limit access to systems and data, it is possible that one or more of these individuals
may circumvent these controls, resulting in a security breach.
There
is also a growing trend of advanced persistent threats being launched by organized and coordinated groups against corporate networks
to breach security for malicious purposes.
11
The
techniques used to obtain unauthorized, improper, or illegal access to our systems, our data or customers' data, disable or degrade
service, or sabotage systems are constantly evolving and have become increasingly complex and sophisticated, may be difficult to detect
quickly, and often are not recognized or detected until after they have been launched. Although we have developed systems and processes
designed to protect our data and customer data and to prevent data loss and other security breaches and expect to continue to expend
significant resources to bolster these protections, there can be no assurance that these security measures will provide absolute security.
Any actual or perceived breach of our security could damage our reputation, cause existing clients to discontinue the use of our solution,
prevent us from attracting new clients, or subject us to third-party lawsuits, regulatory fines or other actions or liabilities, any
of which could adversely affect our business, operating results or financial condition.
Disruptions
in the availability of our technology, through cyber-attacks or otherwise, could damage our computer or telecommunications systems, impact
our ability to service our customers, adversely affect our operations and the results of operations, and have an adverse effect on our
reputation. The costs to us to eliminate or alleviate security problems, bugs, viruses, worms, malicious software programs and security
vulnerabilities could be significant, and the efforts to address these problems could result in interruptions, delays, cessation of service
and loss of existing or potential customers and may impede our sales, distribution and other critical functions. We may also be subject
regulatory penalties and litigation by customers and other parties whose information has been compromised, all of which could have a
material adverse effect on our business, results of operations and cash flows.
If
we are unable to attract new users and organizations, our revenue growth and profitability will be harmed.
Our
ability to broaden our customer base and achieve broader market acceptance of our technology will depend to a significant extent on the
ability of our sales and marketing team to drive our sales pipeline and cultivate relationships to drive revenue growth.
We
have invested in, and plan to continue, expanding our sales and marketing activities. Identifying, recruiting, and training sales personnel
will require significant time, expense, and attention. We also plan to dedicate significant resources to sales and marketing programs.
If we are unable to hire, develop, and retain talented sales or marketing personnel, if our new sales or marketing personnel are unable
to achieve desired productivity levels in a reasonable period of time, or if our sales and marketing programs are not effective, our
ability to broaden our customer base and achieve broader market acceptance of our technology could be harmed. In addition, the investments
we make in our sales and marketing team will occur in advance of experiencing benefits from such investments, making it difficult to
determine in a timely manner if we are efficiently allocating resources in these areas.
If
we fail to offer a high-quality customer experience, our business and reputation will suffer.
Our
business model is based on recurring revenue arising from customers. A poor user experience may not necessarily be anticipated but may
affect the growth of customer numbers and repeat purchases or ongoing contracts for the use of our software services. Factors that may
contribute to poor customer experience include:
●
ease
    of setting up and commencing use of the products offered;
●
simplicity,
    functionality and reliability of customer usage; and
●
quality
    of services provided.
Poor
user experiences may result in a decline in the level of usage of our products, the loss of customers, adverse publicity, litigation
and regulatory investigations. If any of these occur, it may adversely impact our operations and financial performance, position and
prospects.
Any
inability to deal with and manage our development and growth could have a material adverse effect on our business, operations, financial
performance and business prospects.
Achievement
of our objectives will largely depend on the ability of the board of directors and management to successfully implement our development
and growth strategy. However, there can be no assurance that our board of directors and management will successfully implement our development
and growth strategy. Failure by our board of directors and management to properly implement and manage the strategic direction of the
Company and our business would adversely affect our financial performance.
12
As
we target rapid sales growth, this may bring challenges in recruiting sufficient qualified personnel to manage growth and maintain the
desired quality of service and support. If any of the foregoing inabilities or challenges occurs, our business may be adversely impacted.
Failure
to set optimal prices for our products could adversely impact our business, results of operations and financial condition.
We
derive substantially all of our revenue from license subscription fees earned from customers using our technology as well as from advertising
fees earned from customers publishing their content on our digital property network. We also offer tiered, volume-based discounts to
our largest customers and in some cases, customers are contracted to some level of minimum revenue commitment. If competitors introduce
new products or services at prices that are more competitive than ours for similar products and services, we may be unable to attract
new customers or retain existing customers based on our historical pricing. Further, as we expand internationally, we also must determine
the appropriate price to enable us to compete effectively internationally. As a result, in the future we may be required or choose to
reduce our prices or change our pricing model, which could adversely affect our business, results of operations and financial condition.
We
cannot guarantee that our future monetization strategies will be successfully implemented or generate sustainable revenues and profit.
We
have developed a diversified revenue model and plan to explore additional opportunities to monetize our customer base and technology
by, for example, promoting additional value-added services to end users to generate more subscription fees. If these efforts fail to
achieve our anticipated results, we may not be able to increase or maintain our revenue growth. Specifically, in order to increase the
number of our customers and end users and their levels of spending, we will need to address a number of challenges, including providing
consistent quality products and services; continuing to innovate and stay ahead of our competitors; and improving the effectiveness and
efficiency of our sales and marketing efforts. If we fail to address any of these challenges, we may not be successful in increasing
the number of our customers and end users and their expenditures with us, which could have a material adverse impact on our business,
financial condition and results of operations.
We
have been reliant on government subsidies and research and development grants in the past and we cannot ensure that our existing capital
will be sufficient to meet our capital requirements.
To
date, a substantial but declining portion of our operations have been funded through government subsidies and research and development
grants. Such subsidies and grants accounted for 8.9% and 14.5% of the sum of our revenue and other income (referred to herein as "total
income") for the years ended June 30, 2023 and June 30, 2022, respectively. We expect to generate revenues primarily through license
subscription fees from our customer-base and through the acquisition of additional online directories and databases to grow the number
of business profiles within our network and hence the opportunity to generate increased advertising revenues.
We
believe that our existing capital and other sources of liquidity will be sufficient to meet our capital requirements, however, the adequacy
of our available funds to meet our operating and capital requirements will depend on many factors, including our ability to achieve revenue
growth and maintain favorable operating margins; the cost, progress and results of our future research and product development; the effect
of competing technological and market developments; and costs incurred in enforcing and defending certain of the patents and other intellectual
property rights upon which our technologies are based, to the extent such rights are challenged.
We
cannot be certain that in the future alternative financing sources, including previously received government subsidies and research and
development grants, will be available to us at such times or in the amounts we need or whether we can negotiate commercially reasonable
terms or at all, or that our actual cash requirements will not be greater than anticipated. If we are unable to obtain future financing
through the methods we described above or through other means, our business may be materially impaired and we may be unable to complete
our business objectives and may be required to cease operations, curtail one or more product development or commercialization programs,
significantly reduce expenses, sell assets, seek a merger or joint venture partner, file for protection from creditors or liquidate all
our assets. Additionally, though we have engaged qualified external consultants to assist us with the preparation of our grant applications,
our government subsidies remain subject to review and potential audits, and we may be required to repay all or portion of the grant with
penalties, as applicable, if we are deemed ineligible for such subsidies following such audits.
13
If
we are not able to maintain and enhance our brand and increase market awareness of our company and products, our business, results of
operations and financial condition may be adversely affected.
We
believe that maintaining and enhancing the "Locafy" brand identity and increasing market awareness of our company and products,
is critical to achieving widespread acceptance of our platform, to strengthen our relationships with our existing customers and to our
ability to attract new customers. The successful promotion of our brand will depend largely on our continued marketing efforts, our ability
to continue to offer high quality products, and our ability to successfully differentiate our products and platform from competing products
and services. Our brand promotion activities may not be successful or yield increased revenue.
Negative
publicity about us, our products or our platform could materially and adversely impact our ability to attract and retain customers, our
business, results of operations and financial condition.
The
promotion of our brand also requires us to make substantial expenditures, and we anticipate that these expenditures will increase as
our market becomes more competitive and as we expand into new markets. To the extent that these activities increase revenue, this revenue
may not be enough to offset the increased expenses we incurred. If we do not successfully maintain and enhance our brand, our business
may not grow, our pricing power may be reduced relative to our competitors and we may lose customers, all of which would adversely affect
our business, results of operations and financial condition.
Compliance
with the rapidly evolving landscape of global data privacy and security laws may be challenging, and any failure or perceived failure
to comply with such laws, or other concerns about our practices or policies with respect to the processing of personal data, could damage
our reputation and deter current and potential customers and end users from using our platform and products and services or subject us
to significant compliance costs or penalties, which could materially and adversely affect our business, financial condition and results
of operations.
Failure
to comply with the increasing number of data protection laws in the jurisdictions in which we operate, as well as concerns about our
practices with regard to the collection, use, storage, retention, transfer, disclosure, and other processing of personal data, the security
of personal data, or other privacy-related matters, such as cybersecurity breaches, misuse of personal data and data sharing without
necessary safeguards, including concerns from our customers, employees and third parties with whom we conduct business, even if unfounded,
could damage our reputation and operating results. As we seek to expand our business, we are, and may increasingly become, subject to
various laws, regulations and standards, as well as contractual obligations, relating to data privacy and security in the jurisdictions
in which we operate. The regulatory and legal frameworks regarding data privacy and security issues in many jurisdictions are constantly
evolving and developing and can be subject to significant changes from time to time, including in ways that may result in conflicting
requirements among various jurisdictions. Interpretation and implementation standards and enforcement practices are similarly in a state
of flux and are likely to remain uncertain for the foreseeable future. As a result, we may not be able to comprehensively assess the
scope and extent of our compliance responsibility at a global level and we may fail to fully comply with the applicable data privacy
and security laws, regulations and standards. Moreover, these laws, regulations and standards may be interpreted and applied differently
over time and from jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may have a
material and adverse impact on our business, financial condition and results of operations.
In
certain jurisdictions in which we operate, stringent, extra-territorial data protection laws exist which increase our compliance burden
and the risk of scrutiny. For example, the General Data Protection Regulation (EU) 2016/679 ("GDPR"), which applies to the
collection, use, storage, retention, transfer, disclosure, and other processing of personal data obtained from individuals located in
the European Union ("EU") and in the United Kingdom ("UK") or by businesses operating within the EU or the UK,
became effective on May 25, 2018 and has resulted, and will continue to result, in significantly greater compliance burdens and costs
for companies with customers, end users, or operations in the EU. The GDPR, which in post-Brexit UK is known as the "UK GDPR,"
places stringent obligations and operational requirements on us as both a processor and controller of personal data and could make it
more difficult or more costly for us to use and share personal data. Under the GDPR, data protection supervisory authorities are given
various enforcement powers, including levying fines of up to 20 million Euros or up to 4% of an organization's annual worldwide
turnover, whichever is greater, for the preceding financial year, for non-compliance. Data subjects also have the right to be compensated
for damages suffered as a result of a controller or processor's non-compliance with the GDPR. While the GDPR provides a more harmonized
approach to data protection regulation across the EU member states and the UK, it also gives EU member states and the UK certain areas
of discretion and therefore laws and regulations in relation to certain data processing activities may differ on a member state by member
state basis, which could further limit our ability to use and share personal data and could require localized changes to our operating
model. In addition to the GDPR, the EU also has released a proposed Regulation on Privacy and Electronic Communications, or the ePrivacy
Regulation, to replace the EU's current Privacy and Electronic Communications Directive, or the ePrivacy Directive, to, among other
things, better align EU member states and the rules governing online tracking technologies and electronic communications, such as unsolicited
marketing and cookies, with the requirements of the GDPR. While the ePrivacy Regulation was originally intended to be adopted on May
25, 2018 (alongside the GDPR), it is currently going through the European legislative process, and commentators now expect it to be adopted
after 2024. The current draft of the ePrivacy Regulation significantly increases fining powers to the same levels as GDPR and may require
us to change our operational model and incur additional compliance expenses. Additional time and effort may need to be spent addressing
the new requirements in the potential ePrivacy Regulation as compared to the GDPR.
14
Under
the GDPR, restrictions are placed on transfers of personal data outside of the European Economic Area and the UK to countries which have
not been deemed "adequate" by the European Commission (including the United States). As a global business, with customers
and end users worldwide, we are susceptible to any changes in legal requirements affecting international data flows. On July 10, 2023,
the European Commission adopted its adequacy decision for the new EU-US Data Privacy Framework following the invalidation of its predecessor,
the EU-US Privacy Shield. This decision re-established a previously popular mechanism to legitimize cross-border transfers of personal
data between the EU and the U.S. The new Data Privacy Framework was immediately challenged in the EU courts, just as Privacy Shield was,
and it is unclear whether the new Framework will survive judicial review. While the invalidation of Privacy Shield did not invalidate
the use of standard contractual clauses, a second mechanism for making lawful cross-border transfers, the decision has called the validity
of standard contractual clauses into question under certain circumstances. In response, the European Data Protection Board and the UK
Information Commissioner's Office recently published new versions of the standard contractual clauses that purport to address the
CJEU's decision. Taken together, these recent legal developments have made the legality of transferring personal data from the
EU to the U.S. or various other jurisdictions outside of the EU more uncertain. Due to this evolving regulatory guidance, we may need
to invest in additional technical, legal and organization safeguards in the future to avoid disruptions to data flows within our business
and to and from our customers and service providers. Furthermore, this uncertainty, and its eventual resolution, may increase our costs
of compliance, impede our ability to transfer data and conduct our business, and harm our business or results of operations.
Outside
of the EU and UK, many jurisdictions have adopted or are adopting new data privacy and security laws, which may result in additional
expenses to us and increase the risk of non-compliance. For example, in the United States, various federal and state regulators, including
governmental agencies like the Federal Trade Commission, have adopted, or are considering adopting, laws and regulations concerning personal
data and data security. This patchwork of legislation and regulation may give rise to conflicts or differing views of personal privacy
rights. For example, certain state laws may be more stringent or broader in scope, or offer greater individual rights, with respect to
personal data than federal, international or other state laws, and such laws may differ from each other, all of which may complicate
compliance efforts. One such comprehensive privacy law in the United States is the California Consumer Privacy Act ("CCPA"),
which came into effect on January 1, 2020. Among other things, the CCPA requires companies that process information of California residents
to make new detailed disclosures to consumers about such companies' data collection, use and sharing practices, gives California
residents expanded rights to access and delete their personal information, and to opt out of certain personal information sharing with
(and sales of personal information to) third parties. The CCPA provides for civil penalties for violations, as well as a private right
of action for certain data breaches that result in the loss of personal data. This private right of action is expected to increase the
likelihood of, and risks associated with, data breach litigation. The CCPA was amended in September 2018, November 2019 and September
2020, and it is possible that further amendments will be enacted, but even in its current form it remains unclear how various provisions
of the CCPA will be interpreted and enforced. Additionally, a new privacy law, the California Privacy Rights Act ("CPRA"),
which took take effect in most material respects on January 1, 2023, modifies the California Consumer Privacy Act significantly, including
by expanding consumers' rights with respect to certain sensitive personal information and creating a new state agency to oversee
implementation and enforcement efforts, potentially resulting in further uncertainty and requiring us to incur additional costs and expenses
in an effort to comply. Other state privacy laws with similarities to the CCPA, such as the Colorado Privacy Act, the Utah Consumer Privacy
Act, and the Virginia Consumer Data Privacy Act, will come into force in 2023. Connecticut, Iowa, Indiana, Tennessee, Oregon, Montana
and Texas have each recently passed their own general consumer privacy laws, which will come into force in 2024 and 2025, and there have
been ongoing discussions and proposals in the U.S. Congress with respect to new federal data privacy and security laws to which we would
become subject if enacted. All of these evolving compliance and operational requirements impose significant costs that are likely to
increase over time, may require us to modify our data processing practices and policies, divert resources from other initiatives and
projects, and could restrict the way products and services involving data are offered, all of which may have a material and adverse impact
on our business, financial condition and results of operations.
15
In
addition to government regulation, privacy advocates and industry groups have and may in the future propose self-regulatory standards
from time to time. These and other industry standards may legally or contractually apply to us, or we may elect to comply with such standards.
We expect that there will continue to be new proposed laws and regulations concerning data privacy and security, and we cannot yet determine
the impact such future laws, regulations and standards may have on our business. New laws, amendments to or re-interpretations of existing
laws, regulations, standards and other obligations may require us to incur additional costs and restrict our business operations. For
example, there is an increasing trend of jurisdictions requiring data localization, which may prohibit companies from storing data relating
to resident individuals in data centers outside the relevant jurisdiction or, at a minimum, require a complete set of the data to be
stored in data centers within the relevant jurisdiction. Because the interpretation and application of laws, regulations, standards and
other obligations relating to data privacy and security are still uncertain, it is possible that these laws, regulations, standards and
other obligations may be interpreted and applied in a manner that is inconsistent with our data processing practices and policies or
the features of our products and services. If so, in addition to the possibility of fines, lawsuits, regulatory investigations, public
censure, other claims and penalties, and significant costs for remediation and damage to our reputation, we could be materially and adversely
affected if legislation or regulations are expanded to require changes in our data processing practices and policies or if governing
jurisdictions interpret or implement their legislation or regulations in ways that negatively impact our business, financial condition
and results of operations. Furthermore, the developing requirements relating to clear and prominent privacy notices (including in the
context of obtaining informed and specific consents to the collection and processing of personal data, where applicable) may potentially
deter end users from consenting to certain uses of their personal data. In general, negative publicity of us or our industry regarding
actual or perceived violations of our end users' privacy-related rights, including fines and enforcement actions against us or
other similarly placed businesses, also may impair users' trust in our privacy practices and make them reluctant to give their
consent to share their data with us. Any inability to adequately address data privacy or security-related concerns, even if unfounded,
or to comply with applicable laws, regulations, standards and other obligations relating to data privacy and security, could result in
additional cost and liability to us, harm our reputation and brand, damage our relationships with consumers and have a material and adverse
impact on our business, financial condition and results of operations.
With
regard to our commercial arrangements, we and our counterparties, including business partners and external service providers, might be
subject to contractual obligations regarding the processing of personal data. While we believe our and our counterparties' conduct
under these agreements is in material compliance with all applicable laws, regulations, standards, certifications and orders relating
to data privacy or security, we or our counterparties may fail, or be alleged to have failed, to be in full compliance. In the event
that our acts or omissions result in alleged or actual failure to comply with applicable laws, regulations, standards, certifications
and orders relating to data privacy or security, we may incur liability. While we endeavor to include indemnification provisions or other
protections in such agreements to mitigate liability and losses stemming from our counterparties' acts or omissions, we may not
always be able to negotiate for such protections and, even where we can, there is no guarantee that our counterparties will honor such
provisions or that such protections will cover the full scope of our liabilities and losses.
While
we strive to comply with our internal data privacy guidelines as well as all applicable data privacy and security laws and regulations,
and contractual obligations in respect of personal data, there is no assurance that we are able to comply with these laws, regulations
and contractual obligations in all respects. Any failure or perceived failure by us, external service providers or business partners
to comply may result in proceedings or actions against us, including fines and penalties or enforcement orders (including orders to cease
processing activities) being levied on us by government agencies or proceedings or actions against us by our business partners, customers
or end-users, including class action privacy litigation in certain jurisdictions, and could damage our reputation and discourage current
and future users from using our products and services, which could materially and adversely affect our business, financial condition
and results of operations. In addition, compliance with applicable laws on data privacy requires substantial expenditure and resources,
including to continually evaluate our policies and processes and adapt to new requirements that are or become applicable to us on a jurisdiction-by-jurisdiction
basis, which would impose significant burdens and costs on our operations or may require us to alter our business practices. Concerns
about the security of personal data also could lead to a decline in general Internet usage, which could result in a decrease in demand
for our products and services and have a material and adverse effect on our business, financial condition and results of operations.
Furthermore, if the local government authorities in our target markets require real-name registration for users of our platform, the
growth of our customer and end-user bases may slow down and our business, financial condition and results of operations may be adversely
affected.
16
We
rely on key personnel and employees with the technical know-how to lead and operate our businesses.
We
depend on the expertise, experience and efforts of our executive officers and other key employees. A failure to attract and retain executive,
business development, technical and other key personnel could reduce our revenues and operational effectiveness. There is a continuing
demand for relevant qualified personnel, and we believe that our future growth and success will depend upon our ability to attract, train
and retain such personnel.
Competition
for personnel in our industry is intense, and there is a limited number of persons with knowledge of, and experience in, this industry.
There can be no assurance that we will maintain sufficiently qualified personnel or hire additional qualified personnel on a timely basis,
or that we will be able to retain our key management personnel. An inability to attract or maintain a sufficient number of requisite
personnel, particularly those with the requisite technical expertise, could have a material adverse effect on our performance or on our
ability to capitalize on market opportunities or meet our stated objectives.
If
we fail to adequately protect our proprietary rights, our competitive position could be impaired and we may lose valuable assets, generate
reduced revenue, and incur costly litigation to protect our rights.
We
use intellectual property and technology developed in the course of our business. A substantial part of our commercial success will depend
on our ability to establish and protect our intellectual property to maintain our software source code.
A
component of the underlying technology on which our technology is built is patented in the United States (Patent Number US 9286274).
However, the granting of a patent does not guarantee validity since it may be revoked on the grounds of invalidity at any time during
its life and, at any point, an alleged infringer may assert that the patent is invalid. The granting of the patent also does not guarantee
that the patentee has freedom to operate the invention claimed in the patent because, for example, the working of a patented invention
may be prevented by the existence of another patent. In addition, there are limitations associated with patent protection and, generally
speaking, a patent issued in one jurisdiction will not prevent unauthorized exploitation of the invention in other jurisdictions.
Further
to the above, the commercial value of our intellectual property assets is dependent on any relevant legal protections. These legal mechanisms,
however, do not guarantee that the intellectual property will be protected or that our competitive position will be maintained. No assurance
can be given that employees or third parties will not, knowingly or unknowingly, breach confidentiality agreements, infringe or misappropriate
our intellectual property or commercially sensitive information or that competitors will not be able to produce non-infringing competitive
products. Competition in retaining and sustaining protection of technologies and the complex nature of technologies can lead to expensive
and lengthy disputes for which there can be no guaranteed outcome. There can be no assurance that any intellectual property which we
(or entities we deal with) may have an interest in now or in the future will afford us commercially significant protection of technologies
or that any of the projects that may arise from technologies will have commercial applications.
In
addition, there can be no assurance that we will implement adequate measures to protect our intellectual property. Failure in the measures
implemented to protect our intellectual property may result in an erosion of any potential competitive position. Additionally, securing
rights to (or developing) technologies complementing our existing intellectual property will also play an important part in our commercial
success. There is no guarantee that such rights can be secured or such technologies can be developed.
17
Our
results of operations may be harmed if we are subject to a protracted infringement claim, a claim that results in a significant damage
award, a third-party infringement claim, or a claim that results in an injunction.
There
is a risk that the validity, ownership or authorized use of intellectual property relevant to us and our technology may be successfully
challenged by third parties or that third parties may assert intellectual property infringement, unfair competition or like claims against
us under copyright, trade secret, patent or other laws. If a third party accuses us of infringing on its intellectual property rights
or if a third party commences litigation against us for the infringement of intellectual property rights, we may incur significant costs
in defending such action, whether or not it ultimately prevails. Typically, intellectual property litigation is expensive and may result
in the inability to use the intellectual property in question. While we are not aware of any claims of this nature in relation to any
of the intellectual property rights in which we have or will acquire an interest, such claims, if made, may harm, directly or indirectly,
our business and operations. Costs that we incur in defending third-party infringement actions may also include diversion of management's
and technical personnel's time and attention from normal commercial operations.
In
addition, parties making claims against us may be able to obtain injunctive or other equitable relief that could prevent us from further
using our technology and intellectual property or commercializing our products. In the event of a successful claim of infringement against
us, we may be required to pay damages and other costs and obtain one or more licenses from the prevailing third party. If we are not
able to obtain these licenses at a reasonable cost, if at all, it could encounter delays in commercializing our products or product introductions
and loss of substantial resources while we attempt to develop alternative products. Defense of any lawsuit or failure to obtain any of
these licenses could prevent us from commercializing available products and could cause us to incur substantial expense.
Any
of these events could adversely impact our business and our future operations and financial performance, position and prospects.
There
is substantial doubt about our ability to continue as a going concern.
Our
independent registered public accounting firm has issued an opinion on our consolidated financial statements included in this Annual
Report that states that there is substantial doubt in respect of the assumption that we will continue as a going concern. We have incurred
substantial operating losses and have used cash in our operating activities for the past few years. As of and for the year ended June
30, 2023, we had a net loss of A$3,891,586 and net cash used in operating activities of A$2,260,971. Our consolidated financial statements
do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable
to continue as a going concern. We also cannot be certain that additional financing, if needed, will be available on acceptable terms,
or at all, and our failure to raise capital when needed could limit our ability to continue our operations. There remains substantial
doubt about our ability to continue as a going concern for the next twelve months from the date the consolidated financial statements
were issued.
To
date, we have experienced negative cash flow from development of our technology, as well as from the costs associated with building a
sales force to market our product and services. Our ability to achieve or, if achieved, sustain profitability is based on numerous factors,
many of which are beyond our control, including the market acceptance of our products, competitive product development and our market
penetration and margins. If such factors become significant, we may never be able to generate sufficient revenue to achieve or,
if achieved, sustain profitability.
Because
of the numerous risks
and uncertainties associated with further development and commercialization of our technology and any future tests, we are unable to
predict the extent of any future losses or the exact timing of when we will become profitable, if ever. We may never become profitable,
and you may never receive a return on an investment in our securities. An investor in our securities must carefully consider the substantial
challenges, risks and uncertainties inherent in the development in our industry. We may never develop our technology and our business
may fail.
18
We
may need additional capital, and financing may not be available on terms acceptable to us, or at all.
Our
independent registered public accounting firm has issued an opinion on our consolidated financial statements included in this Annual
Report that states that there is substantial doubt in respect of the assumption that we will continue as a going concern, there is a
risk that we may need additional cash resources in the future to fund our growth plans or if we experience adverse changes in business
conditions or other developments. We may also need additional cash resources in the future if we find and wish to pursue opportunities
for new investments, acquisitions, capital expenditures or similar actions. If we determine that our cash requirements exceed the amount
of cash and cash equivalents we have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities.
We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all. The issuance and sale of additional
equity would result in further dilution to our shareholders. One or more new debt financings could subject us to any or all of the following
risks:
●
default
    and foreclosure on our assets if our operating revenue is insufficient to repay debt obligations;
●
acceleration
    of obligations to repay the indebtedness (or other outstanding indebtedness), even if we make all principal and interest payments
    when due, if we breach any covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation
    of that covenant;
●
our
    inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such
    financing while the debt security is outstanding;
●
diverting
    a substantial portion of cash flow to pay principal and interest on such debt, which would reduce the funds available for expenses,
    capital expenditures, acquisitions and other general corporate purposes; and
●
creating
    potential limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we
    operate.
The
occurrence of any of these risks could adversely affect our operations or financial condition.
The
market for our solutions among may be limited if prospective clients demand customized features and functions that we do not offer.
Prospective
clients may require customized features and functions unique to their business processes that we do not offer. In order to ensure we
meet these requirements, we may devote a significant amount of support and service resources to these prospective clients, increasing
the cost and time required to complete sales with no guarantee that these prospective clients will adopt our solution. Further, we may
not be successful in implementing any customized features or functions. If prospective clients require customized features or functions
that we do not offer, or that would be difficult for them to deploy themselves, the market for our solution will be more limited and
our business could be adversely affected.
Because
our long-term success depends, in part, on our ability to expand the sales of our products to clients located outside of Australia, our
business could be subject to risks associated with international operations.
Our
operations are conducted primarily in Australia. An element of our growth strategy is to expand our operations and client base. If we
decide to expand our operations into other international markets, it will require significant resources and management attention and
may subject us to various regulatory, economic and political risks. Because of our lack of experience with international operations,
we cannot ensure that our international expansion efforts will be successful, and the impact of such expansion efforts may adversely
affect our business, operating results or financial condition.
The
COVID-19 endemic and its continuing effects have significantly impacted the global economy and markets and may continue to do so, which
could adversely affect our business, financial condition and the trading price of our securities.
In
May 2023, the World Health Organization determined that COVID-19 no longer fit the definition of a public health emergency. COVID-19
is expected to remain a serious endemic threat for an indefinite future period and may continue to adversely affect the global economy,
including as related but not limited to, supply chain issues and supply shortages, volatile market conditions and rising global inflation,
which in turn could adversely affect our ability to obtain future debt or equity financing or affect the trading price of our securities,
among others. It is difficult to determine the extent of the economic and market impacts from COVID-19 and its continuing effects, and
the many ways in which they may negatively affect our business, the trading price of our securities or on our future results of operations
and financial condition.
19
As
a company primarily based outside of the United States, our business is subject to economic, political, regulatory and other risks associated
with international operations.
As
a company with substantial operations in Australia, our business is subject to risks associated with conducting business outside the
United States. Many of our suppliers are located outside the United States. Accordingly, our future results could be harmed by a variety
of factors, including:
●
economic
    weakness, including inflation, or political instability in particular non-U.S. economies and markets;
●
differing
    jurisdictions could present different issues for securing, maintaining or obtaining freedom to operate in such jurisdictions;
●
potentially
    reduced protection for intellectual property rights;
●
difficulties
    in compliance with different, complex and changing laws, regulations and court systems of multiple jurisdictions and compliance with
    a wide variety of foreign laws, treaties and regulations;
●
changes
    in non-U.S. regulations and customs, tariffs and trade barriers;
●
changes
    in non-U.S. currency exchange rates, Australian dollar, U.S. dollar, and currency controls;
●
changes
    in a specific country's or region's political or economic environment;
●
trade
    protection measures, import or export licensing requirements or other restrictive actions by governments;
●
negative
    consequences from changes in tax laws; and
●
business
    interruptions resulting from geo-political actions, including war and terrorism, health epidemics, or natural disasters including
    earthquakes, typhoons, floods and fires.
Risks
Related to Our Securities
The
market price of our securities may be volatile, which could result in substantial losses.
Securities
markets worldwide have experienced, and are likely to continue to experience, significant price and volume fluctuations. This market
volatility, as well as general economic, market or political conditions, could subject the market price of our securities to wide price
fluctuations regardless of our operating performance. Some of the factors that may cause the market price of our securities to fluctuate
include:
●
price
    and volume fluctuations in the global stock markets from time to time;
●
changes
    in operating performance and stock market valuations of other companies in our industry;
●
sales
    of our ordinary shares by us or any significant shareholder;
●
failure
    of securities analysts and credit rating agencies to initiate or maintain coverage of us, changes in financial estimates by securities
    analysts and credit rating agencies who follow us, or our failure to meet these estimates or the expectations of investors;
●
the
    financial projections we may provide to the public (in the event we decide to provide any such projections), any changes in those
    projections or our failure to meet those projections;
●
rumors
    and market speculation involving us or other companies in our industry;
●
actual
    or anticipated changes in our results of operations or fluctuations in our results of operations;
●
litigation
    involving us, our industry or both, or investigations by regulators into our operations or those of our competitors;
●
announced
    or completed acquisitions of businesses or technologies by us or our competitors;
20
●
new
    laws or regulations or new interpretations of existing laws or regulations applicable to our business;
●
changes
    in tax laws and regulations as well as accounting standards, policies, guidelines, interpretations or principles;
●
any
    significant change in our management team;
●
general
    economic conditions and slow or negative growth of our markets; and
●
other
    risk factors described in this section of this Annual Report.
In
addition, stock markets have historically experienced substantial price and volume fluctuations. Broad market and industry factors may
harm the market price of our securities. Hence, the market price of our securities could fluctuate based upon factors that have little
or nothing to do with us, and these fluctuations could materially reduce the market price of our securities regardless of our operating
performance. In the past, following periods of volatility in the market price of a company's securities, securities class action
litigation has been instituted against that company. If we were involved in any similar litigation, we could incur substantial costs,
our management's attention and resources could be diverted and it could harm our business, operating results and financial condition.
The
requirements of being a U.S. public company may strain our resources, divert management's attention and affect our ability to attract
and retain qualified board members.
Our
ordinary shares and warrants are listed on Nasdaq. As a U.S. public company, we are subject to the reporting requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). In addition, we are subject to other reporting and corporate governance
requirements, including certain requirements of Nasdaq and certain provisions of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"),
which imposes significant compliance obligations upon us. We are also required to ensure that we have the ability to prepare financial
statements that are fully compliant with all applicable reporting requirements on a timely basis. Compliance with these rules and regulations
will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand
on our systems and resources. The Exchange Act requires, among other things, that we file annual reports with respect to our business
and operating results. Sarbanes-Oxley, as well as rules subsequently implemented by the Securities and Exchange Commission (the "SEC")
and Nasdaq, have imposed increased regulation and disclosure and require enhanced corporate governance practices of public companies.
Our efforts to comply with evolving corporate governance laws, regulations and standards are likely to result in increased administrative
expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. These
changes will require a significant commitment of additional resources. We may need to hire more employees in the future to comply with
these requirements, which will increase our costs and expenses.
We
may not be successful in implementing these requirements and implementing them could materially adversely affect our business. In addition,
if we fail to implement the requirements with respect to our internal accounting and audit functions, our ability to report our operating
results on a timely and accurate basis could be impaired. If we do not implement such requirements in a timely manner or with adequate
compliance, we might be subject to sanctions or investigations by regulatory authorities, such as the SEC or Nasdaq. Any such action
could harm our reputation and the confidence of investors, customers and other third parties with whom we do business and could materially
adversely affect our business and cause the trading price of our ordinary shares to fall.
In
addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs and making some activities more time consuming. These laws, regulations
and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application
in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to
invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative
expenses. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing
bodies due to ambiguities related to practice, regulatory authorities may initiate legal proceedings against us and our business may
be harmed.
Being
a U.S. public company and adhering to these new rules and regulations makes it more expensive for us to obtain director and officer liability
insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could
also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our Audit
and Risk Committee, and qualified executive officers.
21
We
are a "foreign private issuer" and may have disclosure obligations that are different from those of U.S. domestic reporting
companies. As a foreign private issuer, we are subject to different U.S. securities laws and rules than a domestic U.S. issuer, which
could limit the information publicly available to our shareholders.
As
a "foreign private issuer," we are subject to reporting obligations that, in certain respects, are less detailed and less
frequent than those of U.S. domestic reporting companies. For example, we are not required to issue quarterly reports, proxy statements
that comply with the requirements applicable to U.S. domestic reporting companies, or individual executive compensation information that
is as detailed as that required of U.S. domestic reporting companies. We will also have four months after the end of each fiscal year
to file our annual reports with the SEC and will not be required to file current reports as frequently or promptly as U.S. domestic reporting
companies. Furthermore, our officers, directors and principal shareholders are exempt from the insider reporting and short-swing profit
recovery requirements in Section 16 of the Exchange Act. Accordingly, our shareholders may not know on as timely a basis when our officers,
directors and principal shareholders purchase or sell their ordinary shares, as the reporting deadlines under the corresponding Australian
insider reporting requirements are not applicable. As a foreign private issuer, we are also exempt from the requirements of Regulation
FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about
an issuer before other investors. As a result of such varied reporting obligations, shareholders should not expect to receive the same
information at the same time as information provided by U.S. domestic companies.
In
addition, as a foreign private issuer, we have the option to follow certain Australian corporate governance practices rather than those
of the United States, except to the extent that such laws would be contrary to U.S. securities laws, provided that we disclose the requirements
we are not following and describe the Australian practices we follow instead. As a result, our shareholders may not have the same protections
afforded to shareholders of companies that are subject to all domestic U.S. corporate governance requirements.
We
may lose our "foreign private issuer" status in the future, which could result in additional costs and expenses to us.
We
are a "foreign private issuer," as such term is defined in Rule 405 under the Securities Act of 1933, as amended (the "Securities
Act"), and are not subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. We may in the future
lose foreign private issuer status if a majority of our ordinary shares are held in the United States and we fail to meet the additional
requirements necessary to avoid loss of foreign private issuer status, such as if: (i) a majority of our directors or executive officers
are U.S. citizens or residents; (ii) a majority of our assets are located in the United States; or (iii) our business is administered
principally in the United States. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer would
be significantly more than the costs incurred as an Australian foreign private issuer. If we are not a foreign private issuer, we would
be required to file periodic and current reports and registration statements on U.S. domestic issuer forms with the SEC, which are generally
more detailed and extensive than the forms available to a foreign private issuer. In addition, we may lose the ability to rely upon exemptions
from corporate governance requirements that are available to foreign private issuers.
We
are an "emerging growth company," and any decision on our part to comply only with certain reduced reporting and disclosure
requirements applicable to emerging growth companies could make our ordinary shares less attractive to investors.
We
are an "emerging growth company," as defined in Section 2(a) of the Securities Act. For as long as we continue to be an "emerging
growth company," we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies
that are not "emerging growth companies," including, but not limited to, not being required to have our independent registered
public accounting firm audit our internal control over financial reporting under Section 404, reduced disclosure obligations regarding
executive compensation in our periodic reports and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved. We could be an "emerging growth
company" until the fifth anniversary of the fiscal year end date following the completion of our initial public offering in March
2022, however, our status would change more quickly if we have more than $1.235 billion in annual revenue, if the market value of our
ordinary shares held by non-affiliates equals or exceeds $700 million as of June 30 of any year, or we issue more than $1.0 billion of
non-convertible debt over a three-year period before the end of that period.
22
Investors
could find our ordinary shares less attractive if we choose to rely on these exemptions. If some investors find our ordinary shares less
attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our ordinary shares
and our share price may be more volatile.
If
we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial
results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm
our business and the trading price of our ordinary shares.
Effective
internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure
controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered
in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection
with Section 404 or any subsequent testing by our independent registered public accounting firm, may reveal deficiencies in our internal
controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to
our financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors
to lose confidence in our reported financial information, which could have a negative effect on the trading price of our ordinary shares.
Prior
to our initial public offering in March 2022, we were a private company with limited accounting personnel and other resources with which
to address our internal controls and procedures. Our independent registered public accounting firm has not conducted an audit of our
internal control over financial reporting. However, in preparing our consolidated financial statements as of and for the years ended
June 30, 2023 and 2022, we identified material weaknesses in our internal control over financial reporting. As a result of lacking an
effective accounting review process, material adjustments were made to the financial statements for the last two fiscal years in order
to be in conformity with International Financial Reporting Standards. We also identified a significant deficiency relating to insufficient
written policies and procedures for accounting and financial reporting which led to inadequate financial statement closing process. To
remediate our material weaknesses, we expect to incur substantially more additional costs for addressing our material weaknesses and
deficiencies. Our remedial measures will include: (a) hiring qualified internal control personnel, including financial and IT personnel,
to manage the implementation of internal control policies, procedures and improvement of the internal audit function, system user access,
security management and data protection, as applicable; (b) developing and implementing written policies and procedures for accounting
and financial reporting that meet the standards applied to public companies listed in the United States; and (c) conducting internal
control training to management, key operations personnel and the accounting department, so that management and relevant personnel understand
the requirements and elements of internal control over financial reporting mandated by the U.S. securities laws. We have commenced the
implementation of several aforementioned remedial measures, which we expect to complete by June 30, 2024. Our ongoing remedial measures
include the formal documentation of key Company controls, processes and accounting transactions. The implementation of any or all of
these measures, however, still may not fully address the material weaknesses in our internal control over financial reporting. Additionally,
as most of our documentation will be prepared internally, we do not expect there to be significant material costs to implement our remedial
measures. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses or control
deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial
reporting requirements and related regulatory filings on a timely basis. Moreover, ineffective internal control over financial reporting
significantly hinders our ability to prevent fraud.
23
Any
future failure to maintain such internal controls could adversely impact our ability to report our financial results on a timely and
accurate basis, which could result in our inability to satisfy our reporting obligations or result in material misstatements in our financial
statements. If our financial statements are not accurate, investors may not have a complete understanding of our operations or may lose
confidence in our reported financial information, which could result in a material adverse effect on our business or have a negative
effect on the trading price of our ordinary shares.
For
as long as we are an "emerging growth company", our independent registered public accounting firm will not be required to
attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404. We could be an "emerging
growth company" until the fifth anniversary of the fiscal year end date following the completion of our initial public offering
in March 2022. An independent assessment of the effectiveness of our internal controls could detect problems that our management's
assessment might not. Undetected material weaknesses in our internal controls could lead to financial statement restatements and require
us to incur the expense of remediation.
If
we identify material weaknesses in our internal control over financial reporting, or if we are unable to comply with the requirements
of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, or if our independent registered
public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting when
required, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our ordinary
shares could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities are
listed, the SEC, or other regulatory authorities, which could require additional financial and management resources.
Substantial
future sales of our ordinary shares, or the perception that these sales could occur, may cause the price of our ordinary shares to drop
significantly, even if our business is performing well.
A
large volume of sales of our ordinary shares, or securities convertible into or exercisable or exchangeable for our ordinary shares,
into the public market, including shares of our ordinary shares issued upon exercise of options or warrants, could decrease the prevailing
market price of our ordinary shares and could impair our ability to raise additional capital through the sale of equity securities in
the future. Even if a substantial number of sales of our ordinary shares or warrants does not occur, the mere perception of the possibility
of these sales could depress the market price of our ordinary shares or warrants and have a negative effect on our ability to raise capital
in the future.
We
do not anticipate paying cash dividends and, accordingly, shareholders must rely on share appreciation for any return on their investment.
We
have never paid any dividends on our ordinary shares. We currently intend to retain our future earnings, if any, to fund the development
and growth of our businesses and do not anticipate that we will declare or pay any cash dividends on our ordinary shares in the foreseeable
future. As a result, capital appreciation, if any, of our ordinary shares will be your sole source of gain on your investment for the
foreseeable future. Investors seeking cash dividends should not invest in our ordinary shares.
24
Our
failure to meet the continued listing requirements Nasdaq could result in a delisting of our securities.
On
March 21, 2023, we received a letter from the Listing Qualifications Department of Nasdaq indicating that we did not meet the minimum
of $2.5 million in shareholders' equity required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(b)(1) or
the alternative compliance standards relating to the market value of listed securities or net income from continuing operations (the
"Minimum Stockholders' Equity Requirement"). The letter also indicated that we will be provided with a period of 45
calendar days to submit a plan to regain compliance, and if such plan is accepted by Nasdaq, we may be granted up to 180 calendar days
from March 21, 2023 in which to regain compliance. On June 21, 2023, we received a letter from the Listing Qualifications Staff of Nasdaq
indicating that, based upon our continued non-compliance with the Minimum Stockholders' Equity Requirement, as of June 30, 2023,
our securities would be subject to delisting unless we timely request a hearing before the Nasdaq Hearings Panel (the "Panel").
Further, as of June 21, 2023, we did not meet the alternative compliance standards relating to the market value of listed securities
of $35 million or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last
three most recently completed fiscal years. On August 17, 2023, we presented our appeal to the Panel and on August 24, 2023, the Panel
informed us that we had been granted an exception to Nasdaq Listing Rule 5550(b)(1) until October 31, 2023 by demonstrating compliance
with the Minimum Stockholders' Equity Requirement through the filing of this Form 20-F.
We
have in the past, and may in the future, be unable to comply with certain of the listing standards that we are required to meet to maintain
the listing of our ordinary shares on Nasdaq. For instance, on June 30, 2022, we received a letter from the Listing Qualifications Department
of Nasdaq indicating that, based upon the closing bid price of our ordinary shares for the 30 consecutive business day period, we did
not meet the minimum bid price of $1.00 per share required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2).
Effective as of December 7, 2022, we effected the Reverse Share Split of our ordinary shares and IPO Warrants. On December 22, 2022 we
received notice from Nasdaq indicating that the Company had regained compliance with the minimum bid price requirement under Nasdaq Listing
Rule 5550(a)(2), and the matter was closed.
If
we fail to satisfy the continued listing requirements of Nasdaq, such as minimum stockholders' equity requirements or minimum bid
price requirements, Nasdaq may take steps to delist our ordinary shares. Such a delisting would have a negative effect on the price of
our ordinary shares, impair the ability to sell or purchase our ordinary shares when persons wish to do so, and any delisting materially
adversely affect our ability to raise capital or pursue strategic restructuring, refinancing or other transactions on acceptable terms,
or at all. Delisting from Nasdaq could also have other negative results, including the potential loss of institutional investor interest
and fewer business development opportunities, as well as a limited amount of news and analyst coverage of us. Delisting could also result
in a determination that our ordinary shares are a "penny stock," which would require brokers trading in our ordinary shares
to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary market for our ordinary
shares. In the event of a delisting, we would attempt to take actions to restore our compliance with Nasdaq's listing requirements,
but we can provide no assurance that any such action taken by us would allow our securities to become listed again, stabilize the market
price or improve the liquidity of our securities, prevent our ordinary shares from dropping below the Nasdaq minimum bid price requirement
or prevent future non-compliance with Nasdaq's listing requirements.
We
are governed by the corporate laws of Australia, which in some cases have a different effect on shareholders than the corporate laws
of the United States and may have the effect of delaying or preventing a change in control.
We
are governed by the Australian
Corporations Act 2001
(Cth) (the "Corporations Act") and other relevant laws, which
may affect the rights of shareholders differently from those of a company governed by the laws of a U.S. jurisdiction, and may, together
with our Constitution ("Constitution"), have the effect of delaying, deferring or discouraging another party from acquiring
control of the Company by means of a tender offer, a proxy contest or otherwise, or may affect the price an acquiring party would be
willing to offer in such an instance.
Our
Constitution and Australian laws and regulations applicable to us may adversely affect our ability to take actions that could be beneficial
to our shareholders.
As
an Australian company, we are subject to different corporate requirements than a corporation organized under the laws of the United States.
Our Constitution, as well as the Corporations Act, sets forth various rights and obligations that apply to us as an Australian company
and which may not apply to a U.S. corporation. These requirements may operate differently than those of many U.S. companies. You should
carefully review the summary of these matters set forth under "
Item 10. Additional Information—B. Memorandum and Articles
of Association
" as well as our Constitution, which is included as an exhibit to this Annual Report, prior to investing in our
securities.
U.S.
civil liabilities may not be enforceable against us, our directors, our officers or certain experts named in this Annual Report.
We
are governed by the Corporations Act and our principal place of business is in Australia. All of our directors and officers, reside
outside of the United States, and all or a substantial portion of their assets are located outside the United States. As a result, it
may be difficult for investors to effect service of process within the United States upon us and such directors, officers and experts
or to enforce judgments obtained against us or such persons, in U.S. courts, in any action, including actions predicated upon the civil
liability provisions of U.S. federal securities laws or any other laws of the United States. Additionally, rights predicated solely upon
civil liability provisions of U.S. federal securities laws or any other laws of the United States may not be enforceable in original
actions, or actions to enforce judgments obtained in U.S. courts, brought in Australian courts, including courts in the State of Western
Australia. In addition, as a company incorporated in Australia, the provisions of the Corporations Act regulate the circumstances in
which shareholder derivative actions may be commenced which may be different, and in many ways less permissive, than for companies incorporated
in the United States.
25
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price
and trading volume could decline.
The
trading market for our ordinary shares will depend on the research and reports that securities or industry analysts publish about us
or our business. We do not have any control over these analysts. We cannot assure you that analysts will cover us or provide favorable
coverage. If one or more of the analysts who cover us downgrade our stock or change their opinion of our ordinary shares, our share price
would likely decline. If one or more of these analysts cease coverage of the Company or fail to regularly publish reports on us, we could
lose visibility in the financial markets, which could cause our share price or trading volume to decline.
U.S.
holders of our securities may suffer adverse tax consequences if we are characterized as a passive foreign investment company.
While
we do not believe we are a passive foreign investment company ("PFIC"), the determination as to whether we are a PFIC for
any taxable year is based on the application of complex U.S. federal income tax rules that are subject to differing interpretations.
If we are a PFIC for any taxable year during which a U.S. Holder (as defined under "
Item 10. Additional Information–E.
Taxation–Material U.S. Federal Income Tax Considerations
") holds our ordinary shares and warrants, it would likely result
in adverse U.S. federal income tax consequences for such U.S. Holder. U.S. Holders should carefully read "
Item 10. Additional
Information–E. Taxation–Material U.S. Federal Income Tax Considerations for United States Holders
" for more information
and consult their own tax advisors regarding the likelihood and consequences if we are treated as a PFIC for U.S. federal income tax
purposes.
Insiders
have substantial control over us which could delay or prevent a change in corporate control or result in the entrenchment of management
or the board of directors.
Our
directors, executive officers and principal shareholders, together with their affiliates and related persons, will beneficially own,
in the aggregate, approximately 22.4% of our outstanding ordinary shares. As a result, these shareholders, if acting together, may have
the ability to determine the outcome of matters submitted to our shareholders for approval, including the election and removal of directors
and any merger, or sale of all or substantially all of our assets. In addition, these persons, acting together, may have the ability
to control our management and affairs. Accordingly, this concentration of ownership may harm the market price of our ordinary shares
by:
●
delaying,
    deferring, or preventing a change in control;
●
entrenching
    our management or the board of directors;
●
impeding
    a merger, takeover, or other business combination involving us; or
●
discouraging
    a potential acquirer from making a tender offer or otherwise attempting to obtain control of us.
ITEM
    4.
INFORMATION
    ON THE COMPANY
A.
History and Development of the Company
We
were incorporated on April 23, 2009 in Australia under the name Gumiyo Australia Pty Ltd. On January 14, 2021, we changed our name to
Locafy Limited. Our principal executive offices are located at 246 Churchill Avenue, Subiaco, Western Australia 6008, Australia and our
telephone number is +61 409 999 339. On March 25, 2022, we completed our initial public offering in the United States. Our ordinary shares
and warrants are listed on Nasdaq under the symbols "LCFY" and "LCFYW", respectively. Our website address is
www.locafy.com
. The information contained on, or that can be accessed through, our website is not a part of this Annual Report.
We have included our website address in this Annual Report solely as an inactive textual reference.
26
The
SEC maintains an internet site at
www.sec.gov
that contains reports, proxy and information statements, and other information regarding
issuers that file electronically with the SEC. As a foreign private issuer, we are exempt from the rules under the Exchange Act that
prescribe the furnishing and content of proxy statements to shareholders.
B.
Business Overview
Overview
We
are an Australian company currently focused on commercializing our Software as a Service ("SaaS") online Search Engine Optimization
("SEO") technology ("Technology"). Our Technology publishes search engine optimized web pages using a combination
of data integrations and generative AI ("Content") and our "Entity Based" SEO technology and know-how ("Site
Structure"). Once the Content and Site Structure is integrated with our Technology, the production of search engine optimized web
pages is largely automated, which enables us to scale production. Based on our testing and those active in production, these web pages
are highly likely to appear prominently in search engine results pages ("SERP") for search keywords relevant to those web
pages, more rapidly than alternative solutions.
"Local
search" is one of the strongest emerging trends in SEO, with consumers increasingly searching for products and services in close
proximity to their immediate location. According to Safari Digital, approximately 46% of all Google searches include "local intent".
Our Technology provides users with a cost-effective solution to increase their online visibility and thereby increase the likelihood
that consumers searching online for local products and services will find the end customer's business. Our "first generation"
local search product, Proximity Network, enabled our end users to gain search relevance for a specific keyword and location. For this
product, our Technology creates a separate landing page for each keyword and location combination and automates the interlinking of those
pages, creating a network of pages, which effectively operates as a niche micro-directory for a customer. Our ongoing research and development
to improve our Technology resulted in the June 2023 release of our Local Pages product ("Local Pages"), a more advanced local
search product that utilizes our local "Site Structure". This product does not require a consumer to enter a location in
their search query as the pages are designed to rank locally, for a broader range of keywords relevant to the business, based on where
the consumer is physically searching from. We believe that Local Pages also generally perform better in SERP results as compared to Proximity
Networks for a wider range of keywords.
In
August 2022, we acquired technology assets from Jimmy Kelley Digital, which enabled us to extend our product offering beyond local search
solutions to now include "national search" and "brand search" solutions.
National
search solutions allow us to access a wider market opportunity by enabling end users to reach a broader audience for "national"
search terms. Our research and development into ranking factors for "national" search terms has led to pioneering "Entity-Based"
SEO. Based on our research, an "Entity" is the highest order keyword or reference point attributed by search engines that
they use to help establish the context of a website. This form of SEO focuses on search optimization of the Entity, which by default
encompasses a collection of associated keywords. The effect is to gain leverage across multiple keywords through the optimization of
a singular Entity, which from our testing, dramatically enhances the search relevancy of a web page. We are now incorporating this breakthrough
technology across our entire product range. Our National SEO solutions combine Content with national search optimized Site Structures.
Brand
search solutions are primarily focused on improving search prominence for products sold via online marketplaces, in particular, on Amazon.
On October 4, 2022 we launched our Brand Boost product which is an e-commerce SEO marketing tool. Our Brand SEO solutions combine Content
with brand optimized Site Structures.
Fundamental
to each of our search solutions are the landing pages created through our Technology; each of which are configured for a specific use
case. Our landing pages contain features that would otherwise require significant manual effort to achieve or the application of additional
and more expensive solutions. For instance, in order to achieve superior SERP rankings we optimize our landing pages to enable search
engines to detect and understand the relevant page content based on a specific "Entity". We also automatically incorporate
other contributing factors affecting SERP rankings include page speed, accessibility security, and unique quality content, for which
we are able to leverage generative artificial intelligence ("AI").
27
We
also operate a Publishing division, which includes ownership of Hotfrog, a global online business directory, and three additional Australian-focused
directories, AussieWeb.com.au ("AussieWeb"), PinkPages.com.au ("PinkPages") and SuperPages.com.au ("SuperPages").
Combined, these directory assets contain more than 46 million business listings and an email database of approximately 245,000 subscribers.
We
believe these large customer databases represent significant untapped commercial potential as we continue our research and development
into how to produce individual landing pages from the directory databases on a large-scale. In June 2023, we commenced in-market trials
with two of our existing partners to programmatically generate Local Pages using business listing content drawn from our business directory
database and supplemented with other content sources, including the end user's Google Business Profile and generative AI content.
Our
Industry
For
the approximate 334 million businesses worldwide that may be seeking to get found online for the products and services they offer, there
are two main alternatives. The first is to pay for digital advertising and the alternative is to buy SEO services to enhance their own
online presence. Both markets are substantial, with annual spend on digital advertising anticipated to be over $600 billion in 2023.
Before
the advent of search engines such as Google, Yahoo! and Bing, one method for finding information online was through web directories.
A web directory is a searchable catalog of links to external websites. The links are typically organized according to categories, for
example "professional services > bookkeeping." A person searching for information can also browse by category or type
a query in a search box. Many of these early web directories were built by companies that owned print directories, and they tended to
employ the same commercial strategies online as they did in print. That business model has been superseded by search engine tactics that
favor results for the most relevant service in the nearest proximity to the search user. Search engines now effectively operate in competition
to traditional directory business models.
Search
engines are programs that create a catalog of information by, amongst other things, scanning the Internet to assess the structure of
websites and the content within websites. Internet users utilize search engines through the use of keyword(s) search terms. Search engines
like Google have developed a series of algorithms to determine what content is best served for a particular keyword search. While search
engines do not publish specific details about how their search algorithms operate, SEO is the method used to increase the likelihood
of obtaining a high ranking (ideally first page) for relevant keyword searches.
The
goal for many content publishers (i.e., business owners) is for their own website or other online presence solutions to appear in the
first SERP for related keyword searches. For example, a plumber may want to feature in searches where the keywords are "hot water
systems" or "leaking tap." Accordingly, a website's keyword ranking is very important because the higher a website
ranks in the SERP, the more likely Internet users will view the website, which is likely to then generate more calls, map views, requests
for directions or form fills. This means the business can be expected to acquire more sales leads, which could generate more revenue.
An
alternative and common internet marketing strategy involves paying an advertising fee to a search engine to appear in specific keyword
search results. Google Ads (formerly Adwords) is an example of such a program. The major disadvantages to a business of implementing
such a strategy are cost, complexity and a behavioral phenomenon coined "banner blindness," which describes the phenomenon
of users having learned to ignore content that resembles ads, is located in close proximity to ads, or that appears in locations traditionally
dedicated to ads.
Studies
have shown that 94% of people skip over paid search adverts. Given the challenges with paid advertising, we believe content publishers
prefer solutions like those offered by Locafy that are based on SEO principles which promote organic search results.
28
Our
Strategy
Historically,
we have applied our Technology on websites owned by end users as well as on landing pages that we own. However, the reliance on end users
to assist with implementations is neither efficient nor scalable and should customers cancel, they would still retain the benefit of
the SEO improvements already made by our Technology. We intend to increasingly apply our Technology on our own online properties as a
priority and utilize our landing pages as the foundation for all of our SEO solutions. By utilizing our proprietary landing pages, we
are able to realize a number of benefits, including:
●
Speed
    to market
: we do not need to access an end user's existing website and therefore we can create and deploy our landing pages
    with minimal reliance on the end user to undertake any necessary actions or modifications to their systems;
●
Accuracy
:
    we intend to "lock down" critical elements of our landing pages so that our partners and end users are unable to make
    changes that will inadvertently cause a negative impact on its SEO performance;
●
Speed
    to impact
: because our landing pages incorporate our proprietary site structures the time required for the landing pages to rank
    highly in SERP results is improved;
●
Control
:
    search algorithms constantly change which requires website owners to constantly monitor for and adapt to any future changes. As we
    have control over the landing pages, any necessary maintenance can be applied more effectively;
●
Intellectual
    Property retention
: we are able to more effectively retain key aspects of our technical know-how;
●
Asset
    retention
: by retaining ownership of the landing pages we are effectively building a portfolio of online properties which provides
    us flexibility as to how we are able to monetize these assets. At a basic level, we are able to extend our advertising reach through
    the placement of Google Ads. We can also lease the landing pages to end users and should this arrangement terminate (e.g. non-payment
    or cancellation) the end user does not retain the benefit of the Technology had it been applied to their own website. Further, we
    would then be able to re-lease the landing page by simply changing content applicable to another end user. This is a more sophisticated
    application of a "rank and rent" business model; and
●
Cost
    effectiveness
: depending on the SEO solution acquired, there is typically little to no associated setup fees.
Our
Products and Services
We
provide an integrated suite of solutions with the objective of helping to maximize the online marketing presence for business owners.
The products we offer can be broadly categorized as: Publishing and SEO solutions. Further, within SEO solutions we have products that
are applicable to Local, National and Brand related searches.
Publishing
We
own and operate several online directories. An important component of an online presence for a business owner is to publish a business
profile on various online directories, also referred to as "citation management." Business owners or digital agencies on
behalf of business owners publish business profiles (providing search relevancy) on many business directories in markets in which the
business operates (providing search prominence in their proximity). While many smaller business owners do this manually, there are service
providers that manage large volumes of business profiles through technology platforms. It is more efficient for these citation management
services to be managed via an API that can synchronize with and publish to third-party directories, such as those we own.
We
have several commercial agreements with citation management companies that pay a fee to connect to our directories via API to publish
citations for their clients. The attraction for citation management companies is that our directory network attracts high volumes of
Internet traffic and clicks as a result of consumers searching for local products and services. We intend to continue to seek out additional
commercial citation management opportunities and to add to our publishing network through the production of additional niche directories
or acquisition of relevant directories, databases and complementary technologies.
We
also intend to continue our directory network upgrades to further develop the automated production of web products from the data published
to the directories. In June 2023, we commenced in-market trials with two of our existing partners to programmatically generate Local
Pages using content drawn from our business directory listing data and supplemented with other data sources, including the end user's
Google Business Profile and AI-generated content. We intend to extend our commercial agreements with these and other partners for Local
Pages subscriptions.
29
Local
SEO solutions
Our
SEO solutions are designed to gain online marketing prominence for specific keywords within specific locations either for businesses
with a physical address or businesses that operate in a specific service area.
Proximity
Pages and Proximity Networks
The
primary purpose of our Proximity Pages is to create a prominent and relevant online presence in a business's immediate proximity
in order to deliver more sales leads at a lower cost of acquisition than alternative methods. Typical calls to action include chat-bots,
click-to-call, click-to-book, request directions and request-a-quote (via basic form fill). A Proximity Network is a collection of interlinked
Proximity Pages. The power of each Proximity Page when combined with the interlinking of related pages within a single solution provides
additional SEO benefits that generally result in improved page ranking for the desired keywords. The Proximity Pages and Proximity Networks
complement a customer's existing online marketing presence and do not require any adjustment to their existing website.
Local
Pages
Local
Pages campaigns employ our local search optimized Site Structures, which focuses on optimizing the landing pages we publish for a relevant
primary keyword ("Entity"). The term "Entity" describes the effect of having keywords naturally associated with
a primary keyword to form a "cluster" of related search terms. Once that optimization takes effect, amongst other advantages,
the Local Pages will typically rank for the cluster of keywords relevant to that Entity without needing to specifically optimize all
of the associated keywords on the landing pages.
Map
Pack Booster
Our
Map Pack Booster (previously marketed as "Proximity Booster") involves optimizing a client's Google Business Profile
("GBP") by linking it to our Proximity Network or Local Pages products. By linking one of our Local SEO products to the GBP,
we ensure there is a consistent and relevant optimized web presence promoting the keywords contained in the GBP. Through this process,
we believe we can achieve faster and higher-ranking results within Google's "Local Pack" for competitive keywords.
We believe it is a distinct commercial advantage for a business to appear in the top 3 of a "Local Pack" given its positioning
and prominence in Google search results, emphasized by the fact that around 32% of local organic traffic is generated from the Top 3
map pack results.
National
SEO solutions
Keystone
Our
breakthrough Keystone product enables our landing pages to rapidly achieve search prominence on a national scale. The Keystone solution
promotes the "Entity" associated with the business but does not associate that with a specific location. For this solution,
we utilize our national search optimized Site Structure, which enables the landing page to rank highly in generic national SERP results.
Brand
SEO solutions
Brand
Boost
Our
Brand Boost product has the potential to rapidly increase online product sales in e-commerce marketplaces. In this use-case we utilize
our landing pages to optimize for search rankings within online marketplaces (e.g., Amazon) for products associated with a brand. Historically,
clients have typically reported increased sales between 20% to 60% following this technology being implemented. Our brand search optimized
Site Structure is utilized for this solution.
Our
Competitive Strengths
Typical
providers of SEO solutions could be broadly classified into three categories: enterprise level organizations, digital media agencies
and SEO freelancers. We believe we have both a technological and commercial competitive advantage over each of these alternative service
providers. Indeed, many of these types of SEO solution providers become our customers because our Technology automates a lot of otherwise
manual work and we achieve superior results compared to what they would otherwise be able to achieve.
30
Technology
Advantages
Site
Structure and Know-How
The
advantages of our Technology have been gained through years of meticulous research, development and live testing. This has resulted in
the development of proprietary know-how on the optimal website structure to implement to meet a broad range of SEO objectives. In addition
to the SEO site structure, our landing pages incorporate known search ranking factors relating to speed, accessibility, security and
unique quality content. This know-how has been embedded within our Technology platform which facilitates ease-of-application, repetition
and scale.
Time
to effect
Our
current generation landing pages are particularly effective in rapidly achieving high-ranking search results, especially when compared
to traditional SEO techniques such as "back-linking" and "content-first focus". These traditional methods often
take months to take effect (if at all), whereas our technology has the ability to generate a Page 1 search result within 30 days of implementation
and oftentimes much faster than that. We achieve these results due to our proprietary Site Structure.
Commercial
Advantages
Scale
Throughout
our operational processes, we aim to have minimal human intervention as necessary. Our Platform's customer "self-serve"
capability allows our partners and customers to purchase and implement our SEO products, which for those customers connected to our Platform
via API, can be largely pre-populated with existing content. Our Technology enables very high volumes of websites to be developed through
automation which accordingly allows us to operate at scale.
Large-enterprise
media groups typically service tens of thousands of customers using either third party SEO technology or their own technology solutions.
Digital agencies typically service dozens to hundreds of clients while SEO freelancers typically service a handful of customers. The
amount of manual work required to deploy alternative SEO solutions for any of these competitors is a limiting factor in their ability
to scale.
Set
up time
We
automate many SEO tasks that would otherwise take considerable time, cost and manual effort to undertake. The typical set up time for
our solutions is minutes as compared to potentially weeks or months for alternative comparative solutions. This is due, in part, to the
fact we do not need to interact with the client's existing website, which would typically require substantial changes to its foundations
in order to obtain an equivalent SERP ranking performance. By default, our landing pages already incorporate key proprietary SEO technologies,
which makes implementations more efficient and effective. We can also add Content to the site in a largely automated manner.
Set
up Costs
Given
that our SEO solutions can be largely automated, we have the option to waive or charge a minimal set up fee, whereas digital agencies
and SEO freelancers would generally charge a few thousand dollars through to tens of thousands of dollars in set up fees as they are
providing a labor-intensive service.
Additionally,
because our SEO solutions have the ability to demonstrate SERP ranking performance in a short period of time (i.e., typically within
30 days from implementation), customers can quickly see results as compared to other service providers who typically set expectations
with customers of achieving results within 6 to 12 months from implementation.
31
Revenue
Model and Commercial Overview
Revenue
Model
Our
revenue model is focused on securing long-term, recurring revenue contracts both within our Subscription and Publishing revenue lines.
Our Subscription revenues are derived via both direct-to-end user and channel sales. The delivery of these contracts may incorporate
professional services, however, these services tend to be limited in scope as most implementations are highly automated. In the case
of Publishing revenues, we primarily earn income through the bulk-publishing of business profiles online and through advertising generated
by online user traffic.
Direct
clients are typically charged our recommended retail price ("RRP") and can also qualify for volume discounts. Resellers are
typically charged wholesale prices which are a discount to RRP.
Subscription
Fee Revenues
We
charge recurring subscription fees for our products across our Local, National and Brand range of SEO solutions.
Local
SEO
Our
Local SEO products currently comprise of Proximity Networks, Local Pages and Map Pack Boosters.
Proximity
Networks are used to enhance search rankings for a target keyword within a defined geographical location. We generate a landing page
for each keyword and location combination being targeted. The size of the network will therefore depend on the volume of keywords and
locations with the volume being the multiple of those two factors. For example, a client that selects five (5) keywords and 50 locations
will have a 250 page Proximity Network. We typically charge a monthly subscription fee based on the volume of pages within each Proximity
Network.
Local
Pages are typically charged as a monthly subscription fee for each campaign.
Map
Pack Booster can be implemented as a standalone solution or sold in conjunction with either Proximity Network or Local Pages. The solution
effectively amplifies a customer's GBP to gain search prominence in Google's Map Pack. We typically charge an additional
monthly subscription fee for each application of Map Pack Booster.
National
SEO
Keystone,
our National SEO product, is currently charged as a flat monthly subscription fee for each campaign. However, because the value of each
Keystone keyword can be significantly different due to its search popularity, we continue to evaluate the commercial viability of adopting
a "market-based" or "value-based" pricing model. In certain cases, we may charge professional fees to implement
Keystone.
Brand
SEO
Brand
Boost, our Brand SEO product, is currently charged as a flat monthly subscription fee for each campaign. However, because Brand Boost
seeks to drive search traffic to e-commerce websites and marketplaces, we continue to evaluate the commercial viability of adopting a
"value-based" pricing model where we are able to share in any increase in end-user sales revenue. In certain cases, we may
charge professional fees to implement Brand Boost.
Advertising
Revenues
We
generate advertising revenue from our online Publishing assets, including the global directory network Hotfrog and a number of Australian-focused
directories including AussieWeb, PinkPages and SuperPages.
From
each directory, additional advertising revenue is generated, for instance, from Google Ads (formerly Adsense), which is variable and
based on a number of factors, including site traffic. In some cases, business owners also pay a premium advertising rate to appear higher
within a specific directory's search results pages.
32
We
also generate revenue through bulk listing contracts. We enter into commercial contracts with owners or managers of online business databases,
including citation management companies that seek to advertise their client's business profile on our Publishing Network of online
directories. This can range from a few thousand listings up to several million listings. The fees we charge are typically relative to
the volume of business listings being published, with contracts being either fixed-price for an agreed term or variable based on the
volume of profiles being published.
Service
Fee Revenues
We
may enter into commercial contracts with clients to produce various online publishing solutions in exchange for service fees. These solutions
typically relate to bespoke applications of our existing products. Under these contracts, we may also charge ongoing service fees to
maintain and support the solution in a managed services arrangement.
Commercial
Overview
To
support our revenue model, our commercial drivers are to partner with more Publishers and Resellers. We also maintain a direct-to-end
user customer base.
Publishers
We
have existing commercial agreements with diversified media organizations who wish to increase their online audience reach. Our technology
improves the online search prominence of their publications, which the media organizations themselves are able to monetize on their online
publishing "mastheads". On June 22, 2023 we announced the signing of an agreement with a prominent U.S.-based diversified
media company to sell our Keystone technology to its portfolio of clients that advertise on their media assets. While no revenues were
generated in the year ended June 30, 2023 as a result of this agreement, we expect significant revenues to be recognized in the year
ending June 30, 2024 and future periods.
We
also partner with data aggregation companies who provide citation management services whereby their business users are able to centrally
manage their advertised business profile across multiple online directories, search engines, applications and maps. Data aggregation
companies connect to our Publishing API, to facilitate automated bulk publishing to one or more of our owned directories. We currently
collectively publish on our Hotfrog directory property more than 8 million business profiles originated from data aggregation companies.
During
the year ended June 30, 2023, revenues from our data aggregation partners grew 34.1% to A$871,502 (2022: A$649,937) due to the net new
increase in the number of partners connected to our Publishing API. Advertising revenues across our network of directory properties remained
steady at A$313,882 (2022: A$314,513).
As
a result of enhancements made to our Publishing API in June 2023, we have extended the functionality for our data aggregation partners
to re-purpose the business profile data they provide to us to additionally produce our Local SEO products for resale. We are currently
undergoing live trials of this solution with two long standing clients, both of whom are data aggregation companies.
We
are also optimistic about the potential of applying Proximity Networks towards our own online directory properties. Our strategy is to
increase both the number of pages as well as the search prominence of those pages with an expectation of increased search impressions,
leading to increased advertising revenues.
Resellers
An
important component of our business model includes creating a sales network by leveraging resellers who supply our products and services
to their end-user client base. Our resellers typically manage many business profiles, ranging from a few dozen for smaller agencies,
to several thousand for mid-sized agencies, to hundreds-of-thousands or even millions for Publishers. By initially engaging with these
types of channel partners, we reduce upfront sales and marketing costs and gain access to large client bases where there is a strong
existing client relationship with a trusted service provider.
Our
resellers obtain pricing which is typically at a discount to suggested retail pricing. We invoice the reseller and support them through
our customer success team. Our resellers are responsible for invoicing their end user clients and maintaining those relationships. Under
this model, we believe we can achieve revenue growth without a proportionate increase in costs since our solutions are generally digital
in nature and highly scalable with minimal marginal production cost.
33
In
some markets, we engage master resellers, which are resellers that that have the rights to appoint resellers within their own network.
In these cases, the master reseller appoints customers both directly and via their reseller network.
During
the year ended June 30, 2023, revenues from our reseller sales channel grew 15.5% to A$2,229,913 (2022: A$1,929,836). The growth was
comparatively modest as our strategy was to simply maintain existing reseller customers while we completed the development of our newer
range of products incorporating our Entity-based technologies. Selling the Entity-based technologies to new resellers would avoid confusion
and reduce support and maintenance costs for both ourselves and our resellers.
Direct-to-End
Users
Historically,
we have built (organically and via acquisitions) a direct-to-end user customer base. While our current strategic focus is to grow our
Publisher and Reseller channels, our Direct channel still remains significant. During the year ended June 30, 2023, revenues in this
segment increased 47.6% to A$1,961,396 (2022: A$1,328,403). The growth is mainly attributed to an increase in customers and subscriptions
in Australia and North America.
Growth
Strategy
Our
main objectives are to rapidly expand our reseller channel network, primarily in the North American and Australian markets, and through
automation, expand their uptake. We also intend to accelerate our data acquisition activities and data synchronization projects to maximize
the addressable market within our ecosystem to which we can apply our Technology.
Our
growth strategy is to:
1.
Leverage
    our existing substantial databases of small businesses and digital agencies to automate the production of high performing landing
    pages to drive both subscription and advertising revenues.
2.
Deliver
    API access to data partners including directories, citation management companies and large media agencies to scale the delivery of
    highly optimized landing page solutions in key markets.
3.
Grow
    our reseller base in North American and APAC markets to deliver a network effect of growth of end customers using our products.
4.
Deploy
    leading edge SEO solutions to resellers to ensure we are delivering innovative solutions that are rapid to deploy and rapid to take
    effect.
5.
Continue
    to refine our local, national and brand focused SEO products to ensure we stay ahead of the market in terms of automated SEO offerings
    delivered by SaaS.
In
addition, we will:
●
increase
    the velocity of data synchronization projects with database owners, online directories, SEO agencies and citation management companies
    to enable more resellers to market and sell our products directly from the resellers' own administration dashboards;
●
undertake
    acquisitions of relevant digital agencies, online directories and databases to grow the number of business profiles within our network
    and marketing control, which has the potential to increase the number of direct clients that subscribe to our products;
●
complete
    a major data migration project to unify all current business profiles across our disparate online publishing network, thereby enabling
    streamlined customer management, sales and marketing;
●
increase
    the production of niche business directories utilizing our own technology to target high value business categories to generate advertising
    and subscription revenues;
●
enhance
    the scale of our existing commercial partners;
●
further
    develop our technology and its capabilities; and
●
upgrade
    and implement new internal systems and reporting to support our anticipated growth and any increased commercial activities.
34
We
intend to seek additional staffing and resources as needed to assist in implementing these key objectives, secure new commercial contracts
and service our existing client base, particularly in engineering, marketing and design to help grow the business and facilitate this
commercialization strategy.
We
plan to generate increased revenues through existing partnerships and also through securing new commercial partnerships. We also plan
to explore new acquisitions and business initiatives, which expand both our client base and the capabilities of our technology and solutions
in both existing and new markets.
We
plan to target clients who own or manage large online databases and are seeking to reduce their operating costs, increase their organic
traffic and increase revenues from advertising and lead generation solutions. Accordingly, the type of commercial partners that we are
targeting include online directory publishers, data management companies, digital agencies, large media companies and domain registrars.
We
plan to continue our ongoing maintenance, development and enhancement of our technology to ensure it meets consumer demand and remains
compliant with new and emerging technologies and data protection laws.
Competition
We
compete against various companies to attract and engage users, some of which are larger and have greater brand name recognition, longer
operating histories, larger marketing budgets and established customer relationships, access to larger customer bases and significantly
greater resources for the development of their solutions. In addition, we may face potential competition from participants in adjacent
markets that may enter our markets by leveraging related technologies and partnering with or acquiring other companies or providing alternative
approaches to provide similar results.
Furthermore,
rival product offerings by existing and new competitors as well as technology developments by competitors may have an adverse impact
on our business operations, financial performance and prospects as well as on the value and market price of our ordinary shares. This
risk may influence our customer acquisition cost and customer lifetime value.
Given
the recent advent of AI and chatbots, it is too early to properly assess its impact on how consumers search for online content and the
effect this will have on us and our technology.
Intellectual
Property
Our
ability to establish and protect our core technology and intellectual property, including our software source code and copyright, is
critical to our success. We rely on a combination of patents, trade secrets, including know-how, and contractual rights to establish
and protect our proprietary rights in our technology. A component of the underlying technology on which our technology is built is patented
in the United States (Patent Number US 9286274), which will remain in effect until January 27, 2035. In addition, we enter into confidentiality
and non-disclosure agreements with our employees and business partners. The agreements we enter into with our employees also provide
that all software, inventions, developments, works of authorship and trade secrets created by them during the course of their employment
are our property.
See
"
Item 3. Key Information—D. Risk Factors—Risks Relating to our Business and Industry—If we fail to adequately
protect our proprietary rights, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue,
and incur costly litigation to protect our rights.
"
35
C.
Organizational Structure
We
commenced activities in April 2009. The chart below illustrates our organizational structure, including the dates and jurisdictions of
incorporation. As of the date hereof, Moboom USA Inc. has ceased operations and remained dormant during the year. We intend to
formally close the company at an appropriate time.
D.
Property, Plants and Equipment
We
are headquartered in Perth, Australia where we lease and occupy for office space approximately 603 square meters (approximately 6,490
square feet) as of the date of this Annual Report. The current lease term expires in November 2026, and we believe that our existing
facilities are generally adequate to meet our current of future needs, but we expect to seek additional space as needed to accommodate
future growth.
ITEM
    4A.
UNRESOLVED
    STAFF COMMENTS
None.
ITEM
5.
OPERATING
                                            AND FINANCIAL REVIEW AND PROSPECTS
Overview
We
are an Australian company currently focused on commercializing our Software as a Service (SaaS) online Search Engine Optimization (SEO)
technology ("Technology"). Our Technology publishes search engine optimized web pages using a combination of data integrations
and generative AI ("Content") and our "Entity Based" SEO technology and know-how ("Site Structure").
Once the Content and Site Structure is integrated with our Technology, the production of search engine optimized web pages is largely
automated which enables the Company to scale production. Based on our testing and those in production, these web pages are highly likely
to appear prominently in search engine results pages ("SERP") for search keywords relevant to those web pages, more rapidly
than alternative solutions.
Fundamental
to each of our search solutions are the landing pages created through our Technology; each of which are configured for a specific use
case. Our landing pages contain features that would otherwise require significant manual effort to achieve or the application of additional
and more expensive solutions. For instance, in order to achieve superior SERP rankings we optimize our landing pages to enable search
engines to detect and understand the relevant page content based on a specific "Entity". We also automatically incorporate
other contributing factors affecting SERP rankings include page speed, accessibility security, and unique quality content, for which
we are able to leverage generative artificial intelligence ("AI").
We
also operate a Publishing division, which includes ownership of Hotfrog, a global online business directory, and three additional Australian-focused
directories, AussieWeb.com.au ("AussieWeb"), PinkPages.com.au ("PinkPages") and SuperPages.com.au ("SuperPages").
Combined, these directory assets contain more than 46 million business listings and an email database of approximately 245,000 subscribers.
A.
Operating Results
Revenue.
We derive substantially all of our revenue from license subscription fees earned from customers using our technology as well
as from data and advertising fees earned from customers publishing their content on our digital property network.
Operating
Expenses.
The most significant components of operating expenses are personnel costs, which consist of salaries, benefits, bonuses
and commissions. We also incur other non-personnel costs related to our general overhead expenses. We plan to continue investing in sales
and marketing by increasing our sales and marketing headcount, expanding our sales channels and building our brand awareness. We expect
our sales and marketing expenses to continue to increase in absolute dollars for the foreseeable future as we expand our sales and marketing
efforts, although these expenses may fluctuate as a percentage of our total revenue from period to period depending on the timing of
these expenses and, over the longer term, we expect them to decline as a percentage of revenue as we scale our business. Following the
completion of our initial public offering in March 2022, we have incurred additional expenses as a result of operating as a public company,
including costs to comply with the rules and regulations applicable to companies listed on a national securities exchange, costs related
to compliance and reporting obligations pursuant to the rules and regulations of the SEC and increased expenses for insurance, investor
relations and professional services.
36
Comparison
of the Years Ended June 30, 2023 and 2022
The
following table sets forth information concerning our operating results for the years ended June 30, 2023 and 2022:
Year Ended June 30,
2023
A$
2022
A$
Revenue
5,376,693
4,222,689
Other income
993,493
1,298,499
Technology expense
(1,718,974
)
(1,805,432
)
Employee benefits expense
(5,267,246
)
(4,411,926
)
Occupancy expense
(113,572
)
(66,365
)
Advertising expense
(318,492
)
(414,012
)
Consultancy expense
(874,638
)
(1,691,544
)
Depreciation and amortization expense
(1,355,170
)
(852,361
)
Other expenses
(213,051
)
(245,079
)
Impairment of financial assets
(295,262
)
(376,606
)
Operating loss
(3,786,219
)
(4,342,137
)
Financial cost
(105,367
)
(748,190
)
Loss before income tax
(3,891,586
)
(5,090,327
)
Income tax expense
-
-
Loss for the year
(3,891,586
)
(5,090,327
)
Other comprehensive income
(23,010
)
(48,453
)
Total comprehensive loss for the year
(3,914,596
)
(5,138,780
)
Revenue
Year Ended June 30,
Change
2023
A$
2022
A$
A$
%
Revenue
5,376,693
4,222,689
1,154,004
+27.3 %
Other income
993,493
1,298,499
(305,006
)
-23.7 4%
Subscription
revenues grew 26.8% to A$4,020,241 (2022: A$3,169,094). The increase in subscription revenues was modest compared to previous years as
we did not aggressively pursue new business while we incorporated technologies acquired from Jimmy Kelley Digital into our developed
Technology. As this was a significant upgrade that would have key technologies "baked-in" to improve page performance, reduce
input errors and require lower maintenance, our preference was to wait for these new products to be available for commercial release
in June 2023.
The
intellectual property acquired from Jimmy Kelley Digital also provided us with a platform to access a new customer segment comprising
SEO specialists who understand the benefits from the Company's implementation of Entity-Based SEO. Approximately A$700,000 was
derived from this segment during the relevant period post-acquisition, comprising both direct and channel partner customers.
Advertising
revenues have remained steady at A$315,524 (2022: A$316,713). Given our technical focus on Platform upgrades, we reduced R&D efforts
related to the creation and publication of our proposed "decentralised" directories. That said, the Platform upgrade itself
will serve as the foundation for further work to grow our directory network and associated advertising revenues.
Data
revenues increased by 34.1% to A$871,502 (2022: A$649,937). The growth in Data revenues was due to the net new increase in the number
of partners connected to our Publishing API during the year. While not having a significant financial impact during the year ended June
30, 2023, our recent Platform technology upgrade included enhancements to our Publishing API so that both are now in the same
Locafy technology ecosystem. As a result, data partners will have the ability to programmatically create additional online assets for
resale to their end user customers and potentially lead to increased demand for our subscription revenue products.
Other
Income
Other
income decreased by 23.4% to A$993,493 (2022: A$1,298,499) primarily due to the year ended June 30, 2022 including R&D tax incentive
grants for both the years ended June 30, 2022 and 2021, and a significantly lower foreign exchange gain during the year ended June 30,
2023, partially offset with a gain from the extinguishment of a liability.
37
Operating
Expenses
Year Ended June 30,
Change
2023
A$
2022
A$
A$
%
Technology expense
(1,718,974
)
(1,805,432
)
86,458
-4.8
%
Employee benefits expense
(5,267,246
)
(4,411,926
)
(855,320
)
+19.4 %
Occupancy expense
(113,572
)
(66,365
)
(47,207
)
+71.1 %
Advertising expense
(318,492
)
(414,012
)
95,520
-23.1
%
Consultancy expense
(874,638
)
(1,691,544
)
816,906
-48.3
%
Depreciation and amortization expense
(1,355,170
)
(852,361
)
(502,809
)
+59.0 %
Other expenses
(213,051
)
(245,079
)
32,028
-13.1
%
Impairment of financial assets
(295,262
)
(376,606
)
81,344
-21.6
%
Total Operating Expenses
(10,156,405
)
(9,863,325
)
(293,080
)
+3.0 %
During
the year ended June 30, 2023, total operating expenses increased 3.0% primarily due to an increase in employment related expenses and
an increase in amortization expenses, partially offset through lower consultancy expenses.
Technology
expense.
Technology expense includes the software and hosting services required to operate and maintain our platform, software that
we use in the management of our broader operations, and third-party solutions that we may offer for resale. The decrease in technology
expense for the year ended June 30, 2023 compared to the year ended June 30, 2022 is primarily attributed to a A$194,387 reduction in
expenses related to third party "signals" software required in the delivery of our solutions, resulting from the conclusion
of minimum purchasing commitments and partially offset by the A$120,813 increase in costs associated with the development and maintenance
of new technologies acquired from Jimmy Kelley Digital.
Employee
benefits expense
. The most significant components of operating expenses are personnel costs, relating to our engagement of employees
and contractors, together with associated expenses including recruitment, payroll taxes and insurances. Employee benefits expenses increased
19.4% to A$5,267,246 for the year ended June 30, 2023 (2022: A$4,411,926). The increase in expenses was mainly due to an increase in
headcount during the first half of the year ended June 30, 2023. Through the acquisition of Jimmy Kelley Digital, we shifted our development
efforts and streamlined all areas of the organization, in particular in sales and operations, leading to a significant reduction in employee
and contractor expenses during the second half of the year ended June 30, 2023. At June 30, 2023, we had 34 employees globally (2022:
50). The year ended June 30, 2023 included A$460,603 in non-cash share-based payment expenses, which was primarily related to the issue
of performance rights from prior years.
Occupancy
expense.
The increase in occupancy expenses for the year ended June 30, 2023 compared to the year ended June 30, 2022 was primarily
due to a contractual increase in lease costs for our Perth office, the adoption of leased premises in connection with the acquisition
of assets from Jimmy Kelley Digital, partially offset by the termination of short-term office premises.
Advertising
expense.
Advertising expenses decreased in the year ended June 30, 2023 as compared to the year ended June 30, 2022 primarily due
to a reduction in trade show attendance and associated costs, together with the reduction in the engagement of marketing consultants.
Consultancy
expense.
Consultancy expense for the year ended June 30, 2023 was A$874,638 (2022: A$1,691,544) with the decrease primarily due to
the costs associated with our initial public offering during the year ended June 30, 2022. However, the year ended June 30, 2023 included
additional costs related to audit, compliance and investor relations.
Depreciation
and amortization expense.
The increase in depreciation and amortization expense to A$1,355,170 for the year ended June 30, 2023 (2022:
A$852,361) was as a result of our acquisition of technology and other assets and our capitalization of development costs.
Other
expenses.
The movement in other expenses primarily related to a reduction in foreign exchange costs.
Impairment
of financial assets.
There was an increased focus on debtor collections during the year ended June 30, 2023, incorporating among
other things, a greater involvement from account managers (e.g., linking commissions to collections), referrals to external debt collections
agencies and the increased collection of customer credit card and direct debit details.
38
Comparison
of the Years Ended June 30, 2022 and 2021
The
following table sets forth information concerning our operating results for the years ended June 30, 2022 and 2021:
Year
    Ended June 30,
2022
A$
2021
A$
Revenue
4,222,689
2,191,425
Other
    income
1,298,499
788,258
Technology
    expense
(1,805,432
)
(651,644
)
Employee
    benefits expense
(4,411,926
)
(2,359,459
)
Occupancy
    expense
(66,365
)
(52,219
)
Advertising
    expense
(414,012
)
(67,575
)
Consultancy
    expense
(1,691,544
)
(240,928
)
Depreciation
    and amortization expense
(852,361
)
(397,506
)
Other
    expenses
(245,079
)
(132,515
)
Impairment
    of financial assets
(376,606
)
(14,690
)
Operating
    loss
(4,342,137
)
(936,853
)
Financial
    cost
(748,190
)
(58,913
)
Loss
    before income tax
(5,090,327
)
(995,766
)
Income
    tax expense
-
-
Loss
    for the year
(5,090,327
)
(995,766
)
Other
    comprehensive income
(48,453
)
(1,653
)
Total
    comprehensive loss for the year
(5,138,780
)
(997,419
)
Revenue
Year
    Ended June 30,
Change
2022
A$
2021
A$
A$
%
Revenue
4,222,689
2,191,425
2,031,264
+92.6
                                            %
Other
    income
1,298,499
788,258
510,241
+64.7
                                            %
Publishing
:
While revenues from our data aggregation partners grew modestly at 7.9% to A$649,937 for the year ended June 30, 2022 (2021: A$602,304),
advertising revenues grew 77.5% to A$314,513 for the year ended June 30, 2022 (2021: A$177,126). The growth in advertising revenues was
due to an expansion of online properties carrying advertising together with an improvement in on-page SEO, leading to higher page impressions.
As we accelerate our creation of online properties using our core technologies, we expect advertising revenues to continue to grow strongly.
Direct
:
Historically, we have built (organically and via acquisitions) a direct-to-end user customer base. While our current strategic focus
is to grow our channel partnerships, we still saw a 12.3% increase in direct-to-end user revenues to A$1,328,403 for the year ended June
30, 2022 (2021: A$1,183,025). The growth is mainly attributed to customers in Australia, New Zealand and Europe.
Channel
:
Our pursuit of a channel distribution strategy during the period resulted in 742.8% revenue growth to A$1,929,836 for the year ended
June 30, 2022 (2021: A$228,970). This growth is mainly due to an increase in net new resellers and an increase in average sales volumes
within those accounts. This type of growth exemplifies the multiplier effect that we anticipated by engaging with resellers and partners
with an existing end-user customer base. We anticipate being able to reach a wider and larger number of end-user customers through this
model. We offer tiered, volume-based discounts to our largest customers and in some cases, customers are contracted to some level of
minimum revenue commitment. We are focused on developing the North American and Australian/New Zealand regions, which derived revenues
for the year ended June 30, 2022 of A$884,383 (2021: A$15,897) and A$643,166 (2021: A$170,061), respectively.
Other
Income
Other
income primarily relates to funding through various Australian government grants and subsidies. Our main source of funding is through
an R&D Tax Incentive program, which for the year ended June 30, 2022 included both the actual cash received with respect to our claim
for the year ended June 30, 2021 plus the cash funding estimated to be received with respect to claimable expenditure of A$757,609 for
the year ended June 30, 2022 (2021: A$497,358). A further A$495,457 is attributed to unrealized foreign exchange gains primarily due
to the Company holding significant U.S. Dollar financial assets combined with the appreciation of the U.S Dollar against the Australian
Dollar. For the year ended June 30, 2022, we did not receive any government subsidies due to COVID-19 (2021: A$290,900).
39
Operating
Expenses
Year
    Ended June 30,
Change
2022
A$
2021
A$
A$
%
Technology
    expense
(1,805,432
)
(651,644
)
(1,153,788
)
+177.0
                                            %
Employee
    benefits expense
(4,411,926
)
(2,359,459
)
(2,052,467
)
+86.9
                                            %
Occupancy
    expense
(66,365
)
(52,219
)
(14,146
)
+27.0
                                            %
Advertising
    expense
(414,012
)
(67,575
)
(346,437
)
+512.6
                                            %
Consultancy
    expense
(1,691,544
)
(240,928
)
(1,450,616
)
+602.0
                                            %
Depreciation
    and amortization expense
(852,361
)
(397,506
)
(454,855
)
+114.4
                                            %
Other
    expenses
(245,079
)
(132,515
)
(112,564
)
+84.9
                                            %
Impairment
    of financial assets
(376,606
)
(14,690
)
(361,916
)
+2,463.6
                                            %
Total
    Operating Expenses
(9,863,325
)
(3,916,536
)
(5,946,789
)
+151.8
                                            %
During
the year ended June 30, 2022, operating expenses broadly increased due to our expanding commercial operations.
Technology
expense.
Technology expense includes the software and hosting services required to operate and maintain our platform, software that
we use in the management of our broader operations, and third-party solutions that we may offer for resale, typically as part of a bundled
solution. The increase in technology expense for the year ended June 30, 2022 compared to the year ended June 30, 2021 is mainly attributed
to the increase in the sales of our bundled "Proximity" solutions, which incorporates an element of third-party software.
Employee
benefits expense
. The most significant components of operating expenses are personnel costs, relating to our engagement of employees
and contractors, together with associated expenses including recruitment, payroll taxes and insurances. Employee benefits expenses increased
86.9% to A$4,411,926 for the year ended June 30, 2022 (2021: A$2,359,459) due to our increased number of employees as we expand our capabilities
across all of our functional areas (i.e., sales, marketing, operations and R&D). At June 30, 2022, we had 50 employees globally (2021:
21).
Occupancy
expense.
The increase in occupancy expenses for the year ended June 30, 2022 compared to the year ended June 30, 2021 was primarily
due to the renewal of our short-term office premises for a longer comparative period.
Advertising
expense.
Advertising expenses increased significantly for the year ended June 30, 2022 compared to the year ended June 30, 2021 due
to a greater focus on brand and product awareness. With the lifting of global travel restrictions previously imposed due to COVID-19,
we attended more tradeshows and similar sales and marketing opportunities. We expect our sales and marketing expenses to remain steady
in the near term as we become more targeted in securing new business while working with existing customers to increase their average
spend.
Consultancy
expense.
Consultancy expense for the year ended June 30, 2022 was A$1,691,544 (2021: A$240,928) with the increase primarily due to
the costs associated with our initial public offering and listing of our ordinary shares and warrants on Nasdaq in March 2022.
Depreciation
and amortization expense.
The increase in depreciation and amortization expense to A$852,361 for the year ended June 30, 2022 (2021:
A$397,506) was as a result of our acquisition of databases and the re-commencement of our program to capitalize development costs due
to the stronger nexus between our R&D efforts and the commercialization of the developed technologies.
Other
expenses.
With the easing of travel restrictions due to COVID-19, the increase in other expenses was primarily due to an increase
in travel and related expenses.
Impairment
of financial assets.
Historically, we have not experienced any significant recoverability issues with respect to our accounts receivable,
however, during the year ended June 30, 2022, we saw a higher level of delinquent accounts and bad debts leading to a higher provision
for bad and doubtful debts. We attribute this to a decline in the broader global economic environment and in some cases delays in customer
implementations. We have taken steps to improve operational efficiencies, including installing a platform upgrade allowing for easier
product ordering, implementations and the ability for customers to supply credit card details as a payment method. We believe these changes
will assist with our controls to reduce accounts receivable ageing and improve collections.
40
B.
Liquidity and Capital Resources
Overview
Since
our inception and through June 30, 2023, we have financed our operations and capital expenditures primarily through cash flows generated
by operations and sales of our equity securities. From our inception in 2009 through to June 30, 2023, we have raised in excess of A$47
million of equity capital.
Comparison
of the Years Ended June 30, 2023 and 2022
The
following table shows our cash, accounts receivable and working capital as of the dates indicated:
As
    at June 30,
2023
A$
2022
A$
Cash
    and cash equivalents
3,174,700
4,083,735
Accounts
    receivable, net
1,288,513
1,203,249
Current
    liabilities
(3,773,625
)
(2,917,209
)
Working
    capital
(1)
689,588
2,369,775
(1)
Working
capital is defined as current assets less current liabilities.
The
table below presents our cash flows for the periods indicated:
Years
    Ended June 30,
2023
A$
2022
A$
Net
    cash used by operating activities
(2,260,971
)
(4,240,436
)
Net
    cash used by investing activities
(1,619,616
)
(2,005,531
)
Net
    cash from financing activities
2,853,276
9,183,513
Net
    increase/(decrease) in cash and cash equivalents
(1,027,310
)
2,937,547
Net
    foreign exchange difference
118,275
495,457
Operating
Activities
For
the year ended June 30, 2023, net cash used by operating activities was A$2,260,971, attributable to a net loss of A$3,891,586 adjusted
for non-cash movements totaling A$997,998 in operating cash flows before movements in working capital as well as a net cash inflow
from cash generated from operations of A$632,728. Operating cash flows before movements in working capital of A$997,998 consisted of
A$1,355,171 in depreciation and amortization expenses, A$304,345 in share-based payments, A$295,263 from expected credit losses, A$533,119
from expected R&D tax incentives and other rebates, A$282,489 gain on liability extinguishments and A$141,284 in net foreign exchange
gains.
For
the year ended June 30, 2022, net cash used by operating activities was A$4,240,436, attributable to a net loss of A$5,090,327 adjusted
for non-cash movements totaling A$1,704,373 in operating cash flows before movements in working capital as well as a net cash
outflow from cash generated from operations of A$854,482. Operating cash flows before movements in working capital of A$1,704,373 consisted
of A$852,361 in depreciation and amortization expenses, A$359,544 in share-based payments, A$369,844 from expected credit losses, A$666,534
in implied interest expense related to convertible notes, and A$543,910 in net foreign exchange gains.
41
Investing
Activities
For
the years ended June 30, 2023 and 2022, net cash used by investing activities was A$1,619,616 and A$2,005,531, respectively, attributable
to A$1,617,446 and A$1,615,192, respectively, in cash payments for the purchase of intellectual property and further cash payments of
A$2,170 and A$390,339, respectively, for the purchase of property, plant and equipment.
Financing
Activities
For
the year ended June 30, 2023, net cash from financing activities was A$2,853,276, of which A$2,892,449 was from the issuance of shares,
partially offset by A$6,500 from the net repayment of borrowings and A$32,673 reduction in leasing liabilities.
For
the year ended June 30, 2022, net cash from financing activities was A$9,183,513, of which A$9,340,432 was from the issuance of shares,
partially offset by A$97,500 from the net repayment of borrowings and A$59,419 reduction in leasing liabilities.
At
The Market Offering Agreement with H.C. Wainwright & Co., LLC
On
May 18, 2023, we entered into an at the market offering agreement (the "Sales Agreement") with H.C. Wainwright & Co.,
LLC ("Wainwright"), as sales agent, under which we may offer and sell, from time to time, through Wainwright, our ordinary
shares pursuant to an effective shelf registration statement on Form F-3, as amended (File No. 333-272066), declared effective by the
SEC on June 1, 2023 and related prospectus supplement. Wainwright acts as our sales agent on a commercially reasonable efforts basis,
consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of
Nasdaq. If expressly authorized by us, Wainwright may also sell our ordinary shares in privately negotiated transactions. Wainwright
is entitled to compensation at a fixed placement fee of 3.0% of the gross sales price of our ordinary shares made pursuant to the Sales
Agreement. We have no obligation to sell any ordinary shares pursuant to the Sales Agreement, and may at any time suspend sales pursuant
to the Sales Agreement. As of June 30, 2023, we have sold 245,010 ordinary shares under the Sales Agreement at a at a weighted average
exercise price of $9.14 per share, which resulted in net proceeds of approximately $2,168,910 to us, after deducting sales commissions
and expenses payable by us.
Together
with our existing cash and cash equivalents, anticipated funds received from improved sales and cost savings from operations, including
from a reduction in excess staffing requirements and technologies, we believe will be sufficient to meet our anticipated cash needs for
at least the next 12 months. However, our liquidity assumptions may prove to be incorrect, and we could exhaust our available financial
resources sooner than we currently expect. We may seek additional funds at any time through equity, equity linked or debt financing arrangements.
Our future capital requirements and the adequacy of available funds will depend on many factors, including those described in the section
of this Annual Report captioned "
Risk Factors
". We may not be able to secure additional financing to meet our operating
requirements on acceptable terms, or at all.
Off-Balance
Sheet Arrangements
We
have not engaged in any off-balance sheet financing arrangements and do not have any holdings in variable interest entities. We do not
have any contingent assets or liabilities.
Recently
Issued Accounting Pronouncements
The
Group has considered the implications of all new or amended Accounting Standards and Interpretations issued by the International Accounting
Standard Board (IASB) that are mandatory for the current reporting period. The adoption of these standards do not have significant impact
on the financial performance or position of the Group.
Any
new amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Standards
and Interpretations Issued but not yet Effective
At
the date of authorization of the financial statements, the Group has not applied the following new and revised Australian Accounting
Standards, Interpretations and amendments that have been issued but are not yet effective:
New
    or revised requirement
Description
Effective
AASB
    2020-1
Classification
    of Liabilities as Current or Non-current
January
    1, 2023
AASB
    2021-2 Disclosure of Accounting Policies and Definition of Accounting Estimates
AASB
                                            7 Financial Instruments
AASB
    101 Presentation of Financial Statements
AASB
    108 Accounting Policies
AASB
    134 Interim Financial Reporting
AASB
    Practice Statement 2 Making Materiality Judgements
January
    1, 2023
AASB
    2021-5
Deferred
    Tax related to Assets and Liabilities arising from a Single Transaction
January
    1, 2023
AASB
    2014-10
Sale
    or Contribution of Assets between an Investor and its Associates or Joint Venture
January
    1, 2025
The
amendments to the individual Standards may be applied early, separately from the amendments to the other Standards, where feasible.
We
do not anticipate that the amendments will have a material impact on the Group but may change the disclosure of accounting policies included
in the financial statements.
Contractual
Obligations
Our
future minimum payments under non-cancelable contracts were as follows as of June 30, 2023:
Contractual
    Obligations
Payment
    due by period
Total
Less
    than 1 year
1–3
    years
3–5
    years
More
    than 5 years
Short-Term
    Debt Obligations
(1)
A$
301,600
A$
301,600
A$
-
A$
-
A$
-
Lease Payments
(2)
417,743
85,165
269,843
62,735
-
Purchase
Obligations
(3)
137,855
126,284
11,571
-
-
Total
A$
857,198
A$
513,049
A$
281,414
A$
62,735
A$
-
(1)
Relate
    to unsecured notes which we would seek to repay.
(2)
We
    lease our corporate head office in Perth, Australia under an operating lease arrangement that expires November 20, 2026. The terms
    of the lease agreement provide for rental payments on a graduated basis. We recognize rent expense on a straight-line basis over
    the lease periods.
(3)
Amounts
    consist of purchase obligations with certain vendors to provide products and services for operating purposes.
42
The
commitment amounts in the table above are associated with contracts that are enforceable and legally binding and that specify all significant
terms, including fixed or minimum services to be used, fixed, minimum or variable price provisions, and the approximate timing of the
actions under the contracts. The table does not include obligations under agreements that we can cancel without a significant penalty.
We do not have any capital lease obligations and all of our property, equipment and software have been purchased with cash.
We
enter into agreements in the normal course of business with vendors for products and services for operating purposes which are cancellable
at any time by us. These payments are not included in this table of contractual obligations.
Quantitative
and Qualitative Disclosure About Market Risk
We
are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations
in interest rates and foreign currency exchange rate risk.
Interest
Rate Risk
As
of June 30, 2023, we had cash and cash equivalents of A$3,174,700. We have limited exposure to interest rate risk. Our exposure to market
interest rates relates primarily to short-term deposits. Our cash and cash equivalents are not locked into long-term deposits at fixed
rates so as to mitigate the risk of earning interest below the current floating rate. We do not have any credit facilities bearing variable
interest rates or that allow lenders to reset the interest rate or the basis for the interest rate.
Foreign
Currency Exchange Rate Risk
As
a result of services provided by third parties in the United States, Canada and Europe, we incur financial assets and liabilities in
foreign currency denominated transactions that are affected by movements in the applicable exchange rate. We do not enter into any hedging
transactions, although trade receivables and cash at banks held in foreign currency denominations provide a partial natural hedge against
liabilities to be settled in foreign currencies. We are primarily exposed to foreign exchange risk inherent in U.S. dollar-denominated
contracts related to our commercialization and acquisition activities. As of June 30, 2023 and June 30, 2022, we had a net exposure to
the U.S. dollar of A$2,032,889 and A$3,212,072, respectively, primarily in cash and cash equivalents. An appreciation of the Australian
dollar against the U.S. dollar by 10% would have increased our operating loss for the year ended June 30, 2023 by A$952,682 and increased
our operating loss for the year ended June 30, 2022 by A$292,006, while a depreciation would have increased our operating loss for the
year ended June 30, 2023 by A$478,018 and would have decreased our operating loss by A$321,207 for the year ended June 30, 2022. As we
continue our commercialization and acquisition activities, we expect to face continued exposure to exchange rate risk from the U.S. dollar.
There was minimal or insignificant exposure to the Euro, Great British Pound or to the Canadian dollar during the years ended June 30,
2023 and 2022.
C.
Research and Development, Patents and Licenses
In
March 2016, we were granted a patent in the United States (Patent Number US 9286274) relating to the process of taking structured data
provided in standard technical formats (for example, XML, JSON, CSV and XLS) of any quantity, to be published to any web browser and
made accessible on any viewing device that uses a browser to display content, including smart phones, tablets, laptops, desktops and
wearables (in so far as the content from data feeds can be published on a myriad of devices). Data may be transmitted via Web API, FTP
or local upload. We have continued research and development of our core technologies to further enhance its performance and extend their
applicable commercial use cases.
D.
Trend Information
The
market for AI, including "chatbots", machine learning, and generative AI workloads is an intensely competitive and rapidly
evolving market, and our future financial performance may depend on our ability to adapt to, and capture new spending, in this market.
If more consumers utilize AI and AI-related technology to search for online content, or if we do not successfully integrate AI with our
solutions and products or integrate AI with our solutions as rapidly or effectively as other competitors within our industry, search
traffic volumes through traditional search engines may decline, and our solutions and products may not compete as effectively with AI
or other available solutions, which may in turn have a negative impact on our business and financial condition.
Other
than as disclosed in this section and elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments
or events that are reasonably likely to have a material effect on our net revenues, income from continuing operations, profitability,
liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating
results or financial condition.
E.
Critical Accounting Estimates
Not
applicable.
43
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
The
following table sets forth the name, age and position of each of our directors and executive officers as of the date of this Annual Report.
The address for our directors and executive officers is c/o Locafy Limited, 246 Churchill Avenue, Subiaco, Western Australia 6008, Australia.
Name
Age
Position(s)
Gavin
    Burnett
54
Chief
    Executive Officer and Managing Director
Melvin
    Tan
46
Chief
    Financial Officer and Executive Director
Collin
    Visaggio
62
Chairman
    of the Board and Non-Executive Director
Ranko
    Matic
55
Non-Executive
    Director
Andrea
Betti
(1)
51
Non-Executive
    Director
(1)
Ms. Betti was appointed to the board of directors on March 23, 2023.
There
are no family relationships between any of our directors or members of senior management. There are no arrangements or understandings
with major shareholders, customers, suppliers or others pursuant to which any of our directors or members of senior management were selected
to be a director or member of senior management.
Senior
Management and Key Employees
Gavin
Burnett, Chief Executive Officer and Managing Director
Mr.
Burnett founded Locafy (f/k/a Moboom Limited) and has served as our Chief Executive Officer and Managing Director since 2009. Prior to
2009, Mr. Burnett has more than a decade of digital media experience and has held senior executive positions in ASX-listed media organizations
where he was responsible for the development of core digital assets through to their commercialization. Mr. Burnett has been the recipient
of numerous industry awards including WA Technology Product of the Year 2004 and twice finalist in Ernst & Young's Entrepreneur
of the Year 2003 & 2004. He holds a Bachelor of Commerce from Curtin University.
Melvin
Tan, Chief Financial Officer and Executive Director
Mr.
Tan has served as our Chief Financial Officer since May 2012 and served as a member of our board of directors since August 2016. Mr.
Tan has held senior finance roles in technology companies for the majority of his career, and has experience in growing businesses organically
and through strategic acquisitions. Mr. Tan worked as a finance executive in both public and private companies as well as a public accounting
firm. He is a Fellow Certified Practicing Accountant (FCPA), Fellow Governance Institute Australia (FGIA/FCIS) and holds Bachelor Degrees
in Law and Commerce from The University of Western Australia (LLB, BCom).
44
Non-Employee
Directors
Collin
Visaggio, Chairman of the Board and Non-Executive Director
Mr.
Visaggio has served as a member of our board of directors and chairperson since August 2017. Mr. Visaggio has 34 years of experience
in corporate leadership, strategy, financing and governance. He was formerly the Chief Financial Officer of InterOil Corporation, a company
he listed on the New York Stock Exchange in March 2009. Collin previously held senior business positions within Woodside Petroleum and
BP Australia. He also served on the board of directors of Santa Maria Ladies College from 2004 to March 2010, including as Chairman for
four of those years. He has a Bachelor of Business from Curtin University and a Master's Degree in Business Administration from
Murdoch University.
Ranko
Matic, Non-Executive Director
Mr.
Matic has served as a non-executive director on our board of directors since June 2022. Mr. Matic is a Chartered Accountant with over
30 years of experience in financial and executive management, accounting, audit, business and corporate advisory. Mr. Matic is a director
of a chartered accounting firm and a corporate advisory company based in Perth and has specialist expertise and exposure in areas of
audit, corporate services, due diligence, mergers and acquisitions, and valuations. Mr. Matic is a non-executive director of Panther
Metals Limited (ASX: PNT), Cavalier Resources Limited (ASX: CVR) and Lycaon Resources Limited (ASX: LYN) and formerly a non-executive
director of Australia Gold & Copper Limited (ASX: AGC) and Argosy Minerals Limited (ASX: AGY).
Andrea
Betti, Non-Executive Director
Ms.
Betti has served as a non-executive director on our board of directors from March 23, 2023. Ms. Betti is an accounting and corporate
governance professional with over 25 years' experience in accounting, corporate governance, finance and corporate banking. Andrea
has a Bachelor of Commerce, Graduate Diploma in Corporate Governance, Graduate Diploma in applied Finance and Investment and a Masters
of Business Administration. She is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate member
of the Governance Institute of Australia. Ms. Betti is currently a director of a corporate advisory company based in Perth that provides
corporate and other advisory services to public listed companies based in Perth and has specialist expertise and exposure in areas of
corporate governance, accounting, corporate services, initial public offerings and due diligence. Ms. Betti has also acted as Non-Executive
Director, Chief Financial Officer and Company Secretary for companies in the private and public listed sector and continues to hold various
roles in this capacity with publicly listed companies. Ms. Betti is currently a non-executive director of Argosy Minerals Metals Limited
(ASX: AGY).
The
board of directors continually assesses its composition and skills matrix to consider the addition of board and management resources
our business develops and grows.
We
are aware of the need to have sufficient management to properly supervise our operations. As our activities require an increased level
of involvement, the board of directors will look to appoint additional management, consultants or other contractors when and where appropriate
to ensure proper management of our activities.
B.
Compensation
Compensation
Philosophy
The
goal of our compensation program is to attract, retain and motivate our employees and executives. Our board of directors is responsible
for setting our executive compensation and establishing corporate performance objectives. In considering executive compensation, the
board strives to ensure that our total compensation is competitive within the industry in which we operate and supports our overall strategy
and corporate objectives. The combination of base salary, annual incentives and long-term incentives that we provide our executive officers
is designed to accomplish this. Our board of directors considers the implications of the risks associated with our compensation policies
and practices. For additional details regarding the relevant education and experience of our board of directors see "
Item 6—Directors,
Senior Management and Employees—A. Directors and Senior Management
".
Components
of Compensation Package
There
are two major components of our executive compensation program:
●
base
    salary; and
●
variable-performance
    based compensation, consisting of:
●
annual,
    discretionary cash bonuses based on a comparison of individual and corporate performance to pre-set goals and objectives; and
●
long-term
    incentives, consisting of grants of long-term stock performance rights.
45
Executive
Compensation Practices
The
objective of the board of directors when determining compensation to be paid to our senior executives is to ensure that the level and
form of compensation: (a) attracts and retains talented, qualified, experienced and effective executives consistent with the general
sector; (b) motivates the short and long-term performance of these executives; (c) reflects our current state of development; (d) reflects
our performance and financial status; (e) reflects individual performance; and (f) aligns the interests of the executives with our overall
business objectives and the interests of our shareholders.
In
addition to industry trends, the board of directors considers a variety of other factors it considers relevant and appropriate when assessing
compensation policies and practices for director and executive compensation levels. These factors include the long-range interests of
our business and our shareholders, the implications of the risks associated with our compensation policies and practices in light of
our financial performance, our overall financial and operating performance and the board of directors' assessment of each executive's
individual achievements, performance and contribution toward meeting corporate objectives.
Assessments
to determine executive compensation are made through board discussion. To ensure our executive compensation is appropriate and competitive,
the board of directors will typically review the compensation practices on an annual basis but may also conduct reviews on an ad hoc
basis as the need arises. We have not retained any third-party advisors to conduct compensation reviews of our pay levels and practices.
We aim to provide compensation that is competitive with companies at a similar stage of development; however, no formal benchmark group
of companies is established.
We
have adopted both short-term and long-term incentive plans. These plans are available to our directors, key employees, including officers,
and consultants, as determined by our board of directors.
Base
Salary
Base
salaries for our named executive officers are evaluated and established to provide a reasonable amount of non-contingent remuneration
in order to retain executives with experience and skills required to achieve our strategic and organizational goals. In determining base
salaries, the board of directors references salary levels in the industry and location in which we operate, the individual's experience
level, the scope and complexity of the position held, and the level of expertise and capabilities demonstrated by and expected by the
executive officers.
Bonuses
The
board of directors considers, on an annual basis, discretionary cash bonuses to reward extraordinary performance during the preceding
fiscal year which has led to our milestones, strategic transactions, or capital raising achievements. The discretionary bonuses are intended
to provide a short-term incentive for executive officers to meet our goals, as well as to remain competitive within the industry. In
determining whether a bonus will be awarded, the board of directors considers such factors as the executive's performance over
the past year, our achievements in the past year and the executive's role in effecting such achievements, after taking into account
our financial and operating performance.
The
board of directors determines performance bonus payments based on the results achieved as compared to targets established for a particular
fiscal year.
46
Variable-Performance
Based Compensation
The
board of directors considers long-term performance incentive awards and stock performance rights to be an important component of executive
compensation. Under our Incentive Performance Rights Plan (the "Performance Rights Plan") adopted by us, executive officers
may be provided with long-term incentives consisting of grants of long-term stock performance rights. The objective of providing long-term
incentives is to encourage our executive officers to acquire an ownership interest in us over a period of time, which is intended to
align the interests of executive officers with the interests of shareholders while discouraging excessive risk taking. In granting long-term
incentives, the board of directors considers past grants offered to executive officers under the Performance Rights Plan as well as other
factors. The board of directors retains the discretion to declare who may be eligible to receive long-term stock performance rights and
to, by resolution, amend or add to all or any of the provisions of the Performance Rights Plan, or the terms or conditions of any long-term
stock performance rights granted under the Performance Rights Plan, including giving any amendment retrospective effect, amongst others.
Continued service is attached to the vesting of the long-term stock performance rights, unless otherwise resolved by the board of directors.
Summary
of Compensation
The
following table provides information about the compensation awarded to, earned by or paid to each of our directors and executive officers
for the year ended June 30, 2023.
Short
    term
Post-
employment
Other
long
term
Share-based
payments
(1)
Salary
                                            & fees
A$
Cash
bonus & non-
monetary benefits
A$
Annual
leave
accrual
(2)
A$
Super-
annuation
A$
Long
service
leave
accrual
(3)
A$
Performance
Rights
A$
Total
A$
Non-Employee
    Directors
Collin
    Visaggio
-
-
-
-
-
106,667
106,667
Ranko
    Matic
66,000
-
-
-
-
-
66,000
Andrea Betti
(4)
16,452
-
-
-
-
-
16,452
Executive
    Officers and Directors
Gavin
    Burnett
366,542
-
(51,384
)
38,487
(49,811
)
366,828
670,662
Melvin
    Tan
207,692
-
(87,313
)
21,808
(33,720
)
165,856
274,323
Executive
    Officers
David Penner
(5)
149,710
7,324
-
-
-
20,000
177,034
Michael Watkins
(6)
89,529
-
(13,668
)
7,592
(814
)
8,889
91,528
Total
895,925
7,324
(152,365
)
67,887
(84,345
)
668,240
1,402,666
(1)
The
    fair value of the performance rights is calculated at the date of grant in accordance with IFRS 2
Share Base Payments
for
    non-market performance conditions. The value disclosed is the portion of the grant-date fair value of the performance rights recognized
    as an expense in each reporting period.
(2)
Represents
    accounting adjustments for accrued annual leave.
(3)
In
    accordance with AASB 119
Employee Benefits
, long service leave is classified as other long-term employee benefits.
(4)
Appointed
    as a director of our board of directors on March 23, 2023.
(5)
Former
    Chief Technology Officer. Mr. Penner's employment with us ceased on December 30, 2022.
(6)
Former
    Chief Operating Officer. Mr. Watkins's employment with us ceased on October 27, 2022.
47
Details
of performance rights held by our directors and senior management for the year ended June 30, 2023 are set forth below.
Held
    at
July 1,
2022
(1)
Granted
as
compensation
(2)
Exercised
Lapsed
Forfeited
Other
    changes
Held
    at
June 30,
2023
Vested
during
the
year
Vested
and
exercise-
able
at June 30,
2023
Collin Visaggio
11,932
7,150
-
-
-
-
19,082
-
-
Ranko Matic
-
-
-
-
-
-
-
-
-
Andrea Betti
(3)
-
-
-
-
-
-
-
-
-
Gavin Burnett
41,384
6,322
-
-
-
-
47,706
-
-
Melvin
    Tan
43,041
11,249
-
-
-
-
54,290
-
-
Total
96,357
24,721
-
-
-
-
121,078
-
-
(1)
On
    December 7, 2022, our shareholders authorized at an extraordinary general shareholders' meeting, the Reverse Share Split. Issued
    and outstanding performance rights have been adjusted on a 1-for-20 basis. The number of performance rights following the split are
    reflected in the table above.
(2)
In
    order to preserve cash and to reduce debt, the directors agreed to apply a portion of unpaid entitlements and director's fees
    as at June 30, 2023 towards acquiring performance rights. The number of performance rights issued was based upon a price of $7.46
    per Performance Right; which was calculated by applying the 30-day volume weighted average price per ordinary share ended June 23,
    2023 and a AUD:USD exchange rate of $0.6670; the 30-day average rate ended June 23, 2023 (published by the Reserve Bank of Australia).
(3)
Held
    at appointment date of March 23, 2023.
Executive
Employment, Consulting and Management Arrangements and Termination and Change in Control Benefits
Following
is a summary description of material terms of compensation awarded to, earned by, paid or payable to our named executive officers pursuant
to agreements or arrangements.
Gavin
Burnett, Chief Executive Officer and Managing Director
On
January 1, 2020, we entered into an Executive Agreement with Gavin Burnett (the "Burnett Agreement") pursuant to which Mr.
Burnett is serving as our Chief Executive Officer and Managing Director. The Burnett Agreement will continue on an ongoing basis, unless
terminated earlier in accordance with its terms. Pursuant to the Burnett Agreement, we will pay Mr. Burnett A$328,500 per annum, inclusive
of superannuation and exclusive of any short-term incentives, long term incentives or bonus entitlements. Under the Burnett Agreement,
if certain short-term incentive milestones are achieved within the required time frame, Mr. Burnett will be eligible to receive a percentage
increase to his base salary. In addition, if 100 to 125 percent of certain Gross Revenue Targets (as defined in the Burnett Agreement)
are reached by certain dates, Mr. Burnett will be eligible to receive increases to his base salary, as specified in the Burnett Agreement.
In
the event that Mr. Burnett is terminated under certain circumstances, notwithstanding such termination, if targets are ultimately met
for the fiscal year during which the termination occurred, Mr. Burnett shall be entitled to receive a cash bonus that is prorated for
the number of days Mr. Burnett was employed during that fiscal year.
The
Burnett Agreement contains other terms and conditions considered standard for an agreement of this nature.
Melvin
Tan, Chief Financial Officer and Executive Director
On
January 1, 2020, we entered into an Executive Agreement with Melvin Tan (the "Tan Agreement") pursuant to which Mr. Tan is
serving as our Chief Financial Officer. The Tan Agreement will continue on an ongoing basis, unless terminated earlier in accordance
with its terms. Pursuant to the Tan Agreement, we will pay Mr. Tan A$219,000 per annum, inclusive of superannuation and exclusive of
any short-term incentives, long term incentives or bonus entitlements. Under the Tan Agreement, if certain short-term incentive milestones
are achieved within the required time frame, Mr. Tan will be eligible to receive a percentage increase to his base salary. In addition,
if 100 to 125 percent of certain Gross Revenue Targets (as defined in the Tan Agreement) are reached by certain dates, Mr. Tan will be
eligible to receive increases to his base salary, as specified in the Tan Agreement.
48
In
the event that Mr. Tan is terminated in certain circumstances, notwithstanding such termination, if targets are ultimately met for the
fiscal year during which the termination occurred, Mr. Tan shall be entitled to receive a cash bonus that is prorated for the number
of days Mr. Tan was employed during that fiscal year.
The
Tan Agreement contains other terms and conditions considered standard for an agreement of this nature.
C.
Board Practices
Our
board of directors currently consists of five directors. Our board of directors will facilitate its exercise of independent supervision
over management by ensuring that a majority of its members are "independent". Under our Constitution, at each annual general
meeting, one-third of the directors, other than the Managing Director, or if their number is not a multiple of three, then the number
nearest to one-third (rounded upwards in case of doubt) of the directors must retire. The following table provides the beginning and
expiration of each director's term as of June 30, 2023:
Name
Beginning
                                            of Term
Expiration
    of Term
Gavin Burnett
N/A
N/A
Melvin Tan
December
                                            28, 2022
At the 2024 annual general
    meeting
Colin Visaggio
January
                                            31, 2022
At the 2023 annual general
    meeting
Ranko Matic
December
                                            28, 2022
At the 2024 annual general
    meeting
Andrea Betti
March
                                            23, 2023
At the 2023 annual general
    meeting
Notwithstanding
the above, no director, other than the Managing Director, shall hold office for a period in excess of 3 years, or until the third annual
general meeting following his or her appointment, whichever is the longer, without submitting himself for re-election. The current Managing
Director of the board of directors is Gavin Burnett.
A
retiring director remains in office until the relevant shareholder meeting and will be eligible for re-election at that meeting.
Meetings
of Directors
Our
board of directors is responsible for our stewardship and for providing oversight as to the management of our business and affairs, including
providing guidance and strategic oversight to management by, among other things:
●
appointing
    our Chief Executive Officer;
●
developing
    the corporate goals and objectives that our Chief Executive Officer is responsible for meeting, and reviewing the performance of
    our Chief Executive Officer against such corporate goals and objectives;
●
taking
    steps to satisfy itself as to the integrity of our Chief Executive Officer and other executive officers and that our Chief Executive
    Officer and other executive officers create a culture of integrity throughout the organization;
●
reviewing
    and approving our Code of Conduct and Ethics and reviewing and monitoring compliance with the Code of Conduct and Ethics and our
    enterprise risk management processes;
●
adopting
    a strategic planning process to establish objectives and goals for our business and reviewing, approving, and modifying, as appropriate,
    the strategies proposed by management to achieve such objectives and goals; and
●
reviewing
    and approving material transactions not in the ordinary course of business.
49
Foreign
Private Issuer Status
We
are a "foreign private issuer" under SEC and Nasdaq rules, which also exempts us, as well as our directors, executive officers
and 10% shareholders, from certain requirements that apply to U.S. public companies and their directors, executive officers and 10% shareholders.
See
"Item 3. Key Information
—
D. Risk Factors—We are a "foreign private issuer" and may have disclosure
obligations that are different from those of U.S. domestic reporting companies. As a foreign private issuer, we are subject to different
U.S. securities laws and rules than a domestic U.S. issuer, which could limit the information publicly available to our shareholders.
"
Board
Committees
In
light of our size and nature, we believe that the current size of the board of directors is a cost effective and practical method of
directing and managing us. As our activities develop in size, nature and scope, the size of the board, the formation of board committees
and the implementation of additional corporate governance policies and structures will be reviewed.
To
assist with the effective discharge of its duties, our board of directors has established an Audit and Risk Committee. The Audit and
Risk Committee operates under a charter approved by our board of directors, which sets forth the purposes and responsibilities of the
Audit and Risk Committee as well as qualifications for committee membership, committee structure and operations and committee reporting
to our board of directors
Audit
and Risk Committee
The
members of our Audit and Risk Committee are Collin Visaggio, Ranko Matic and Andrea Betti. Our board of directors has determined that
each of Mr. Visaggio, Mr. Matic and Ms. Betti satisfies the independence requirements under Nasdaq listing standards and Rule 10A-3(b)(1)
of the Exchange Act. The chairperson of our Audit and Risk Committee is Colin Visaggio. Our board of directors has determined that each
of Mr. Visaggio, Mr. Matic and Ms. Betti is an "audit committee financial expert" within the meaning of SEC regulations.
Each member of our Audit and Risk Committee can read and understand fundamental financial statements in accordance with applicable requirements.
In arriving at these determinations, our board of directors has examined each member's scope of experience and the nature of his
or her employment.
The
Audit and Risk Committee's duties are specified in our Audit and Risk Committee Charter, and include, but are not limited to:
●
appointing
    the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;
●
reviewing
    with the independent auditors any audit problems or difficulties and management's response;
●
discussing
    the annual audited financial statements with management and the independent auditors;
●
reviewing
    the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and
    control major financial risk exposures;
●
reviewing
    and approving all proposed related party transactions;
●
annually
    reviewing and reassessing the adequacy of our Audit and Risk Committee Charter;
●
meeting
    separately and periodically with management and the independent auditors; and
●
monitoring
    compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to
    ensure proper compliance.
50
Compensation
Committee
We
rely upon the exemption available to foreign private issuers under the Nasdaq listing rules with respect to the determination of the
compensation of our Chief Executive Officer and other executive officers in lieu of forming a compensation committee consisting entirely
of independent directors (or the determination of such compensation solely by the independent members of our board of directors). In
lieu of a compensation committee, the remuneration of an executive director is decided by our board of directors, without the affected
executive director participating in that decision-making process.
The
total maximum remuneration of non-executive directors is initially set by the Constitution and subsequent variation is by ordinary resolution
of shareholders in general meeting in accordance with the Constitution and the Corporations Act, as applicable. The determination of
non-executive directors' remuneration within that maximum will be made by the board of directors having regard to the inputs and
value to us of the respective contributions by each non-executive director. The current amount has been set at an amount not to exceed
A$300,000 per annum.
Where
agreed by the board of directors, directors are also entitled to be paid reasonable travel, hotel and other expenses incurred by them
respectively in or about the performance of their duties as directors.
A
director who has a material interest in a matter before our board of directors or any committee on which he or she serves is required
to disclose such interest as soon as the director becomes aware of it. In situations where a director has a material interest in a matter
to be considered by our board of directors or any committee on which he or she serves, such director may be required to remove himself
or herself from the meeting while discussions and voting with respect to the matter are taking place.
Our
board of directors reviews and approves the remuneration policy to enable us to attract and retain executives and directors who will
create value for shareholders having consideration to the amount considered to be commensurate for a company of its size and level of
activity as well as the relevant directors' time, commitment and responsibility. Our board of directors is also responsible for
reviewing any employee incentive and equity-based plans including the appropriateness of performance hurdles and total payments proposed.
Nominating
Committee
Our
board of directors does not have a nominating committee, as director nominees are presented by our board of directors to our shareholders
based upon the nominations made by the board of directors itself. We rely upon the exemption available to foreign private issuers under
the Nasdaq listing rules related to independent director oversight of nominations to our board of directors and the adoption of a formal
written charter or board resolution addressing the nominations process.
Board
Diversity
The
table below provides certain information regarding the diversity of our board of directors as of the date of this Annual Report. Additional
biographical information of our directors and executive officers is set forth above under "
Item 6. Directors, Senior Management
and Employees—A. Directors and Senior Management
".
Board
    Diversity Matrix
Country
    of Principal Executive Offices:
Australia
Foreign
    Private Issuer
Yes
Disclosure
    Prohibited under Home Country Law
No
Total
    Number of Directors
5
Female
Male
Non-
Binary
Did
    Not Disclose Gender
Part I:
    Gender Identity
Directors
1
4
0
0
Part II:
    Demographic Background
Underrepresented Individual
    in Home Country Jurisdiction
0
LGBTQ+
0
Did Not Disclose Demographic
    Background
5
51
Code
of Conduct
We
have adopted a Code of Conduct and Ethics applicable to all of our directors, officers and employees. We post on our website all disclosures
that are required by law or the listing standards of Nasdaq concerning any amendments to, or waivers from, any provision of the Code
of Conduct and Ethics. The reference to our website address does not constitute incorporation by reference of the information contained
at or available through our website, and you should not consider it to be a part of, this Annual Report.
Monitoring
Compliance with the Code of Conduct and Ethics
Our
board of directors is responsible for reviewing and evaluating the Code of Conduct and Ethics periodically and will make any necessary
changes thereto. Our board of directors is also charged with the monitoring of compliance with the Code of Conduct and Ethics and will
be responsible for considering any waivers of the Code of Conduct and Ethics.
Interests
of Directors
A
director who has a material interest in a matter before our board of directors or any committee on which he or she serves is required
to disclose such interest as soon as the director becomes aware of it. In situations where a director has a material interest in a matter
to be considered by our board of directors or any committee on which he or she serves, such director may be required to excuse himself
or herself from the meeting while discussions and voting with respect to the matter are taking place. Directors will also be required
to comply with the relevant provisions of the Corporations Act regarding conflicts of interest and any material personal interest in
a matter that relates to our affairs. Under the Corporations Act, we may be required to obtain approval of shareholders before providing
certain financial benefits to directors, unless an exemption set out in the Corporations Act applies.
Complaint
Reporting and Whistleblower Policy
In
order to foster a climate of openness and honesty in which any concern or complaint pertaining to a suspected violation of the law, our
Code of Conduct and Ethics or any of our policies or any unethical or questionable act or behavior, the board of directors will adopt
a whistleblower policy that requires that our employees promptly report such violation or suspected violation. In order to ensure that
violations or suspected violations can be reported without fear of retaliation, harassment or an adverse employment consequence, our
whistleblower policy will contain procedures that are aimed to facilitate confidential, anonymous submissions by our employees.
D.
Employees
As
of June 30, 2023, we had 34 full time employees and contractors. Of these employees, 22 were employed in Australia, 5 in the Philippines,
3 in the United States, 4 in other countries. These employees are engaged in technical development, sales and marketing, customer support,
finance, legal, human resources and general management. We rely upon and engage consultants on a contract basis to provide services,
management and personnel who assist us to carry on our technical development, administrative, shareholder communication and marketing
activities.
E.
Share Ownership
Information
regarding the ownership of our ordinary shares by our directors and executive officers is set forth in "
Item 7.A—Major
Shareholders
" of this Annual Report.
52
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
The
following table indicates information as of the date of this Annual Report regarding the beneficial ownership of our ordinary shares
for:
●
each
    person who is known by us to beneficially own 5% or more of our ordinary shares;
●
each
    named executive officer;
●
each
    of our directors; and
●
all
    of our directors and executive officers as a group.
We
have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of
securities to persons who possess sole or shared voting power or investment power with respect to those securities. In addition, the
rules provide that beneficial ownership includes ordinary shares issuable pursuant to the exercise of stock options or warrants or upon
conversion of a security that are either exercisable or convertible within 60 days of September 30, 2023. These shares are deemed to
be outstanding and beneficially owned by the person holding those options or warrants for the purpose of computing the percentage ownership
of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. Unless
otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares
shown as beneficially owned by them. As of July 11, 2023, we had 985 record holders of our ordinary shares, with 420 record holders in
Australia, representing 60.6% of our outstanding ordinary shares, and 502 record holders in the United States, representing 20.5% of
our outstanding ordinary shares. The address for our directors and executive officers is c/o Locafy Limited, 246 Churchill Avenue, Subiaco,
Western Australia 6008, Australia. As of June 30, 2023, there were 1,276,248 ordinary shares issued and outstanding.
Name
    of Beneficial Owner
Number of
Shares
Beneficially
Owned
Percentage of Shares
Outstanding
Named
    Executive Officers and Directors:
Gavin
    Burnett
176,526
(1)
13.8
%
Melvin
    Tan
74,671
(2)
5.9
%
Collin
    Visaggio
33,201
(3)
2.6
%
Ranko Matic
1,930
*
%
Andrea
    Betti
-
-
All Current Executive Officers and Directors as a Group
(5 persons)
286,328
(1)(2)(3)
22.4
%
*
Represents
    beneficial ownership of less than 1%
(1)
Excluding
    47,706 ordinary shares underlying certain unvested and contingent performance rights.
(2)
Excluding
    54,290 ordinary shares underlying certain unvested and contingent performance rights.
(3)
Excluding
    19,082 ordinary shares underlying certain unvested and contingent performance rights.
We
are not controlled by another corporation, by any foreign government or by any natural or legal persons except as set forth herein, and
there are no arrangements known to us which would result in a change in control of us at a subsequent date.
B.
Related Party Transactions
Agreements
with Executive Officers
Director
and Senior Management Compensation
For
a description of our agreements with our executive officers, please see "
Item 6. Directors, Senior Management and Employees—B.
Compensation
".
53
Indemnification
Agreements
Our
Constitution provides that, except to the extent prohibited by law including under the Corporations Act, we will indemnify every person
who is or has been an officer of the Company against any liability (other than conduct involving a lack of good faith on the part of
the officer) incurred by that person as an officer. This includes any liability incurred by that person in their capacity as an officer
of our subsidiary where we requested that person to accept that appointment.
We
have entered into Deeds of Indemnity, Insurance and Access (the "Indemnity Deeds") with each of our directors. Under the
Indemnity Deeds, we have agreed to indemnify (to the maximum extent permitted by law and our Constitution, subject to certain specified
exceptions) each director against certain liabilities incurred in their capacity as our or our subsidiaries' director and any and
all costs and expenses relating to such a claim or to any notified event incurred by such director, including costs and expenses reasonably
and necessarily incurred to mitigate any liability for such a claim or any claim which may arise from such a notified event.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us
pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
C.
Interests of Experts and Counsel
Not
applicable.
ITEM
    8.
FINANCIAL
    INFORMATION
A.
Consolidated Statements and Other Financial Information
See
"
Item 18. Financial Statements
" of this Annual Report for the consolidated financial statements and other financial
information.
Legal
Proceedings
From
time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. We are not
currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our
business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management
resources and other factors.
Dividend
Policy
We have never declared or paid any dividends on our ordinary shares or any of our other securities. We currently intend to retain any
future earnings to finance the growth and development of our business, and we do not anticipate that we will declare or pay any cash
dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of our board of directors
and will be dependent upon our financial condition, results of operations, capital requirements, restrictions under any future indebtedness
and other factors the board of directors deems relevant.
B.
Significant Changes
A
discussion of significant changes since June 30, 2023 is provided under Item 5 of this Annual Report and is incorporated herein by reference.
54
ITEM
    9.
THE
    OFFER AND LISTING
A.
Offer and Listing Details
Our
ordinary shares and warrants are listed on Nasdaq under the symbols "LCFY" and "LCFYW", respectively.
B.
Plan of Distribution
Not
applicable.
C.
Markets
Our
ordinary shares and warrants are listed on Nasdaq under the symbols "LCFY" and "LCFYW", respectively. There can
be no assurance that our ordinary shares and warrants will remain listed on Nasdaq.
D.
Selling Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable.
55
ITEM
    10.
ADDITIONAL
    INFORMATION
A.
Share Capital
Not
applicable.
B.
Memorandum and Articles of Association
We
were incorporated on April 23, 2009 under the name Gumiyo Australia Pty Ltd. under the Corporations Act and on January 14, 2021, we changed
our name to Locafy Limited. The following description of the material terms of our Constitution is a summary and does not purport to
be complete. It should be read in conjunction with our Constitution, attached as Exhibit 1.1 to this Annual Report, and certain sections
of the Corporations Act.
Since
we are governed by the laws of Australia, some of the laws affecting our shareholders differ from those of the United States. See "
Item
3. Key Information—D. Risk Factors—'We are governed by the corporate laws of Australia which in some cases have a different
effect on shareholders than the corporate laws of the United States and may have the effect of delaying or preventing a change in control'".
Australian
law does not limit the authorized share capital that may be issued by a corporation and does not recognize the concept of par value.
Subject to our Constitution, the Corporations Act, and the rules governing the listing of our securities on Nasdaq, our directors are
entitled to issue shares in our capital, grant options over unissued shares, and settle the manner in which fractions of a share are
to be dealt with. The directors may decide the persons to whom, and the terms on which, shares are issued or options are granted as well
as the rights and restrictions that attach to those shares or options subject to our Constitution, the Corporations Act and the rules
governing the listing of our securities on the Nasdaq.
Ordinary
shares
Voting
Rights
Each
holder of our ordinary shares is entitled to receive notice of and to be present, to vote and to speak at general meetings. Subject to
any rights or restrictions attached to any shares, on a show of hands each holder of ordinary shares present has one vote and, on a poll,
one vote for each fully paid share held, and for each partly paid share, a fraction of a vote equivalent to the proportion to which the
share has been paid up. Voting may be in person or by proxy, attorney or representative.
No
business, the election of a chairman and the adjournment of the meeting, shall be transacted at any general meeting unless a quorum is
present comprising two shareholders present in person, by proxy, attorney or representative.
Dividend
Rights
Holders
of our ordinary shares are entitled to receive such dividends as may be declared by the directors, subject to and in accordance with
the Corporations Act, the rights of any preference shareholders and to the rights of the holders of any shares created or raised under
any special arrangement as to dividend. If the directors determine that a final or interim dividend is payable, it is (subject to the
terms of issue on any shares or class of shares) paid on all shares proportionate to the amount for the time being paid on each share.
Dividends may be paid by cash, electronic transfer, or any other method as the board determines.
The
directors have the power to capitalize and distribute the whole or part of the amount from time to time standing to the credit of any
reserve account or the profit and loss account or otherwise available for distribution to shareholders, subject to any rights or restrictions
for the time being attached to any class or class of shares. The capitalization and distribution must be in the same proportions which
the shareholders would be entitled to receive if distributed by way of a dividend.
Subject
to the rules of Nasdaq, the directors may pay a dividend out of any fund or reserve or out of profits derived from any source.
56
Variation
of Class Rights
The
Corporations Act provides that if a company has a constitution that sets out the procedure for varying or cancelling rights attached
to shares in a class of shares, those rights may be varied or cancelled only in accordance with the procedure.
The
rights attached to our ordinary shares may only be varied with the consent in writing of members holding at least three-quarters of the
issued shares of that class, or with the sanction of a special resolution passed at a separate meeting of the holders of shares of that
class. Any variation of rights will be subject to the Corporations Act.
Rights
of Non-Resident or Foreign Shareholders
There
are no specific limitations in the Corporations Act which restrict the acquisition, ownership, or disposal of shares in an Australian
company by non-resident or foreign shareholders. The Foreign Acquisitions and Takeovers Act 1975 (Cth) regulates investment in Australian
companies and may restrict the acquisition, ownership, and disposal of our ordinary shares by non-resident or foreign shareholders.
Below
is a reconciliation of the number of ordinary shares outstanding from June 30, 2022 through June 30, 2023:
Number of
Ordinary shares
Ordinary shares outstanding at June 30, 2022
20,528,803
Consolidation of ordinary shares due to Reverse Share Split
(19,497,565
)
Shares issued from capital raises
245,010
Ordinary shares outstanding at June 30, 2023:
1,276,248
Rights
and Restrictions on Classes of Shares
Subject
to the Corporations Act, rights attaching to our ordinary shares are detailed in our Constitution. Our Constitution provides that any
of our ordinary shares may be issued with preferred, deferred or other special rights or restrictions, whether in relation to dividends,
voting, return of share capital, payment of calls or otherwise as the board may determine from time to time. Except as provided by contract
or by our Constitution to the contrary, all unissued shares are under the control of the board which may grant options on the ordinary
shares, allot or otherwise issue the ordinary shares on the terms and conditions and for the consideration it deems fit. Currently our
outstanding share capital consists of only one class of ordinary shares.
Dividend
Rights
The
board may from time to time determine to pay dividends to shareholders. All unclaimed dividends may be invested or otherwise made use
of by the board for our benefit until claimed or otherwise disposed of in accordance with our Constitution, except as otherwise provided
by statute.
Voting
Rights
Under
our Constitution, each holder of our ordinary shares is entitled to receive notice of and to be present, to vote and to speak at general
meetings. Subject to any rights or restrictions attached to any shares, on a show of hands each holder of ordinary shares present has
one vote and, on a poll, one vote for each fully paid share held, and for each partly paid share, a fraction of a vote equivalent to
the proportion to which the share has been paid up.
Under
Australian law, shareholders of a public company with more than one member are not permitted to approve corporate matters by written
consent. Our Constitution does not provide for cumulative voting.
57
Pursuant
to the Corporations Act, our board of directors must convene a general meeting if requested to do so by shareholders with at least 5%
of the votes that may be cast at the general meeting or members with at least 5% of the votes that may be cast at a general meeting may
call, and arrange to hold, a general meeting.
Generally,
only items of business included in the relevant notice of meeting (or any supplementary notice) would be considered and voted on at general
meetings.
Right
to Share in our Profits
Subject
to the Corporations Act (which contains no overriding provisions as of the filing of this Annual Report) and pursuant to our Constitution,
our shareholders are entitled to participate in our profits only by payment of dividends. The board may from time to time determine to
pay dividends to the shareholders.
Rights
to Share in the Surplus in the Event of Liquidation
Our
Constitution provides for the right of shareholders to participate in a surplus in the event of our liquidation. In certain circumstances,
any division may be otherwise than in accordance with the legal rights of the contributories, and in particular, our creditors and any
other class of security holders may be given preferential or special rights or may be excluded altogether or in part from participation
in a surplus in the event of liquidation.
If
our business is wound up, the liquidator may, with the authority of a special resolution, divide among the shareholders in kind the whole
or any part of our property of, and may for that purpose set such value as he considers fair upon any property to be so divided, and
may determine how the division is to be carried out as between the shareholders or different classes of shareholders.
The
liquidator may, with the authority of a special resolution, vest the whole or any part of any such property in trustees upon such trusts
for the benefit of the contributories as the liquidator thinks fit, but so that no shareholder is compelled to accept any shares or other
securities in respect of which there is any liability.
Redemption
Provisions
Under
our Constitution and subject to the Corporations Act (which contains no overriding provisions as of the date of filing of this Annual
Report) we are able to:
●
redeem
    and cancel ordinary shares, subject to obtaining the necessary and prior shareholder approval; and
●
issue
    preference shares on the terms that they are, or may at our option be, liable to be redeemed, with or without shareholder approval.
Shareholders'
Meetings
We
must hold an annual general meeting within five months of the end of each fiscal year. Our end of fiscal year is currently June 30 each
year. At the annual general meeting, shareholders typically consider the annual financial report, directors' report and auditor's
report and vote on matters, including the election of directors and the appointment of the auditor (if necessary). We may also hold other
meetings of shareholders from time to time. The annual general meeting must be held in addition to any other meetings which we may hold.
Unless
applicable law or our Constitution requires a special resolution, a resolution of shareholders is passed if more than 50% of the votes
at the meeting are cast in favor of the resolution by shareholders in person or proxy entitled to vote upon the relevant resolution.
A special resolution is passed if the notice of meeting sets out the intention to propose the special resolution and it is passed if
at least 75% of the votes at the meeting are cast by shareholders in person or proxy entitled to vote upon the relevant resolution.
58
A
special resolution usually involves more important questions affecting us as a whole or the rights of some or all of our shareholders.
Special resolutions are required in a variety of circumstances under our Constitution and the Corporations Act, including without limitation:
●
to
    change our name;
●
to
    amend or repeal and replace our Constitution;
●
to
    approve the terms of issue of preference shares;
●
to
    approve the variation of class rights of any class of shareholders;
●
to
    convert one class of shares into another class of shares;
●
to
    approve certain buy backs of shares;
●
to
    approve a selective capital reduction of our shares;
●
to
    approve financially assisting a person to acquire our shares;
●
to
    change our company type;
●
with
    the leave of an authorized Australian court, to approve our voluntary winding up;
●
to
    confer on a liquidator, with either general or specific authority in respect of compensation arrangements of such liquidator; and
●
to
    approve an arrangement entered into between a company about to be, or in the course of being, wound up.
Corporate
Governance
Our
Constitution
Our
constituent document is a constitution, which is similar in nature to the by-laws of a company incorporated under the laws of a U.S.
state. Our Constitution does not provide for or prescribe any specific objectives or purposes of Locafy. Our Constitution is subject
to the terms of the Corporations Act. Our Constitution may be amended or repealed and replaced by special resolution of shareholders,
which is a resolution passed by at least 75% of the votes cast by shareholders entitled to vote on the resolution.
Directors
Interested
Directors
Except
where permitted by the Corporations Act, a director who has a material personal interest in a matter that is being considered at a meeting
of directors must not be present while the matter is being considered at the meeting or vote on that matter.
Unless
a relevant exception applies under the Corporations Act, our directors are:
●
required
    to disclose all their and their associates' holdings of our securities, any and all dealings in any of those securities and
    certain other interests; and
●
required
    to obtain prior shareholder approval of any provision of related party benefits to any of those directors or their associates.
59
Borrowing
Powers Exercisable by Directors
Pursuant
to our Constitution, the management and control of our business affairs are vested in our board of directors, subject to the Constitution
and the Corporations Act. The board of directors has the power to raise or borrow money. The board of directors may also charge any of
our property or business or any uncalled capital and may issue debentures or give any other security for any of our debts, liabilities
or obligations or of any other person, in each case, in the manner and on terms it deems fit.
Retirement
of Directors
Under
our Constitution, at each annual general meeting one-third of the directors, other than the Managing Director, or if their number is
not a multiple of three, then the number nearest to one-third (rounded upwards in case of doubt) of the directors must retire.
Notwithstanding
the above, no director, other than the Managing Director, shall hold office for a period in excess of 3 years, or until the third annual
general meeting following his or her appointment, whichever is the longer, without submitting himself for re-election.
A
retiring director remains in office until the relevant shareholder meeting and will be eligible for re-election at that meeting.
Access
to and Inspection of Documents
Inspection
of our records is governed by our Constitution and the Corporations Act. Any shareholder of the Company has the right to inspect or obtain
copies of our share register on the payment of any prescribed fee required by us. Our books containing the minutes of general meetings
will be kept at our registered office and will be open to inspection of members at all times when the office is required to be open to
the public. Generally other corporate records, including minutes of directors' meetings, financial records and other documents,
are not open for inspection by shareholders (who are not directors). Where a shareholder is acting in good faith and an inspection is
deemed to be made for a proper purpose, a shareholder may apply to the court to make an order for inspection of our books.
Takeovers
– Change of Control
Takeovers
of Australian public companies, such as Locafy, are regulated by the Corporations Act, which prohibits the acquisition of a "relevant
interest" in issued voting shares in a company if the acquisition will lead to that person's or someone else's voting
power in the company increasing from 20% or below to more than 20% or increasing from a starting point that is above 20% and below 90%,
subject to a range of exceptions.
Generally,
a person will have a relevant interest in securities if the person:
●
is
    the holder of the securities;
●
has
    power to exercise, or control the exercise of, a right to vote attached to the securities; or
●
has
    the power to dispose of, or control the exercise of a power to dispose of, the securities, including any indirect or direct power
    or control.
If,
at a particular time, a person has a relevant interest in issued securities and the person:
●
has
    entered or enters into an agreement with another person with respect to the securities;
●
has
    given or gives another person an enforceable right, or has been or is given an enforceable right by another person, in relation to
    the securities (whether the right is enforceable presently or in the future and whether or not on the fulfillment of a condition);
●
has
    granted or grants an option to, or has been or is granted an option by, another person with respect to the securities;
●
the
    other person would have a relevant interest in the securities if the agreement were performed, the right enforced or the option exercised;
    or
●
the
    other person is taken to already have a relevant interest in the securities.
60
There
are a number of exceptions to the above prohibition on acquiring a relevant interest in issued voting shares above 20%. In general terms,
some of the more significant exceptions include:
●
acquisition
    relating to takeover bids;
●
when
    shareholders approve the takeover by resolution passed at general meeting;
●
an
    acquisition by a person of no more than 3% in any 6 month period; or
●
when
    the acquisition results from the issue of securities under a pro rata rights issue.
Breaches
of the takeovers provisions of the Corporations Act are criminal offenses. The Australian Securities and Investment Commission ("ASIC")
and the Australian Takeovers Panel have a wide range of powers relating to breaches of takeover provisions, including the ability to
make orders canceling contracts, freezing transfers of, and rights attached to, securities, and forcing a party to dispose of securities.
There are certain defenses to breaches of the takeover provisions provided in the Corporations Act.
Foreign
Ownership Regulation
There
are no limitations on the rights to own securities imposed by our Constitution. However, the Foreign Acquisitions and Takeovers Act 1975
(Cth) and Foreign Acquisitions and Takeovers Regulations 2015, (together, "Australia's Foreign Investment Regime'),
regulates certain types of acquisitions by 'foreign persons' of equity interests in Australian companies and acquisitions
and proposed acquisitions of shares and voting power in Australian companies.
Under
Australia's Foreign Investment Regime, as currently in effect, foreign persons must make a mandatory notification to the Australian
Federal Treasurer through the Foreign Investment Review Board ("FIRB") and obtain receipt of a no objections notification
from the Australian Federal Treasurer in the following circumstances (among others):
●
all
    foreign persons acquiring a 'direct interest' (generally an interest of 10% or more) of the shares in a company that
    is a 'national security business', regardless of value;
●
'foreign
    government investors' acquiring a direct interest in the share of any company, regardless of value; and
●
'foreign
    persons' that are not 'foreign government investors' acquiring a substantial interest (generally 20% or more) of
    the shares in a company which has a total asset value of A$281 million or more (or A$1,216 million or more in the case of investors
    incorporated in the US and ultimately owned by entities and persons within the US).
At
present, we do not have total assets of A$281 million and we are not a 'national security business.
An
entity is a 'foreign government investor' if it is:
●
a foreign government or separate government entity; or
●
a corporation, trust or limited partnership in which foreign government entities/separate government entities/ from:
○
a
    single country, together with associates, hold (directly or indirectly) an interest of 20% or more (including through actual or potential
    voting power); or
○
multiple
    countries, together with associates, hold (directly or indirectly) interests of 40% or more in aggregate (including through actual
    or potential voting power) – provided the interest holders do not meet certain passive investor requirements.
61
Acquisitions
thresholds take account of interests held by 'associates' and there are tracing rules that can apply. "Associates"
is a broadly defined term under Australia's Foreign Investment Regime and includes:
●
spouses,
    lineal ancestors and descendants, and siblings;
●
partners,
    officers of companies, the company or its subsidiaries;
●
their
    shareholders related through substantial shareholdings or voting power;
●
corporations
    whose directors are controlled by the person, or who control a person;
●
associations
    between trustees and substantial beneficiaries of trust estates; and
●
for
    foreign government investors, any foreign government investor from the same country.
The
Australian Federal Treasurer may prevent a proposed acquisition in the above categories or impose conditions on such acquisition if the
Australian Federal Treasurer is satisfied that the acquisition would be contrary to the national interest. If a foreign person acquires
shares or an interest in shares in an Australian company in contravention of Australia's Foreign Investment Regime, the Australian
Federal Treasurer may order the divestiture of such person's shares or interest in shares in such company. The Australian Federal
Treasurer may order divestiture pursuant to Australia's Foreign Investment Regime if it is determined that the acquisition has
resulted in that foreign person, either alone or together with other non-associated or associated foreign persons, controlling the company
and that such control is contrary to the national interest. Criminal offences and civil penalties for breaches of Australia's Foreign
Investment Regime can apply to failing to give notification of certain acquisitions, undertaking certain acquisitions without a no objection
notification or contravening a condition in a no objection notification.
Each
foreign person seeking to acquire holdings in excess of the above caps (including their Associates, as the case may be) would need to
complete an application form setting out the proposal and relevant particulars of the acquisition/shareholding. The Australian Federal
Treasurer then has 30 days to consider the application and a further 10 days to notify the applicant of that decision. The decision period
commences upon receipt of payment of the correct application fee. However, FIRB can request an extension of time. If the applicant does
not consent to the extension, FIRB can issue an interim order preventing the foreign person from carrying out the proposed transactions
and allowing FIRB a further 90 days to consider the application.
If
we become a 'foreign person' under Australia's Foreign Investment Regime due to levels of foreign ownership of our
shares, we would be required to obtain the approval of the Australian Federal Treasurer for us, together with our associates, to undertake
certain acquisitions of Australian entities, businesses and land.
C.
Material Contracts
For
a description of our material agreements, see "
Item 4. Information on the Company—B. Business Overview
".
D.
Exchange Controls
See
"
Item 10. Additional Information—B. Memorandum and Articles of Association—Foreign Ownership Regulation
".
E.
Taxation
62
MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS
The
following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of ordinary
shares and IPO Warrants by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase our ordinary
shares and IPO Warrants pursuant to this Annual Report and hold such ordinary shares and IPO Warrants as capital assets.
This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), U.S. Treasury regulations promulgated
thereunder and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject
to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may
be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under
U.S. federal income tax law (such as certain financial institutions, insurance companies, broker-dealers and traders in securities or
other persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans,
regulated investment companies, real estate investment trusts, certain former citizens or residents of the United States, persons who
hold our ordinary shares and IPO Warrants as part of a "straddle", "hedge", "conversion transaction",
"synthetic security" or integrated investment, persons that have a "functional currency" other than the U.S.
dollar, persons that own directly, indirectly or through attribution 10% or more of the voting power of our ordinary shares, corporations
that accumulate earnings to avoid U.S. federal income tax, persons subject to special tax accounting rules under Section 451(b) of the
Code, partnerships and other pass-through entities, and investors in such pass-through entities). This discussion does not address any
U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative minimum tax consequences.
As
used in this discussion, the term "U.S. Holder" means a beneficial owner of our ordinary shares and IPO Warrants that
is, for U.S. federal income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or
entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States,
any state thereof, or the District of Columbia, (3) an estate the income of which is subject to U.S. federal income tax regardless of
its source or (4) a trust (i) with respect to which a court within the United States is able to exercise primary supervision over its
administration and one or more United States persons have the authority to control all of its substantial decisions or (ii) that has
elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.
If
an entity treated as a partnership for U.S. federal income tax purposes holds our ordinary shares and IPO Warrants, the U.S. federal
income tax consequences relating to an investment in our ordinary shares and IPO Warrants will depend in part upon the status
and activities of such entity and the particular partner. Any such entity should consult its own tax advisor regarding the U.S. federal
income tax consequences applicable to it and its partners of the purchase, ownership and disposition of our ordinary shares and IPO
Warrants. Persons considering an investment in our ordinary shares and IPO Warrants should consult their own tax advisors
as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our ordinary shares and
IPO Warrants, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.
Passive
Foreign Investment Company Consequences
In
general, a corporation organized outside the United States will be treated as a passive foreign investment company, or PFIC, for any
taxable year in which either (1) at least 75% of its gross income is "passive income", (the "PFIC income test"),
or (2) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for
the production of passive income (the "PFIC asset test"). Passive income for this purpose generally includes, among other
things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income. Assets
that produce or are held for the production of passive income generally include cash, even if held as working capital or raised in a
public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S.
corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at
least a 25% interest (by value) is taken into account.
Section
1298(a)(4) of the Code provides that to the extent provided in regulations, if any person has an option to acquire stock in a PFIC, such
stock shall be considered as owned by such person. Certain proposed regulations provide rules for treatment of options to acquire stock
in a PFIC. It is not currently known if, when or the extent to which such proposed regulations will be finalized and become effective.
The discussion below assumes that regulations relating to options to acquire PFIC stock will become effective and would apply to the
IPO Warrants. Each prospective investor is urged to consult with its own tax advisor about the tax consequences of holding IPO
Warrants if we are classified as a PFIC.
63
Although
we do not believe that we will be a PFIC for the tax year ending June 30, 2023, our determination is based on an interpretation of complex
provisions of the law, which are not addressed in a significant number of administrative pronouncements or rulings by the Internal Revenue
Service (the "IRS"). Accordingly, because PFIC status is determined on an annual basis and generally cannot be determined
until the end of the taxable year, there can be no assurance that we will not be a PFIC for the current taxable year. Because we may
continue to hold a substantial amount of cash and cash equivalents, and because the calculation of the value of our assets may be based
in part on the value of our ordinary shares, which may fluctuate considerably, we may be a PFIC in future taxable years. Even if we determine
that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would
not successfully challenge our position. Our status as a PFIC is a fact-intensive determination made on an annual basis. Accordingly,
our U.S. counsel expresses no opinion with respect to our PFIC status and also expresses no opinion with regard to our expectations regarding
our PFIC status.
If
we are a PFIC in any taxable year during which a U.S. Holder owns our ordinary shares and IPO Warrants, the U.S. Holder could
be liable for additional taxes and interest charges under the "PFIC excess distribution regime" upon (1) a distribution paid
during a taxable year that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if
shorter, the U.S. Holder's holding period for our ordinary shares and IPO Warrants, and (2) any gain recognized on a sale,
exchange or other disposition, including a pledge, of our ordinary shares and IPO Warrants, whether or not we continue to be a
PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution
or gain ratably over the U.S. Holder's holding period for our ordinary shares and IPO Warrants. The amount allocated to
the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first
taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other
taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable, as ordinary income
for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to the tax.
If
we are a PFIC for any year during which a U.S. Holder holds our ordinary shares and IPO Warrants, we must generally continue to
be treated as a PFIC with respect to that holder for all succeeding years during which the U.S. Holder holds our ordinary shares and
IPO Warrants, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a "deemed sale" election
with respect to our ordinary shares and IPO Warrants. If the election is made, the U.S. Holder will be deemed to sell our ordinary
shares and IPO Warrants it holds at their fair market value on the last day of the last taxable year in which we qualified as
a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale
election, the U.S. Holder's ordinary shares and IPO Warrants would not be treated as shares of a PFIC unless we subsequently
become a PFIC.
If
we are a PFIC for any taxable year during which a U.S. Holder holds our ordinary shares and IPO Warrants and one of our non-U.S.
corporate subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by
value) of the ordinary shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by
the lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive
the proceeds of those distributions or dispositions. Each U.S. Holder is advised to consult its tax advisors regarding the application
of the PFIC rules to our non-U.S. subsidiaries.
If
we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized
on our ordinary shares if such U.S. Holder makes a valid "mark-to-market" election for our ordinary shares. A mark-to-market
election is available to a U.S. Holder only for "marketable stock".
Our
ordinary shares will be marketable stock as long as they remain listed on the Nasdaq and are regularly traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter. If a mark-to-market election is in effect, a U.S. Holder generally would
take into account, as ordinary income each year, the excess of the fair market value of our ordinary shares held at the end of such taxable
year over the adjusted tax basis of such ordinary shares. The U.S. Holder would also take into account, as an ordinary loss each year,
the excess of the adjusted tax basis of such our ordinary shares over their fair market value at the end of the taxable year, but only
to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-market
election. The U.S. Holder's tax basis in our ordinary shares would be adjusted to reflect any income or loss recognized as a result
of the mark-to-market election. Any gain from a sale, exchange or other disposition of our ordinary shares in any taxable year in which
we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition would be treated first as
ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss.
64
A
mark-to-market election will not apply to our ordinary shares for any taxable year during which we are not a PFIC, but will remain in
effect with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries
that we may organize or acquire in the future. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution
regime with respect to any lower-tier PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder's mark-to-market
election for our ordinary shares.
The
tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make
a valid qualified electing fund, or QEF, election. Because at this time we do not expect to provide U.S. Holders with the information
necessary for a U.S. Holder to make a valid QEF election, prospective investors should assume that a QEF election will not be available.
Each
U.S. person that is an investor of a PFIC is generally required to file an annual information return on IRS Form 8621 containing such
information as the U.S. Treasury Department may require. The failure to file IRS Form 8621 could result in the imposition of penalties
and the extension of the statute of limitations with respect to U.S. federal income tax.
The
U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own
tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our ordinary shares and IPO
Warrants, the consequences to them of an investment in a PFIC, any elections available with respect to our ordinary shares and IPO
Warrants and the IRS information reporting obligations with respect to the purchase, ownership and disposition of the ordinary shares
and IPO Warrants of a PFIC.
Distributions
Subject
to the discussion above under "Passive Foreign Investment Company Consequences", a U.S. Holder that receives a distribution
with respect to our ordinary shares generally will be required to include the gross amount of such distribution in gross income as a
dividend when actually or constructively received to the extent of the U.S. Holder's pro rata share of our current and/or accumulated
earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder
is not a dividend because it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits, it will
be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's ordinary
shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder's ordinary shares, the remainder will
be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles,
U.S. Holders should expect all distributions to be reported to them as dividends. Distributions on our ordinary shares that are treated
as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will
constitute passive category income. Such dividends will not be eligible for the "dividends received" deduction generally
allowed to corporate shareholders with respect to dividends received from U.S. corporations.
Dividends
paid by a "qualified foreign corporation" are eligible for taxation for certain non-corporate U.S. Holders at a reduced capital
gains rate rather than the marginal tax rates generally applicable to ordinary income provided certain requirements are met. However,
if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under "Passive
Foreign Investment Company Consequences"), we will not be treated as a qualified foreign corporation, and therefore the reduced
capital gains tax rate described above will not apply. Each U.S. Holder is advised to consult its tax advisors regarding the availability
of the reduced tax rate on dividends with regard to its particular circumstances.
65
A
non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid
or the preceding taxable year) generally will be considered to be a qualified foreign corporation (a) if it is eligible for the benefits
of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory
for purposes of this provision and which includes an exchange of information program, or (b) with respect to any dividend it pays on
our ordinary shares that are readily tradable on an established securities market in the United States. We believe that we qualify as
a resident of Australia for purposes of, and are eligible for the benefits of, the U.S.-Australia Treaty, although there can be no assurance
in this regard. Further, the IRS has determined that the U.S.-Australia Treaty is satisfactory for purposes of the qualified dividend
rules and that it includes an exchange of information provision. Therefore, subject to the discussion above under "Passive Foreign
Investment Company Consequences", if the U.S.-Australia Treaty is applicable, such dividends will generally be "qualified
dividend income" in the hands of individual U.S. Holders, provided that certain conditions are met, including holding period and
the absence of certain risk reduction transactions. In addition, it is anticipated that our ordinary shares will qualify for the exception
applicable to dividends from stock that is readily tradeable on an established securities market.
Sale,
Exchange or Other Disposition of our Ordinary Shares and IPO Warrants
Subject
to the discussion above under "Passive Foreign Investment Company Consequences", a U.S. Holder generally will recognize capital
gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our ordinary shares and IPO
Warrants in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value
of any property received) on the sale, exchange or other disposition and such U.S. Holder's adjusted tax basis in our ordinary
shares and IPO Warrants. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for noncorporate
U.S. Holders or long-term capital loss if, on the date of sale, exchange or other disposition, our ordinary shares and IPO Warrants
were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain
is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by a U.S.
Holder from the sale or other disposition of our ordinary shares and IPO Warrants generally will be gain or loss from sources
within the United States for U.S. foreign tax credit purposes.
Exercise
or Lapse of an IPO Warrant
Subject
to the PFIC rules described above and except as discussed below with respect to the cashless exercise of a warrant, a U.S. Holder generally
will not recognize gain or loss on the exercise of a warrant and related receipt of an ordinary share, except to the extent that cash
is received in lieu of the issuance of a fractional ordinary share.
A
U.S. Holder's initial tax basis in the ordinary share received on the exercise of a warrant should be equal to the sum of (i) the
U.S. Holder's tax basis in the warrant plus (ii) the exercise price paid by the U.S. Holder on the exercise of the warrant. A U.S.
Holder's holding period for ordinary shares received on exercise of an IPO Warrant will commence on the date following the
date of exercise of the IPO Warrant and will not include the period during which the U.S. Holder held the warrant.
The
U.S. federal income tax treatment of a cashless exercise of warrants into ordinary shares is unclear, and the tax consequences of a cashless
exercise could differ from the consequences upon the exercise of a warrant described in the preceding paragraph.
Due
to the absence of clear authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance as to the
tax treatment that would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their own tax advisors regarding
the U.S. federal income tax consequences of a cashless exercise of our IPO Warrants.
66
The
exercise of an IPO Warrant for ordinary shares generally will not be a taxable event for the exercising U.S. Holder. A U.S. Holder
will have a tax basis in the ordinary shares received on exercise of an IPO Warrant equal to the sum of the U.S. Holder's
tax basis in the IPO Warrant surrendered, reduced by any portion of the basis allocable to a fractional share, plus the exercise
price of the IPO Warrant. A U.S. Holder generally will have a holding period in ordinary shares acquired on exercise of an
IPO Warrant that commences on the date of exercise of the IPO Warrant.
Medicare
Tax on Net Investment Income
Certain
U.S. Holders who are individuals, estates or trusts are subject to an additional 3.8% U.S. federal income tax on all or a portion of
their "net investment income," which generally includes dividends (and constructive dividends) on the securities and net
gains from the disposition of ordinary shares or IPO Warrants. U.S. Holders that are individuals, estates or trusts should consult
their tax advisors regarding the applicability of the Medicare tax to them.
Information
Reporting and Backup Withholding
U.S.
Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our ordinary
shares and IPO Warrants, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described
above under "Passive Foreign Investment Company Consequences", each U.S. Holder who is a shareholder of a PFIC must file
an annual report containing certain information. U.S. Holders paying more than $100,000 for our ordinary shares may be required to file
IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be
imposed upon a U.S. Holder that fails to comply with the required information reporting.
Dividends
on and proceeds from the sale or other disposition of our ordinary shares and IPO Warrants may be reported to the IRS unless the
U.S. Holder establishes a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (1) fails to
provide an accurate United States taxpayer identification number or otherwise establish a basis for exemption, or (2) is described in
certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting
and backup withholding tax rules. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules
generally will be allowed as a refund or a credit against a U.S. Holder's U.S. federal income tax liability if the required information
is furnished by the U.S. Holder on a timely basis to the IRS.
U.S.
Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.
EACH
PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN OUR UNITS IN LIGHT
OF THE INVESTOR'S OWN CIRCUMSTANCES
.
CERTAIN
AUSTRALIAN FEDERAL INCOME TAX CONSIDERATIONS
In
this section, we discuss the material Australian income tax, stamp (or transfer) duty and goods and services tax considerations related
to the acquisition, ownership and disposal by the absolute beneficial owners of the ordinary shares. It is based upon existing Australian
tax law as of the date of this registration statement, which is subject to change, possibly retrospectively. This discussion does not
address all aspects of Australian tax law which may be important to particular investors in light of their individual investment circumstances,
such as shares held by investors subject to special tax rules (for example, financial institutions, insurance companies or tax-exempt
organizations). In addition, this summary does not discuss any non-Australian or state tax considerations, other than transfer duty.
67
Prospective
investors are urged to consult their tax advisors regarding the Australian and non-Australian income and other tax considerations of
the acquisition, ownership and disposition of the ordinary shares. This summary is based upon the premise that the holder is not an Australian
tax resident and is not carrying on business in Australia through a permanent establishment (referred to as a "Non-Australian Holder"
in this summary).
This
summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular shareholder, and no
representations with respect to the income tax consequences to any particular shareholder are made. This summary is not exhaustive of
all Australian federal income tax considerations. Accordingly, you should consult your own tax advisor with respect to your particular
circumstances.
Non-Australian
residents may be liable to pay Australian tax on income derived from Australian sources. One mechanism by which that tax is paid (for
non-residents who have no permanent establishment or fixed base in Australia or where the income is not connected with a permanent establishment
or fixed base) is known as withholding tax. Dividends paid by a resident Australian company to a resident of the United States of America
who is entitled to the benefits of the Australia/US double tax treaty and is beneficially entitled to the dividends are subject to withholding
tax at the rate of 15% to the extent the dividends are 'unfranked'. The rate of withholding tax on dividends is normally
30%, but since the United States has concluded a double tax treaty agreement with Australia, the rate is reduced to 15% where the benefits
of the treaty apply. It should be noted, however, that under Section 128B(3) of the Income Tax Assessment Act 1936 (Cth), to the extent
that dividends paid to non-residents have been franked (generally where a company pays tax itself), such dividends are exempt from withholding
tax. "Franked dividends" is the expression given to dividends when the profits out of which those dividends are paid have
been taxed at company level and such tax is allocated to the dividend. Accordingly, an Australian company paying fully franked dividends
to a non-resident is not required to deduct any withholding tax. Dividends on which withholding tax has been paid are generally not subject
to any further Australian tax. In other words, the withholding tax should represent the final Australian tax liability in relation to
those dividends.
The
pertinent provisions of the double tax treaty between Australia and the United States provide that dividends are primarily liable for
tax in the country of residence of the beneficial owner of the dividends. However, the source country, in this case Australia, may also
tax them, but in such case the tax will be limited to 15% if the benefits of the treaty apply. Where the beneficial owner is a United
States resident corporation that directly holds at least 10% of the voting power in us, the tax will be limited to 5%. The 15% limit
does not apply to dividends derived by a resident of the United States of America who has a permanent establishment or fixed base in
Australia, if the holding giving rise to the dividends is effectively connected with that establishment or base. Such dividends are taxed
on a net assessment basis as business income or independent personal services income as the case may be.
We
have not paid any cash dividends since our inception, and we do not anticipate the payment of cash dividends in the foreseeable future.
See "
Item 8.A. Financial Statements and Other Financial Information—Dividend Policy
".
A
Non-Australian Holder will not generally be subject to capital gains tax in Australia as the Non-Australian Holder is unlikely to have
an indirect interest in Australian real property. An indirect interest in Australian real property will only occur where more than 50%
of the market value of our assets are attributable to Australian real property.
Dual
Residency
If
an investor were a resident of both Australia and the United States under those countries' domestic taxation laws, that investor
may be subject to tax as an Australian resident. If, however, the shareholder is determined to be a United States resident for the purposes
of Australia/US double tax treaty, the Australian tax applicable would be limited by the Australia/US double tax treaty. Shareholders
should obtain specialist taxation advice in these circumstances.
Transfer
Duty
Any
transfer of shares through trading on the Nasdaq should not be subject to transfer duty.
68
Inheritance
and Estate Taxes in Australia
Australia
does not have estate or death duties. Generally, no capital gains tax liability is realized upon the inheritance of a deceased person's
shares. The disposal of inherited shares by beneficiaries, may, however, give rise to a capital gains tax liability.
Goods
and Services Tax
The
issue or transfer of shares will not incur Australian goods and services tax and does not require a stockholder to register for Australian
goods and services tax purposes.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statement by Experts
Not
applicable.
H.
Documents on Display
We
are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information
with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet site at
www.sec.gov
that contains reports, proxy and information statements and other information we have filed electronically with the SEC. As a foreign
private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy
statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports
and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange
Act.
We
maintain a corporate website at
www.locafy.com
. Information contained on, or that can be accessed through, our website does not
constitute a part of this Annual Report. We also make available on our website's investor relations page at
www.investor.locafy.com
,
free of charge, our Annual Report and the text of our reports on Form 6-K, including any amendments to these reports, as well as certain
other SEC filings, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The information
contained on our website is not incorporated by reference in this Annual Report. See also
Item 10. Additional Information—B.
Memorandum and Articles of Association—Access to and Inspection of Documents
".
I.
Subsidiary Information
Not
applicable.
ITEM
    11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
See
"Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Quantitative and Qualitative
Disclosure about Market Risk".
ITEM
    12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
Not
applicable.
69
PART
II
ITEM
    13.
Defaults,
    Dividend Arrearages and Delinquencies
None.
ITEM
    14.
Material
    Modifications to the Rights of Security Holders and Use of Proceeds
A.
- D. Material Modifications to the Rights of Security Holders
Not
applicable.
E.
Use of Proceeds
Not
applicable.
ITEM
    15.
Controls
    and Procedures
A.
Disclosure Controls and Procedures
Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered
by this Annual Report. Based on such evaluation, particularly given the size and nature of our Company, our Chief Executive Officer and
Chief Financial Officer have concluded that as of June 30, 2023, our disclosure controls and procedures are designed at a reasonable
assurance level and are effective to provide reasonable assurance that material information we are required to disclose in reports that
we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules
and forms of the SEC, 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. While disclosure controls and procedures
and internal controls over financial reporting were adequate and effective we continue to implement certain measures to strengthen control
processes and procedures.
B.
Management's Annual Report on Internal Control over Financial Reporting and Attestation Report of the Registered Public Accounting
Firm
Our
management, including the Chief Executive Officer and the Chief Financial Officer, are responsible for establishing and maintaining adequate
internal control over financial reporting for the Company to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with IFRS. The fundamental issue is ensuring all transactions
are properly authorized and identified and entered into a well-designed, robust and clearly understood accounting system on a timely
basis to minimize risk of inaccuracy, failure to fairly reflect transactions, failure to fairly record transactions necessary to present
financial statements in accordance with IFRS, unauthorized receipts and expenditures, or the inability to provide assurance that unauthorized
acquisitions or dispositions of assets can be detected.
Our
internal control over financial reporting may not prevent or detect all misstatements because of inherent limitations. Additionally,
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 deterioration in the degree of compliance with our policies and procedures.
Management,
including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our internal control
over financial reporting as of June 30, 2023. In conducting this evaluation, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework (2013). Based on our assessment,
management has concluded that our internal control over financial reporting was not effective as of June 30, 2023.
A
material weakness is defined as 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. Management has concluded that we did not maintain effective disclosure controls and procedures due to the
material weakness in internal control over financial reporting which existed at that date, relating to the documentation of accounting
policies and procedures, particularly relating to the correct application of complex accounting measures.
Remediation
Efforts
The
measures that we are undertaking to remediate the material weakness in internal control over financial reporting have and will include:
(a) hiring qualified internal control personnel, including financial and IT personnel, to manage the implementation of internal control
policies, procedures and improvement of the internal audit function, system user access, security management and data protection, as
applicable; (b) developing and implementing written policies and procedures for accounting and financial reporting that meet the standards
applied to public companies listed in the United States; and (c) conducting internal control training to management, key operations personnel
and the accounting department, so that management and relevant personnel understand the requirements and elements of internal control
over financial reporting mandated by the U.S. securities laws. We believe we have made progress in accordance with our remediation plan
even though the material weaknesses will not be considered remediated until we have completed implementing the necessary additional applicable
controls and operate with them for a sufficient period of time to allow management and our auditors to concluded that these controls
are operating effectively.
We
cannot determine when our remediation plan will be fully completed and we cannot provide any assurance that these remediation efforts
will be successful or that our internal control over financial reporting will be effective as a result of these efforts.
70
C.
Attestation Report of the Registered Public Accounting Firm.
Not
applicable.
D.
Changes in Internal Control Over Financial Reporting
There
were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the
Exchange Act) that occurred during the period covered by this Annual Report that have materially affected, or that are reasonably likely
to materially affect, our internal control over financial reporting.
ITEM
    16.
[Reserved]
ITEM
    16A.
Audit
    Committee Financial Expert
Our
board of directors has determined that Collin Visaggio, independent Chairperson of our Audit and Risk Committee, Ranko Matic and Andrea
Betti, independent directors serving on our Audit and Risk Committee, each possesses specific accounting and financial management expertise
and that both are "audit committee financial experts" as defined by the rules of the SEC.
Mr.
Visaggio is a Fellow of the Australian Society of Certified Practicing Accountants and is a member of the Australian Institute of Company
Directors. He has a Bachelor of Business Degree from Curtin University, Bentley, Western Australia and a Master of Business Administration
(MBA) degree from Murdoch University, Murdoch, Western Australia. While completing his MBA, he won the Alcoa Australia prize for top
student in Strategic Management and he has also attended the Stanford Senior Executive Program (SEP) in Management at Stanford University,
Stanford, California.
Mr.
Visaggio has had experience in senior business positions within Woodside Petroleum and BP Australia. Mr. Visaggio was at Woodside Petroleum
from March 1988 until July 2005, with his final position being Manager, Compliance and Business for the Africa Business Unit, and prior
position as Manager, Commercial and Planning for the Gas Business Unit. Prior to this and during his 17 years with Woodside, he was Deputy
Chief Financial Officer, and Financial Analyst and Planning Manager within the Corporate Finance Unit.
Mr.
Matic is a Chartered Accountant with over 30 years of experience in financial and executive management, accounting, audit, business and
corporate advisory. Mr. Matic is a director of a chartered accounting firm and a corporate advisory company based in Perth and has specialist
expertise and exposure in areas of audit, corporate services, due diligence, mergers and acquisitions, and valuations.
Ms.
Betti has a Bachelor of Commerce, Graduate Diploma in Corporate Governance, Graduate Diploma in applied Finance and Investment and a
Masters of Business Administration. She is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate
member of the Governance Institute of Australia. Andrea is currently a director of a corporate advisory company based in Perth that provides
corporate and other advisory services to public listed companies based in Perth and has specialist expertise and exposure in areas of
corporate governance, accounting, corporate services, initial public offerings and due diligence.
ITEM
    16B.
Code
    of Ethics
We
believe in strict adherence to the highest standards of business ethics and responsibility. We have adopted a Code of Conduct and Ethics
applicable to all of our directors, officers and employees. We post on our website all disclosures that are required by law or the listing
standards of Nasdaq concerning any amendments to, or waivers from, any provision of the Code of Conduct and Ethics. Our Code of Conduct
and Ethics may be accessed, free of charge, at
https://investor.locafy.com/governance-overview
. The reference to our website address
does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider
it to be a part of this Annual Report.
Our
board of directors is responsible for reviewing and evaluating the Code of Conduct and Ethics periodically and will make any necessary
changes thereto. Our board of directors is also charged with the monitoring of compliance with the Code of Conduct and Ethics and will
be responsible for considering any waivers of the Code of Conduct and Ethics.
71
ITEM
    16C.
Principal
    Accountant Fees and Services
A.
Audit Fees
The
following sets forth the aggregate fees billed for each of the last two fiscal years for professional fees to our principal accountants
for the audit of the annual financial statements or for services normally provided by the accountant in connection with statutory and
regulatory filings or engagements for those fiscal years.
Fiscal year ended June 30, 2023
A$
159,965
Fiscal year ended June 30, 2022
A$
67,413
Audit
fees consists of fees for professional services rendered by our principal independent registered public accountant for the audit related
work connected to annual financial statements, review of interim financial statements and work relating to the Company's F-1 filing
for those fiscal years.
B.
Audit-Related Fees
The
following sets forth additional aggregate fees to those reported under "Audit Fees" in each of the last two fiscal years
that were provided by the principal accountant that are reasonably related to the performance of the audit or review of the financial
statements:
Fiscal year ended June 30, 2023
A$
17,440
Fiscal year ended June 30, 2022
A$
66,697
Audit-related
fees consists of fees for assurance and related services by our principal independent registered public accountant that are reasonably
related to the performance of the auditor review of our financial statements and are not reported above under "Audit Fees".
The services for the fees disclosed under this category include fees related to our public offering, and not reported under Audit Fees.
C.
Tax Fees
The
following sets forth the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice and tax planning:
Fiscal year ended June 30, 2023
-
Fiscal year ended June 30, 2022
-
D.
All Other Fees
The
following sets forth the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
accountant not described above, including advisory services related to our Interactive Data File (XBRL information):
Fiscal year ended June 30, 2023
-
Fiscal year ended June 30, 2022
-
E.
Audit Committee Pre-Approval Policies and Procedures
Our
Audit and Risk Committee pre-approves our engagement of Grant Thornton Audit Pty Ltd to render audit or non-audit services in terms of
its non-audit services policy. All of the services described above were approved in terms of our delegation of authority framework and
the Audit and Risk Committee's policy on non-audit services.
ITEM
    16D.
Exemptions
    from the Listing Standards for Audit Committees
Not
applicable.
ITEM
    16E.
Purchases
    of Equity Securities by the Issuer and Affiliated Purchasers
None.
72
ITEM
    16F.
Change
    in Registrant's Certifying Accountant
Not
applicable.
ITEM
    16G.
Corporate
    Governance
We
are incorporated under the laws of Australia. Our governing document is our Constitution. We have additionally implemented a corporate
governance framework guided by
The Corporate Governance Principles and Recommendations
(4th Edition), as published by the Australian
Securities Exchange's Corporate Governance Council.
We
qualify as a "foreign private issuer" as defined in Section 405 of the Securities Act. As a foreign private issuer, we are
exempt from certain rules under the Exchange Act that impose disclosure requirements as well as procedural requirements for proxy solicitations
under Section 14 of the Exchange Act. In addition, the members of our board of directors and senior management are not subject to short-swing
profit and insider trading reporting obligations under Section 16 of the Exchange Act. They are, however, subject to the obligations
to report changes in share ownership under Section 13 of the Exchange Act and related SEC rules, to the extent applicable.
The
foreign private issuer exemption also permits us to follow home country corporate governance practices or requirements instead of certain
Nasdaq listing requirements, including the following exemptions upon which we rely:
●
an
    exemption from the requirement that our independent directors meet regularly in executive sessions under Nasdaq listing rules. The
    Corporations Act does not require the independent directors of an Australian company to have such executive sessions.
●
an
    exemption from the quorum requirements applicable to meetings of shareholders under Nasdaq listing rules. In compliance with Australian
    law, our Constitution provides that two shareholders present, in person or by proxy, attorney or a representative, shall constitute
    a quorum for a general meeting. Nasdaq listing rules require that an issuer provide for a quorum as specified in its by-laws for
    any meeting of the holders of ordinary shares, which quorum may not be less than 33 1/3% of the outstanding voting ordinary shares.
●
an
    exemption from the requirement to disclose third-party director and director nominee compensation under Nasdaq listing rules. The
    Corporations Act does not have a similar requirement.
See
"
Item 6. Directors, Senior Management and Employees—C. Board Practices
" for additional information.
ITEM
    16H.
Mine
    Safety Disclosure
Not
applicable.
ITEM
    16I.
Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections
Not
applicable.
ITEM 16J.
INSIDER TRADING POLICIES
Not
applicable.
ITEM 16K.
CYBERSECURITY
Not
applicable.
73
PART III
ITEM
    17.
Financial
    Statements
Not
applicable.
ITEM
    18.
Financial
    Statements
See
our financial statements beginning on page F-1, which are filed as part of this Annual Report and incorporated herein by reference.
ITEM
    19.
EXHIBITS
Exhibit
    No.
Description
1.1
Constitution of Locafy Limited, as currently in effect (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1, filed with the SEC on February 1, 2022).
2.1*
Description of Securities.
2.2
Constitution of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1, filed with the SEC on February 1, 2022).
2.3
Form of Deed Poll Constituting Convertible Loan Notes (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form F-1, filed with the SEC on February 1, 2022).
2.4
Form of Representative's Warrant (incorporated by reference to Exhibit 4.2 to the Company's Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).
2.5
Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to the Company's Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).
2.6
Form of Convertible Note Deed (incorporated by reference to Exhibit 4.4 to the Company's Registration Statement on Form F-1, filed with the SEC on February 1, 2022).
2.7
Specimen Ordinary Share Certificate (incorporated by reference to Exhibit 4.5 to the Company's Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).
2.8
Form of Underwriting Agreement (incorporated by reference to Exhibit 1.1 to the Company's Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).
4.1#
Executive Agreement, dated January 1, 2020, by and among Locafy Limited (f/k/a Moboom Limited) and Gavin Burnett (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).
4.2#
Company Performance Rights Plan (as of July 16, 2021) (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form F-1, filed with the SEC on February 1, 2022).
4.3
Form of Deed of Access, Insurance and Indemnity (incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1, filed with the SEC on February 1, 2022).
74
4.4
Lease Agreement, by and between Landville Pty Ltd and Victor Vlahos as trustee for the Victor Vlahos Family trust and Locafy Limited (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form F-1, filed with the SEC on February 1, 2022).
4.5#
Executive Agreement, dated January 1, 2020, by and among Locafy Limited (f/k/a Moboom Limited) and Melvin Tan (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).
4.6
Form of Warrant Agency Agreement, by and between Computershare Inc. and Computershare Trust Company, N.A., and Locafy Limited (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form F-1/A, filed with the SEC on March 7, 2022).
4.7
At The Market Offering Agreement, dated May 18, 2023, by and between Locafy Limited and H.C. Wainwright & Co., LLC (incorporated by reference to Exhibit 1.2 to the Company's Registration Statement on Form F-3, filed with the SEC on May 19, 2023).
8.1
List of subsidiaries (incorporated by reference to Exhibit 21.1 to the Company's Registration on Form F-1/A, filed with the SEC on March 7, 2022).
12.1*
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a).
12.2*
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a).
13.1**
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
13.2**
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
15.1*
Consent of Grant Thornton Audit Pty Ltd, an Independent Registered Public Accounting Firm.
101.INS*
Inline
    XBRL Instant Document
101.SCH*
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
    XBLR Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline
    XBRL Taxonomy Extension Definition Linkbase
101.LAB*
Inline
    XBRL Taxonomy Extension Label Linkbase
101.PRE*
Inline
    XBRL Taxonomy Extension Presentation Linkbase
104*
Cover
    Page Interactive Data File – (formatted as Inline XBRL and contained in Exhibit 101)
*
Filed herewith.
**
Furnished herewith.
#
Indicates management contract or compensatory plan.
Certain
schedules and/or exhibits have been omitted in accordance with the instructions to Item 19 of Form 20-F. A copy of any omitted schedule
and/or exhibit will be furnished supplementally to the SEC or its staff upon request.
75
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.
Locafy
    Limited
October
    11, 2023
By:
/s/
                                            Gavin Burnett
Name:
Gavin
    Burnett
Title:
Chief
    Executive Officer
76
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm
(PCAOB ID: 2233)
F-2
Consolidated statements of profit or loss and other comprehensive income
F-3
Consolidated statements of financial position
F-4
Consolidated statements of changes in equity
F-5
Consolidated statements of cash flows
F-6
Notes to consolidated financial statements
F-7
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board
of Directors and Shareholders
Locafy
Limited
Opinion
on the financial statements
We
have audited the accompanying consolidated statement of financial positions of Locafy Limited and subsidiaries (the "Company")
as of June 30, 2023 and 2022, the related consolidated statements of profit or loss and other comprehensive income, statement in changes
in equity, and statement cash flows for each of the three years in the period ended June 30, 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 June 30, 2023 and 2022, and the results of its operations and its cash flows for each of
the three years in the period ended June 30, 2023, in conformity with International Financial Reporting Standards, as issued by the International
Accounting Standards Board.
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 supporting
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.
Substantial
Doubt about the Company's Ability to Continue as a Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
3.2 to the financial statements, the Company incurred a net loss of $3,891,686 during the year ended June 30, 2023, and as of that date,
the Company's incurred operating cash outflows of $2,260,971. These conditions, along with other matters as set forth in Note 3.2,
raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these
matters are also described in Note 3.2. The financial statements do not include any adjustments that might result from the outcome of
this uncertainty
.
/s/
GRANT THORNTON AUDIT PTY LTD
PCAOB:
2233
We
    have served as the Company's auditor since 2021.
Perth,
    Western Australia
11
    October 2023
F-
2
Locafy
Limited
Consolidated
statement of profit or loss and other comprehensive income for the years ended 30 June 2023, 30 June 2022 and 30 June 2021
Consolidated Group
Notes
2023
A$
2022
A$
2021
A$
Revenue
5
5,376,693
4,222,689
2,191,425
Other income
6
993,493
1,298,499
788,258
Technology expense
(
1,718,974
)
(
1,805,432
)
(
651,644
)
Employee benefits expense
(
5,267,246
)
(
4,411,926
)
(
2,359,459
)
Occupancy expense
(
113,572
)
(
66,365
)
(
52,219
)
Advertising expense
(
318,492
)
(
414,012
)
(
67,575
)
Consultancy expense
(
874,638
)
(
1,691,544
)
(
240,928
)
Depreciation and amortisation expense
(
1,355,170
)
(
852,361
)
(
397,506
)
Other expenses
8
(
213,051
)
(
245,079
)
(
132,515
)
Impairment of financial assets
(
295,262
)
(
376,606
)
(
14,690
)
Operating loss
(
3,786,219
)
(
4,342,137
)
(
936,853
)
Financial cost
8
(
105,367
)
(
748,190
)
(
58,913
)
Loss before income tax
(
3,891,586
)
(
5,090,327
)
(
995,766
)
Income tax expense
9
-
-
-
Loss for the year
(
3,891,586
)
(
5,090,327
)
(
995,766
)
Other comprehensive income:
Items that will be reclassified subsequently to profit and loss
Exchange differences on translating foreign operations
(
23,010
)
(
48,453
)
(
1,653
)
Total Comprehensive Loss for the year
(
3,914,596
)
(
5,138,780
)
(
997,419
)
Earnings per share
Basic loss per share
25
(
3.69
)
(
4.94
)
(
1.07
)
Diluted loss per share
25
(
3.69
)
(
4.94
)
(
1.07
)
This
statement should be read in conjunction with the notes to the financial statements.
F-
3
Locafy
Limited
Consolidated
statement of financial position
As
at 30 June 2023
Consolidated Group
Notes
2023
A$
2022
A$
Assets
Current assets
Cash and cash equivalents
3,174,700
4,083,735
Trade and other receivables
10
1,288,513
1,203,249
Other assets
11
356,782
230,094
Total current assets
4,819,995
5,517,078
Non-current assets
Property, plant and equipment
13
380,018
395,999
Right of use assets
14
314,596
406,673
Intangible assets
15
3,720,272
2,235,180
Total non-current assets
4,414,886
3,037,852
Total assets
9,234,881
8,554,930
Liabilities
Current liabilities
Trade and other payables
16
2,507,573
1,454,241
Borrowings
17
301,600
308,100
Provisions
18
214,465
473,006
Accrued expenses
19
512,611
511,848
Lease liabilities
14
85,165
32,672
Contract and other liabilities
20
152,211
137,342
Total current liabilities
3,773,625
2,917,209
Non-current liabilities
Lease liabilities
14
332,578
417,744
Provisions
18
48,271
25,988
Accrued expenses
19
90,450
76,504
Total non-current liabilities
471,299
520,236
Total liabilities
4,244,924
3,437,445
Net assets
4,989,957
5,117,485
Equity
Issued capital
21
47,930,486
45,038,037
Reserves
22
2,404,933
5,306,475
Accumulated losses
23
(
45,345,462
)
(
45,227,027
)
Total equity
4,989,957
5,117,485
This
statement should be read in conjunction with the notes to the financial statements.
F-
4
Locafy
Limited
Consolidated
statement of changes in equity
for
the years ended 30 June 2023, 30 June 2022 and 30 June 2021
Consolidated
Issued capital
Foreign currency translation reserve
Share option reserve
Convertible note reserve
Accumulated losses
Total
A$
A$
A$
A$
A$
A$
Balance at 1 July 2020
33,179,391
193,886
3,603,916
-
(
39,140,934
)
(
2,163,741
)
Loss for the year
-
-
-
-
(
995,766
)
(
995,766
)
Exchange difference on translation of foreign operations
-
(
1,653
)
-
-
-
(
1,653
)
Total other comprehensive income
-
(
1,653
)
-
-
(
995,766
)
(
997,419
)
Issue of ordinary shares
2,335,832
-
-
-
-
2,335,832
Share issue costs
(
10,150
)
-
-
-
-
(
10,150
)
Balance at 30 June 2021
35,505,073
192,233
3,603,916
-
(
40,136,700
)
(
835,478
)
Balance at 1 July 2021
35,505,073
192,233
3,603,916
-
(
40,136,700
)
(
835,478
)
Loss for the year
-
-
-
-
(
5,090,327
)
(
5,090,327
)
Exchange difference on translation of foreign operations
-
(
48,453
)
-
-
-
(
48,453
)
Total other comprehensive income
-
(
48,453
)
-
-
(
5,090,327
)
(
5,138,780
)
Issue of ordinary shares
10,516,298
-
-
-
-
10,516,298
Issue of convertible notes
-
-
-
140,721
-
140,721
Issue of warrants
-
-
363,282
-
-
363,282
Issue of performance rights
-
-
1,054,776
-
-
1,054,776
Share issue costs
(
983,334
)
-
-
-
-
(
983,334
)
Balance at 30 June 2022
45,038,037
143,780
5,021,974
140,721
(
45,227,027
)
5,117,485
Balance at 1 July 2022
45,038,037
143,780
5,021,974
140,721
(
45,227,027
)
5,117,485
Loss for the year
-
-
-
-
(
3,891,586
)
(
3,891,586
)
Exchange difference on translation of foreign operations
-
(
23,010
)
-
-
-
(
23,010
)
Total other comprehensive income
-
(
23,010
)
-
-
(
3,891,586
)
(
3,914,596
)
Issue of ordinary shares
3,295,822
-
-
-
-
3,295,822
Issue of performance rights
-
-
866,105
-
28,514
894,619
Transfer to retained earnings on historical expiry of share options
-
-
(
3,603,916
)
-
3,603,916
-
Transfer to retained earnings on historical conversion of notes
-
-
-
(
140,721
)
140,721
-
Share issue costs
(
403,373
)
-
-
-
-
(
403,373
)
Balance at 30 June 2023
47,930,486
120,770
2,284,163
-
(
45,345,462
)
4,989,957
This
statement should be read in conjunction with the notes to the financial statements.
F-
5
Locafy
Limited
Consolidated
statement of cash flows
for
the years ended 30 June 2023, 30 June 2022 and 30 June 2021
Consolidated Group
Notes
2023
A$
2022
A$
2021
A$
Cash flows from operating activities
Receipts from customers (inclusive of GST)
4,463,725
3,038,044
2,192,798
Payments to suppliers and employees (inclusive of GST)
(
7,005,510
)
(
7,999,866
)
(
3,127,274
)
R&D Tax Incentive
386,181
803,042
497,358
Financial Cost
(
105,367
)
(
81,656
)
(
58,913
)
Net cash used by operating activities
24
(
2,260,971
)
(
4,240,436
)
(
496,031
)
Cash flows from investing activities
Purchase of intellectual property
(
1,617,446
)
(
1,615,192
)
(
433,639
)
Purchase of property, plant and equipment
(
2,170
)
(
390,339
)
(
8,784
)
Net cash used by investing activities
(
1,619,616
)
(
2,005,531
)
(
442,423
)
Cash flows from financing activities
Proceeds from issue of shares
3,295,822
9,979,861
1,739,999
Payment for share issue costs
(
403,373
)
(
639,429
)
(
10,150
)
Repayment of borrowings
(
6,500
)
(
97,500
)
(
284,070
)
Leasing liabilities
(
32,673
)
(
59,419
)
(
17,785
)
Net cash from financing activities
2,853,276
9,183,513
1,427,994
Net (decrease) / increase in cash and cash equivalents
(
1,027,311
)
2,937,546
489,540
Net foreign exchange difference
118,276
495,458
-
Cash and cash equivalents at the beginning of the year
4,083,735
650,731
161,191
Cash and cash equivalents at the end of the year
3,174,700
4,083,735
650,731
This
statement should be read in conjunction with the notes to the financial statements.
F-
6
Notes
to the financial statements
1.
General information
Locafy
Limited ("Company" or "Locafy") is a limited liability company incorporated in Australia. Its registered office
and principal place of business is 246 Churchill Avenue, Subiaco, Western Australia. Locafy's ordinary shares are listed
on the Nasdaq Stock Exchange.
The
principal activities of the consolidated entity during the financial year ended 30 June 2023 were the continued commercialisation
of Locafy's developed technologies, extension of the technology into local search solutions and the continual acquisition of businesses
and assets complimentary to Locafy's technology and commercial model.
Locafy
has developed proprietary Search Engine Optimization (SEO) solutions delivered in a highly automated manner via a Software-as-a-Service
(SaaS) model. The company is focused on growing its customer base with a range of local and national SEO products, primarily through
distribution partners, targeting the North American and Australian markets.
The
company's Local SEO solutions help to increase search engine relevance and prominence in a specific proximity, using a fast, easy
and automated approach. Our National Entity-Based SEO solutions enable the rapid increase in prominence in national markets for high
value key terms and our Brand focused SEO solutions drive increased sales in online marketplaces. Central to the platform is the ability
to automatically optimise published pages for relevant keyword searches and target audiences with minimal customer effort.
The
Company also operates a Publishing division, which includes ownership of the global directory, Hotfrog, and three additional Australian
directories, AussieWeb.com.au, PinkPages.com.au and SuperPages.com.au.
Locafy's
business model is largely subscription based recurring revenue derived via both direct-to-end user and reseller channel sales.
2.
Application of new and revised Accounting Standards
New
and revised standards that are effective for these financial statements
Certain
new accounting standards and interpretations have been published that are mandatory for 30 June 2023 reporting periods and have not been
adopted by the Group. The Group's assessment of the impact of these new standards do not have a material impact on the entity in
the current reporting periods.
Impact
of standards issued but not yet applied
At
the date of authorization of the financial statements, the Group has not applied the following new and revised Australian Accounting
Standards, Interpretations and amendments that have been issued but are not yet effective:
New
    or revised requirement
Description
Effective
AASB
    2020-1
Classification
    of Liabilities as Current or Non-current
1
    January 2023
AASB
    2021-2 Disclosure of Accounting Policies and Definition of Accounting Estimates
AASB
                                            7 Financial Instruments
AASB
    101 Presentation of Financial Statements
AASB
    108 Accounting Policies
AASB
    134 Interim Financial Reporting
AASB
    Practice Statement 2 Making Materiality Judgements
1
    January 2023
AASB
    2021-5
Deferred
    Tax related to Assets and Liabilities arising from a Single Transaction
1
    January 2023
AASB
    2014-10
Sale
    or Contribution of Assets between an Investor and its Associates or Joint Venture
1
    January 2025
The
amendments to the individual Standards may be applied early, separately from the amendments to the other Standards, where feasible.
We
do not anticipate that the amendments will have a material impact on the Group but may change the disclosure of accounting policies included
in the financial statements.
3.
Significant accounting policies
3.1
General information
The
financial statements cover Locafy Limited as a consolidated entity consisting of Locafy Limited and the entities it controlled at the
end of, or during, the year. The financial statements are presented in Australian dollars, which is Locafy Limited's functional
and presentation currency.
F-
7
A
description of the nature of the consolidated entity's operations and its principal activities are included in the directors'
report, which is not part of the financial statements. The financial statements were authorized for issue, in accordance with a resolution
of directors, on October 11, 2023.
3.2
Basis of preparation
These
general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued
by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented
entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board ('IASB').
Historical
cost convention
The
financial statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial
assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, investment
properties, certain classes of property, plant and equipment and derivative financial instruments.
Going
concern basis
The
financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and the realisation
of assets and the settlement of liabilities in the ordinary course of business.
The
Consolidated Entity and Company have incurred a net loss after tax of A$
3,891,586
and experienced net cash outflows from operating activities
of A$
2,260,971
for the year ended 30 June 2023.
As
at 30 June 2023, the Consolidated Entity and Company had cash assets of A$
3,174,700
and reported current assets exceed its current liabilities
by A$
1,046,370
.
F-
8
The
Consolidated Entity and Company's ability to continue as going concerns and to pay their debts as and when they fall due is dependent
on the generating additional revenues from its operations, managing all costs in line with management's forecasts and, if necessary,
raising further capital. Management have prepared a cash flow forecast on this basis which indicates that the Consolidated Entity will
have sufficient cash flows to meet minimum operating overheads and committed expenditure requirements for the 12 month period from the
date of signing the financial report if they are successful in meeting those forecasts.
The
Directors believe the Consolidated Entity and Company will continue as a going concern, after consideration of the following factors:
●
regular
    review of management accounts and cash flow forecast, incorporating expected cash inflows from sales and collection of trade receivables;
●
close
    management of both its operating costs and corporate overheads;
●
sales
    pipeline continues to grow and the Company is confident of achieving further sales growth across a number of existing and new reseller
    customers and different product offerings;
●
expected
    increase in advertising yields across existing and new online assets; and
●
the
    Company has the ability to raise funds through equity issues (if required).
The
financial report has therefore been prepared on the going concern basis. Should the Consolidated Entity and the Company be unable to
achieve successful outcomes in relation to each of the matters referred to above, there is substantial doubt whether the Consolidated
Entity and the Company will be able to continue as a going concern and, therefore, whether they will realise their assets and discharge
their liabilities in the normal course of business.
The
financial report does not include adjustments relating to the recoverability and classification of recorded asset amounts, nor to the
amounts and classification of liabilities that might be necessary should the Consolidated Entity and the Company not continue as a going
concern.
3.3
Basis of consolidation
The
consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled
by the Company and its subsidiaries. Control is achieved when the Company:
●
has
    power over the investee;
●
is
    exposed, or has rights, to variable returns from its involvement with the investee; and
●
has
    the ability to use its power to affect its returns.
The
Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of
the three elements of control listed above.
Consolidation
of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.
Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement
of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control
the subsidiary.
Profit
or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests.
Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this
results in the non-controlling interests having a deficit balance.
When
necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company's
accounting policies.
All
intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are
eliminated in full on consolidation.
F-
9
3.4
Segment Reporting
The
Company has three operating segments: publishing, direct sales and reseller sales. In identifying these operating segments, management
generally follows the Company's service lines representing its main products and services (see Note 7). Each of these operating
segments are managed separately as each requires different technologies, marketing approach and other resources.
3.5
Revenue
Overview
Revenue
arises mainly from the sale of digital marketing solutions and associated services. To determine whether to recognise the revenue, the
Company follows a 5-step process:
1.
Identifying
    the contract with a customer.
2.
Identifying
    performance obligations.
3.
Determining
    the transaction price.
4.
Allocating
    the transaction price to the performance obligations.
5.
Recognising
    revenue when/as performance obligations are satisfied.
The
Company often enters into transactions involving a range of the Company's products and services, for example for the delivery of
software and related after-sales support.
In
all cases, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative
stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf of third parties.
Revenue
is recognised either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the
promised goods or services to its customers.
The
Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these
amounts as contract liabilities in the statement of financial position (see Note 20). Similarly, if the Company satisfies a performance
obligation before it receives the consideration, the Company recognises either a contract asset or a receivable in its statement of financial
position, depending on whether something other than the passage of time is required before the consideration is due.
Revenue
from operating segments
Publishing
The
Company generates revenues through advertisements placed on its website properties on a Pay-Per-Impression or similar basis and through
publishing business and product profiles on its online directory properties on a per insertion basis. Revenues are recognised during
the period in which the advertisements or listings are published.
Direct
The
Company separately identifies end user customers to which we have a direct sales, support and billing relationship. Revenue is derived
by providing customers access to the Company's platform and is recognised in accordance with the terms of contracts provided in
the subscription agreement. The SaaS and related support revenue (if any) is recognised over time, being the subscription period, as
the customer simultaneously receives and consumes the benefit of accessing the platform.
Revenues
from the sale of product licences are recognised during the period in which the subscription is made available to our customers for use.
Where the Company provides services which involve developing a customer-specific website design or solution, in such cases, revenue is
recognised during the period in which the professional services were delivered or upon the achievement of agreed performance obligations.
F-
10
Access
to the platform is not considered distinct from other performance obligations, as access to any platform alone does not allow the customer
to obtain substantially all the benefits of the access, and is therefore accounted for as a single performance obligation.
Consideration
received can be variable in nature, based upon customer usage in excess of contractually agreed units. The variable consideration is
included in the transaction price at the company's best estimate, using either an expected value or most likely outcome, whichever
provides the best estimate and is included in revenue to the extent that it is highly probable that there will be no significant reversal
of the cumulative amount of revenue when any price uncertainty is resolved.
Reseller
The
Company separately identifies end user customers to which sales, support and billing relationships are conducted through third party
resellers and partners.
Revenues
from the sale of product licences are recognised during the period in which the subscription is made available to our reseller for use.
Where the Company provides services which involve developing a customer-specific website design or solution, in such cases, revenue is
recognised during the period in which the professional services were delivered or upon the achievement of agreed performance obligations.
3.6
Foreign currencies
The
individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity
operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each
group entity are expressed in Australian dollars (A$), which is the functional currency of the Company and the presentation currency
for the consolidated financial statements.
In
preparing the financial statements of each individual group entity, transactions in currencies other than the entity's functional
currency are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary
items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value
that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary
items that are measured in terms of historical cost in a foreign currency are not retranslated.
For
the purpose of presenting these consolidated financial statements, the assets and liabilities of the Group's foreign operations
are translated into Australian dollars using exchange rates prevailing at the end of the reporting period, unless exchange rates fluctuated
significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising,
if any, are recognised in other comprehensive income and accumulated in equity.
3.7
Government grants
Government
grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied
with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs,
for which it is intended to compensate, are expensed.
When
the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. When the
Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss
over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual
instalments.
3.8
Employee benefits
A
liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service leave, when it
is probable that settlement will be required and they are capable of being measured reliably.
F-
11
Liabilities
recognised in respect of short-term employee benefits, are measured at their nominal values using the remuneration rate expected to apply
at the time of settlement.
Liabilities
recognised in respect of long-term employee benefits are measured as the present value of the estimated future cash outflows to be made
by the Group in respect of services provided by employees up to reporting date.
3.9
Share-based payments arrangements
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.
Equity-settled
share-based payment transactions with parties other than employees are measured at the fair value of the goods or service received, except
where that fair value cannot be estimated reliably, in which case they are measured at their fair value of the equity instruments granted,
measured at the date the entity obtains the goods or the counterparty renders the service.
Performance
rights
Share-based
compensation benefits are provided to employees via the Company's Incentive Performance Rights Plan (
Plan
). The objective
of the Plan is to assist in the recruitment, reward, retention and motivation of eligible persons of the Group. The fair value of performance
rights granted under the Plan are recognized as a share-based payment expense with a corresponding increase in equity.
The
fair value is measured at grant date and recognized over the period of service during which the employees become unconditionally entitled
to the performance rights. The fair value of the performance rights at grant date excludes the impact of any non-market vesting conditions
(for example, profitability and sales growth targets). These non-market vesting conditions are included in assumptions about the number
of performance rights that are expected to vest.
At
each statement of financial position date, the entity revises its estimate of the number of performance rights that are expected to vest.
The share-based payment expense recognized each period considers the most recent estimate. The impact of the revision to original estimates,
if any, is recognized in the statement of profit or loss and other comprehensive income with a corresponding adjustment to equity.
3.10
Taxation
Income
tax expense represents the sum of the tax currently payable and deferred tax.
Current
tax
The
tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the consolidated
statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other
years, and items that are never taxable or deductible. The Group's current tax is calculated using tax rates that have been enacted
or substantively enacted by the end of the reporting period.
Deferred
tax
Deferred
tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements
and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all
taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that
it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred
tax assets and liabilities are not recognised if the temporary differences arise from the initial recognition of assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit.
F-
12
Deferred
tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or
the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reported period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the group
expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
3.11
Property, plant and equipment
Fixtures
and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the diminishing
value method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with
the effect of any changes in estimate accounted for on a prospective basis. The following useful lives are applied:
Class of fixed asset
Depreciation rate
Leasehold improvements
Remaining lease term
IT equipment
10
-
25
%
Other equipment
20
%
An
item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the
continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined
as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
In
the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter.
Material residual value estimates and estimates of useful life are updated as required, but at least annually.
Gains
or losses arising on the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and
the carrying amount of the assets and are recognised in profit or loss within other income or other expenses.
3.12
Intangible assets other than goodwill
Research
and development
Expenditure
on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising
from development is recognised if, and only if, all of the following have been demonstrated:
●
the
    technical feasibility of completing the intangible asset so that it will be available for use or sale;
●
the
    intention to complete the intangible asset and use or sell it;
●
the
    ability to use or sell the intangible asset;
●
how
    the intangible asset will generate probable future economic benefits;
●
the
    availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
    and
●
the
    ability to measure reliably the expenditure attributable to the intangible asset during its development.
The
amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised,
development expenditure is recognised in profit or loss in the period in which it is incurred.
Subsequent
to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment
losses.
F-
13
Patents
and trademarks
Patents
and trademarks are recognised at cost of acquisition and amortised over their useful lives. They have a finite life and are reported
at cost less accumulated amortisation and accumulated impairment losses.
Databases
Databases
are recognised at cost of acquisition and amortised over their useful lives. They have a finite life as data becomes dated and are reported
at cost less accumulated amortisation and accumulated impairment losses.
The
following useful lives are applied:
Class of fixed asset
Amortisation rate
Patents
5
%
Trademarks
10
%
Databases
16.67
%
At
the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable
amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When
a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating
units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation
basis can be identified.
Intangible
assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and
whenever there is an indication that the asset may be impaired.
Recoverable
amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If
the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its
recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a revaluation decrease.
When
an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount,
but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no  loss been recognised
for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset
is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
3.13
Provisions
Provisions
for product warranties, legal disputes, onerous contracts or other claims are recognised when the Company has a present legal or constructive
obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts
can be estimated reliably. The timing or amount of the outflow may still be uncertain.
Provisions
are not recognised for future operating losses.
Provisions
are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at
the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar
obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a
whole. Provisions are discounted to their present values, where the time value of money is material.
F-
14
No
liability is recognised if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed
as contingent liabilities unless the outflow of resources is remote.
3.14
Financial instruments
Recognition
and derecognition
Financial
assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.
Financial
assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and
substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled
or expires.
Classification
and initial measurement of financial assets
All
financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified
into one of the following categories:
●
amortised
    cost
●
fair
    value through profit or loss (FVTPL), or
●
fair
    value through other comprehensive income (FVOCI).
In
the periods presented the Group does not have any financial assets categorised as FVTPL or FVOCI.
The
classification is determined by both:
●
the
    entity's business model for managing the financial asset, and
●
the
    contractual cash flow characteristics of the financial asset.
All
revenue and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income
or other financial items.
Subsequent
measurement of financial assets
Financial
assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL):
●
they
    are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and
●
the
    contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal
    amount outstanding.
After
initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect
of discounting is immaterial.
Impairment
of financial assets
IFRS
9's impairment requirements use forward-looking information to recognise expected credit losses – the "expected credit
loss (ECL) model". Instruments within the scope of the requirements included loans and other debt-type financial assets measured
at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial
guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.
F-
15
The
Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events,
current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
In
applying this forward-looking approach, a distinction is made between:
●
financial
    instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk ('Stage
    1'); and
●
financial
    instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low ('Stage
    2').
"Stage
3" would cover financial assets that have objective evidence of impairment at the reporting date.
"12-month
expected credit losses" are recognised for the first category (i.e. Stage 1) while "lifetime expected credit losses"
are recognised for the second category (i.e. Stage 2).
Trade
and other receivables and contract assets
The
Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss
allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential
for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external
indicators and forward-looking information to calculate the expected credit losses. The Group assesses impairment of trade receivables
on an individual account basis.
Classification
and measurement of financial liabilities
The
Group's financial liabilities include borrowings, trade and other payables and derivative financial instruments.
Financial
liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.
Subsequently,
financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities
designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative
financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes
in an instrument's fair value that are reported in profit or loss are included within finance costs or finance income.
Convertible
Notes
The
component parts of convertible notes issued by the Group are classified separately as financial liabilities and equity in accordance
with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Conversion
options that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company's
own equity instruments is an equity instrument.
At
the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible
instruments. This amount is recognised as a liability on an amortised cost basis using the effective interest method until extinguished
upon conversion or at the instrument's maturity date.
3.15
Trade and other receivables
The
Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected
credit losses. These are expected shortfalls in contractual cash flows, considering the potential for default at any point during the
lifetime of the financial instrument. In calculating, the Company uses its historical experience, external indicators and forward-looking
information to calculate expected credit losses using a provision matrix.
F-
16
The
Group assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics they have been
grouped based on the days past due. Refer to Note 3.14 for a detailed analysis of how the impairment requirements of IAS 9 are applied.
3.16
Goods and services tax
Revenues,
expenses and assets are recognised net of the amount of goods and services tax (GST), except:
i.
where
    the amount of GST incurred is not recoverable from the taxation authority, it is recognised as part of the cost of acquisition of
    an asset or as part of an item of expense; or
ii.
for
    receivables and payable which are recognised inclusive of GST.
The
net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables.
Cash
flows are included in the cash flow statement on a gross basis. The GST component of cash flows arising from investing and financing
activities which is recoverable from, or payable to, the taxation authority is classified within operating cash flows.
3.17
Leases
For
any new contracts entered into the Company considers whether a contract is, or contains a lease. A lease is defined as "a contract,
or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration".
To apply this definition the Company assesses whether the contract meets three key evaluations which are whether:
1.
the
    contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified
    at the time the asset is made available to the Company;
2.
the
    Company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period
    of use, considering its rights within the defined scope of the contract;
3.
the
    Company has the right to direct the use of the identified asset throughout the period of use. The Company assess whether it has the
    right to direct 'how and for what purpose' the asset is used throughout the period of use.
At
lease commencement date, the Company recognises a right of use asset and a lease liability on the balance sheet. The right of use asset
is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company,
an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease
commencement date (net of any incentives received).
The
Company depreciates the right of use assets on a straight-line basis from the lease commencement date to the earlier of the end of the
useful life of the right of use asset or the end of the lease term. The Company also assesses the right of use asset for impairment when
such indicators exist.
At
the commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted
using the interest rate implicit in the lease if that rate is readily available or the Company's incremental borrowing rate.
Lease
payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments
based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably
certain to be exercised.
Subsequent
to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment
or modification, or if there are changes in in-substance fixed payments.
When
the lease liability is remeasured, the corresponding adjustment is reflected in the right of use asset, or profit and loss if the right
of use asset is already reduced to zero.
F-
17
The
Company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising
a right of use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line
basis over the lease term.
Short-term
leases and leases of low value
Short-term
leases (lease term of 12 months or less) and lease of low value assets (under A$5,000) are recognised as incurred as an expense in the
consolidated income statement.
3.18
Equity, reserves and dividend payments
Share
capital represents the nominal value of shares that have been issued.
Other
components of equity include the following:
●
share
    option reserve – comprises equity-settled employee benefits and equity-settled supplier payments (see Notes 3.8 and 3.9); and
●
translation
    reserve – comprises foreign currency translation differences arising from the translation of financial statements of the Group's
    foreign entity into functional currency (see Note 3.6).
Accumulated
losses include all current and prior period accumulated losses.
All
transactions with owners of the parent are recorded separately within equity.
Dividend
distributions payable to equity shareholders are included in other liabilities when the dividends have been approved in a general meeting
prior to the reporting date.
4.
Significant management judgement in applying accounting policies and estimating uncertainty
The
following are the judgements made by management in applying the accounting policies of the Group that have the most significant effect
on these consolidated financial statements.
Capitalisation
of internally developed software
Distinguishing
the research and development phases of a new customised software project and determining whether the recognition requirements for the
capitalisation of development costs are met, together with the allocation of time spent on these projects requires judgement. After capitalisation,
management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalised costs
may be impaired (see Note 3.12). Costs relating to maintaining current technology platforms are expensed in the period they are incurred.
Recognition
of deferred tax assets
The
extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be
available against which the deductible temporary differences and tax loss carry-forwards can be utilised. In addition, significant judgement
is required in assessing the impact of any legal or economic limits or uncertainties.
Research
and development tax incentives
Research
and development tax incentives are recognised when it is reasonable reliable the costs relating to the project can be determined. Refundable
research and development credits received from the research and development tax offset scheme are accounted for as a government grant
as per IAS 20. Consequently, a credit is been recognised in the same period necessary to match the benefits of the credit with the costs
for which it is intended to compensate. This credit has been presented as other income.
F-
18
Asset
acquisition or business combination determination
Transactions
recognised as an asset acquisition have been determined on the basis they do not meet the definition of a business combination in accordance
with IAS 3 Business Combinations.
The
assets acquired and liabilities assumed are measured at their accounting book values at the acquisition date, and transitions costs were
included in the capitalized cost of the asset.
No
goodwill is recognised on the asset acquisition and no deferred taxes were recognize on the acquired assets and assumed liabilities,
as the recognition exceptions available under IAS 12 Income taxes was applied.
Estimating
uncertainty
Impairment
of non-financial assets
Intangible
assets are reviewed for impairment whenever there is an indication that these assets may be impaired. This includes any capitalised internally
developed software that is not yet complete is not amortised. The Group considers the guidance of IAS 36 in assessing whether there is
any indication that an item of the above assets may be impaired.
This
assessment requires management's judgement. If any such indication exists, the recoverable amount of the assets is estimated to
ascertain the amount of impairment loss. The recoverable amount is defined as the higher of the fair value less cost to sell and value
in use.
In
determining the value in use of assets, the Group applies a discounted cash flow model where the future cash flows derived from such
assets are discounted at an appropriate rate. Forecasts of future cash flow are estimated based on financial budgets and forecasts approved
by the management. Based on management's assessment, there is no indication of impairment as at the end of the reporting period.
Contract
revenue
Recognised
amounts of contracted services and subscription revenues and their related receivables reflect management's best estimate of each
contract's outcome and stage of completion or delivery.
Useful
lives and residual values of depreciable assets
Management
reviews its estimate of the useful lives and residual values of depreciable assets at each reporting date, based on the expected utility
of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software
and IT equipment.
Leases
– determination of the appropriate discount rate to measure lease liabilities
As
noted above, the Group enters into leases with third-party landlords and as a consequence the rate implicit in the relevant lease is
not readily determinable. Therefore, the Group uses its incremental borrowing rate as the discount rate for determining its lease liabilities
at the lease commencement date. The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow over
similar terms which requires estimations when no observable rates are available.
Share
options and performance rights
The
Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the
date at which they are granted. The fair value is determined using an appropriate valuation model. The valuation basis and related assumptions
are detailed within Note 3.9.
F-
19
5.
Revenue
The
following is an analysis of the Group's revenue for the year from continuing operations. The Group's revenue disaggregated
by primary revenue sources are as follows:
For the year ended 2023
Publishing
Direct
Reseller
Total
Subscriptions
-
1,850,929
2,169,312
4,020,241
Advertising
314,591
-
933
315,524
Data
871,502
-
-
871,502
Services
-
110,467
58,959
169,426
Total
1,186,093
1,961,396
2,229,204
5,376,693
For the year ended 2022
Publishing
Direct
Reseller
Total
Subscriptions
-
1,265,483
1,903,611
3,169,094
Advertising
314,513
-
2,200
316,713
Data
649,937
-
-
649,937
Services
-
62,920
24,025
86,945
Total
964,450
1,328,403
1,929,836
4,222,689
For the year ended 2021
Publishing
Direct
Reseller
Total
Subscriptions
-
1,153,255
208,855
1,362,110
Advertising
177,126
-
-
177,126
Data
602,304
-
-
602,304
Services
-
29,770
20,115
49,885
Total
779,430
1,183,025
228,970
2,191,425
The
Group's revenue disaggregated by primary geographical markets is as follows:
For the year ended 2023
Publishing
Direct
Reseller
Total
Australia & New Zealand
-
1,607,146
540,977
2,148,123
North America
971,110
301,101
1,493,597
2,765,808
Europe
140,490
53,142
131,601
325,233
Other countries
74,493
7
63,029
137,529
Total
1,186,093
1,961,396
2,229,204
5,376,693
For the year ended 2022
Publishing
Direct
Reseller
Total
Australia
-
1,242,566
643,166
1,885,732
North America
508,507
11,575
884,383
1,404,465
Europe
411,061
44,431
73,008
528,500
Other countries
44,882
29,831
329,279
403,992
Total
964,450
1,328,403
1,929,836
4,222,689
For the year ended 2021
Publishing
Direct
Reseller
Total
Australia
34,741
1,042,621
170,061
1,247,423
North America
345,946
7,772
15,897
369,615
Europe
398,406
132,000
-
530,406
Other countries
337
632
43,012
43,981
Total
779,430
1,183,025
228,970
2,191,425
The
Group's revenue disaggregated by pattern of revenue recognition is as follows:
F-
20
For the year ended 2023
Publishing
Direct
Reseller
Total
Services transferred at a point in time
314,591
110,467
59,893
484,951
Services transferred over time
871,502
1,850,929
2,169,311
4,891,742
Total
1,186,093
1,961,396
2,229,204
5,376,693
For the year ended 2022
Publishing
Direct
Reseller
Total
Services transferred at a point in time
314,513
62,920
26,224
403,657
Services transferred over time
649,937
1,265,483
1,903,612
3,819,032
Total
964,450
1,328,403
1,929,836
4,222,689
For the year ended 2021
Publishing
Direct
Reseller
Total
Services transferred at a point in time
177,126
29,770
20,115
227,011
Services transferred over time
602,304
1,153,255
208,855
1,964,414
Total
779,430
1,183,025
228,970
2,191,425
6.
Other Income
Consolidated
    Group
Notes
2023
A$
2022
A$
2021
A$
Government
    subsidy
-
-
290,900
Research
    and development tax incentive
503,118
757,609
497,358
Export
    market development grant
66,600
45,433
-
Foreign
    exchange gain
141,285
495,457
-
Gain
    on liability extinguishment
282,490
-
-
Total
    other income
993,493
1,298,499
788,258
F-
21
7.
Segment Reporting
Management
currently identifies three operating segments (see Note 3.4). Management monitors the performance of these operating segments as well
as deciding on the allocation of resources to them. Segmental performance is monitored using adjusted segment operating results.
For the year ended 2023
Publishing
Direct
Reseller
Total
Revenue
From external customers
1,185,384
1,961,396
2,229,913
5,376,693
Segment revenue
1,185,384
1,961,396
2,229,913
5,376,693
Technology expense
(
92,295
)
(
10,254
)
(
8,088
)
(
110,637
)
Employee benefit expense
(
111,538
)
(
134,140
)
(
524,023
)
(
769,701
)
Occupancy expense
(
1,573
)
(
1,036
)
(
1,189
)
(
3,798
)
Advertising expense
(
6,971
)
(
21,162
)
(
74,848
)
(
102,981
)
Consultancy expense
-
(
413
)
-
(
413
)
Depreciation and amortisation
(
255,848
)
(
219,026
)
(
26,378
)
(
501,252
)
Impairment of financial assets
(
10,958
)
(
217,739
)
(
66,566
)
(
295,263
)
Other expenses
(
2,358
)
(
18,774
)
(
21,791
)
(
42,923
)
Segment operating profit/(loss)
703,843
1,338,852
1,507,030
3,549,725
Segment assets
171,697
910,175
429,998
1,511,870
Segment liabilities
(
96,766
)
(
191,014
)
(
238,981
)
(
526,761
)
For the year ended 2022
Publishing
Direct
Reseller
Total
Revenue
From external customers
964,450
1,328,403
1,929,836
4,222,689
Segment revenue
964,450
1,328,403
1,929,836
4,222,689
Technology expense
(
77,974
)
(
13,724
)
-
(
91,698
)
Employee benefit expense
(
211,891
)
(
516,520
)
(
786,560
)
(
1,514,971
)
Occupancy expense
(
3,069
)
(
2,646
)
(
857
)
(
6,572
)
Advertising expense
(
31,210
)
(
2,048
)
-
(
33,258
)
Consultancy expense
(
364
)
(
245
)
-
(
609
)
Depreciation and amortisation
(
256,021
)
(
197,884
)
-
(
453,905
)
Impairment of financial assets
(
16,853
)
(
187,398
)
(
172,355
)
(
376,606
)
Other expenses
758
(
1,253
)
(
20,089
)
(
20,584
)
Segment operating profit/(loss)
367,826
406,685
949,975
1,724,486
Segment assets
589,390
1,069,196
383,032
2,041,618
Segment liabilities
(
108,326
)
(
226,382
)
(
229,737
)
(
564,445
)
For the year ended 2021
Publishing
Direct
Reseller
Total
Revenue
From external customers
779,430
1,183,025
228,970
2,191,425
Segment revenue
779,430
1,183,025
228,970
2,191,425
Technology expense
(
225,324
)
(
12,724
)
(
376
)
(
238,424
)
Employee benefit expense
(
407,876
)
(
359,082
)
(
209,251
)
(
976,209
)
Occupancy expense
(
1,857
)
(
15,807
)
-
(
17,664
)
Advertising expense
(
659
)
(
46,734
)
-
(
47,393
)
Consultancy expense
-
-
-
-
Depreciation and amortisation
(
198,578
)
(
143,468
)
(
10,544
)
(
352,590
)
Impairment of financial assets
-
-
-
-
Other expenses
(
294
)
(
625
)
(
1,379
)
(
2,298
)
Segment operating profit/(loss)
(
55,158
)
604,585
7,420
556,847
Segment assets
1,654,054
151,460
85,889
1,891,403
Segment liabilities
(
382,104
)
(
212,644
)
(
43,251
)
(
637,999
)
F-
22
The
totals presented for the Group's operating segments reconcile to the key financial figures as presented in its financial statements
as follows:
Consolidated Group
2023
A$
2022
A$
2021
A$
Revenue
Total reportable segment revenue
5,376,693
4,222,689
2,191,425
Segment operating profit
3,549,725
1,724,486
556,847
Other income not allocated
423,775
495,457
290,900
Research and development incentives
569,718
803,042
497,358
Research and development costs
-
-
(
761,140
)
Technology expenses not allocated
(
1,608,337
)
(
1,713,734
)
(
48,750
)
Employee benefits expenses not allocated
(
4,497,545
)
(
2,896,954
)
(
986,580
)
Occupancy expenses not allocated
(
109,774
)
(
59,793
)
(
34,555
)
Advertising expenses not allocated
(
215,511
)
(
380,754
)
(
20,182
)
Consultancy expenses not allocated
(
874,225
)
(
1,690,935
)
(
240,928
)
Depreciation and amortisation not allocated
(
853,917
)
(
398,456
)
(
44,916
)
Impairment of financial assets not allocated
-
-
(
14,690
)
Other expenses not allocated
(
170,128
)
(
224,496
)
(
130,217
)
Group operating loss
(
3,786,219
)
(
4,342,137
)
(
936,853
)
Finance costs
(
105,367
)
(
748,190
)
(
58,913
)
Group loss before tax
(
3,891,586
)
(
5,090,327
)
(
995,766
)
Consolidated Group
2023
A$
2022
A$
Assets
Total reportable segment assets
1,511,870
2,041,618
Cash and cash equivalents
3,174,700
4,083,734
R&D tax incentive and other rebates
554,901
371,365
Deposits and prepayments
231,660
230,094
Fixed assets
380,018
395,999
Right of use assets
314,596
406,673
Capitalised development costs
2,780,538
945,821
Other assets
286,598
79,626
Group assets
9,234,881
8,554,930
Liabilities
Total reportable segment liabilities
(
526,761
)
(
564,445
)
Trade and other payables
(
1,829,301
)
(
1,031,933
)
Borrowings
(
301,600
)
(
308,100
)
Provisions
(
118,112
)
(
318,598
)
Accrued expenses
(
1,051,406
)
(
763,953
)
Lease liabilities
(
417,744
)
(
450,416
)
Group liabilities
(
4,244,924
)
(
3,437,445
)
8.
Other expenses and financial costs
Consolidated Group
2023
A$
2022
A$
2021
A$
Other expenses
Travel & related expenses
(
141,196
)
(
118,292
)
(
7,558
)
Legal expenses
-
-
(
93,801
)
Insurance expenses
(
45,083
)
(
68,167
)
(
59,685
)
Business expenses
(
26,772
)
(
24,204
)
(
4,958
)
Foreign exchange gain
-
(
34,416
)
33,487
Total other expenses
(
213,051
)
(
245,079
)
(
132,515
)
Finance costs
Implied interest expense related to convertible notes
-
(
666,534
)
-
Interest expense
(
41,389
)
(
68,271
)
(
40,106
)
Bank charges
(
4,322
)
(
9,182
)
(
8,155
)
Merchant facility fees
(
59,656
)
(
4,203
)
(
10,652
)
Total finance costs
(
105,367
)
(
748,190
)
(
58,913
)
F-
23
9.
Tax expense
(a)
Tax expense
The
major component of tax expense and the reconciliation of the expected tax expense based on the domestic effective tax rate of Locafy
Limited as
25
% (2022:
25
%) and the reported tax expense in profit and loss are as follows:
Consolidated Group
2023
A$
2022
A$
2021
A$
Loss before income tax
(
3,891,586
)
(
5,090,327
)
(
995,766
)
Domestic tax rate
25
%
25
%
26
%
Expected tax expense/(benefit)
(
972,896
)
(
1,272,582
)
(
258,899
)
Adjustment for tax-exempt income:
-Decline in value of depreciating assets
(
315,773
)
(
221,095
)
(
12,401
)
-R&D tax incentive
(
125,780
)
(
189,402
)
(
136,773
)
-Other deductible expenses
(
301,604
)
(
230,118
)
(
142,272
)
Adjustment for non-deductible expenses:
-R&D expenses
-
200,909
-
-Other non-deductible expenses
680,462
937,491
176,897
Income tax expense/(benefit)
-
-
-
Movement in unrecognized deferred tax
1,035,591
774,797
373,448
(b)
Deferred tax assets and liabilities
As
at 30 June 2023, the Company had accumulated tax losses totaling A$
31,508,456
(2022: A$
27,083,603
). A deferred tax asset in relation
to the tax value of losses carried forward has not been recognised in the accounts as, presently, the Company does not expect to be in
a position to utilise these losses in the foreseeable future.
10.
Trade and other receivables
Trade
and other receivables consist of the following:
Consolidated Group
2023
A$
2022
A$
Trade receivables, gross
917,411
1,144,456
Allowance for credit losses
(
360,777
)
(
369,844
)
Trade receivables
556,634
774,612
R&D tax incentive
524,901
371,365
Goods and services taxes
132,114
47,647
Services contracts
74,864
9,625
Other receivables
731,879
428,637
Trade and other receivables
1,288,513
1,203,249
F-
24
All
amounts are short term. The net carrying value of trade receivables is considered a reasonable approximation of fair value.
All
of the Group's trade and other receivables have been reviewed for indicators of impairment by ascertaining the solvency of the
debtor and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the Group. The
allowance for credit loss in the year ended 30 June 2023 primarily relates to one customer where there is continuing dialogue between
the Company and that party to find a resolution. The balance takes into consideration increasing interest rates and other global economic
conditions that may affect the ability of our customers to pay their accounts in a timely manner.
The
current impairment provision applies the IFRS 9 expected loss model. The allowance in the comparative period was assessed as insignificant,
as the credit risk for trade receivables was negligible.
11.
Other assets
Consolidated Group
2023
A$
2022
A$
Current
Prepayments
161,718
157,435
Deposits
69,942
72,659
Advances
125,122
-
356,782
230,094
12.
Subsidiaries
Name of subsidiary
Principal activity
Place of incorporation and operation
Proportion of ownership interest and voting power held by the Group
2023
2022
Moboom USA Inc
Dormant
USA
100
%
100
%
13.
Property, plant & equipment
Leasehold improvements
IT equipment
Other equipment
Total
Gross carrying amount
Balance 1 July 2021
-
11,466
49,485
60,951
Additions
250,211
69,612
104,391
424,214
Disposals
-
(
2,268
)
-
(
2,268
)
Balance as at 30 June 2022
250,211
78,810
153,876
482,897
Depreciation and Impairment
Balance 1 July 2021
-
(
5,111
)
(
43,448
)
(
48,559
)
Disposals
-
414
-
414
Depreciation
(
17,680
)
(
10,381
)
(
10,692
)
(
38,753
)
Balance as at 30 June 2022
(
17,680
)
(
15,078
)
(
54,140
)
(
86,898
)
Carrying amount 30 June 2022
232,531
63,732
99,736
395,999
Leasehold improvements
IT equipment
Other equipment
Total
Gross carrying amount
Balance 1 July 2022
250,211
78,810
153,876
482,897
Additions
90,450
1,493
677
92,620
Disposals
-
-
-
-
Balance as at 30 June 2023
340,661
80,303
154,553
575,517
Depreciation and Impairment
Balance 1 July 2022
(
17,680
)
(
15,078
)
(
54,140
)
(
86,898
)
Disposals
-
-
-
-
Depreciation
(
61,665
)
(
19,198
)
(
27,738
)
(
108,601
)
Balance as at 30 June 2023
(
79,345
)
(
34,276
)
(
81,878
)
(
195,499
)
Carrying amount 30 June 2023
261,316
46,027
72,675
380,018
F-
25
14.
Right of use assets and lease liabilities
Right
of use assets
Buildings
A$
Gross carrying amount
Balance as at 1 July 2022
460,385
Additions
-
Disposals
-
Balance as at 30 June 2023
460,385
Depreciation and impairment
Balance as at 1 July 2022
(
53,712
)
Disposals
-
Depreciation
(
92,077
)
Balance as at 30 June 2023
(
145,789
)
Carrying amount as at 30 June 2023
314,596
Lease
liabilities
Lease
liabilities are presented in the consolidated statement of financial position as follows:
Consolidated Group
2023
A$
2022
A$
Current
85,165
32,672
Non-current
332,578
417,744
417,743
450,416
The
Company has a lease for office space. This lease is reflected in the consolidated financial statement of financial position as a right-of-use
asset and a lease liability. For the lease over the office space, the Company must keep this property in a good state of repair and return
the property in their original condition at the end of lease.
Right-of-use asset
No. of
right-of-use assets
leased
Range of
remaining
term
Average
remaining
lease term
No. of
leases with
extension
options
No. of leases
with options
to purchase
No. of leases
with variable
payments
linked to an
index
No. of
leases with
termination
options
Office
1
3
-
4
years
3
years
-
-
-
-
The
lease liabilities are secured by the related underlying right of use assets. Future minimum lease payments at 30 June 2022 were as follows:
Within 1 year
1-2 years
2-3 years
3-4 years
4-5 years
Total
Lease payments
114,211
149,251
151,716
63,916
-
479,104
Finance charges
(
29,056
)
(
20,582
)
(
10,542
)
(
1,181
)
-
(
61,361
)
Net present value
85,165
128,669
141,174
62,735
-
417,743
F-
26
15.
Intangible assets
Consolidated Group
Note
2023
A$
2022
A$
Carrying amounts of:
Databases
895,057
1,238,787
Trademarks
29,314
31,979
Patents
15,363
18,593
Capitalised development costs
2,780,538
945,820
3,720,272
2,235,179
Databases
Opening balance
1,238,787
1,340,179
Additions
211,026
351,737
Disposals
(
54,285
)
-
Amortisation expense
(
500,471
)
(
453,129
)
Carrying amount for databases
895,057
1,238,787
Patents
Opening balance
31,979
34,760
Additions
-
-
Disposals
-
-
Amortisation expense
(
2,665
)
(
2,781
)
Carrying amount for patents
29,314
31,979
Trademarks
Opening balance
18,593
22,458
Additions
-
2,360
Disposals
-
-
Amortisation expense
(
3,230
)
(
6,225
)
Carrying amount for trademarks
15,363
18,593
Capitalised development costs
Opening balance
945,820
-
Additions
(a)
(b)
(c)
2,482,843
1,261,094
Disposals
-
-
Amortisation expense
(
648,125
)
(
315,274
)
Carrying amount for trademarks
2,780,538
945,820
(a)
On
    22 August 2022, the Company acquired certain technology assets from Jimmy Kelley Digital that complemented and extended the functionality
    of the existing technology Locafy has developed. The Company has determined that the elements of IAS 3
Business Combinations
were not achieved and, accordingly, the acquisition is that it is an asset acquisition. The details of the asset acquisition are
    as follows:
F-
27
A$
Amount settled in cash
521,393
Amount settled in equity
428,726
Fair value of consideration transferred
950,119
Recognised amounts of identifiable net assets:
Intangible assets (capitalized development costs)
950,119
Net identifiable assets
950,119
Goodwill on acquisition
-
(b)
On
    30 June 2023, the Company exercised its option to acquire further technology assets from Jimmy Kelley Digital. The Company has determined
    that the elements of IAS 3
Business Combinations
were not achieved and, accordingly, the acquisition is that it is an asset
    acquisition. The details of the asset acquisition are as follows:
A$
Fair value of contingent consideration
453,446
Fair value of consideration transferred
453,446
Recognised amounts of identifiable net assets:
Intangible assets (capitalized development costs)
453,446
Net identifiable assets
453,446
Goodwill on acquisition
-
(c)
During
    the year ended 30 June 2023, the Company has capitalised a significant portion of its expenditure relating to the development of,
    amongst other things, a new admin console to enable customers to acquire products directly from their own account. The admin console
    is a key component of the Platform allowing users to acquire, manage and view product reporting and analytics. The Company is commercialising
    this developed technology and accordingly, the development expense will be amortized over future periods.
16.
Trade and other payables
Trade
and other payables consist of the following:
Consolidated Group
Note
2023
A$
2022
A$
Trade payables
773,917
661,755
Sundry payables
1,280,210
492,486
Deferred consideration
(a)
453,446
300,000
2,507,573
1,454,241
(a)
Relates
    to the acquisition of further technologies from Jimmy Kelley Digital.
All
amounts are short term. The carrying values of trade payables is considered to be a reasonable approximation of fair value.
17.
Borrowings
Borrowings
include the following financial liabilities:
Consolidated Group
Note
2023
A$
2022
A$
ASX convertible notes
(a)
301,600
308,100
301,600
308,100
Balance at the beginning of the period
308,100
435,600
Issue of Nasdaq convertible notes
-
1,846,279
Interest recognised on convertible notes
-
544,121
Conversion of debt to equity
-
(
2,420,400
)
Repayment of borrowings
(
6,500
)
(
97,500
)
Balance at the end of the period
301,600
308,100
(a)
The
    Company has on issue unsecured convertible notes totaling A$
301,600
, including accrued interest. These notes have matured, have a
    fixed repayment amount and are not accruing further interest. These notes automatically convert to equity upon an ASX listing, however,
    due to the Company now being listed on Nasdaq the Company is unlikely to pursue an ASX listing, in which case the notes can only
    be redeemed in cash at their face value plus interest. All convertible notes are due and payable as at reporting date.
F-
28
18.
Provisions
Consolidated Group
2023
A$
2022
A$
Employee benefits
Current
214,465
473,006
Non-current
48,271
25,988
262,736
498,994
The
provision for employee benefits represents accrued annual leave and vested together with vested and unvested long service leave entitlements.
19.
Accrued expenses
Consolidated Group
2023
A$
2022
A$
Current
Accrued expenses
458,057
477,144
Salaries payable
54,554
34,704
512,611
511,848
Non-Current
Accrued expenses
90,450
-
Salaries payable
-
76,504
90,450
76,504
20.
Contract liabilities
Contract
liabilities consist of the following:
Consolidated Group
2023
A$
2022
A$
Deferred subscription revenue
149,865
136,606
Advances for website builds
2,346
736
152,211
137,342
Current
151,475
136,606
Non-current
736
736
F-
29
21.
Share capital
The
share capital of Locafy Limited consists only of fully paid ordinary shares. All shares are equally eligible to receive dividends and
the repayment of capital and represent one vote at shareholders' meeting of the Company.
Note
2023
Number of Shares
2023
Share Capital A$
2022
Number of Shares
2022
Share Capital A$
Balance at 1 July
20,528,803
45,038,037
18,598,414
35,505,073
Share issue, Nasdaq initial public offering
-
-
1,454,546
7,973,486
Issues on conversion of convertible notes
-
-
475,843
2,542,812
Consolidation of ordinary shares due to Reverse Share Split
(a)
(
19,497,565
)
-
-
-
Share issue, At The Market Offering
(b)
245,010
3,295,822
-
-
Balance at 30 June
1,276,248
48,333,859
20,528,803
46,021,371
Share issue costs
-
(
403,373
)
-
(
983,334
)
Net share capital balance
1,276,248
47,930,486
20,528,803
45,038,037
(a)
On
    7 December 2022, our shareholders authorized at an extraordinary general shareholders' meeting, a one-for-twenty reverse share
    split of our issued and outstanding ordinary shares ("Reverse Share Split"). No fractional ordinary shares were issued
    in connection with the Reverse Share Split and all fractional interests were rounded up to the nearest whole number. Issued and outstanding
    warrants and performance rights were split on the same basis.
(b)
On
    18 May 2023, the Company entered into an At The Market Offering Agreement ("Sales Agreement") with H.C. Wainwright &
    Co., LLC, relating to the sale of our ordinary shares. In June 2023, the Company sold
245,010
ordinary shares for total gross proceeds of $
2,238,570
under the Sales Agreement, pursuant to the prospectus dated 1 June 2023 forming a part of the registration statement on Form F-3 (File No. 333-272066), as amended,
    filed with the Securities and Exchange Commission which became effective on 1 June 2023.
F-
30
22.
Reserves
Consolidated Group
Notes
2023 A$
2022 A$
Foreign currency translation reserve
(a)
Opening balance at 1 July
143,780
192,233
Exchange differences arising from foreign operations
(
23,010
)
(
48,453
)
Closing balance at 30 June
120,770
143,780
Share option reserve
(b)
Opening balance at 1 July
5,021,974
3,603,916
Equity-settled employee benefits
1,774,645
3,758,700
Equity-settled supplier payments
146,236
899,992
Warrants
363,282
363,282
Closing balance at 30 June
2,284,163
5,021,974
Convertible note reserve
Opening balance at 1 July
140,721
-
Convertible notes issued
-
140,721
Transfer to retained earnings on historical conversion of notes
(
140,721
)
-
Closing balance at 30 June
-
140,721
Total reserves
2,404,933
5,306,475
(a)
Foreign
    currency translation reserve
Exchange
differences relating to the translation of the results and net assets of the Group's foreign operations from their functional currencies
to the Group's presentation currency (ie Australian dollars) are recognised directly in other comprehensive income and accumulated
in the foreign currency translation reserve.
(b)
Share
    option reserve
The
Company had issued share options to certain employees and suppliers. While these options have since expired unexercised, the value of
the options at the date of issue are accumulated in the share option reserve. In addition, the Company has issued Performance Rights
(refer to Note 30).
23.
Accumulated losses
Consolidated Group
2023
A$
2022
A$
Balance at beginning of year
(
45,227,027
)
(
40,136,700
)
Transfers from reserve accounts
3,773,151
Profit attributable to owners of the Company
(
3,891,586
)
(
5,090,327
)
Balance at end of year
(
45,345,462
)
(
45,227,027
)
F-
31
24.
Reconciliation of profit for the year to net cash flows from operating activities
Consolidated Group
2023
A$
2022
A$
Loss for the year
(
3,891,586
)
(
5,090,327
)
Non-cash items in operating profit
Depreciation of property, plant and equipment
108,602
6,732
Amortisation of intangible assets
1,154,492
777,409
Amortisation of right of use asset
92,077
68,220
Share based payments
304,345
359,544
Implied interest expense related to convertible notes
-
666,534
R&D tax incentive and other rebates expected
(
533,119
)
Foreign exchange loss
(
141,284
)
(
543,910
)
Expected credit losses
295,263
369,844
Gain on liability extinguishment
(
282,489
)
-
Operating cash flows before movements in working capital
997,887
1,704,373
Movements in working capital
(Increase)/decrease in trade and other receivables
(
780,321
)
(
1,182,077
)
(Increase)/decrease in prepayments and deposits
(
126,688
)
4,194
Increase/(decrease) in trade and other payables
1,392,829
396,204
Increase/(decrease) in provisions and accruals
132,039
(
186,066
)
Increase/(decrease) in deferred revenue
14,869
113,263
Cash generated from operations
632,728
(
854,482
)
Net cash generated by operating activities
(
2,260,971
)
(
4,240,436
)
25.
Earnings per share
On
7 December 2022, our shareholders authorised at an extraordinary general shareholders' meeting, a one-for-twenty reverse share
split of our issued and outstanding ordinary shares (the "Reverse Share Split"). The number of ordinary shares following
the split are reflected in the calculation below.
Both
basic and diluted earnings per share have been calculating the profit attributable to shareholders of the parent company (Locafy Limited)
as the numerator, i.e. no adjustments to profit were necessary in 2023 or 2022.
Consolidated Group
2023
2022
Weighted average number of shares used in basic earnings per share
1,053,920
1,031,238
Weighted average number of shares used in diluted earnings per share
1,053,920
1,031,238
26.
Contingent liabilities
There
were no contingent liabilities in both 2023 and 2022.
27.
Fair value of financial instruments
The
Company's financial instruments comprise the following:
Consolidated Group
Notes
2023
A$
2022
A$
Cash and cash equivalents
3,174,700
4,083,735
Trade and other receivables
(a)
1,288,513
1,203,249
Term deposits with financial institutions
(b)
69,942
69,942
Trade and other payables
(a)
(
2,507,573
)
(
1,454,241
)
Lease liabilities
(
417,743
)
(
450,416
)
Borrowings
(c)
(
301,600
)
(
308,100
)
1,306,239
3,144,169
(a)
The
    fair values are a close approximation of the carrying amounts for trade and other receivables and payables on account of the short
    term maturity cycle.
(b)
The
    fair values are a close approximation of the carrying amounts for term deposits as these deposits are interest bearing and are rolled
    over at short maturity.
(c)
Borrowings
    relate to ASX convertible notes (refer to Note 17).
F-
32
28.
Financial instruments risk
Risk
management objective and policies
The
Company is exposed to various risks in relation to financial instruments.
Risk
management is carried out under the policies approved by the Company's Audit and Risk Committee. The Committee identifies and evaluates
the risk and takes appropriate measures to minimize the risks. The nature and extent of such risks, and management's risk management
strategy are noted below.
Market
risk analysis
The
Company is exposed to market risk through its use of financial instruments and specifically to currency risk and interest rate risk,
which result from both its operating and investing activities.
Foreign
currency risk
The
Company's functional and presentation currency is Australian Dollars (AUD). Exposures to currency exchange rates arise from the
Company's overseas sales and purchases, which are primarily denominated in US dollars (USD).
To
mitigate the Company's exposure to foreign currency risk, non-AUD cash flows are monitored in their respective currencies together
with movements in foreign currency exchange rates. The Company does not currently engage in any hedging activities.
Foreign
currency denominated financial assets and liabilities which expose the Company to currency risk are disclosed below.
USD
Other
30 June 2023
Financial assets
3,013,159
1,519,966
Financial liabilities
(
980,270
)
(
2,246,647
)
Total exposure
2,032,889
(
726,681
)
30 June 2022
Financial assets
3,647,337
1,709,589
Financial liabilities
(
435,265
)
(
1,777,492
)
Total exposure
3,212,072
(
67,903
)
The
following table illustrates the sensitivity of profit and equity in relation to the Company's financial assets and financial liabilities
and the AUD:USD exchange rate "all other things being equal". It assumes a +/- 10% change of the AUD:USD exchange rate for
the year ended 30 June 2023 (2022: 10%). The percentages have been determined based on the average market volatility in exchange rates
in the previous twelve months. The sensitivity analysis is based on the Company's foreign currency financial instruments held at
each reporting date.
If
the AUD had strengthened against the USD by 10% (2022: 10%) then this would have had the following impact:
Profit and equity for the year
A$
30 June 2023
(
952,682
)
30 June 2022
(
292,006
)
If
the AUD had weakened against the USD by 10% (2022: 10%) then this would have had the following impact:
Profit and equity for the year
A$
30 June 2023
(
478,018
)
30 June 2022
321,207
The
higher foreign currency exchange rate sensitivity in profit in 2023 compared with 2022 is attributable to an increase in USD denominated
cash and trade receivables.
F-
33
Interest
rate risk
The
Company's cash and term deposits with financial institutions are impacted by interest rate risks. Other receivables and payables
have short maturities and are non-interest bearing. Management believes that the risk of interest rate movement would not have a material
impact on the Company's operations.
The
Company is in the business of software development. Earning interest income is not the primary objective of the business, hence, management
does not closely monitor the movements in market interest rates as these do not have a material impact on the Company's business
activities. The cash balances and term deposits are placed at the prevailing short term market interest rates with credit worthy financial
institutions.
At
the reporting date, the interest rate risk profile of the consolidated entity's interest-bearing financial instruments was as follows:
Fixed Interest maturing in:
Weighted
2023
Floating interest rate
1 year or less
Over 1 to 5 years
More than 5 years
Non-Interest bearing
Total
average interest rate
Financial assets
Cash and cash equivalents
-
-
-
-
3,174,700
3,174,700
Trade and other receivables
-
-
-
-
1,288,513
1,288,513
Term deposits
-
69,942
-
-
-
69,942
1.04
%
-
69,942
-
-
4,463,213
4,533,155
Financial liabilities
Trade and other payables
-
-
-
-
2,507,573
2,507,573
Lease liabilities
417,744
417,744
Borrowings
-
-
-
-
301,600
301,600
-
-
-
-
3,226,917
3,226,917
Fixed Interest maturing in:
Weighted
2022
Floating interest rate
1 year or less
Over 1 to 5 years
More than 5 years
Non-Interest bearing
Total
average interest rate
Financial assets
Cash and cash equivalents
-
-
-
-
4,083,735
4,083,735
Trade and other receivables
-
-
-
-
1,203,249
1,203,249
Term deposits
-
69,942
-
-
-
69,942
0.21
%
-
69,942
-
-
5,286,984
5,356,926
Financial liabilities
Trade and other payables
-
-
-
-
1,454,241
1,454,241
Lease liabilities
450,416
450,416
Borrowings
-
-
-
-
308,100
308,100
-
-
-
-
2,212,757
2,212,757
The
following table illustrates the sensitivity of profit and equity in relation to the Company's financial assets and financial liabilities
and interest rate movements "all other things being equal". It assumes a +/- 1% change in interest rates for the year ended
30 June 2023 (2022: 1%).
F-
34
If
interest rates had increased by 1% then this would have had the following impact:
Profit and equity for the year
A$
30 June 2023
1,426
30 June 2022
849
If
interest rates had decreased by 1% then this would have had the following impact:
Profit and equity for the year
A$
30 June 2023
27
30 June 2022
(
550
)
Credit
risk analysis
Credit
risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to credit risk from financial
assets including cash and cash equivalents held at banks, trade and other receivables.
Credit
risk management
The
credit risk in respect of cash balances held with banks and deposits with banks are managed via diversification of bank deposits and
are only with major reputable financial institutions.
Trade
receivables consist of a large number of customers in various industries and geographical areas. Sales are primarily monthly subscriptions
in nature and credit risk arising from trade debtors are mitigated by the Company's ability to terminate the services provided
to the debtor.
Trade
receivables
The
Company applies the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these items do
not have a significant financing component.
In
measuring expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics.
They have been grouped broadly based on advertising, channel partners and direct to end user customer categories.
The
expected loss rates are based on the payment profile for sales over the past 12 months before 30 June 2023. The historical rates are
adjusted to reflect current and forward looking macroeconomic factors affecting the customer's ability to settle the amount outstanding.
The Company has identified interest rates to be the most relevant factor and accordingly adjusts historical loss rates for expected changes
in this factor. However, given the short period of credit risk exposure, the impact of this macroeconomic factor has not been considered
significant within the reporting period.
Trade
receivables are written off (i.e derecognised) when there is no reasonable expectation of recovery. Failure to make payments within 180
days from the invoice due date and failure to engage with the Company on alternative payment arrangements amongst others are considered
indicators of no reasonable expectation of recovery.
On
the above basis, the expected credit loss for trade receivables as at 30 June 2023 was A$
360,777
(2022: $
369,844
).
Liquidity
risk analysis
Liquidity
risk is where the Company may be unable to meet its financial obligations as and when they fall due, generally due to a shortage of cleared
funds. The Company manages its liquidity risk through continuously monitoring its cleared funds position by utilising short term cash
budgets, considering expected cash flows from financial assets and liabilities, in particular its trade receivables and payables and
negotiating extended payment terms where possible. The Company's existing cash resources and trade receivables exceed the current
cash outflow requirements.
F-
35
The
contractual maturity analysis of the Company's financial instruments is noted below:
30 June 2023
3 months or less
A$
Over 3 to 12 months
A$
Total
A$
Financial assets:
Cash and cash equivalents
3,174,700
-
3,174,700
Trade and other receivables
1,288,513
-
1,288,513
Term deposits
-
69,942
69,942
4,463,213
69,942
4,533,155
Financial liabilities:
Trade and other payables
(
2,507,573
)
-
(
2,507,573
)
Lease liabilities
(
11,177
)
(
406,567
)
(
417,744
)
Borrowings
(
301,600
)
-
(
301,600
)
(
2,820,350
)
(
406,567
)
(
3,226,917
)
30 June 2022
3 months or less
A$
Over 3 to 12 months
A$
Total
A$
Financial assets:
Cash and cash equivalents
4,083,735
-
4,083,735
Trade and other receivables
1,203,249
-
1,203,249
Term deposits
-
69,942
69,942
5,286,984
69,942
5,356,926
Financial liabilities:
Trade and other payables
(
1,454,241
)
-
(
1,454,241
)
Lease liabilities
(
4,407
)
(
446,009
)
(
450,416
)
Borrowings
(
308,100
)
-
(
308,100
)
(
1,766,748
)
(
446,009
)
(
2,212,757
)
29.
Capital management policies
The
Company's capital management objectives are:
●
To
    ensure the Company's ability to continue as a going concern; and
●
To
    provide an adequate return to shareholders by pricing products and services in a way that reflects the level of risk involved in
    providing those goods and services.
Management
assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive
leverage. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares,
convert debt to equity or sell assets to reduce debt.
30.
Share-based payments
Performance
Rights Plan
The
Company has a performance-based compensation scheme which allows select employees, contractors and consultants the right to acquire ordinary
shares in the Company upon the Company attaining certain milestones and performance targets ("Performance Right"). No amounts
are paid or payable by the recipient on receipt of the Performance Right or the shares (if issued). The Performance Rights carry neither
entitlement to dividends nor voting rights.
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36
Performance
Rights vesting conditions
Tranche
Vesting
    Conditions
Expiry
    Date
1
Total
    Group operating revenue greater than A$500,000 for 3 consecutive calendar months.
30
    June 2024
2
Total
    Group operating revenue greater than A$1,000,000 for 3 consecutive calendar months.
30
    June 2024
3
Total
    Group operating revenue greater than A$2,000,000 for 3 consecutive calendar months.
30
    June 2024
As
at 30 June 2023, none of the vesting conditions have been met.
Valuation
and recognition
The
liability for the performance rights is measured, initially and at the end of each reporting period until settled, at the full fair value
of the performance rights, taking into account the probability of the Company attaining the performance hurdles, the probability that
employees will remain eligible to retain the performance rights through continued service and the extent to which employees have rendered
services to date.
The
value of the Performance Rights within the Reserve at 30 June 2023 was $
2,203,370
(2022: $
1,054,776
).
The expense recognised for employee services received during the year was $
460,603
(2022: $
291,029
).
Movements
in Performance Rights during the year
2023
2022
Tranche 1
Balance at beginning of year
82,686
10,890
Granted during the year
42,493
73,296
Forfeited during the year
(
4,063
)
(
1,500
)
Exercised during the year
-
-
Expired during the year
-
-
Balance at end of year
121,116
82,686
2023
2022
Tranche 2
Balance at beginning of year
17,200
18,929
Granted during the year
5,900
4,271
Forfeited during the year
(
6,301
)
(
6,000
)
Exercised during the year
-
-
Expired during the year
-
-
Balance at end of year
16,799
17,200
2023
2022
Tranche 3
Balance at beginning of year
28,680
27,381
Granted during the year
10,628
10,049
Forfeited during the year
(
10,515
)
(
8,750
)
Exercised during the year
-
-
Expired during the year
-
-
Balance at end of year
28,793
28,680
On
7 December 2022, our shareholders authorised at an extraordinary general shareholders' meeting, a one-for-twenty reverse share
split of our issued and outstanding ordinary shares (the "Reverse Share Split"). Issued and outstanding performance rights
were split on the same basis. The number of performance rights following the split are reflected in the table above.
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37
31.
Related party transactions
Principles
of related party compensation
The
Company's current remuneration structure is largely comprised of fixed remuneration and long-term performance-based incentives,
which we believe to be appropriate for a business of our size and nature. Locafy listed in March 2022 and is undertaking a continuous
improvement program to transition from its legacy executive remuneration framework that was in line with a venture capital structure
to that of a listed company. This will include a review of the framework to align executive remuneration with our reward principles,
strategy and best practice.
Directors'
remuneration
Short term
Post-employment
Other long term
Share-based payments
(1)
Salary
& fees
Cash bonus & non-monetary
benefits
Annual leave accrual
(2)
Super-
annuation
Long
    service leave accrual
(3)
Performance Rights
Total
Total directors
656,685
-
(
138,697
)
60,295
(
83,531
)
639,351
1,134,103
(1)
The
    fair value of the performance rights is calculated in accordance with IFRS 2 Share-based Payments for non-market performance conditions.
    The value disclosed is the portion of the grant-date fair value of the performance rights recognised as an expense in each reporting
    period.
(2)
Represents
    accounting adjustments for accrued annual leave.
(3)
In
    accordance with AASB 119 Employee benefits, long service leave is classified as other long-term employee benefits.
Performance
Rights held by Directors
The
movement during the reporting period of Performance Rights over ordinary shares in Locafy Limited held, directly, indirectly or beneficially
by directors, including their related parties, is as follows:
Held at July 1, 2022
(1)
Granted as compensation
(2)
Exercised
Lapsed
Forfeited
Other changes
Held at June 30, 2023
Vested during the year
Vested and exercise-able at
June 30, 2023
Total Directors
96,357
24,721
-
-
-
-
121,078
-
-
(1)
On
    7 December 2022, our shareholders authorised at an extraordinary general shareholders' meeting, a one-for-twenty reverse share
    split of our issued and outstanding ordinary shares (the "Reverse Share Split"). Issued and outstanding performance rights
    were split on the same basis. The number of performance rights following the Reverse Share Split are reflected in the table above.
(2)
In
    order to preserve cash and to reduce debt, the directors agreed to apply a portion of unpaid entitlements and director's fees
    as at 30 June 2023 towards acquiring performance rights. The number of performance rights issued was based upon a price of US$
7.46
per Performance Right; which was calculated by applying the 30-day volume weighted average price per Locafy share ended 23 June 2023
    and a AUD:USD exchange rate of $
0.6670
; being the 30-day average rate ended 23 June 2023 (published by the Reserve Bank of Australia).
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38
Shares
held by Directors
The
movement during the reporting period in the number of ordinary shares in Locafy Limited held, directly, indirectly or beneficially, by
directors, including their related parties, is as follows:
Held at July 1, 2022
(1)
Received on exercise of Performance Rights
Other
changes
(2)
Held at June 30, 2023
Total Directors
283,968
-
2,360
286,328
(1)
On
    7 December 2022, our shareholders authorised at an extraordinary general shareholders' meeting, a one-for-twenty reverse share
    split of our issued and outstanding ordinary shares (the "Reverse Share Split"). Issued and outstanding shares were split
    on the same basis. The number of shares following the Reverse Share Split are reflected in the table above.
(2)
Other
    changes represent shares that were purchased or sold during the year.
Other
related party transactions
Mr.
Ranko Matic held the company secretary position for the period, 1 July 2022 to 6 September 2022 and was paid A$
6,000
as a retainer for
those services during that period.
32.
Events after the reporting date
●
On
    18 July 2023, the Company announced the signing of a new enterprise contract with a leading integrated marketing and advertising
    agency; primarily focused on the deployment of the Company's Keystone product.
33.
Authorisation of financial statements
The
consolidated financial statements for the year ended 30 June 2023 (including comparatives) were approved by the board of directors on
11 October 2023.
Gavin
    Burnett
Melvin
    Tan
Chief
    Executive Officer
Chief
    Financial Officer
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