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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SECURITIES AND EXCHANGE COMMISSION</p><div>

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

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric> REGISTRATION
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

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

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

</div><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"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric>
</b></span><b> ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the fiscal year ended</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric> TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif"><b>&#9744;</b></span></ix:nonNumeric><b>
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File No. <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-41448</ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><b>GORILLA TECHNOLOGY GROUP INC.</b></ix:nonNumeric></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not applicable<br/>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Cayman Islands</ix:nonNumeric><br/>
<span style="font-size: 10pt">(Jurisdiction of incorporation or organization)</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">Meridien House<br/>
42 Upper Berkeley Street</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">Marble Arch</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">London</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">United Kingdom</ix:nonNumeric> W1H <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">5QJ</ix:nonNumeric><br/>
<span style="font-family: Times New Roman, Times, Serif">+442039880574</span><br/>
<span style="font-size: 10pt">(Address of principal executive offices)</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Daphne Huang</ix:nonNumeric><br/>
Chief Financial Officer<br/>
<span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: hidden-fact-0"><span style="-sec-ix-hidden: hidden-fact-1">+442039880574</span></span></span><br/>
<ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress">dhuang@gorilla-technology.com</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">Meridien House<br/>
42 Upper Berkeley Street</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">Marble Arch</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">London</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">United Kingdom</ix:nonNumeric> W1H <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">5QJ</ix:nonNumeric><br/>
<span style="font-size: 10pt">(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)</span></b></p><div>

</div><p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="font-size: 10pt">&#160;</span></b></p><div>



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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1.5pt solid; width: 34%; text-align: center"><span style="font-size: 10pt"><b>Title of each class</b></span></td> <td style="width: 1%">&#160;</td> <td style="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><span style="font-size: 10pt"><b>Trading Symbol(s)</b></span></td> <td style="width: 1%">&#160;</td> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 32%; text-align: center"><span style="font-size: 10pt"><b>Name&#160;of&#160;each&#160;exchange&#160;on&#160;which&#160;registered</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-size: 10pt">Ordinary Shares</span></ix:nonNumeric></td> <td>&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-size: 10pt">GRRR</span></ix:nonNumeric></td> <td>&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">The <ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq Stock Market LLC</ix:nonNumeric> (Capital Market)</span></td></tr> <tr style="vertical-align: top; "> <td style="text-align: center"><span style="font-size: 10pt">Warrants</span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">GRRRW</span></td> <td>&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">The Nasdaq Stock Market LLC (Capital Market)</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Securities registered or to be registered pursuant to Section 12(g)
of the Act: None</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Securities for which there is a reporting obligation pursuant to Section
15(d) of the Act: Class A Contingent Value Rights</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0"><span style="font-size: 10pt">Indicate the number of outstanding shares
of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the Annual Report: <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">68,542,842</ix:nonFraction>
ordinary shares, par value $0.0001 (not including 2,814,895 ordinary shares held by the company as treasury shares), </span><span style="font-family: Times New Roman, Times, Serif">9,962,974&#160;warrants
and 4,507,875 Class A Contingent Value Rights</span> <span style="font-size: 10pt">(as of December 31, 2022).</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act. Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.
<ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span> No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 such files). <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span>
No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated
filer&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Large accelerated filer <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Accelerated filer <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></span></td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 10pt">Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">&#8224;</td><td style="text-align: left">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.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.
<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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). <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark which basis of accounting the registrant has
used to prepare the financial statements included in this filing:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">U.S. GAAP <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-2">International Financial Reporting Standards as issued by the International Accounting Standards Board</span> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></span></td> <td style="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt">Other <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
Item 18 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 <span style="font-family: Times New Roman, Times, Serif">&#9744;
</span>No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>GORILLA TECHNOLOGY GROUP INC.</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>Form 20-F</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>For the Fiscal Year Ended
December&#160;31, 2022</b></p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">TABLE OF CONTENTS</p><div>

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</div><table cellpadding="0" cellspacing="0" style="width: 100%">
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 90%; text-align: left"><a href="#m_001">FREQUENTLY USED TERMS</a></td>
    <td style="width: 10%; text-align: center">1</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_002">PRESENTATION OF FINANCIAL AND OTHER INFORMATION</a></td>
    <td style="text-align: center">3</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_003">TRADEMARKS</a></td>
    <td style="text-align: center">4</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_004">MARKET INFORMATION</a></td>
    <td style="text-align: center">4</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_005">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY</a></td>
    <td style="text-align: center">4</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_006">PART I</a></td>
    <td style="text-align: center">6</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_007">Item 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></td>
    <td style="text-align: center">6</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_008">Item 2: OFFER STATISTICS AND EXPECTED TIMETABLE</a></td>
    <td style="text-align: center">6</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_009">Item 3: KEY INFORMATION</a></td>
    <td style="text-align: center">6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_010">3.A. [RESERVED]</a></td>
    <td style="text-align: center">6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_011">3.B. CAPITALIZATION AND INDEBTEDNESS</a></td>
    <td style="text-align: center">6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_012">3.C. REASONS FOR THE OFFER AND USE OF PROCEEDS</a></td>
    <td style="text-align: center">6</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_013">3.D. RISK FACTORS</a></td>
    <td style="text-align: center">6</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_014">Item 4: INFORMATION ON THE COMPANY</a></td>
    <td style="text-align: center">37</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_015">4.A. HISTORY AND DEVELOPMENT OF THE COMPANY</a></td>
    <td style="text-align: center">37</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_016">4.B. BUSINESS OVERVIEW</a></td>
    <td style="text-align: center">37</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_017">4.C. ORGANIZATIONAL STRUCTURE</a></td>
    <td style="text-align: center">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_018">4.D. PROPERTY, PLANTS AND EQUIPMENT</a></td>
    <td style="text-align: center">52</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_019">Item 4A: UNRESOLVED STAFF COMMENTS</a></td>
    <td style="text-align: center">52</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_020">Item 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></td>
    <td style="text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_021">5.A. OPERATING RESULTS</a></td>
    <td style="text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_022">5.B. LIQUIDITY AND CAPITAL RESOURCES</a></td>
    <td style="text-align: center">61</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_023">5.C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES</a></td>
    <td style="text-align: center">63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_024">5.D. TREND INFORMATION</a></td>
    <td style="text-align: center">63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_025">5.E. CRITICAL ACCOUNTING ESTIMATES</a></td>
    <td style="text-align: center">63</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_026">Item 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></td>
    <td style="text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_027">6.A. DIRECTORS AND SENIOR MANAGEMENT</a></td>
    <td style="text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_028">6.B. COMPENSATION</a></td>
    <td style="text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_029">6.C. BOARD PRACTICES</a></td>
    <td style="text-align: center">70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_030">6.D. EMPLOYEES</a></td>
    <td style="text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_031">6.E. SHARE OWNERSHIP</a></td>
    <td style="text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_032">6.F. DISCLOSURE OF REGISTRANT&#8217;S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION</a></td>
    <td style="text-align: center">72</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_033">Item 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></td>
    <td style="text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_034">7.A. MAJOR SHAREHOLDERS</a></td>
    <td style="text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_035">7.B. RELATED PARTY TRANSACTIONS</a></td>
    <td style="text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_036">7.C. INTERESTS OF EXPERTS AND COUNSEL</a></td>
    <td style="text-align: center">75</td></tr>
</table><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><table cellpadding="0" cellspacing="0" style="width: 100%">
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 90%"><a href="#m_037">Item 8: FINANCIAL INFORMATION</a></td>
    <td style="text-align: center; width: 10%">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_038">8.A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_039">8.B. SIGNIFICANT CHANGES</a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_040">Item 9: THE OFFER AND LISTING</a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_041">9.A. OFFER AND LISTING DETAILS</a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_042">9.B. PLAN OF DISTRIBUTION</a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_043">9.C. MARKETS</a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_044">9.D. SELLING SHAREHOLDERS</a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_045">9.E. DILUTION</a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_046">Item 10: ADDITIONAL INFORMATION</a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_047">10.A. SHARE CAPITAL</a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_048">10.B. MEMORANDUM AND ARTICLES OF ASSOCIATION</a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_049">10.C. MATERIAL CONTRACTS</a></td>
    <td style="text-align: center">84</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_050">10.D. EXCHANGE CONTROLS</a></td>
    <td style="text-align: center">88</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_051">10.E. TAXATION</a></td>
    <td style="text-align: center">88</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_052">10.F. DIVIDENDS AND PAYING AGENTS</a></td>
    <td style="text-align: center">94</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_053">10.G. STATEMENT BY EXPERTS</a></td>
    <td style="text-align: center">94</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_054">10.H. DOCUMENTS ON DISPLAY</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_055">10.I. SUBSIDIARY INFORMATION</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_056">10.J. ANNUAL REPORT TO SECURITY HOLDERS</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_057">Item 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_058">Item 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_059">12.A. DEBT SECURITIES</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_060">12.B. WARRANTS AND RIGHTS</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_061">12.C. OTHER SECURITIES</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_062">12.D. AMERICAN DEPOSITARY SHARES</a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_063">PART II</a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_064">Item 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_065">Item 14: MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_066">Item 15: CONTROLS AND PROCEDURES</a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_067">Item 16: [RESERVED]</a></td>
    <td style="text-align: center">97</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_068">Item 16A. AUDIT COMMITTEE AND FINANCIAL EXPERT</a></td>
    <td style="text-align: center">97</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_069">Item 16B. CODE OF ETHICS</a></td>
    <td style="text-align: center">97</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_070">Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></td>
    <td style="text-align: center">97</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_071">Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.</a></td>
    <td style="text-align: center">98</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_072">Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.</a></td>
    <td style="text-align: center">98</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_073">Item 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></td>
    <td style="text-align: center">99</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_074">Item 16G. CORPORATE GOVERNANCE</a></td>
    <td style="text-align: center">99</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_075">Item 16H. MINE SAFETY DISCLOSURE</a></td>
    <td style="text-align: center">99</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_076">Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></td>
    <td style="text-align: center">99</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_077">PART III</a></td>
    <td style="text-align: center">100</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_078">Item 17: FINANCIAL STATEMENTS</a></td>
    <td style="text-align: center">100</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_079">Item 18: FINANCIAL STATEMENTS</a></td>
    <td style="text-align: center">100</td></tr>
  <tr style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><a href="#m_080">Item 19: EXHIBITS</a></td>
    <td style="text-align: center">100</td></tr>
</table><div>
</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><span style="text-transform: uppercase">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></p><div>

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

</div><div><a id="m_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">FREQUENTLY USED TERMS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Unless otherwise stated or unless the context otherwise requires, the
terms &#8220;Company,&#8221; &#8220;the registrant,&#8221; &#8220;our company,&#8221; &#8220;the company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our,&#8221; &#8220;ours,&#8221; and &#8220;Gorilla&#8221; refer to Gorilla Technology Group Inc., an exempted company incorporated
under the laws of the Cayman Islands. In this annual report:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 23%; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ancillary Documents&#8221;</span></td>
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    <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the Lock-Up Agreement, the Gorilla Voting Agreement, Sponsor Voting Agreement, the Founders Registration Rights Agreement Amendment, the Gorilla Registration Rights Agreement and the Assignment, Assumption and Amendment to Warrant Agreement, the Surviving Company Memorandum and Articles of Association, the Amended Subscription Agreements and the other agreements, certificates and instruments to be executed or delivered by any of the Parties contemplated by the Business Combination Agreement executed or to be executed in connection with the transactions contemplated thereby.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Average VWAP Price&#8221;</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the average 20 Trading Day VWAP of the Gorilla ordinary shares.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business Combination Agreement&#8221;</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the agreement entered into by and between Global SPAC Partners Co., a special purpose acquisition company incorporated as a Cayman Islands exempted company (&#8220;Global&#8221;), Gorilla, Gorilla Merger Sub, Inc., a Cayman Islands exempted company and a wholly-owned subsidiary of Gorilla (&#8220;Merger Sub&#8221;), Sponsor, in the capacity as the representative from and after the Effective Time (as defined in the Business Combination Agreement) for the shareholders of Global as of immediately prior to the Effective Time and their successors and assignees, and Tomoyuki Nii, in the capacity as the representative from and after the Effective Time for the Gorilla shareholders as of immediately prior to the Effective Time, dated as of December&#160;21, 2021, as amended and restated on May&#160;18, 2022.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Class&#160;A Contingent Value Right&#8221; or &#8220;Class&#160;A CVR&#8221;</span></td>
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    <td style="padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means a contractual contingent value right to be issued for each Class&#160;A ordinary share entitling the holder to receive (as a new reissuance by Gorilla of equivalent Gorilla ordinary shares or other securities or property forfeited as part of applicable Earnout Shares) (A)&#160;a pro rata portion, among holders of Class&#160;A CVRs, of the Earnout Shares that are forfeited by Gorilla shareholders under the Business Combination Agreement for failure to meet any of the price maintenance requirements for Gorilla ordinary shares (as referred to and defined in the Business Combination Agreement as Price Protection Shares, &#8220;Price Protection Shares&#8221;) and (B)&#160;a pro rata portion, among holders of all CVRs, of the Earnout Shares that are forfeited by shareholders of Gorilla under the Business Combination Agreement for failure to meet any the financial performance and reporting metric performance requirements (as referred to and defined in the Business Combination Agreement as Revenue Protection Shares, &#8220;Revenue Protection Shares&#8221;).</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Class&#160;B Contingent Value Right&#8221; or &#8220;Class&#160;B CVR&#8221;</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means a contractual contingent value right to be issued for each PIPE Subunit purchased under the Amended Subscription Agreement entitling them to receive (as a new reissuance by Gorilla of equivalent ordinary shares of Gorilla or other securities or property forfeited as part of applicable Earnout Shares) a pro rata portion, among holders of all CVRs, of the Revenue Protection Shares (but not the Price Protection Shares).</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CVR&#8221;</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means each of one whole Class&#160;A CVR or Class&#160;B CVR.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Contingent Value Rights Agreement&#8221; or &#8220;CVR Agreement&#8221;</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the agreement contemplated to be entered into prior to or in connection with the Closing, by and between the SPAC Representative and the Rights Agent, which will govern the terms of the CVRs.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Companies Act&#8221;</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Closing&#8221;</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the consummation of the Merger (as defined in the Business Combination Agreement).</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Earnout Shares&#8221;</span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="text-align: left; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the fourteen million (14,000,000) of Gorilla ordinary shares held in escrow that were issued to the shareholders of Gorilla in the Recapitalization (subject to equitable adjustment for share sub-divisions, share capitalizations, combinations, recapitalizations and the like after the Closing, including to account for any equity securities into which such shares are exchanged or converted, and together with any dividends or distributions or other income paid or otherwise accruing to such securities during the time such securities are held in escrow), and make such Earnout Shares contingent and only vest and be earned by the shareholders of Gorilla if certain share price maintenance and financial performance and reporting metrics are achieved by Gorilla after the Closing, with such Earnout Shares forfeited if such metrics are not achieved.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Exchange&#160;Act&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the Securities Exchange&#160;Act&#160;of&#160;1934, as amended.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GAAP&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means accounting principles generally accepted in the United&#160;States of America.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Global&#8221;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Global IPO&#8221;</span></td>
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    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the initial public offering of Global, which was consummated on April&#160;13, 2021.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Gorilla warrants&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the warrants to be received by warrant holders of Global in exchange for Global warrants pursuant to the Business Combination Agreement.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;I-Bankers&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means&#160;I-Bankers Securities, Inc., representative of the several underwriters in Global IPO.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PCAOB&#8221;</span></td>
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    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the Public Company Accounting Oversight Board.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PIPE Investment&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the purchases of PIPE Subunits pursuant to the Amended Subscription Agreements with the PIPE Investors, such purchases to be consummated immediately prior to the consummation of the Merger.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PIPE Investors&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means certain accredited investors who executed Amended Subscription Agreements pursuant to which they agreed, in the aggregate, to purchase the PIPE Subunits.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PIPE Subunits&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;public subunits&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means subunits sold in the Global IPO as part of the units, whether they were purchased in the Global IPO or thereafter in the open market.</span></td></tr>
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    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the 376,969 public warrants underlying the public subunits, with each whole warrant exercisable to purchase one Class&#160;A ordinary share.</span></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means an amount equal to the price at which each Class&#160;A ordinary share is redeemed or converted pursuant to the Redemption.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left; padding-top: 8pt; padding-left: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Redemption&#8221;</span></td>
    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means each outstanding Global Class A Ordinary Share of as of the effective time of the Transactions that is not redeemed or converted in connection with the extraordinary general meeting of Global shareholders to approve the Transactions.</span></td></tr>
  <tr style="vertical-align: top">
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</div><p style="margin: 0; text-align: left">&#160;</p><div>

</div><p style="margin: 0; text-align: left"></p><div>

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    <td style="text-align: left; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the Securities Act&#160;of&#160;1933, as amended.</span></td></tr>
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    <td style="text-align: left; white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: left; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">means the Merger and the other transactions contemplated by the Business Combination Agreement and the Ancillary Documents.</span></td></tr>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_002"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">PRESENTATION OF FINANCIAL
AND OTHER INFORMATION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We publish audited consolidated
financial statements expressed in U.S. dollars. Our audited consolidated financial statements responsive to Item 17 of this Annual Report
are prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting
Standards Board (the &#8220;IASB&#8221;). We present our consolidated financial statements in U.S. dollars.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">This Annual Report includes
the audited consolidated financial statements of the Company as of December 31, 2022 and 2021 and for each of the three years in the period
ended December 31, 2022 prepared in accordance with IFRS, as issued by the IASB, which can differ in certain significant respects from
U.S. GAAP.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Our fiscal year ends on December
31 of each year. References to fiscal year 2020 and 2020 are references to the fiscal year ended December 31, 2020, references to fiscal
year 2021 and 2021 are references to the fiscal year ended December 31, 2021, and references to fiscal year 2022 and 2022 are references
to the fiscal year ended December 31, 2022.<span style="clear: both; display: block;"><br/></span>
</p><div>

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

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

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

</div><div><a id="m_003"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">TRADEMARKS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We or our licensors have
proprietary rights to trademarks, copyrights, trade names or service marks used in this Annual Report that are important to our business,
many of which are registered under the applicable intellectual property laws. Solely for convenience, the trademarks, trade names and
service marks referred to in this Annual Report may appear without the &#8220;<sup>&#174;</sup>&#8221; or &#8220;<sup>&#8482;</sup>&#8221;
symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable
law, our rights or the rights of the applicable licensor to these trademarks, trade names and service marks. This Annual Report also contains
trademarks, copyrights, tradenames and service marks of other companies, which are the property of their respective owners. We do not
intend our use or display of other companies&#8217; trademarks, copyrights, trade names or service marks to imply a relationship with,
or endorsement or sponsorship of us by, any other companies. Each trademark, copyright, trade name or service mark of any other company
appearing in this Annual Report is the property of its respective holder.</p><div>

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

</div><div><a id="m_004"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">MARKET INFORMATION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Unless otherwise indicated,
information in this Annual Report concerning economic conditions, our industry, our markets and our competitive position is based on a
variety of sources, including information from independent industry analysts and publications, as well as our own estimates and research.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Our estimates are derived
from publicly available information released by third-party sources, as well as data from our internal research, which we believe to be
reasonable. None of the independent industry publications used in this Annual Report were prepared on our behalf.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Certain estimates of market
opportunity and forecasts of market growth included in this Annual Report may prove to be inaccurate. The estimates and forecasts in this
Annual Report relating to the size of our target market, market demand and adoption, capacity to address this demand and pricing may prove
to be inaccurate. The addressable market we estimate may not materialize for many years, if ever, and even if the markets in which we
compete meet the size estimates in this Annual Report, our business could fail to grow at similar rates, if at all.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Forecasts and other forward-looking
information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements
in this Annual Report. See &#8220;<i>Risk Factors</i>&#8221; and &#8220;<i>Special Note Regarding Forward-Looking Statements and Risk
Factor Summary</i>.&#8221;</p><div>

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

</div><div><a id="m_005"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">This Annual Report contains certain
estimates and &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, the
provisions of Section 27A of the Securities Act of 1933 (the &#8220;Securities Act&#8221;) and Section 21E of the Exchange Act of 1934
(the &#8220;Exchange Act&#8221;). Forward-looking statements include financial projections, statements of plans and objectives for future
operations, statements of future economic performance, and statements of assumptions relating thereto, including, but not limited to
statements regarding: market opportunity; forecasts; market growth and growth strategy; demand; dependence on third parties such as advertisers,
publishers and third-party data providers; our technology investment decisions; industry conditions; changes in technology and regulation
and the impact thereof; plans with respect to our intellectual property rights; our competition; global and local economic and geopolitical
forces, including the COVID-19 pandemic; seasonality; dependence on our sales and support team; our positioning and strategy; digital
advertising trends overall; our solutions and platform; customers; our dividend policy and our buyback program; working capital and the
sufficiency thereof; financial metrics such as revenue, costs and expenses, including capital expenditures; legal proceedings and tax.
Forward-looking statements may appear throughout this report, including without limitation, in Item 3. &#8220;<i>Key Information &#8211;
3.D. Risk Factors</i>,&#8221; Item 4. &#8220;<i>Information on the Company</i>,&#8221; Item 5. &#8220;<i>Operating and Financial Review
and Prospects.&#8221; In some cases, these forward-looking statements can be identified by words or phrases such as &#8220;may,&#8221;
&#8220;might,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221;
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&#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;contemplate,&#8221; &#8220;possible&#8221; or the negative of these terms or
similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future
events and financial trends that we believe may affect our business, financial condition and results of operations.</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Forward-looking statements involve a number of
risks, uncertainties and assumptions, and actual results or events may differ materially from those projected or implied in those statements.
Important factors that could cause such differences include, but are not limited to:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Gorilla expects to invest substantially in research and development
for the purpose of developing and commercializing new services, and these investments could significantly reduce its profitability or
increase its losses and may not generate revenue for Gorilla;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">If Gorilla does not develop enhancements to its services
and introduce new services that achieve market acceptance, its growth, business, results of operations and financial condition could
be adversely affected;</td>
</tr></table><div>

</div><p style="text-align: left; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">If Gorilla is unsuccessful at investing in growth opportunities,
its business could be materially and adversely affected;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Gorilla may need to raise additional funds in the future
in order to execute its business plan, and these funds may not be available to Gorilla when it needs them or on favorable terms. If Gorilla
cannot raise additional funds when it needs them, its business, financial condition and results of operations could be adversely affected;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Gorilla has generally experienced moderate growth in the
past five&#160;years (with the exception of the most recent fiscal year), and if Gorilla fails to effectively manage its growth, then
its business, results of operations and financial condition could be adversely affected;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Gorilla relies, in part, on partnerships to grow its business.
The partnerships may not produce the financial or operating results that Gorilla anticipates. In addition, if Gorilla is unable to enter
into partnerships, or successfully maintain them, its growth may be adversely impacted;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Historically, a single customer has accounted for a material
portion of Gorilla&#8217;s revenues and another customer is anticipated to account for a material portion of Gorilla&#8217;s future revenues,
and, therefore, the loss of either customer could materially and adversely affect its business, results of operations and financial condition;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Gorilla&#8217;s business depends on expanding its base of
clients and its clients increasing their use of its services, and its inability to expand its base of, or lose any of, its clients or
decline in their use of its services could materially and adversely affect its business, results of operations and financial condition;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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changing technology, evolving industry standards, changing regulations, and changing client needs, requirements or preferences, its products
and services may become less competitive;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The market for Gorilla&#8217;s edge AI services and products
is relatively new, and may decline or experience limited growth, and its business is dependent on its clients&#8217; continuing adoption
and use its services and products;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The competitive position of Gorilla&#8217;s platforms depends
in part on its ability to operate with third-party products and services, and if we are not successful in maintaining and expanding the
compatibility of its platforms with such third-party products and services, its business, financial condition, and results of operations
could be adversely impacted;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Gorilla partners with industry leading technology companies
to provide end-to-end solutions for different verticals. If Gorilla is unable to develop and expand its relationships with such companies,
then Gorilla&#8217;s business financial condition and results of operations could be adversely affected; and</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The other matters described in the section titled &#8220;<i>Risk
Factors</i>&#8221; of this Annual Report.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">These risks factors are discussed
in more detail in this Annual Report, including under Item 3. &#8220;<i>Key Information <span style="font-size: 10pt">&#8211; </span>3.D.
Risk Factors</i>.&#8221; The forward-looking statements in this Annual Report are only predictions. These statements are inherently uncertain,
subject to risks and uncertainties, some of which cannot be predicted or quantified, and investors are cautioned not to unduly rely upon
these statements. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results
could differ materially from those projected in the forward-looking statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">In addition, statements that
&#8220;we believe&#8221; and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon
information available to us as of the date of this Annual Report, and while we believe such information forms a reasonable basis for such
statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an
exhaustive inquiry into, or review of, all potentially available relevant information.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">You should read this Annual
Report and the documents that we reference in this Annual Report and have been filed as exhibits to this Annual Report with the understanding
that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify
all of our forward-looking statements by these cautionary statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The estimates and forward-looking
statements contained in this Annual Report speak only as of the date of this Annual Report. Except as required by applicable law, we undertake
no obligation to publicly update or revise any estimates or forward-looking statements whether as a result of new information, future
events or otherwise, or to reflect the occurrence of unanticipated events.</p><div>

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




</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 8; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="m_006"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">PART I</p><div>

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

</div><div><a id="m_007"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 1: IDENTITY
OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Not applicable.</p><div>

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

</div><div><a id="m_008"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 2: OFFER STATISTICS
AND EXPECTED TIMETABLE</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Not applicable.</p><div>

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

</div><div><a id="m_009"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 3: KEY INFORMATION</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_010"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">3.A. [RESERVED]</p><div>

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

</div><div><a id="m_011"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">3.B. CAPITALIZATION AND INDEBTEDNESS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Not applicable.</p><div>

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

</div><div><a id="m_012"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">3.C. REASONS FOR THE OFFER AND USE OF PROCEEDS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Not applicable.</p><div>

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

</div><div><a id="m_013"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">3.D. RISK FACTORS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><i>An investment in our securities
involves a high degree of risk. You should carefully consider the risks described below, together with all of the other information included
in this Annual Report, in evaluating us and our securities, before making an investment decision. Our business, prospects, financial condition,
or operating results could be harmed by any of these risks, as well as other risks not known to us or that we consider immaterial as of
the date of this Annual Report. The trading price of our securities could decline due to any of these risks, and, you may lose all or
part of your investment. This Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the
risks faced by us described below and elsewhere in this Annual Report.</i></p><div>

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

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Additional risks not presently known to
us or that we currently deem immaterial may also impair our business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Gorilla&#8217;s Business and Industry</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla expects to invest substantially in research and development
for the purpose of developing and commercializing new services, and these investments could significantly reduce its profitability or
increase its losses and may not generate revenue for Gorilla.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s future growth depends on its ability to enhance its
existing services and introduce new services that achieve market acceptance and penetrate new markets. Therefore, Gorilla plans to incur
substantial research and development costs as part of its efforts to develop and commercialize new services and enhance existing services.
Gorilla&#8217;s research and development expenses were approximately US$14.11 million and US$15.05 million during the&#160;years ended
December&#160;31, 2022 and 2021, respectively, and are likely to grow in the future. Future research and development expenses will adversely
affect Gorilla&#8217;s future results of operations. In addition, Gorilla&#8217;s research and development program may not produce successful
results, and even if it does successfully produce new services, those services may not achieve market acceptance, create additional revenue
or become profitable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If Gorilla does not develop enhancements to its services and
introduce new services that achieve market acceptance, its growth, business, results of operations and financial condition could be adversely
affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s ability to attract new clients and increase revenue
from existing clients depends, in part, on its ability to enhance and improve its existing services, increase adoption and usage of its
services, and introduce new services. The success of any enhancements or new services depends on several factors, including timely completion,
adequate quality testing, actual performance quality, market accepted pricing levels and overall market acceptance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enhancements, such as additional technology features, and new services,
such as software licenses and data services, that Gorilla develops may not be introduced in a timely or cost-effective manner, may contain
errors or defects, may have interoperability difficulties with its platform or other services or may not achieve the broad market acceptance
necessary to generate significant revenue. Furthermore, Gorilla&#8217;s ability to increase the usage of its services depends, in part,
on the development of new uses for its services, which may be outside of its control. Its ability to generate usage of additional services
by its data consumers may also require increasingly sophisticated and more costly sales efforts and result in a longer sales cycle. If
Gorilla is unable to successfully enhance its existing services to meet evolving data consumer requirements, increase adoption and usage
of its services, develop new services, or if its efforts to increase the usage of its services are more expensive than Gorilla expects,
then its business, results of operations and financial condition would be adversely affected.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If Gorilla is unsuccessful at investing in growth opportunities,
its business could be materially and adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla continues to invest significantly in growth opportunities,
including the development of new technologies and services to meet its clients&#8217; needs. For example, Gorilla and ITOCHU Techno-Solutions
Corporation, are collaborating on project which aims to deliver edge AI computer vision solutions like IVAR<sup>&#174;</sup> video analytics
to clients and customers in Japan. Gorilla also continues to invest significantly in growth opportunities outside the Asia-Pacific and
in particular the European Union and United&#160;States. Gorilla considers its presence in these markets to be an important component
of its growth strategy.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no assurance that Gorilla&#8217;s growth strategy will be
successful or will produce a sufficient or any return on its investments. Further, if Gorilla is unable to develop new technologies and
services or its new technologies and services do not work as intended or there are delays in the availability or adoption of its new technologies
and services, then Gorilla may not be able to grow its business or growth may occur slower than anticipated.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, although Gorilla anticipates continued growth in the
video intelligence, IoT technologies and cybersecurity markets, such growth may occur more slowly or not at all, and Gorilla may not benefit
from its investments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla plans to fund growth opportunities with cash from operations
or from future financings. There can be no assurance that those sources will be available in sufficient amounts to fund future growth
opportunities when needed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of the foregoing could adversely affect our business, results of
operations and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Seasonality may cause fluctuations in our results of operations
and position.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Historically, with the exception of the most recent fiscal year, the
first quarter of Gorilla&#8217;s fiscal year generally has relatively lower sales, and sales generally increase in each subsequent quarter
with substantial increases during the fourth quarter ending December&#160;31. Gorilla believes that this seasonality results from a number
of factors, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The fiscal year end procurement cycle of Gorilla&#8217;s
government customers;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The fiscal year budgeting process for Gorilla&#8217;s government
customers;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Seasonal reductions in business activity during the first
quarter of each fiscal year in Asia and certain other regions; and</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Timing of projects and Gorilla&#8217;s customers&#8217; evaluation
of our work progress.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This seasonality has historically impacted and may in the future continue
to impact the timing of collections and recognized revenue. Because a significant portion of Gorilla&#8217;s customer contracts are typically
finalized near the end of the year, and Gorilla typically invoices customers upon delivery of our services and acceptance by Gorilla&#8217;s
customers, Gorilla receives a significant portion of its customer payments near the end of the year and records an increase in contract
contingent liabilities. While Gorilla has historically billed and collected payments for multiple contract&#160;years from certain customers
in advance, it has and may continue to shift to collecting payments on an annual or other basis.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While this has been the historical seasonal pattern of Gorilla&#8217;s
quarterly sales, Gorilla believes that its customers&#8217; required timing for certain new government or commercial programs requiring
new services may outweigh the nature or magnitude of seasonal factors that might have influenced our business to date. As a result, Gorilla
may experience future growth from additional government or commercial mandates that do not follow the seasonal purchasing and evaluation
decisions by its customers that Gorilla has historically observed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For example, increased government spending on technology aimed at surveillance
or cybersecurity may drive customer demand at different times throughout Gorilla&#8217;s fiscal year, the timing of which Gorilla may
not be able to anticipate and may cause fluctuations in its results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s growth in recent&#160;years may obscure the extent
to which seasonality trends have affected its business and may continue to affect its business. We expect that seasonality will continue
to materially impact Gorilla&#8217;s business in the future and may become more pronounced over time. The seasonality of Gorilla&#8217;s
business may cause continued or increased fluctuations in its results of operations and cash flows, which may prevent Gorilla from achieving
its quarterly or annual forecasts or meeting or exceeding the expectations of research analysts or investors, which in turn may cause
a decline in the trading price of our ordinary shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla may need to raise additional funds in the future in order
to execute its business plan, and these funds may not be available to Gorilla when it needs them or on favorable terms. If Gorilla cannot
raise additional funds when it needs them, its business, financial condition and results of operations could be adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla may require additional capital in the future in order to fund
its growth strategy or to respond to technological advancements, competitive dynamics or technologies, data consumer demands, business
opportunities, challenges, acquisitions or unforeseen circumstances. It may also determine there is a need to raise equity or debt financing
for other reasons. For example, in order to further enhance business relationships with current or potential customers or partners, Gorilla
may issue equity or equity-linked securities to such current or potential customers or partners.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla may not be able to timely secure debt or equity financing on
favorable terms, or at all. If Gorilla raises additional funds through the issuance of equity or convertible debt or other equity-linked
securities, its existing shareholders could experience significant dilution. In addition, any debt financing obtained by Gorilla in the
future, whether in the form of a credit facility or otherwise, could involve restrictive covenants relating to its capital raising activities
and other financial and operational matters, which may make it more difficult for Gorilla to obtain additional capital and to pursue business
opportunities, including potential acquisitions. If Gorilla is unable to obtain adequate financing or financing on terms satisfactory
to Gorilla when Gorilla requires it, Gorilla&#8217;s ability to continue to grow or support its business and to respond to business challenges
could be significantly limited. In addition, because Gorilla&#8217;s decision to issue debt or equity in the future will depend on market
conditions and other factors beyond its control, it cannot predict or estimate the amount, timing, nature or success of its future capital
raising efforts.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla has generally experienced moderate growth in the past
five&#160;years (with the exception of the most recent fiscal year), and if Gorilla fails to effectively manage its growth, then its business,
results of operations and financial condition could be adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla has generally experienced moderate growth in its business since
2016 when Gorilla developed its edge AI capabilities in video analytics and cyber analytics. For example, Gorilla has also experienced
significant growth in the number of data consumers, usage and amount of data that its platform and associated infrastructure support.
This growth has placed, and may continue to place, significant demands on its corporate culture, operational infrastructure and management.
Any failure to manage Gorilla&#8217;s anticipated growth and organizational changes in a manner that preserves the key aspects of its
culture and services could adversely affect Gorilla&#8217;s overall chance for future success, including its ability to recruit and retain
personnel, and effectively focus on and pursue its corporate objectives. This, in turn, could adversely affect its business, financial
condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, Gorilla&#8217;s ability to manage its operations and future
growth will require Gorilla to continue to improve its operational, financial and management controls, compliance programs with multiple
and changing foreign laws and regulations and reporting systems. Gorilla is currently in the process of strengthening its compliance programs,
including its compliance programs related to data protection, privacy and cybersecurity and anti-corruption. Gorilla may not be able to
implement improvements in an efficient or timely manner and may discover deficiencies in existing controls, programs, systems and procedures,
which could have an adverse effect on its business, reputation, results of operations and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla relies, in part, on partnerships to grow its business.
The partnerships may not produce the financial or operating results that Gorilla anticipates. In addition, if Gorilla is unable to enter
into partnerships, or successfully maintain them, its growth may be adversely impacted.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Historically, Gorilla has relied, in part, on a variety of partnerships
to grow its business, including partnering with leading technology companies and government agencies. The majority of the partnerships
allow Gorilla to provide data services as part of services provided by the partners, thereby increasing Gorilla&#8217;s customer base
without the need to address the customers directly.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any partnerships Gorilla enters into may not be on favorable terms,
and the expected benefits and growth from these partnerships may not materialize as planned. Gorilla may have difficulty assimilating
new partnerships and their services, technologies, IT systems and personnel into its operations. IT and data security profiles of partners
may not meet its technological standards and may take longer to integrate and remediate than planned. This may result in significantly
greater transaction and integration costs for future partnerships than Gorilla has experienced historically, or it could mean that Gorilla
will not pursue certain partnerships where the costs of integration and remediation are too significant. These difficulties could disrupt
its ongoing business, increase its expenses and adversely affect its business, results of operations and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Despite its past experience, opportunities to grow its business through
partnerships may not be available to Gorilla in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>We may not succeed in managing or expanding
our business across the expansive and diverse markets in which we operate.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">Our business has become increasingly complex
given the scale of our operations, product offerings and the diverse markets in which we operate.&#160;It is costly to establish, develop
and maintain international operations, adapt our business model to new or diverse regulatory environments and to promote our brand internationally.
Our international operations may not become profitable on a sustainable basis, if at all.&#160;As our operations continue to expand, our
technology infrastructure systems and corporate, legal and compliance functions will need to be scaled to support our operations, and
if they fail to do so, our business, financial condition and results of operations may be negatively affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">The markets where we operate or expand to
are diverse and unique, with varying levels of economic and infrastructure development and distinct legal and regulatory systems, and
do not operate seamlessly across borders as a single or common market. Managing our businesses across these markets requires considerable
management attention and resources. Operating across multiple distinct markets also requires certain additional costs, including costs
relating to staffing, logistics, intellectual property protection, regulatory and legal compliance, tariffs and other trade barriers and
higher tax rates in certain markets, where applicable. We may be less well-known or have fewer local resources and we may be unsuccessful
in adapting our business practices, culture and operations. From time to time, we may test the waters for certain businesses in&#160;new&#160;markets&#160;where
we believe there may be an opportunity to use our experience in highly diverse environments to reach underserved buyers and sellers. We
may also exit from certain markets or cease certain operations in certain markets due to a variety of factors.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">Our operations and expansions in&#160;new&#160;markets&#160;may
become subject to risks associated with:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>lack of experience operating in these new markets, including our ability to understand different user behaviors and/or culture in
new markets and roll-out relevant products and services localized to each market&#8217;s needs or preferences;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>challenges in adapting our approach and strategies in existing markets to new markets;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>recruiting and retaining talented and capable management and employees in various markets;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>our ability to appropriately deploy resources and management attention that otherwise would be focused on the development of our existing
markets and businesses;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>our ability to integrate our product offering in markets with limited technological infrastructure;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>challenges caused by distance, language and cultural differences, and local and regional competitive landscapes;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>providing content and services that appeal to the tastes and preferences of users in a larger number of markets;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>implementing our businesses in a manner that complies with local laws and practices, which may differ significantly from market to
market, including laws regarding data protection, privacy, network security, cybersecurity, encryption and payments;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>maintaining adequate internal and accounting control across various markets;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>compliance with privacy laws and data security laws and compliance costs across different legal systems;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>currency exchange rate fluctuations;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>protectionist laws and business practices that could, among other things, hinder our ability to execute our business strategies and
put us at a competitive disadvantage relative to domestic companies, including restrictions on foreign ownership or foreign currency exchange;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>actions by governments or others to restrict access to our products and services, whether these actions are taken for political, security
or other reasons, or that may cause us to discontinue our operations in a particular market;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>complex local tax regimes;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>differing, complex and potentially adverse customs, import/export laws, tax rules and regulations or other trade barriers or restrictions
which may be applicable to cross-border transactions, related compliance obligations and consequences of non-compliance, and any new developments
in these areas;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>establishing strategic partnerships, as well as maintaining our relationships with any of our existing or future strategic partners;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>potential political, economic and social instability, including the current tension between Russia and Ukraine and other future major
geopolitical events, and related actions taken by other countries in response, or perceived, threatened or actual security concerns; and</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>higher costs associated with doing business in a larger number of markets.</td></tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">Any of the foregoing could negatively affect
our business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">As the security convergence and Video IoT
businesses may be relatively new in certain markets, the relevant regulations are evolving and expanding. We may be regularly subject
to formal and informal reviews, inquiries and investigations by governments and regulatory authorities. Unfavorable regulations, laws,
decisions or enforcement actions could cause us to incur substantial costs, expose us to unanticipated civil and criminal liability or
penalties (including substantial monetary fines), diminish the demand for, or availability of, our products and services, increase our
cost of doing business, require us to change our business practices in a manner materially adverse to our business, damage our reputation,
impede our growth or monetization strategy, or otherwise have a material adverse effect on our operations.</p><div>

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

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

</div><!-- Field: Page; Sequence: 12; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>Existing or future investments or acquisitions
may not be successful.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">We have invested in or acquired, and may in
the future invest in or acquire, teams, businesses, services, assets or technologies from time to time. We may fail to select appropriate
investment or acquisition targets, or we may not be able to negotiate optimal arrangements, including arrangements to finance such investments
or acquisitions. Investments and acquisitions entail uncertainties and risks, such as:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we may fail to successfully achieve the intended objectives;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>our investments or acquisitions may be viewed negatively by customers, financial markets or investors;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>the costs of identifying and consummating these transactions may be significant;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>acquisitions and the subsequent integration of new assets and businesses into our own could require significant management attention
and could divert resources from our existing businesses;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we may have difficulty in transitioning and integrating the business, technologies, products, personnel or operations of the acquired
businesses;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we may face unforeseen operating challenges;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>our relationships with existing employees, customers and business partners of our group, or those of the target, may be impaired;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we may assume pre-existing contractual relationships of an acquired company that we would not have otherwise entered into, the termination
or modification of which may be costly or disruptive to our business;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>an acquisition may result in a delay or reduction of customer purchases for both us and the company acquired due to customer uncertainty
about continuity and effectiveness of service from either company;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we may face challenges associated with managing additional and/or geographically remote businesses;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>investments and acquisitions could result in the use of substantial amounts of cash or significant capital contributions, which could
limit other potential uses for our cash;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>investments and acquisitions could result in increased leverage, dilutive issuances of equity securities, adverse tax consequences,
goodwill impairment charges or write-offs, amortization expenses for other intangible assets;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>if we incur debt to fund any investments or acquisitions, such debt may subject us to material restrictions on our ability to conduct
our business, including financial maintenance covenants;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we may need to issue new shares as acquisition consideration or to raise additional capital to fund the acquisition consideration,
which may dilute our existing investors&#8217; interest in us;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we may assume unknown material liabilities of acquired companies, or may be exposed to claims and disputes by shareholders and third
parties, including intellectual property claims and disputes;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>we may be unsuccessful in accurately projecting revenue, cost or other metrics of the invested or acquired entity in the due diligence
process;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>the invested or acquired assets or businesses may not generate the financial results we expect; and</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; " width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>the market value of our investments or acquisitions may fluctuate, particularly in volatile markets, or they may become obsolete.</td></tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">These factors could adversely affect our financial
results. In addition, we may fail to obtain any required approvals and licenses from relevant government authorities. We may become subject
to new governmental regulations in connection with our investments and acquisitions, which could result in increased costs and new strategic
risks. Any of these risks may materially and adversely affect our business, financial condition and results of operations.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Historically, a single customer has accounted for a material
portion of Gorilla&#8217;s revenues and another customer is anticipated to account for a material portion of Gorilla&#8217;s future revenues,
and, therefore, the loss of either customer could materially and adversely affect its business, results of operations and financial condition.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s products and services are widely used by organizations
of all sizes across a broad range of industries, including public sector. In 2022, we had 97 total customers. One of Gorilla&#8217;s customers,
a privately owned supplier of networking equipment based out of Asia, accounted for approximately 24% of our revenue in fiscal year 2022.
Separately, the Criminal Investigation Bureau of Taiwan (&#8220;CIB&#8221;) and another governmental entity in Taiwan accounted for approximately
10% and 16% of our revenue, respectively, in fiscal year 2022. Gorilla&#8217;s relationship with these entities was built largely upon
winning bids, of which these entities set out the specifications and the requirements of services or products, pursuant to Taiwan&#8217;s
Government Procurement Act, which strictly governs the bidding process and the performance of the relevant obligations and agreements.
Failure to (1)&#160;meet or maintain the qualifications specified in the tender documentations; (2)&#160;provide a competitive pricing
with respect to certain project; or (3)&#160;perform obligations under the tender documentations or agreements with governmental agencies
(such as CIB) would lead to loss of bid and loss of customer or termination or cancellation of existing agreements with governmental agencies.
The loss of any of these customers could result in a significant reduction of Gorilla&#8217;s anticipated revenues, which could materially
and adversely affect our business, results of operations and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In Gorilla&#8217;s ordinary course of business, it has entered into
multiple agreements with the two governmental entities pursuant to which revenue was generated during fiscal year 2022. The agreements
between Gorilla and these entities govern the establishment of facilities and/or utilization of Gorilla&#8217;s technologies by these
entities, the contents of which are in some or all cases subject to confidentiality provided in those agreements. The contents of the
process of entering into and the conditions of performance of those agreements are strictly governed by Taiwan&#8217;s Government Procurement
Act.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla anticipates that its largest customer in 2023 will be a governmental
entity in the MENA region. The loss of this customer could result in a significant reduction of Gorilla&#8217;s anticipated revenues,
which could materially and adversely affect our business, results of operations and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla&#8217;s business depends on expanding our base of clients
and our clients increasing their use of our services, and our inability to expand our base of, or lose any of, our clients or decline
in their use of our services could materially and adversely affect its business, results of operations and financial condition.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s ability to grow as a business and generate revenue
growth depends, in part, on our ability to expand our base of clients, maintain and grow our relationships with existing clients and that
our clients increase their use of our services. If Gorilla is not successful in attracting new clients or its existing clients do not
increase their use of our services, then our revenue growth may decline, and our financial condition and results of operations may be
adversely affected. Clients are charged based on the use of our services. Many of Gorilla&#8217;s clients do not have long-term contractual
financial commitments to Gorilla and, therefore, most of our clients may reduce or cease their use of its services at any time without
penalty or termination charges. Clients may terminate or reduce their use of its services for any number of reasons, including if they
are not satisfied with its services, the value proposition of its services or its ability to meet their needs and expectations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla cannot accurately predict our clients&#8217; usage levels and
our inability to attract new clients or the loss of clients or reductions in their use levels of our services may each have a negative
impact on our business, financial condition and results of operations, and may slow our growth in the future if clients are not satisfied
with our services, the value proposition of our products and services, or our ability to meet the needs of our clients and their expectations.
If a significant number of clients cease using, or reduce their use of our services, then Gorilla may be required to spend significantly
more on sales and marketing than we currently spend in order to maintain or increase revenue from our clients, which could adversely affect
its business, results of operations and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If Gorilla fails to adapt and respond effectively to rapidly
changing technology, evolving industry standards, changing regulations, and changing client needs, requirements or preferences, our products
and services may become less competitive.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The markets for video intelligence, IoT technologies, and cybersecurity
are subject to rapid technological change, evolving industry standards, changing regulations, as well as changing customer needs, requirements
and preferences. The success of Gorilla&#8217;s business will depend, in part, on its ability to adapt and respond effectively to these
changes on a timely basis. If Gorilla is unable to develop new services that satisfy our clients&#8217; needs and provide enhancements
and new features to our existing services that keep pace with rapid technological and industry changes, our business, financial condition
and results of operations could be adversely affected. If new technologies emerge and we are not able to deliver services at competitive
prices, more efficiently, more conveniently or more securely, such technologies could adversely impact our ability to compete effectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our platform must integrate with a variety of networks, hardware, mobile
and software platforms and technologies, and Gorilla needs to continuously modify and enhance our services and products to adapt to changes
and innovation in our markets. If data providers, partners or clients adopt new software platforms or infrastructures, Gorilla may be
required to develop new or enhanced versions of our services or products to work with those new platforms or infrastructures. This development
effort may require significant resources, which would adversely affect its business, financial condition and results of operations. Any
failure of its services and products to operate effectively with evolving or new platforms and technologies could reduce the demand for
our services. If Gorilla is unable to respond to these changes in a cost-effective manner, our services may become less marketable and
less competitive or obsolete, and our business, results of operations and financial condition could be adversely affected.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The market for Gorilla&#8217;s edge AI services and products
is relatively new, and may decline or experience limited growth, and our business is dependent on our clients&#8217; continuing adoption
and use our services and products.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The edge AI market is relatively new and is subject to a number of
risks and uncertainties. Gorilla has developed an edge AI and video management system, IVAR<sup>&#174;</sup> (Intelligent Video Analytics
Recorder), which is an edge AI based platform. Through IVAR<sup>&#174;</sup>, we deliver our edge AI services to our clients, which include
managed service providers, distributors, system integrators and hardware manufacturers in the healthcare, transportation, manufacturing
or retail sectors, among others. Gorilla believes that our future success will significantly depend on the growth, if any, of this market
and the use of our services and products, including our IVAR<sup>&#174;</sup> real-time analytics technology.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The use of edge AI is still relatively new, and consumers may not recognize
the need for or benefits of our services and products. If consumers do not recognize the need for and benefits of our services and products,
then they may decide to adopt alternative services to satisfy some portion of their business needs. In order to grow our business and
extend our market position, Gorilla intends to focus on educating potential customers about the benefits of our services and products,
expanding the range of Gorilla&#8217;s services and bringing new technologies to market to increase market acceptance and use of our platform.
Gorilla&#8217;s ability to expand the market that our services and products address depends upon a number of factors, including the cost,
performance and perceived value associated with our services and products. The market for our services and products could fail to grow
significantly or there could be a reduction in demand for our services and/or products as a result of a lack of acceptance, technological
challenges, competing services, a decrease in spending by current and prospective customers, weakening economic conditions and other causes.
If the edge AI market does not experience significant growth, or demand for its services and/or products decreases, then our business,
financial condition and results of operations could be adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The competitive position of our platforms depends, in part, on
its ability to operate with third-party products and services, and if we are not successful in maintaining and expanding the compatibility
of our platforms with such third-party products and services, our business, financial condition, and results of operations could be adversely
impacted.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The competitive position of our platforms depends, in part, on their
ability to operate with products and services of third parties, software services, and infrastructure, including but not limited to, in
connection with our sales relationships, platform partnerships, strategic alliances, and other similar arrangements, where applicable.
As such, we must continuously modify and enhance our platforms to adapt to changes in, or to be integrated or otherwise compatible with,
hardware, software, networking, browser, and database technologies. In the future, one or more technology companies may choose not to
support the operation of their hardware, software or infrastructure, or our platforms may not support the capabilities needed to operate
with such hardware, software or infrastructure. In addition, to the extent that a third-party was to develop software or services that
compete with ours, that provider may choose not to support one or more of our platforms. We intend to facilitate the compatibility of
our platforms with various third-party hardware, software and infrastructure by maintaining and expanding our business and technical relationships.
If we are not successful in achieving this goal, our business, financial condition and results of operations could be adversely impacted.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla partners with industry leading technology companies to
provide end-to-end solutions for different verticals. If Gorilla is unable to develop and expand its relationships with such companies,
then Gorilla&#8217;s business financial condition and results of operations could be adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla believes that our continued growth depends, in part, upon developing
and expanding strategic relationships with technology companies from cloud infrastructure providers, telecoms, chipset vendors and storage
manufacturers. An important aspect of our business is that our edge AI harmonizes with a potential client&#8217;s existing IT infrastructure,
which often utilizes hardware manufactured or software created by other technology companies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Gorilla fails to develop or expand relationships with other technology
companies, Gorilla will be unable to grow its business and meet its customers&#8217; needs, which would adversely affect its business,
results of operations and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our platforms are complex and may have a lengthy implementation
process, and any failure of our platforms to satisfy our customers or perform as desired could harm our business, results of operations,
and financial condition.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our platforms and services are complex and are deployed in a wide variety
of network environments. Implementing our platforms can be a complex and lengthy process since we often configure our existing platforms
for a customer&#8217;s unique environment. Inability to meet the unique needs of our customers may result in customer dissatisfaction
and/or damage to our reputation, which could materially harm our business. Further, the proper use of our platforms may require training
of the customer and the initial or ongoing services of our technical personnel as well as operations and maintenance services over the
contract term. If training and/or ongoing services require more of our expenditures than we originally estimated, our margins will be
lower than projected.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if our customers do not use our platforms correctly or
as intended, inadequate performance or outcomes may result. It is possible that our platforms may also be intentionally misused or abused
by customers or their employees or third parties who obtain access and use of our platforms. Similarly, our platforms sometimes used by
customers with smaller or less sophisticated IT departments, potentially resulting in sub-optimal performance at a level lower than anticipated
by the customer. Because our customers rely on our platforms and services to address important business goals and challenges, the incorrect
or improper use or configuration of our platforms and operations and maintenance services, failure to properly train customers on how
to efficiently and effectively use our platforms, or failure to properly provide implementation or analytical or maintenance services
to our customers may result in contract terminations or non-renewals, reduced customer payments, negative publicity or legal claims against
us. For example, as we continue to expand our customer base, any failure by us to properly provide these services may result in lost opportunities
for follow-on expansion sales of our platforms and services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, if customer personnel are not well trained in the use
of our platforms, customers may defer the deployment of our platforms and services, may deploy them in a more limited manner than originally
anticipated, or may not deploy them at all. If there is substantial turnover of Gorilla or customer personnel responsible for procurement
and use of our platforms, our platforms may go unused or be adopted less broadly, and our ability to make additional sales may be substantially
limited, which could negatively impact our business, results of operations and growth prospects.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Any failure to offer high quality customer support to our clients
may adversely affect Gorilla&#8217;s relationships with its clients and prospective clients, and adversely affect its business, results
of operations and financial condition.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of Gorilla&#8217;s clients depend on our customer support team
to assist them with implementing our services effectively, resolving post-implementation issues quickly and providing ongoing technology
support. If Gorilla does not devote sufficient resources to customer support services, or is otherwise unsuccessful in assisting its clients
effectively, it could adversely affect our ability to retain existing clients and our reputation, which could prevent prospective clients
from adopting our services and products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla may be unable to respond quickly enough to accommodate short-term
increases in demand for customer support. We also may be unable to modify the nature, scope and delivery of its customer support to compete
with changes in the support services provided by our competitors. Increased demand for customer support could increase costs, and without
corresponding revenue, could adversely affect our business, results of operations and financial condition. Gorilla&#8217;s revenues are
highly dependent on its business reputation. Any failure to maintain high quality customer support, or a market perception that it does
not maintain high quality customer support, could erode customer trust and adversely affect its reputation, business, results of operations
and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We face intense competition in our markets, and we may lack sufficient
financial or other resources to maintain or improve our competitive position.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The markets for our platforms are very competitive, and we expect such
competition to continue or increase in the future. A significant number of companies are developing products that currently, or in the
future may, compete with some or all aspects of our proprietary platforms. We may not be successful in convincing the management teams
of our potential customers to deploy our platforms in lieu of existing software solutions or in-house software development projects often
favored by internal IT departments or other competitive products and services. In addition, our competitors include large enterprise software
companies, government contractors and system integrators, and we may face competition from emerging companies as well as established companies
who have not previously entered this market. Additionally, we may be required to make substantial additional investments in our research,
development, services, marketing and sales functions in order to respond to competition, and there can be no assurance that we will be
able to compete successfully in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of our existing competitors have, and some of our potential competitors
could have, substantial competitive advantages such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Greater name recognition, longer operating histories, and
larger customer bases;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Larger sales and marketing budgets and resources and the
capacity to leverage their sales efforts and marketing expenditures across a broader portfolio of products;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Broader, deeper, or otherwise more established relationships
with technology, channel and distribution partners, and customers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Wider geographic presence or greater access to larger potential
customer bases;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Greater focus in specific geographies;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Lower labor and research and development costs;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Larger and more mature intellectual property portfolios;
and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Substantially greater financial, technical and other resources
to provide services, to make acquisitions and to develop and introduce new products and capabilities.</td>
</tr></table><div>

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

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

</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, some of our larger competitors have substantially broader
and more diverse product and service offerings and may be able to leverage their relationships with distribution partners and customers
based on other products or incorporate functionality into existing products to gain business in a manner that discourages customers from
purchasing our platforms, including by selling at zero or negative margins, product bundling or offering closed technology platforms.
Potential customers may also prefer to purchase from their existing provider rather than a new provider regardless of platform performance
or features. As a result, even if the features of our platforms offer advantages that others do not, customers may not purchase our platforms.
These larger competitors often have broader product lines and market focus or greater resources and may therefore not be as susceptible
to economic downturns or other significant reductions in capital spending by customers. If we are unable to sufficiently differentiate
our platforms from the integrated or bundled products of our competitors, such as by offering enhanced functionality, performance, or
value, we may see a decrease in demand for those platforms, which could adversely affect our business, financial condition, and results
of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, new, innovative start-up companies and larger companies
that are making significant investments in research and development may introduce products that have greater performance or functionality,
are easier to implement or use, incorporate technological advances that we have not yet developed, or implemented or may invent similar
or superior platforms and technologies that compete with our platforms. Our current and potential competitors may also establish cooperative
relationships among themselves or with third parties that may further enhance their resources.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some of our competitors have made or could make acquisitions of businesses
that allow them to offer more competitive and comprehensive solutions. As a result of such acquisitions, our current or potential competitors
may be able to accelerate the adoption of new technologies that better address customer needs, devote greater resources to bring these
products and services to market, initiate or withstand substantial price competition, or develop and expand their product and service
offerings more quickly than we do. These competitive pressures in our market, or our failure to compete effectively, may result in fewer
orders, reduced revenue and margins, and loss of market share. In addition, it is possible that industry consolidation may impact customers&#8217;
perceptions of the viability of smaller or even mid-size software firms and consequently customers&#8217; willingness to purchase from
such firms.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may not compete successfully against our current or potential competitors.
If we are unable to compete successfully, or if competing successfully requires us to take costly actions in response to the actions of
our competitors, our business, financial condition and results of operations could be adversely affected. In addition, companies competing
with us may have an entirely different pricing or distribution model. Increased competition could result in fewer customer orders, price
reductions, reduced margins, and loss of market share, any of which could harm our business and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our reputation and business may be harmed by news or social media
coverage of Gorilla, including, but not limited to, coverage that presents, or relies on, inaccurate, misleading, incomplete, or otherwise
damaging information.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Publicly available information regarding Gorilla has historically been
limited, in part due to the sensitivity of our work with customers or contractual requirements limiting or preventing public disclosure
of certain aspects of our work or relationships with certain customers. As our business has grown and as interest in Gorilla and the technology
industry overall has increased, we may attract significant attention from news and social media outlets, including unfavorable coverage
and coverage, that is not directly attributable to statements authorized by our leadership, that incorrectly reports on statements made
by our leadership or employees and the nature of our work, perpetuates unfounded speculation about company involvements, or that is otherwise
misleading. If such news or social media coverage presents, or relies on, inaccurate, misleading, incomplete or otherwise damaging information
regarding Gorilla, such coverage could damage our reputation in the industry and with current and potential customers, employees, and
investors, and our business, financial condition, results of operations, and growth prospects could be adversely affected. Due to the
sensitive nature of our work and our confidentiality obligations and despite our ongoing efforts to provide increased transparency into
our business, operations, and product capabilities, we may be unable to or limited in our ability to respond to such harmful coverage,
which could have a negative impact on our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our relationships with government customers and customers that are
engaged in certain sensitive industries, including organizations whose products or activities are or are perceived to be harmful, could
result in public criticism, including from political and social activists, and unfavorable coverage in the media. Activist criticism of
our relationships with customers could potentially engender dissatisfaction among potential and existing customers, investors and employees
with how we address political and social concerns in our business activities. Conversely, being perceived as yielding to activism targeted
at certain customers could damage our relationships with certain customers, including governments and government agencies with which we
do business, whose views may or may not be aligned with those of political and social activists. Actions we take in response to the activities
of our customers, up to and including terminating our contracts or refusing a particular product use case could harm our brand and reputation.
In either case, the resulting harm to our reputation could:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">cause certain customers to cease doing business with us;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">impair our ability to attract new customers, or to expand
our relationships with existing customers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">diminish our ability to hire or retain employees;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">undermine our standing in professional communities to which
we contribute and from which we receive expert knowledge; or</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">prompt us to cease doing business with certain customers.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these factors could adversely impact our business, financial
condition, and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may not enter into relationships with potential customers
if we consider their activities to be inconsistent with our organizational mission or values.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally do not enter into business with customers or governments
whose positions or actions we consider inconsistent with our mission to support Western liberal democracy and its strategic allies. Our
decisions to not enter into these relationships may not produce the long-term financial benefits and results that we expect, in which
case our growth prospects, business and results of operations could be harmed. Although we endeavor to do business with customers and
governments that are aligned with our mission and values, we cannot predict how the activities and values of our government and private
sector customers will evolve over time, and they may evolve in a manner inconsistent with our mission.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We do not work with the Chinese communist party and have chosen
not to host our platforms in China, which may limit our growth prospects.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our leadership believes that working with the Chinese communist party
is inconsistent with our culture and mission. We do not consider any sales opportunities with the Chinese communist party, do not host
our platforms in China, and impose limitations on access to our platforms in China in order to protect our intellectual property, to promote
respect for and defend privacy and civil liberties protections and to promote data security. Our decision to avoid this large potential
market may limit our growth prospects and could adversely impact our business, results of operations, and financial condition, and we
may not compete successfully against our current or potential competitors who choose to work in China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla expects its results of operations to fluctuate on a quarterly
and annual basis, which could cause the share price of the combined company to fluctuate or decline.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">Gorilla&#8217;s quarterly results of operations have fluctuated in
the past and may vary significantly in the future. As such, historical comparisons of its operating results may not be meaningful. Accordingly,
the results of any one quarter should not be relied upon as an indication of future performance. Gorilla&#8217;s quarterly financial results
may fluctuate as a result of a variety of factors, many of which are outside of its control and may not fully reflect the underlying performance
of Gorilla&#8217;s business. These fluctuations could adversely affect Gorilla&#8217;s ability to meet its expectations or those of securities
analysts or investors. If Gorilla does not meet these expectations for any period, the value of its business and its securities, or those
of the combined company, could decline significantly. Factors that may cause these quarterly fluctuations include, without limitation,
those listed below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The timing of revenues generated in any quarter;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Pricing changes Gorilla may adopt to drive market adoption
or in response to competitive pressure; Gorilla&#8217;s ability to retain its existing customers and attract new customers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Gorilla&#8217;s ability to develop, introduce and sell services
and products in a timely manner that meet customer requirements;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Disruptions in Gorilla&#8217;s sales channels or termination
of its relationship with partners;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Delays in customers&#8217; purchasing cycles or deferments
of customers&#8217; purchases in anticipation of new services or updates from Gorilla or its competitors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Fluctuations in demand pressures for Gorilla&#8217;s products;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The mix of services sold in any quarter;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The duration of the global COVID-19 pandemic and the time
it takes for economic recovery;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Political and economic instability, including instabilities
associated with the armed conflict in Ukraine and any conflict or threat of conflict that may affect Taiwan;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">The timing and rate of broader market adoption of Gorilla&#8217;s
data service platform;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Market acceptance of Gorilla&#8217;s services and further
technological advancements by Gorilla&#8217;s competitors and other market participants;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Any change in the competitive dynamics of Gorilla&#8217;s
markets, including consolidation of competitors, regulatory developments and new market entrants;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 18; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Changes in the source, cost, availability of and regulations
pertaining to materials Gorilla uses;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Adverse litigation, judgments, settlements or other litigation-related
costs, or claims that may give rise to such costs; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">General economic, industry and market conditions, including
trade disputes.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The ongoing global COVID-19 outbreak has significantly affected
the growth of our business and operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The outbreak of the novel coronavirus and the COVID-19 disease that
it causes has evolved into a global pandemic. In light of the uncertain and rapidly evolving situation relating to the spread of COVID-19,
we have taken precautionary measures intended to minimize the risk of the virus to our employees, our customers and the communities in
which we operate, including temporarily closing our offices worldwide and virtualizing, postponing, or cancelling customer, employee or
industry events, which may negatively impact our business. While the COVID-19 pandemic has provided certain new opportunities for our
business to expand, it has also created many negative headwinds that present risks to our business and results of operations. For example,
the COVID-19 pandemic has generally disrupted the operations of our customers and prospective customers, and may continue to disrupt their
operations, including as a result of travel restrictions and/or business shutdowns, uncertainty in the financial markets or other harm
to their business and financial results, which could result in a reduction to information technology budgets, delayed purchasing decisions,
longer sales cycles, extended payment terms, the timing of payments and postponed or cancelled projects, all of which would negatively
impact our business and operating results, including sales and cash flows. We do not yet know the net impact of the COVID-19 pandemic
on our business and cannot guarantee that it will not be materially negative. Although we continue to monitor the situation and may adjust
our current policies as more information and public health guidance become available, the ongoing effects of the COVID-19 pandemic and/or
the precautionary measures that we have adopted may create operational and other challenges, any of which could harm our business and
results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Historically, a significant portion of our field sales, operations
and maintenance, and professional services have been conducted in person. Currently, as a result of the work and travel restrictions related
to the COVID-19 pandemic, and the precautionary measures that we have adopted, substantially all of our field sales and professional services
activities are being conducted remotely, which has resulted in a decrease in our travel and office expenditures. However, we expect our
travel expenditures to increase in the future, which could negatively impact our financial condition and results of operations. We do
not yet know the extent of the negative impact of such restrictions and precautionary measures on our ability to attract new customers
or retain and expand our relationships with existing customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, COVID-19 may disrupt the operations of our customers and
partners for an indefinite period of time, including as a result of travel restrictions and/or business shutdowns, all of which could
negatively impact our business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, as a result of the COVID-19 pandemic, we did not require
employees who are able to work remotely to come into the office from May&#160;17, 2021 to July&#160;27, 2021. It is possible that widespread
remote work arrangements may continue in the future and could have a negative impact on our operations; the execution of our business
plans; our ability to recruit, train, manage, and retain employees; the productivity and availability of key personnel and other employees
necessary to conduct our business; and on third-party service providers who perform critical services for us, or otherwise cause operational
failures due to changes in our normal business practices necessitated by the outbreak and related governmental actions. If a natural disaster,
power outage, connectivity issue, or other event occurred that impacted our employees&#8217; ability to work remotely, it may be difficult
or, in certain cases, impossible, for us to continue our business for a substantial period of time. The increase in remote working may
also result in increased consumer privacy, data security, and fraud risks, and our understanding of applicable legal and regulatory requirements,
as well as the latest guidance from regulatory authorities in connection with the COVID-19 pandemic, may be subject to legal or regulatory
challenge, particularly as regulatory guidance evolves in response to future developments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">More generally, the COVID-19 pandemic has and is expected to continue
to adversely affect economies and financial markets globally, leading to a continued economic downturn, which is expected to decrease
technology spending generally and could adversely affect demand for our platforms and services. It is not possible at this time to estimate
the full impact that COVID-19 will have on our business, as the impact will depend on future developments, which are highly uncertain
and cannot be predicted.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, to the extent the COVID-19 pandemic adversely affects our
business, financial condition, and results of operations, it may also have the effect of heightening many of the other risks described
in this &#8220;<i>Risk Factors</i>&#8221; section, including but not limited to, those related to our ability to increase sales to existing
and new customers, continue to perform on existing contracts, develop and deploy new technologies, expand our marketing capabilities and
sales organization, generate sufficient cash flow to service our indebtedness, and comply with the covenants in the agreements that govern
our indebtedness.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Adverse global economic conditions, geopolitical issues and other
conditions that impact our increasingly global operations could have a negative effect on our business, results of operations and financial
condition and liquidity.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a global company, our performance is affected by global economic
conditions as well as geopolitical issues and other conditions with global reach. Macroeconomic weakness and uncertainty, including inflation,
slower growth or recession, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy, tighter credit,
higher interest rates, high unemployment and currency fluctuations make it more difficult for us to manage our operations and accurately
forecast financial results. Tensions between China and Taiwan remain ongoing and have recently escalated. Further, as a result of the
recent movement of Russian military units into provinces in Ukraine, the United&#160;States, the European Union, the United Kingdom and
other jurisdictions have imposed sanctions on certain Russian and Ukrainian persons and entities, including certain Russian banks, energy
companies and defense companies, and have imposed restrictions on exports of various items to Russian and certain regions of Ukraine (including
the self-proclaimed Donetsk People&#8217;s Republic and Luhansk People&#8217;s Republic and Crimea). Moreover, on February&#160;22, 2022,
the Office of Foreign Assets Control of the United&#160;States issued sanctions aimed at limiting Russia&#8217;s ability to raise funds
through sovereign debt. Such ongoing events between Ukraine and Russia could also increase China/Taiwan political tensions and U.S./China
trade and other relations. These geopolitical issues have resulted in increasing global tensions and create uncertainty for global commerce.
Any or all of these factors could negatively affect demand for our products and our business, financial condition and result of operations.
In addition, new requirements or restrictions could come into effect which might increase the scrutiny on our business or result in one
or more of our business activities being deemed to have violated sanctions. Our business and reputation could be adversely affected if
the authorities of United&#160;States, the European Union, the United Nations, Taiwan or other jurisdictions were to determine that any
of our activities constitutes a violation of the sanctions they impose or provides a basis for a sanctions designation of us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Adverse
</i></b></span><b><i>developments affecting the financial services industry could adversely affect our current and projected business
operations and our financial condition and results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adverse developments that affect financial institutions, such as events
involving liquidity that are rumored or actual, have in the past and may in the future lead to bank failures and market-wide liquidity
problems. For example, on March 10, 2023, Silicon Valley Bank (&#8220;SVB&#8221;) was closed by the California Department of Financial
Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) as receiver. Similarly, on March
12, 2023, Signature Bank and Silvergate Capital Corp. were each swept into receivership. The Department of the Treasury, the Federal Reserve
and the FDIC released a statement that indicated that all depositors of SVB and Signature Bank would have access to all of their funds,
including funds held in uninsured deposit accounts, after only one business day of closure.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not hold cash deposits at SVB or Signature Bank. Also, we do
not hold securities at SVB or Signature Bank and have not experienced any adverse impact to our liquidity or to our current and projected
business operations, financial condition or results of operations. However, uncertainty remains over liquidity concerns in the broader
financial services industry, and our business, our business partners, or industry as a whole may be adversely impacted in ways that we
cannot predict at this time.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we assess our banking relationships as we believe necessary
or appropriate, our access to cash in amounts adequate to finance or capitalize our current and projected future business operations could
be significantly impaired by factors that affect the financial institutions with which we have banking relationships, and in turn, us.
These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under
various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry
or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These
factors could also include factors involving financial markets or the financial services industry generally. The results of events or
concerns that involve one or more of these factors could include a variety of material and adverse impacts on our current and projected
business operations and our financial condition and results of operations. These could include, but may not be limited to, delayed access
to deposits or other financial assets or the uninsured loss of deposits or other financial assets; or termination of cash management arrangements
and/or delays in accessing or actual loss of funds subject to cash management arrangements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, widespread investor concerns regarding the U.S. or international
financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial
and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to
acquire financing on acceptable terms or at all. Any decline in available funding or access to our cash and liquidity resources could,
among other risks, adversely impact our ability to meet our operating expenses, financial obligations or fulfill our other obligations,
result in breaches of our financial and/or contractual obligations or result in violations of federal or state wage and hour laws. Any
of these impacts, or any other impacts resulting from the factors described above or other related or similar factors not described above,
could have material adverse impacts on our liquidity and our current and/or projected business operations and financial condition and
results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, our business partners could be adversely affected by any
of the liquidity or other risks that are described above as factors, which in turn, could have a material adverse effect on our current
and/or projected business operations and results of operations and financial condition. Any business partner bankruptcy or insolvency,
or any breach or default by a business partner, or the loss of any significant business partner relationships, could result in material
adverse impacts on our current and/or projected business operations and financial condition.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are dependent on our senior management team and other highly
skilled personnel, and if we are not successful in attracting or retaining highly qualified personnel, we may not be able to successfully
implement our business strategy.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our success depends, in significant part, on the continued services
of our senior management team and on our ability to attract, motivate, develop and retain a sufficient number of other highly skilled
personnel, including engineering, finance, marketing, sales, and technology and support personnel. The loss of any one or more members
of our senior management team, for any reason, including resignation or retirement, could impair our ability to execute our business strategy
and harm our business, financial condition and results of operations. Additionally, our financial condition and results of operations
may be adversely affected if we are unable to attract and retain skilled employees to support our operations and growth.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Inability to attract and retain other highly skilled employees
could harm our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To execute our growth plan, Gorilla must attract and retain highly
qualified personnel. Competition where Gorilla maintain offices is intense, especially for engineers experienced in designing and developing
software and experienced sales professionals. Gorilla has from time to time experienced, and expects to continue to experience, difficulty
in hiring and retaining employees with appropriate qualifications. Many of the companies with which Gorilla competes for experienced personnel
have greater resources than Gorilla may attempt to recruit our highly skilled employees. In addition, certain domestic immigration laws
restrict or limit Gorilla&#8217;s ability to recruit internationally. Any changes to Taiwan, United Kingdom or the U.S. immigration policies
that restrain the flow of technical key and professional talent may inhibit Gorilla&#8217;s ability to recruit and retain highly qualified
employees. In addition, job candidates and existing employees often consider the value of the equity awards they receive in connection
with their employment. If the perceived value of Gorilla&#8217;s equity awards declines, it may harm Gorilla&#8217;s ability to recruit
and retain highly skilled employees.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Gorilla&#8217;s Intellectual Property, Information
Technology, Data Privacy and Security</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla may not be able to adequately protect or enforce its
intellectual property rights or prevent unauthorized parties from copying or reverse engineering its solutions. Gorilla&#8217;s efforts
to protect and enforce its intellectual property rights and prevent third parties from violating its rights may be costly.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The success of Gorilla&#8217;s services and its business depends, in
part, on Gorilla&#8217;s ability to obtain patents and other intellectual property rights and maintain adequate legal protection for its
products in the United&#160;States and other international jurisdictions. Gorilla relies on a combination of patent, copyright, service
mark, and trade secret laws, as well as confidentiality procedures and contractual obligations, to establish and protect its proprietary
rights, all of which provide only limited protection. Gorilla cannot assure you that any patents will be issued with respect to its currently
pending patent applications, including in a manner that gives Gorilla adequate defensive protection or competitive advantages, if at all,
or that any of Gorilla&#8217;s patents will not be challenged, invalidated or circumvented. Gorilla has filed for patents in the United&#160;States
and in certain international jurisdictions, but such protections may not be available or applied for in all countries in which it operates
or in which Gorilla seeks to enforce its intellectual property rights or may be difficult to enforce in practice. Gorilla cannot be certain
that the steps it has taken will prevent unauthorized use of its technology or the reverse engineering of its technology. Moreover, others
may independently develop technologies that are competitive to Gorilla or infringe Gorilla&#8217;s intellectual property.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Protecting against the unauthorized use of Gorilla&#8217;s intellectual
property, products and other proprietary rights is expensive and can be difficult, particularly with respect to international jurisdictions.
Unauthorized parties may attempt to copy or reverse engineer Gorilla&#8217;s solutions or certain aspects of Gorilla&#8217;s solutions
that are considered proprietary. Litigation may be necessary in the future to enforce or defend Gorilla&#8217;s intellectual property
rights, to prevent unauthorized parties from copying or reverse engineering its solutions, to determine the validity and scope of the
proprietary rights of others or to block the importation of infringing products into the U.S.&#160;Any such litigation, regardless of
merit, could be costly, divert the attention of management and may not ultimately be resolved in Gorilla&#8217;s favor.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective patent, trademark, service mark, copyright and trade secret
protection may not be available or applied for in every country in which Gorilla&#8217;s products are available and competitors based
in other countries may sell infringing products in one or more markets. An inability to adequately protect and enforce Gorilla&#8217;s
intellectual property and other proprietary rights or an inability to prevent authorized parties from copying or reverse engineering its
smart vision solutions or certain aspects of its solutions that Gorilla considers proprietary could adversely affect its business, operating
results, financial condition and prospects.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>In addition to patented technology, Gorilla relies on its unpatented
proprietary technology, trade secrets, processes and know-how.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla relies on proprietary information (such as trade secrets, know-how
and confidential information) to protect intellectual property that may not be patentable or subject to copyright, trademark, trade dress
or service mark protection, or that Gorilla believes is best protected by means that do not require public disclosure.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla generally seeks to protect this proprietary information by
entering into confidentiality agreements, or consulting, services or employment agreements that contain non-disclosure and non-use provisions
with its employees, consultants, contractors and third parties. However, Gorilla may fail to enter into the necessary agreements, and
even if entered into, these agreements may be breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation
of its proprietary information, may be limited as to their term and may not provide an adequate remedy in the event of unauthorized disclosure
or use of proprietary information. Gorilla has limited control over the protection of trade secrets used by its current or future manufacturing
partners and suppliers and could lose future trade secret protection if any unauthorized disclosure of such information occurs. In addition,
Gorilla&#8217;s proprietary information may otherwise become known or be independently developed by its competitors or other third parties.
To the extent that its employees, consultants, contractors, advisors and other third parties use intellectual property owned by others
in their work for Gorilla, disputes may arise as to the rights in related or resulting know-how and inventions. Costly and time-consuming
litigation could be necessary to enforce and determine the scope of Gorilla&#8217;s proprietary rights, and failure to obtain or maintain
protection for its proprietary information could adversely affect its competitive business position. Furthermore, laws regarding trade
secret rights in certain markets where Gorilla operates may afford limited or no protection for its trade secrets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla also relies on physical and electronic security measures to
protect its proprietary information, but it cannot provide assurance that these security measures will not be breached or that these measures
will provide adequate protection. There is a risk that third parties may obtain and improperly utilize Gorilla&#8217;s proprietary information
to its competitive disadvantage. Gorilla may not be able to detect or prevent the unauthorized use of such information or take appropriate
and timely steps to enforce its intellectual property rights.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Third-party claims that Gorilla is infringing intellectual property,
whether successful or not, could subject it to costly and time-consuming litigation or expensive licenses, and its business could be adversely
affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although Gorilla has pending patents related to its products, a number
of companies, both within and outside of Gorilla&#8217;s industry, hold other patents covering systems and methods. In addition to
these patents, participants in this industry typically also protect their technology, especially embedded software, through copyrights
and trade secrets. As a result, there is frequent litigation based on allegations of infringement, misappropriation or other violations
of intellectual property rights. Gorilla may receive, in the future, inquiries from other intellectual property holders and may become
subject to claims that it infringes their intellectual property rights, particularly as Gorilla expands its presence in the market. In
addition, third parties may claim that the names and branding of Gorilla&#8217;s products infringe their trademark rights in certain countries
or territories. If such a claim were to prevail, Gorilla may be liable for damages, be forced to change the branding of its products in
the affected territories, or may be required to pay royalties for a license (if a license is available at all).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla currently has a number of agreements in effect pursuant to
which it has agreed to defend, indemnify and hold harmless its customers, suppliers, and partners from damages and costs which may arise
from the infringement by Gorilla&#8217;s products of third-party patents or other intellectual property rights. The scope of these indemnity
obligations varies, but may, in some instances, include indemnification for damages and expenses, including attorneys&#8217; fees. Gorilla&#8217;s
insurance may not cover all intellectual property infringement claims. A claim that its products infringe a third party&#8217;s intellectual
property rights, even if without merit, could adversely affect Gorilla&#8217;s relationships with its customers, may deter future customers
from purchasing its products and could expose Gorilla to costly litigation and settlement expenses. Even if Gorilla is not a party to
any litigation between a customer and a third party relating to infringement by its products, an adverse outcome in any such litigation
could make it more difficult for Gorilla to defend its products against intellectual property infringement claims in any subsequent litigation
in which it is a named party. Any of these results could adversely affect Gorilla&#8217;s brand and operating results.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s defense of intellectual property rights claims brought
against it or its customers, suppliers and channel partners, with or without merit, could be time-consuming, expensive to litigate or
settle, divert management resources and attention and force Gorilla to acquire intellectual property rights or licenses, which may involve
substantial royalty or other payments and may not be available on acceptable terms or at all. Further, a party making such a claim, if
successful, could secure a judgment that requires Gorilla to pay substantial damages or obtain an injunction. An adverse determination
also could invalidate Gorilla&#8217;s intellectual property rights and adversely affect its ability to offer its products to its customers
and may require that Gorilla procure or develop substitute products that do not infringe, which could require significant effort and expense.
Any of these events could adversely affect Gorilla&#8217;s business, operating results, financial condition and prospects.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the systems of any third parties upon which we rely, our
customers&#8217; cloud or on-premises environments, or our internal systems, are breached or if unauthorized access to customer or third-party
data is otherwise obtained, public perception of our platforms and operations and maintenance services may be harmed, and we may lose
business and incur losses or liabilities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our success depends, in part, on our ability to provide effective data
security protection in connection with our platforms and services, and we rely on information technology networks and systems to securely
store, transmit, index, and otherwise process electronic information. Because our platforms and services are used by our customers to
store, transmit, index or otherwise process and analyze large data sets that often contain proprietary, confidential and/or sensitive
information (including in some instances personal or identifying information), our software is perceived as an attractive target for attacks
by computer hackers or others seeking unauthorized access, and our software faces threats of unintended exposure, exfiltration, alteration,
deletion or loss of data. Additionally, because many of our customers use our platforms to store, transmit, and otherwise process proprietary,
confidential, or sensitive information, and complete mission critical tasks, they have a lower risk tolerance for security vulnerabilities
in our platforms and services than for vulnerabilities in other, less critical, software products and services.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We, and the third-party vendors upon which we rely, have experienced,
and may in the future experience, cybersecurity threats, including threats or attempts to disrupt our information technology infrastructure
and unauthorized attempts to gain access to sensitive or confidential information. Our and our third-party vendors&#8217; technology systems
may be damaged or compromised by malicious events, such as cyberattacks (including computer viruses, malicious and destructive code, phishing
attacks and denial of service attacks), physical or electronic security breaches, natural disasters, fire, power loss, telecommunications
failures, personnel misconduct and human error. Such attacks or security breaches may be perpetrated by internal bad actors, such as employees
or contractors, or by third parties (including traditional computer hackers, persons involved with organized crime or foreign state or
foreign state-supported actors). Cybersecurity threats can employ a wide variety of methods and techniques, which may include the use
of social engineering techniques, are constantly evolving, and have become increasingly complex and sophisticated; all of which increase
the difficulty of detecting and successfully defending against them. Furthermore, because the techniques used to obtain unauthorized access
or sabotage systems change frequently and generally are not identified until after they are launched against a target, we and our third-party
vendors may be unable to anticipate these techniques or implement adequate preventative measures. Although prior cyberattacks directed
at us have not had a material impact on our financial results, and we are continuing to bolster our threat detection and mitigation processes
and procedures, we cannot guarantee that future cyberattacks, if successful, will not have a material impact on our business or financial
results. While we have security measures in place to protect our information and our customers&#8217; information and to prevent data
loss and other security breaches, we have not always been able to do so and there can be no assurance that in the future we will be able
to anticipate or prevent security breaches or unauthorized access of our information technology systems or the information technology
systems of the third-party vendors upon which we rely. Despite our implementation of network security measures and internal information
security policies, data stored on personnel computer systems is also vulnerable to similar security breaches, unauthorized tampering or
human error.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many governments have enacted laws requiring companies to provide notice
of data security incidents involving certain types of data, including personal data. In addition, most of our customers, including U.S.&#160;government
customers, contractually require us to notify them of data security breaches. If an actual or perceived breach of security measures, unauthorized
access to our system or the systems of the third-party vendors that we rely upon, or any other cybersecurity threat occurs, we may face
direct or indirect liability, costs, or damages, contract termination, our reputation in the industry and with current and potential customers
may be compromised, our ability to attract new customers could be negatively affected, and our business, financial condition and results
of operations could be materially and adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, unauthorized access to our or our third-party vendors&#8217;
information technology systems or data or other security breaches could result in the loss of information; significant remediation costs;
litigation, disputes, regulatory action or investigations that could result in damages, material fines and penalties; indemnity obligations;
interruptions in the operation of our business, including our ability to provide new product features, new platforms or services to our
customers; damage to our operation technology networks and information technology systems; and other liabilities. Moreover, our remediation
efforts may not be successful. Any or all of these issues, or the perception that any of them have occurred, could negatively affect our
ability to attract new customers, cause existing customers to terminate or not renew their agreements, hinder our ability to obtain and
maintain required or desirable cybersecurity certifications, and result in reputational damage, any of which could materially adversely
affect our results of operations, financial condition, and future prospects. There can be no assurance that any limitations of liability
provisions in our license arrangements with customers or in our agreements with vendors, partners, or others would be enforceable, applicable,
or adequate or would otherwise protect us from any such liabilities or damages with respect to any particular claim.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We maintain cybersecurity insurance and other types of insurance, subject
to applicable deductibles and policy limits, but our insurance may not be sufficient to cover all costs associated with a potential data
security incident. We also cannot be sure that our existing general liability insurance coverage and coverage for cyber liability or errors
or omissions will continue to be available on acceptable terms or will be available in sufficient amounts to cover one or more large claims
or that the insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that
exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition
of large deductible or co-insurance requirements, could harm our financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Issues in the use of artificial intelligence (including machine
learning) in our platforms may result in reputational harm or liability.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AI is enabled by or integrated into many of our platforms and is a
significant and potentially growing element of our business. As with many developing technologies, AI presents risks and challenges that
could affect its further development, adoption, and use, and therefore our business. AI algorithms may be flawed. Datasets may be insufficient,
of poor quality, or contain biased information. Inappropriate or controversial data practices by data scientists, engineers, and end-users
of our systems could impair the acceptance of AI solutions. If the recommendations, forecasts, or analyses that AI applications assist
in producing are deficient or inaccurate, we could be subjected to competitive harm, potential legal liability, and brand or reputational
harm. For example, Article&#160;22 of the EU/UK General Data Protection Regulation (further described later in this document) states that
data subjects &#8220;shall have the right not to be subject to a decision based solely on automated processing, including profiling, which
produces legal effects concerning him or her or similarly significantly affects him or her.&#8221; The use of AI can be categorized as
automated individual decision-making. Further, some AI scenarios present ethical issues. Though our technologies and business practices
are designed to mitigate many of these risks, if we enable or offer AI solutions that are controversial because of their purported or
real impact on human rights, privacy, employment, or other social issues, we may experience brand or reputational harm.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We depend on computing infrastructure operated by Amazon Web
Services (&#8220;AWS&#8221;), and other third parties to support some of our customers and any errors, disruption, performance problems,
or failure in their or our operational infrastructure could adversely affect our business, financial condition, and results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We rely on the technology, infrastructure, and software applications,
including software-as-a-service offerings, of certain third parties, such as AWS, in order to host or operate some or all of certain key
platform features or functions of our business, including our cloud-based services (including IVAR<sup>&#174;</sup>), customer relationship
management activities, billing and order management, and financial accounting services. Additionally, we rely on computer hardware purchased
in order to deliver our platforms and services. We do not have control over the operations of the facilities of the third parties that
we use. If any of these third-party services experience errors, disruptions, security issues or other performance deficiencies; if they
are updated such that our platforms become incompatible; if these services, software or hardware fail or become unavailable due to extended
outages, interruptions, defects, or otherwise; or if they are no longer available on commercially reasonable terms or prices (or at all),
these issues could result in errors or defects in our platforms, cause our platforms to fail, our revenue and margins could decline, or
our reputation and brand to be damaged, we could be exposed to legal or contractual liability, our expenses could increase, our ability
to manage our operations could be interrupted and our processes for managing our sales and servicing our customers could be impaired until
equivalent services or technology, if available, are identified, procured and implemented, all of which may take significant time and
resources, increase our costs, and could adversely affect our business. Many of these third-party providers attempt to impose limitations
on their liability for such errors, disruptions, defects, performance deficiencies, or failures, and if enforceable, we may have additional
liability to our customers or third-party providers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have experienced, and may in the future experience, disruptions,
failures, data loss, outages, and other performance problems with our infrastructure and cloud-based offerings due to a variety of factors,
including infrastructure changes, introductions of new functionality, human or software errors, employee misconduct, capacity constraints,
denial of service attacks, phishing attacks, computer viruses, malicious or destructive code, or other security-related incidents, and
our disaster recovery planning may not be sufficient for all situations. If we experience disruptions, failures, data loss, outages, or
other performance problems, our business, financial condition, and results of operations could be adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our systems and the third-party systems upon which we and our customers
rely are also vulnerable to damage or interruption from catastrophic occurrences such as earthquakes, floods, fires, power loss, telecommunication
failures, cybersecurity threats, terrorist attacks, natural disasters, public health crises such as the COVID-19 pandemic, geopolitical
and similar events, or acts of misconduct. Despite any precautions we may take, the occurrence of a catastrophic disaster or other unanticipated
problems at our or our third-party vendors&#8217; hosting facilities, or within our systems or the systems of third parties upon which
we rely, could result in interruptions, performance problems, or failure of our infrastructure, technology, or platforms, which may adversely
impact our business. In addition, our ability to conduct normal business operations could be severely affected. In the event of significant
physical damage to one of these facilities, it may take a significant period of time to achieve full resumption of our services, and our
disaster recovery planning may not account for all eventualities. In addition, any negative publicity arising from these disruptions could
harm our reputation and brand and adversely affect our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, our platforms are in many cases important or essential
to our customers&#8217; operations, including in some cases, their cybersecurity or oversight and compliance programs, and subject to
service level agreements (&#8220;SLAs&#8221;). Any interruption in our service, whether as a result of an internal or third-party issue,
could damage our brand and reputation, cause our customers to terminate or not renew their contracts with us or decrease use of our platforms
and services, require us to indemnify our customers against certain losses, result in our issuing credit or paying penalties or fines,
subject us to other losses or liabilities, cause our platforms to be perceived as unreliable or unsecure, and prevent us from gaining
new or additional business from current or future customers, any of which could harm our business, financial condition, and results of
operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, to the extent that we do not effectively address capacity
constraints, upgrade our systems as needed, and continually develop our technology and network architecture to accommodate actual and
anticipated changes in technology, our business, financial condition, and results of operations could be adversely affected. The provisioning
of additional cloud hosting capacity requires lead time. AWS and other third parties have no obligation to renew their agreements with
us on commercially reasonable terms, or at all. If AWS or other third parties increase pricing terms, terminate or seek to terminate our
contractual relationship, establish more favorable relationships with our competitors, or change or interpret their terms of service or
policies in a manner that is unfavorable with respect to us, we may be required to transfer to other cloud providers or invest in a private
cloud. If we are required to transfer to other cloud providers or invest in a private cloud, we could incur significant costs and experience
possible service interruption in connection with doing so, or risk loss of customer contracts if they are unwilling to accept such a change.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A failure to maintain our relationships with our third-party providers
(or obtain adequate replacements), and to receive services from such providers that do not contain any material errors or defects, could
adversely affect our ability to deliver effective products and solutions to our customers and adversely affect our business and results
of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our policies regarding customer confidential information and
support for individual privacy and civil liberties could cause us to experience adverse business and reputational consequences.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We strive to protect our customers&#8217; confidential information
and individuals&#8217; privacy consistent with applicable laws, directives, and regulations. Consequently, we do not provide information
about our customers to third parties without legal process. From time to time, government entities may seek our assistance with obtaining
information about our customers or could request that we modify our platforms in a manner to permit access or monitoring. In light of
our confidentiality and privacy commitments, we may legally challenge law enforcement or other government requests to provide information,
to obtain encryption keys, or to modify or weaken encryption. To the extent that we do not provide assistance to or comply with requests
from government entities, or if we challenge those requests publicly or in court, we may experience adverse political, regulatory, legal,
business and reputational consequences, including among certain customers or portions of the public. Conversely, to the extent that we
do provide such assistance, or do not challenge those requests publicly in court, we may experience adverse political, business, and reputational
consequences from other customers or portions of the public arising from concerns over privacy or the government&#8217;s activities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Failure to adequately obtain, maintain, protect and enforce our
intellectual property and other proprietary rights could adversely affect our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our success and ability to compete depends, in part, on our ability
to protect proprietary methods and technologies that we develop under a combination of patent and other intellectual property and proprietary
rights in Taiwan, the United&#160;States and other jurisdictions so that we can prevent others from using our inventions and proprietary
information and technology. Despite our efforts, third parties may attempt to disclose, obtain, copy or use our intellectual property
or other proprietary information or technology without our authorization, and our efforts to protect our intellectual property and other
proprietary rights may not prevent such unauthorized disclosure or use, misappropriation, infringement, reverse engineering or other violation
of our intellectual property or other proprietary rights. Effective protection of our rights may not be available to us or applied for
in every country in which our platforms or services are available. The laws of some countries may not be as protective of intellectual
property and other proprietary rights as those in Taiwan and the United&#160;States, and mechanisms for enforcement of intellectual property
and other proprietary rights may be inadequate. Also, our involvement in standard setting activity or the need to obtain licenses from
others may require us to license our intellectual property. Accordingly, despite our efforts, we may be unable to prevent third parties
from using our intellectual property or other proprietary information or technology.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we may be the subject of intellectual property infringement
or misappropriation claims, which could be very time-consuming and expensive to settle or litigate and could divert our management&#8217;s
attention and other resources. These claims could also subject us to significant liability for damages if we are found to have infringed
patents, copyrights, trademarks or other intellectual property rights, or breached trademark co-existence agreements or other intellectual
property licenses and could require us to cease using or to rebrand all or portions of our platforms. Any of our patents, copyrights,
trademarks or other intellectual property rights may be challenged by others or invalidated through administrative process or litigation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we have issued patents and patent applications pending, we may
be unable to obtain patent protection for the technology covered in our patent applications or such patent protection may not be obtained
quickly enough to meet our business needs. Furthermore, the patent prosecution process is expensive, time-consuming and complex, and we
may not be able to prepare, file, prosecute, maintain and enforce all necessary or desirable patent applications at a reasonable cost
or in a timely manner. The scope of patent protection also can be reinterpreted after issuance and issued patents may be invalidated.
Even if our patent applications do issue as patents, they may not issue in a form that is sufficiently broad to protect our technology,
prevent competitors or other third parties form competing with us or otherwise provide us with any competitive advantage.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, any of our patents, copyrights, trademarks, or other intellectual
property or proprietary rights may be challenged, narrowed, invalidated, held unenforceable, or circumvented in litigation or other proceedings,
including, where applicable, opposition, re-examination, inter partes review, post-grant review, interference, nullification and derivation
proceedings, and equivalent proceedings in foreign jurisdictions, and such intellectual property or other proprietary rights may be lost
or no longer provide us meaningful competitive advantages. Such proceedings may result in substantial cost and require significant time
from our management, even if the eventual outcome is favorable to us. Third parties also may legitimately and independently develop products,
services, and technology similar to or duplicative of our platforms. In addition to protection under intellectual property laws, we rely
on confidentiality or license agreements that we generally enter into with our corporate partners, employees, consultants, advisors, vendors,
and customers, and generally limit access to and distribution of our proprietary information. However, we cannot be certain that we have
entered into such agreements with all parties who may have or have had access to our confidential information or that the agreements we
have entered into will not be breached or challenged, or that such breaches will be detected. Furthermore, non-disclosure provisions can
be difficult to enforce, and even if successfully enforced, may not be entirely effective. We cannot guarantee that any of the measures
we have taken will prevent infringement, misappropriation, or other violation of our technology or other intellectual property or proprietary
rights. Because we may be an attractive target for cyberattacks, we also may have a heightened risk of unauthorized access to, and misappropriation
of, our proprietary and competitively sensitive information. We may be required to spend significant resources to monitor and protect
our intellectual property and other proprietary rights, and we may conclude that in at least some instances the benefits of protecting
our intellectual property or other proprietary rights may be outweighed by the expense or distraction to our management. We may initiate
claims or litigation against third parties for infringement, misappropriation, or other violation of our intellectual property or other
proprietary rights or to establish the validity of our intellectual property or other proprietary rights. Any such litigation, whether
or not it is resolved in our favor, could be time-consuming, result in significant expense to us and divert the efforts of our technical
and management personnel. Furthermore, attempts to enforce our intellectual property rights against third parties could also provoke these
third parties to assert their own intellectual property or other rights against us, or result in a holding that invalidates or narrows
the scope of our rights, in whole or in part.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have been, and may in the future be, subject to intellectual property
rights claims, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain
technologies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our success and ability to compete also depends, in part, on our ability
to operate without infringing, misappropriating or otherwise violating the intellectual property or other proprietary rights of third
parties. Companies in the software and technology industries, including some of our current and potential competitors, own large numbers
of patents, copyrights, trademarks and trade secrets and frequently pursue litigation based on allegations of infringement, misappropriation
or other violations of intellectual property rights. In addition, many of these companies have the capability to dedicate substantial
resources to enforce their intellectual property rights and to defend claims that may be brought against them. Such litigation also may
involve non-practicing patent assertion entities or companies who use their patents as a means to extract license fees by threatening
costly litigation or that have minimal operations or relevant product revenue and against whom our patents may provide little or no deterrence
or protection. We have received notices, and may continue to receive notices in the future, that claim we have infringed, misappropriated,
misused or otherwise violated other parties&#8217; intellectual property rights, and, to the extent we become exposed to greater visibility,
we face a higher risk of being the subject of intellectual property infringement, misappropriation or other violation claims, which is
not uncommon with respect to software technologies in particular. There may be third-party intellectual property rights, including issued
patents or pending patent applications that cover significant aspects of our technologies, or business methods. There may also be third-party
intellectual property rights, including trademark registrations and pending applications that cover the goods and services that we offer
in certain regions. We may also be exposed to increased risk of being the subject of intellectual property infringement, misappropriation,
or other violation claims as a result of acquisitions and our incorporation of open source and other third-party software into, or new
branding for, our platforms, as, among other things, we have a lower level of visibility into the development process with respect to
such technology or the care taken to safeguard against infringement, misappropriation, or other violation risks. In addition, former employers
of our current, former, or future employees may assert claims that such employees have improperly disclosed to us confidential or proprietary
information of these former employers. Any intellectual property claims, with or without merit, are difficult to predict, could be very
time-consuming and expensive to settle or litigate, could divert our management&#8217;s attention and other resources, and may not be
covered by the insurance that we carry. These claims could subject us to significant liability for damages, potentially including treble
damages if we are found to have willfully infringed a third party&#8217;s intellectual property rights. These claims could also result
in our having to stop using technology, branding or marks found to be in violation of a third party&#8217;s rights and any necessary rebranding
could result in the loss of goodwill. We could be required to seek a license for the intellectual property, which may not be available
on commercially reasonable terms or at all. Even if a license were available, we could be required to pay significant royalties, which
would increase our expenses. As a result, we could be required to develop alternative non-infringing technology, branding or marks, which
could require significant effort and expense. If we cannot license rights or develop technology for any infringing aspect of our business,
we would be forced to limit or stop sales of one or more of our platforms or features, we could lose existing customers, and we may be
unable to compete effectively. Any of these results would harm our business, financial condition, and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, our agreements with customers and other third parties may
include indemnification provisions under which we agree to indemnify them for losses suffered or incurred as a result of third-party claims
of intellectual property infringement, misappropriation, or other violations of intellectual property rights, damages caused by us to
property or persons, or other liabilities relating to or arising from our platforms, services, or other contractual obligations. Large
indemnity payments could harm our business, financial condition, and results of operations. Any dispute with a customer with respect to
such obligations could have adverse effects on our relationship with that customer and other existing customers and new customers and
harm our business and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Real or perceived errors, failures, defects or bugs in our platforms
could adversely affect our results of operations and growth prospects.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because we offer very complex platforms, undetected errors, defects,
failures or bugs may occur, especially when platforms or capabilities are first introduced or when new versions or other product or infrastructure
updates are released. Our platforms are often installed and used in large-scale computing environments with different operating systems,
software products and equipment, and data source and network configurations, which may cause errors or failures in our platforms or may
expose undetected errors, failures, or bugs in our platforms. Despite testing by us, errors, failures, or bugs may not be found in new
software or releases until after commencement of commercial shipments. In the past, errors have affected the performance of our platforms
and can also delay the development or release of new platforms or capabilities or new versions of platforms, adversely affect our reputation
and our customers&#8217; willingness to buy platforms from us, and adversely affect market acceptance or perception of our platforms.
Many of our customers use our platforms in applications that are critical to their businesses or missions and may have a lower risk tolerance
to defects in our platforms than to defects in other, less critical, software products. Any errors or delays in releasing new software
or new versions of platforms or allegations of unsatisfactory performance or errors, defects or failures in released software could cause
us to lose revenue or market share, increase our service costs, cause us to incur substantial costs in redesigning the software, cause
us to lose significant customers, subject us to liability for damages and divert our resources from other tasks, any one of which could
materially and adversely affect our business, results of operations and financial condition. In addition, our platforms could be perceived
to be ineffective for a variety of reasons outside of our control. Hackers or other malicious parties could circumvent our or our customers&#8217;
security measures, and customers may misuse our platforms resulting in a security breach or perceived product failure.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Real or perceived errors, failures, or bugs in our platforms and services,
or dissatisfaction with our services and outcomes, could result in customer terminations and/or claims by customers for losses sustained
by them. In such an event, we may be required, or we may choose, for customer relations or other reasons, to expend additional resources
in order to help correct any such errors, failures, or bugs. Although we have limitation of liability provisions in our standard software
licensing and service agreement terms and conditions, these provisions may not be enforceable in some circumstances, may vary in levels
of protection across our agreements, or may not fully or effectively protect us from such claims and related liabilities and costs. We
generally provide a warranty for our software products and services and a service level agreement for our performance of software operations
via our operations and maintenance services to customers. In the event that there is a failure of warranties in such agreements, we are
generally obligated to correct the product or service to conform to the warranty provision as set forth in the applicable service level
agreement, or, if we are unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally
prorated over the contract term). The sale and support of our products also entail the risk of product liability claims. We maintain insurance
to protect against certain claims associated with the use of our products, but our insurance coverage may not adequately cover any claim
asserted against us. In addition, even claims that ultimately are unsuccessful could result in our expenditure of funds in litigation
and divert management&#8217;s time and other resources.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, our platforms integrate a wide variety of other elements,
and our platforms must successfully interoperate with products from other vendors and our customers&#8217; internally developed software.
As a result, when problems occur for a customer using our platforms, it may be difficult to identify the sources of these problems, and
we may receive blame for a security, access control, or other compliance breach that was the result of the failure of one of other elements
in a customer&#8217;s or another vendor&#8217;s IT, security or compliance infrastructure. The occurrence of software or errors in data,
whether or not caused by our platforms, could delay or reduce market acceptance of our platforms and have an adverse effect on our business
and financial performance, and any necessary revisions may cause us to incur significant expenses. The occurrence of any such problems
could harm our business, financial condition, and results of operations. If an actual or perceived breach of information correctness,
auditability, integrity, or availability occurs in one of our customers&#8217; systems, regardless of whether the breach is attributable
to our platforms, the market perception of the effectiveness of our platforms could be harmed. Alleviating any of these problems could
require additional significant expenditures of our capital and other resources and could cause interruptions, delays, or cessation of
our product licensing, which could cause us to lose existing or potential customers and could adversely affect our business, financial
condition, results of operations, and growth prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The mishandling or even the perception of mishandling of sensitive
information could harm Gorilla&#8217;s business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s products are in some cases used by customers to compile
and analyze highly sensitive or confidential information and data, including, in some cases, information or data used in intelligence
gathering or law enforcement activities. Gorilla or its partners may receive or come into contact with customer&#8217;s sensitive or confidential
information or data, including personally identifiable information, when Gorilla is asked to perform services or support functions for
its customers. Gorilla or its partners may also receive or come into contact with such information in connection with Gorilla&#8217;s
SaaS or other hosted or managed services offerings. Gorilla has implemented policies and procedures and use information technology systems
to help ensure the proper handling of such information and data, including background screening of certain services personnel, non-disclosure
agreements with employees and partners, access rules and controls on Gorilla&#8217;s information technology systems. Customers are also
increasingly focused on the security of Gorilla&#8217;s products and Gorilla works to ensure their security, including through the use
of encryption, access rights and other customary security features. However, these measures are designed to mitigate the risks associated
with handling or processing sensitive data and cannot safeguard against all risks at all times. The improper handling of sensitive data,
or even the perception of such mishandling (whether or not valid), or other security lapses by Gorilla or its partners or within Gorilla&#8217;s
products, could reduce demand for Gorilla&#8217;s products or otherwise expose it to financial or reputational harm or legal liability.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legal and Regulatory Risks Related to Gorilla&#8217;s Business</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla&#8217;s operations and platform are subject to a variety
of U.S.&#160;and international laws and regulations, including those regarding privacy, data protection and information security, and
its data consumers may be subject to regulations related to the handling and transfer of certain types of sensitive and confidential information.
Any failure of Gorilla&#8217;s platform and operations to comply with or enable data consumers to comply with applicable laws and regulations
would harm its business, results of operations and financial condition.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Privacy is at the core of Gorilla&#8217;s technology. As a result,
the platform and marketplace were designed to take into consideration the requirements of the General Data Protection Regulation&#160;2016/679
(&#8220;GDPR&#8221;) and California Consumer Privacy Act&#160;of&#160;2018 (&#8220;CCPA&#8221;). Gorilla has and continues to invest time
and resources, including the review of its technology and systems to ensure its taking into consideration the requirements of applicable
data privacy laws.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla and its data providers and data consumers may be subject to
privacy and data protection-related laws and regulations that impose obligations in connection with the collection, processing and use
of personal data. The U.S.&#160;federal and various state and foreign governments have adopted or proposed limitations on, or requirements
regarding, the collection, distribution, use, security and storage of personal data of individuals. The U.S.&#160;Federal Trade Commission
and numerous state attorneys general are applying federal and state consumer protection laws to impose standards on the online collection,
use and dissemination of data, and to the security measures applied to such data.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Similarly, many foreign countries and governmental bodies, including
the EU member states, have laws and regulations concerning the collection and use of personal data obtained from EU residents or by businesses
operating within their jurisdiction. For example, as of January 1<sup>st</sup>,&#160;2021, we are subject to the GDPR and also the UK
GDPR, which, together with the amended UK Data Protection Act&#160;2018, retains the GDPR in UK national law. Laws and regulations in
these jurisdictions apply broadly to the collection, use, storage, disclosure and security of personal data that identifies or may be
used to identify an individual, such as names, telephone numbers, email addresses, vehicle identification number, GPS location and, in
some jurisdictions, IP addresses and other online identifiers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For example, the GDPR, and national implementing legislation in the
European Economic Area (&#8220;EEA&#8221;) member states and the United Kingdom, impose a strict data protection compliance regime including:
providing detailed disclosures about how personal data is collected and processed (in a concise, intelligible and easily accessible form);
demonstrating that an appropriate legal basis is in place or otherwise exists to justify data processing activities; granting new rights
for data subjects in regard to their personal data (including the right to be &#8220;forgotten&#8221; and the right to data portability),
as well as enhancing current rights (e.g., data subject access requests); introducing the obligation to notify data protection regulators
or supervisory authorities (and in certain cases, affected individuals) of significant data breaches; defining for the first time pseudonymized
(i.e., key-coded) data; imposing limitations on retention of personal data; maintaining a record of data processing; and complying with
the principal of accountability and the obligation to demonstrate compliance through policies, procedures, training and audit.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Noncompliance with GDPR and the UK GDPR can respectively trigger fines
equal to or greater of &#8364;20&#160;million or 4% of global annual revenues. In addition to the foregoing, a breach of the GDPR or UK
GDPR could result in regulatory investigations, reputational damage, orders to cease/change our processing of our data, enforcement notices,
and/or assessment notices (for a compulsory audit). We may also face civil claims including representative actions and other class action
type litigation (where individuals have suffered harm), potentially amounting to significant compensation or damages liabilities, as well
as associated costs, diversion of internal resources, and reputational harm. Although Gorilla believes that its Gorilla Vehicle Data Platform
currently meets the material requirements of GDPR, to the extent the requirements of GDPR change or are expanded, Gorilla may need to
invest significant time and resources, including a review of its technology and systems currently in use against such changed or expanded
requirements of GDPR.&#160;There are also additional EU laws and regulations (and member states implementations thereof) which govern
the protection of consumers and of electronic communications. If Gorilla&#8217;s efforts to comply with GDPR or other applicable EU laws
and regulations are not successful, Gorilla may be subject to penalties and fines, as well as the other action as noted above, that would
adversely impact Gorilla&#8217;s business and results of operations, and its ability to conduct business in the EU could be significantly
impaired.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also subject to European Union rules with respect to cross-border
transfers of personal data out of the EEA and the United Kingdom. Recent legal developments in Europe have created complexity and compliance
uncertainty regarding certain transfers of information from the EU to the United&#160;States. On July&#160;16, 2020, the Court of Justice
of the European Union (the &#8220;CJEU&#8221;) invalidated the EU-US Privacy Shield Framework. The CJEU also imposed substantial requirements
upon the continued use of standard contractual clauses for data transfers from the EU to the United&#160;States. Further, the EU Commission
published revised standard contractual clauses in 2021, which went into effect on June&#160;27, 2021. Companies are required to use the
revised standard contractual clauses after September&#160;27, 2021, and were required to cease use of the legacy clauses by December&#160;27,
2022. The terms of these revised standard contractual clauses may make the use of the clauses difficult or impossible to use under some
circumstances. These recent developments may require us to review and amend the legal mechanisms by which we make and/ or receive personal
data transfers to/ in the United&#160;States. As supervisory authorities issue further guidance on personal data export mechanisms, including
circumstances where the standard contractual clauses cannot be used, and/or start taking enforcement action, we could suffer additional
costs, complaints and/or regulatory investigations or fines, and/or if we are otherwise unable to transfer personal data between and among
countries and regions in which we operate, it could affect the manner in which we provide our services, the geographical location or segregation
of our relevant systems and operations, and could adversely affect our financial results. We and our customers are at risk of enforcement
actions taken by European regulators until such point in time that we are able to ensure that all data transfers to the United&#160;States
(and other countries deemed to be &#8220;third countries&#8221;) from the EU are legitimized.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also subject to evolving EU and U.K. privacy laws on cookies
and e-marketing. In the EU and the U.K., regulators are increasingly focusing on compliance with requirements in the online behavioral
advertising ecosystem, and current national laws that implement the European Directive 2002/58/EC, (the &#8220;ePrivacy Directive&#8221;)
are highly likely to be replaced by an EU regulation known as the ePrivacy Regulation which will significantly increase fines for non-compliance.
In the EU and the UK, informed consent is required for the placement of a cookie or similar technologies on a user&#8217;s device and
for direct electronic marketing. The GDPR also imposes conditions on obtaining valid consent, such as a prohibition on pre-checked consents
and a requirement to ensure separate consents are sought for each type of cookie or similar technology. While the text of the ePrivacy
Regulation is still under development, a recent European court decision and regulators&#8217; recent guidance are driving increased attention
to cookies and tracking technologies. If regulators start to enforce the strict approach in recent guidance, this could lead to substantial
costs, require significant systems changes, limit the effectiveness of our marketing activities, divert the attention of our technology
personnel, adversely affect our margins, increase costs and subject us to additional liabilities. Regulation of cookies and similar technologies,
and any decline of cookies or similar online tracking technologies as a means to identify and potentially target users, may lead to broader
restrictions and impairments on our marketing and personalization activities and may negatively impact our efforts to understand users.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, outside of the EU, Gorilla continues to see increased
regulation of data privacy and security, including the adoption of more stringent subject matter specific state laws in the United&#160;States.
For example, on July&#160;8, 2019, Brazil enacted the General Data Protection Law (Lei Geral de Prote&#231;&#227;o de Dados Pessoais)
(Law No. 13,709/2018) (&#8220;LGPD&#8221;) regulating the processing of personal data, which was enacted in August&#160;2020. Also, on
June&#160;28, 2018, California enacted the California Consumer Privacy Act (&#8220;CCPA&#8221;), which took effect on January&#160;1,
2020. The CCPA gives California residents expanded rights to access and delete their personal information, opt out of certain personal
information sharing, and receive detailed information about how their personal information is used. The CCPA provides for civil penalties
for violations, as well as a private right of action for data breaches that is expected to increase data breach litigation. Although Gorilla
believes that its Gorilla Vehicle Data Platform currently meets the requirements of the CCPA, to the extent the requirements of CCPA change
or are expanded may increase Gorilla&#8217;s compliance costs and potential liability. Some observers have noted that the CCPA could mark
the beginning of a trend toward more stringent state privacy legislation in the U.S., which could increase Gorilla&#8217;s potential liability
and adversely affect its business. For example, the states of Virginia and Colorado also have passed data protection laws, similar to
the CCPA, which went into effect or will go into effect in 2023. Furthermore, California voters approved the California Privacy Rights
Act (&#8220;CPRA&#8221;) on November&#160;3, 2020, which will amend and expand the CCPA, including by providing consumers with additional
rights with respect to their personal data. The CPRA went into effect on January&#160;1, 2023, applying to information collected by businesses
on or after January&#160;1, 2022. Gorilla continues to invest time and resources in reviewing our technology and systems to meet the evolving
data privacy regulations, be they GDPR, CCPA or others. Restrictions on the collection, use, sharing or disclosure of personal data or
additional requirements and liability for security and data integrity may require us to modify our business practices, limit our ability
to develop new products and features and subject us to increased compliance obligations and regulatory scrutiny.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, additional jurisdictions may impose data localization
laws, which require personal information, or certain subcategories of personal information to be stored in the jurisdiction of origin.
These regulations may inhibit Gorilla&#8217;s ability to expand into those markets or prohibit Gorilla from continuing to offer its marketplace
in those markets without significant additional costs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The uncertainty and changes in the requirements of multiple jurisdictions
may increase the cost of compliance, delay or reduce demand for Gorilla&#8217;s platform, restrict its ability to offer its marketplace
in certain locations, limit its ability to transfer data between jurisdictions or subject Gorilla to sanctions, by national data protection
regulators, all of which could harm its business, financial condition and results of operations. Any such regulations may also restrict
OEMs or other data providers from collecting, processing and sharing vehicle data which may adversely impact Gorilla&#8217;s business.
Additionally, although Gorilla endeavors to have its platform and operations comply with applicable laws and regulations, Gorilla expects
that there will continue to be new proposed laws, rules of self-regulatory bodies, regulations and industry standards concerning privacy,
data protection and information security in the United&#160;States, the European Union and other jurisdictions, and Gorilla cannot yet
determine the impact such future laws, rules, regulations and standards may have on its business or that of its data providers and data
consumers, which may indirectly impact Gorilla. Furthermore, these and other obligations may be modified, they may be interpreted and
applied in an inconsistent manner from one jurisdiction to another, and they may conflict with one another, other regulatory requirements,
contractual commitments or its internal practices. As a result, it is possible that Gorilla or its platform or operations or the businesses
of its data providers and data consumers, may not be, or may not have been, compliant with each such applicable law, regulation and industry
standard and compliance with such new laws or to changes to existing laws may impact Gorilla&#8217;s business and practices, require Gorilla
to expend significant resources to adapt to these changes and modify its platform and business, or to stop offering its platform in certain
countries. These developments could adversely affect Gorilla&#8217;s business, results of operations and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla also may be bound by contractual obligations relating to its
collection, use and disclosure of personal and other data or may find it necessary or desirable to join industry or other self-regulatory
bodies or other privacy or data protection-related organizations that require compliance with their rules pertaining to privacy and data
protection.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any failure or perceived failure by Gorilla, its platform or operations,
or Gorilla&#8217;s data providers and data consumers, to comply with new or existing U.S., EU or other applicable privacy or data security
laws, regulations, policies, industry standards or legal obligations, or any security incident that results in the unauthorized access
to, or acquisition, share or transfer of, personal data or other customer data may result in governmental investigations, inquiries, enforcement
actions and prosecutions, private litigation, fines and penalties, adverse publicity or potential loss of business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla is subject to complex, evolving regulatory requirements
that may be difficult and expensive to comply with and that could negatively impact its business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s business and operations are subject to a variety of
regulatory requirements in the United&#160;States and abroad, including, among other things, with respect to labor, tax, import and export,
anti-corruption, data privacy and protection and communications monitoring and interception. Compliance with these regulatory requirements
may be onerous and expensive, especially where these requirements are inconsistent from jurisdiction to jurisdiction or where the jurisdictional
reach of certain requirements is not clearly defined or seeks to reach across national borders. Regulatory requirements in one jurisdiction
may make it difficult or impossible to do business in another jurisdiction. Gorilla may also be unsuccessful in obtaining permits, licenses
or other authorizations required to operate its business, such as for the import or export of its products. While Gorilla has implemented
policies and procedures designed to achieve compliance with these laws and regulations, Gorilla also cannot assure you that it or its
personnel will not violate applicable laws and regulations or its policies regarding the same.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulatory requirements may also influence market demand for many of
Gorilla&#8217;s products and/or customer requirements for specific functionality and performance or technical standards. The domestic
and international regulatory environment is subject to constant change, often based on factors beyond Gorilla&#8217;s control or anticipation,
including political climate, budgets and current events, which could reduce demand for Gorilla&#8217;s products or require Gorilla to
change or redesign products to maintain compliance or competitiveness.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Failure to comply with governmental laws and regulations could
harm our business, and we have been, and expect to be, the subject of legal and regulatory inquiries, which may result in monetary payments
or may otherwise negatively impact our reputation, business and results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As noted previously, our business is subject to regulation by various
federal, state, local, and foreign governments in which we operate. Noncompliance with applicable regulations or requirements could subject
us to investigations, administrative proceedings, sanctions, enforcement actions, disgorgement of profits, fines, damages, litigation,
civil and criminal penalties, termination of contracts, exclusion from sales channels or sales opportunities, injunctions or other consequences.
Such matters may include, but are not limited to, claims, disputes, allegations or investigations related to alleged violations of laws
or regulations relating to anticorruption requirements, lobbying or conflict-of-interest requirements, export or other trade controls,
data privacy or data protection requirements, or laws or regulations relating to employment, procurement, cybersecurity, securities, or
antitrust/competition requirements. We may be subject to government inquiries that drain our time and resources, tarnish our brand among
customers and potential customers, prevent us from doing business with certain customers or markets, including government customers, affect
our ability to hire, attract and maintain qualified employees, or require us to take remedial action or pay penalties. From time to time,
we receive formal and informal inquiries from governmental agencies and regulators regarding our compliance with laws and regulations
or otherwise relating to our business or transactions. Any negative outcome from such inquiries or investigations or failure to prevail
in any possible civil or criminal litigation could adversely affect our business, reputation, financial condition, results of operations,
and growth prospects.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>As the regulatory framework for artificial intelligence and machine
learning technology evolves, our business, financial condition and results of operations may be adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The regulatory framework for artificial intelligence and machine learning
technology is evolving and remains uncertain. It is possible that new laws and regulations will be adopted in the United&#160;States and
globally, or existing laws and regulations may be interpreted in new ways, that would affect the operation of our platform and the way
in which we use artificial intelligence and machine learning technology, including with respect to fair lending laws. Further, the cost
to comply with such laws or regulations could be significant and would increase our operating expenses, which could adversely affect our
business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Changes to the current regulations and currency restrictions
in Hong Kong could materially and adversely affect Gorilla&#8217;s business operations in Hong Kong and Gorilla&#8217;s overall results
of operation.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla differentiates Hong Kong from People&#8217;s Republic of China
(&#8220;PRC&#8221; or &#8220;mainland China&#8221;). Apart from the sovereign issues relating to Hong Kong and PRC, Hong Kong is still
considered as an important portal for doing business and one of the global financial centers. Our operations in Hong Kong are our gateway
to business relationships with our clients in South East Asia. Generally, there are no restrictions on foreign ownership in companies
in Hong Kong, except for ownership in licenses in the broadcasting and cable industry, which we are not involved in such business operations.
Hong Kong has in place monetary policy objectives to maintain a stable external exchange value of Hong Kong dollars, in terms of its exchange
rate in the foreign exchange market against the US dollar. There are otherwise no foreign exchange controls in Hong Kong. There is generally
a free flow of capital into and out of Hong Kong. Lastly, Hong Kong has no official &#8216;censorship&#8217; law. The national security
law (&#8220;NSL&#8221;) was enacted in 2020 which criminalizes four types of acts: secession, subversion, terrorist activities and collusion
with a foreign country or with external elements to endanger national security. Whether and how the NSL may apply to Gorilla will depend
on the Gorilla&#8217;s nature of business. If changes are made to the current restrictions on foreign ownership of companies in Hong Kong,
the foreign exchange controls or later amendments to NSL, our business operations in Hong Kong and the results of operation may be materially
and adversely affected.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The PRC government may intervene or influence our operations
in Hong&#160;Kong at any time, which could result in a material change in our Hong&#160;Kong operations and adversely impact our financial
condition and the value of our ordinary shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong&#160;Kong is a special administrative region of PRC.&#160;Therefore,
the PRC government has significant oversight and discretion over the conduct of our business and may intervene or influence our operations
in Hong&#160;Kong as the PRC government deems appropriate to further achieve its regulatory, political and societal goals. The PRC government
has recently published new policies that significantly affect certain industries such as the education and internet industries, and we
cannot rule out the possibility that it will in the future release regulations or policies regarding our industry that could require us
to seek permission from the relevant governmental authorities to commence or continue to operate our business in Hong&#160;Kong, which
may adversely affect our business, financial condition and results of operations. There is always a risk that the PRC government may,
in the future, seek to affect operations of any company with any level of operations in mainland China or Hong&#160;Kong. Any such action,
once taken by the PRC government, could adversely impact our financial condition and cause the value of our ordinary shares to significantly
decline. In addition, if we were to become subject to the direct or indirect intervention or influence of the PRC government at any time
due to changes in laws or other unforeseeable reasons, it may require a material change in our operations in Hong&#160;Kong and/or result
in increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Uncertainties in the PRC&#8217;s legal system could adversely
affect our business and result of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since 1979, many new laws and regulations covering general economic
matters have been promulgated in the PRC.&#160;However, since the laws and regulations are relatively new and the PRC&#8217;s legal system
continues to evolve rapidly, interpretations of laws, regulations and rules are not always uniform, and enforcement involves uncertainties.
Despite the development of the legal system, the PRC&#8217;s system of laws is not yet complete. Even where laws and regulations exist
in the PRC, there may be laws and regulations at the national level or local level, which are peculiar to the PRC and not commonly seen
in developed countries and may impose additional procedural or compliance requirements on those subject to such laws and regulations.
Furthermore, the recognition and enforcement of foreign judgments are provided for under the China Civil Procedural Law. PRC courts may
recognize and enforce foreign judgments in accordance with the requirements of the China Civil Procedural Law based either on a treaty
between the PRC and the country where the judgment is made or on reciprocity between jurisdictions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Therefore, if a foreign judgment is rendered by a foreign court where
the country and the PRC do not have any treaties or other agreements that provide for the reciprocal recognition and enforcement of foreign
judgements, such a judgement may not be enforced by a PRC court. The relative inexperience of PRC&#8217;s judiciary in many cases creates
additional uncertainty as to the outcome of any litigation. In addition, interpretation of laws and regulations of the PRC may be subject
to government policies reflecting domestic political changes.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the PRC further intervenes in Hong&#160;Kong, our operations in
Hong&#160;Kong may be subject to administrative review and approval by various national and local agencies of the PRC government. Due
to the changes occurring in the legal and regulatory structure of the PRC, we may not be able to secure the required governmental approval
for such activities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, local government authorities may adopt their own policies
and practices. Failure to obtain the requisite governmental approval or to comply with the local government&#8217;s policies or practices
for any of our business activities could adversely affect our business and operating results.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We cannot predict the effects of future developments relating to the
PRC&#8217;s legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof,
the pre-emption of local regulations by national PRC laws or the overturning of local government&#8217;s decisions by the central PRC
government. These uncertainties may limit the legal protections available to us. In addition, any litigation in the PRC may be protracted
and result in substantial costs and diversion of our resources and management&#8217;s attention.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>PRC laws and regulations are sometimes vague and uncertain. Rules
and regulations in the PRC can change quickly with little advance notice. Any changes in such laws and regulations may have a material
and adverse effect on our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are substantial uncertainties regarding the interpretation and
application of PRC laws and regulations. Rules and regulations in the PRC can change quickly with little advance notice. We and our current
subsidiaries, and any future subsidiaries, may be considered foreign persons or foreign-invested enterprises under PRC laws, and as a
result, we may be required to comply with PRC laws and regulations applicable to foreign persons or foreign-invested enterprises. These
laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve
substantial uncertainty. Such changes, if implemented, may adversely affect our business operations and may reduce our profitability.
The effectiveness of newly enacted laws, regulations or amendments may be delayed, resulting in detrimental reliance by foreign investors.
New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what
effect the interpretation of existing or new PRC laws or regulations may have on our businesses.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Gorilla&#8217;s Incorporation in the Cayman Islands</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Because we are incorporated under the laws of the Cayman Islands,
you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S.&#160;Federal courts may
be limited.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are an exempted company incorporated under the laws of the Cayman
Islands. As a result, it may be difficult for investors to effect service of process within the United&#160;States upon our directors
or officers, or enforce judgments obtained in the United&#160;States courts against our directors or officers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our corporate affairs are governed by our amended and restated memorandum
and articles of association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against
the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are
to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively
limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority,
but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors
under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United&#160;States.
In particular, the Cayman Islands has a different body of securities laws as compared to the United&#160;States, and certain states, such
as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies may
not have standing to initiate a shareholders derivative action in a Federal court of the United&#160;States.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The courts of the Cayman Islands are unlikely (i)&#160;to recognize
or enforce against us judgments of courts of the United&#160;States predicated upon the civil liability provisions of the federal securities
laws of the United&#160;States or any state; and (ii)&#160;in original actions brought in the Cayman Islands, to impose liabilities against
us predicated upon the civil liability provisions of the federal securities laws of the United&#160;States or any state, so far as the
liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the
Cayman Islands of judgments obtained in the United&#160;States, the courts of the Cayman Islands will recognize and enforce a foreign
money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a
competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain
conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a
liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the
same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural
justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy).
A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of all of the above, public shareholders may have more
difficulty in protecting their interests in the face of actions taken by management, members of the Board of Directors or controlling
shareholders than they would as public shareholders of a United&#160;States company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Recently introduced economic substance legislation of the Cayman
Islands may adversely impact us or our operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Cayman Islands, together with several other non-European Union
jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore
structures engaged in certain activities which attract profits without real economic activity. With effect from January&#160;1, 2019,
the International Tax Co-operation (Economic Substance) Act (As Revised) (the &#8220;Substance Act&#8221;) came into force in the Cayman
Islands introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain &#8220;relevant
activities,&#8221; which in the case of exempted companies incorporated before January&#160;1, 2019, will apply in respect of financial&#160;years
commencing July&#160;1, 2019 onwards. As we are a Cayman Islands company, compliance obligations include filing annual notifications for
us, which need to state whether we are carrying out any relevant activities and if so, whether we have satisfied economic substance tests
to the extent required under the Substance Act. As it is a new regime, it is anticipated that the Substance Act will evolve and be subject
to further clarification and amendments. We may need to allocate additional resources to keep updated with these developments, and may
have to make changes to our operations in order to comply with all requirements under the Substance Act. Failure to satisfy these requirements
may subject us to penalties under the Substance Act.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may re-domicile or continue out of the Cayman Islands into
another jurisdiction, and the laws of such jurisdiction will likely govern all of our material agreements and we may not be able to enforce
our legal rights.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may relocate the home jurisdiction of our business or re-domicile
or continue out of the Cayman Islands to another jurisdiction. If we determine to do this, the laws of such jurisdiction would likely
govern all of our material agreements. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain
in implementation and interpretation as in the United&#160;States. The inability to enforce or obtain a remedy under any of our future
agreements could result in a significant loss of business, business opportunities or capital. Any such reincorporation and the international
nature of our business will likely subject us to foreign regulation.</p><div>

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

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

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    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Gorilla&#8217;s Substantial Presence in Taiwan</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Conditions in Taiwan could materially and adversely affect Gorilla&#8217;s
business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of Gorilla&#8217;s employees, including certain management members
operate from its offices that are located in Neihu District of Taipei City, Taiwan. In addition, a number of Gorilla&#8217;s officers
and directors are residents of Taiwan. Accordingly, political, economic and military conditions in Taiwan and the surrounding region,
including any escalation of tensions between China and Taiwan, may directly affect Gorilla&#8217;s business and operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Because our Company is located outside of the U.S., Gorilla is
subject to the risks of doing business internationally, including periodic foreign economic downturns and political instability, which
may adversely affect Gorilla&#8217;s revenue and cost of doing business in Taiwan.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s offices and employees are located in Taiwan. Foreign
economic downturns may affect our results of operations in the future. Additionally, other facts relating to the operation of Gorilla&#8217;s
business outside of the U.S.&#160;may have a material adverse effect on Gorilla&#8217;s business, financial condition and results of operations,
including:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">international economic and political changes;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-indent: -23.75pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the imposition of governmental controls or changes in government
regulations, including tax laws, regulations and treaties;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-indent: -23.75pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">lack of familiarity and burdens of ongoing compliance with local
laws, legal standards, regulatory requirements, tariffs, customs formalities and other barriers, including restrictions on advertising
practices, regulations governing online services, restrictions on importation or shipping of specified or proscribed items, importation
quotas, shopper protection laws, enforcement of intellectual property rights, laws dealing with shopper and data protection, privacy,
encryption, denied parties and sanctions, and restrictions on pricing or discounts;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">heightened exposure to fraud;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">legal uncertainty in foreign countries with less developed
legal systems;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">unexpected changes in regulatory requirements, taxes, trade
laws, tariffs, export quotas, custom duties or customs formalities, embargoes, exchange controls, government controls or other trade
restrictions;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">compliance with U.S.&#160;and international laws involving
international operations, including the Foreign Corrupt Practices Act (&#8220;FCPA&#8221;), the U.K. Bribery Act 2010 (the &#8220;U.K.
Bribery Act&#8221;), which correlates with the scope of our sales and operations in foreign jurisdictions and operations in certain industries,
such that an increase in such operations would increase risk of non-compliance with the aforementioned laws, and export control laws;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">fluctuations in exchange rates that may increase our foreign
exchange exposure;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">potentially adverse tax consequences, including the complexities
of foreign tax laws (including with respect to value added taxes) and restrictions on the repatriation of earnings;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">difficulties in achieving headcount reductions due to unionized
labor and works councils;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-indent: -23.75pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">restrictions on transfers of funds and assets between jurisdictions;
and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-indent: -23.75pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">China&#160;&#8212;&#160;Taiwan geo-political instability.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Gorilla continues to operate its business, its success will depend
in part, on its ability to anticipate and effectively manage these risks. The impact of any one or more of these factors could materially
adversely affect Gorilla&#8217;s business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla may be exposed to liabilities under the U.S.&#160;Foreign
Corrupt Practices Act (&#8220;FCPA&#8221;) and Chinese anti-corruption law.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla is subject to the FCPA, the U.K. Bribery Act, and other laws
that prohibit improper payments or offers of payments to foreign governments, foreign government officials and political parties by U.S.&#160;persons
as defined by the statute for purposes of obtaining or retaining businesses. Gorilla may have agreements with third parties who may make
sales in mainland China and the U.S., during the process of which Gorilla may be exposed to corruption. Activities in Taiwan create the
risk of unauthorized payments or offers of payments by an employee, consultant or agent of Gorilla, because these parties are not always
subject to Gorilla&#8217;s control.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although Gorilla believes to date it has complied in all material aspects
with the provisions of the FCPA, the U.K. Bribery Act and Chinese anti-corruption law, the existing safeguards and any future improvements
may prove to be less than effective and any of Gorilla&#8217;s employees, consultants or agents may engage in corruptive conduct for which
Gorilla might be held responsible. Violations of the FCPA, the U.K. Bribery Act or Chinese anti-corruption law may result in severe criminal
or civil sanctions against Gorilla and individuals and therefore could negatively affect Gorilla&#8217;s business, operating results and
financial condition. In addition, the Taiwanese government may seek to hold Gorilla liable as a successor for FCPA violations committed
by companies in which Gorilla invests or acquires.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>International operations expose Gorilla to currency exchange
and repatriation risks, and Gorilla cannot predict the effect of future exchange rate fluctuations on its business and operating results.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla has business operations in Taiwan and collaborative activities
in the U.S.&#160;Substantial amounts of revenues are received and expenses are incurred in both New Taiwan Dollars and U.S.&#160;Dollars,
and going forward substantial amounts of revenues may be received and expenses may be incurred in different currencies. Thus, Gorilla
has exposure to currency fluctuations. Gorilla cannot assure you that the effect of currency exchange fluctuations will not materially
affect its revenues and net income in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Exposure to foreign currency exchange rate fluctuations could
negatively impact our results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While some of the transactions through our platform are denominated
in U.S. dollars, Gorilla has transacted in foreign currencies and may transact in additional foreign currencies in the future. Gorilla
also has expenses denominated in currencies other than the U.S. dollar. Given our anticipated international growth, Gorilla expects the
number of transactions in a variety of foreign currencies to continue to grow in the future. Gorilla may need to convert the currencies
it receives through its operations into other currencies in order to fund its continued operations. Such conversions may create transaction
costs to Gorilla. In addition, although Gorilla tries to limit its exposure to foreign currency fluctuations, the use of hedging instruments
may not be available for all currencies or may not always offset losses resulting from foreign currency exchange rate fluctuations. Moreover,
the use of hedging instruments can itself result in losses if we are unable to structure effective hedges with such instruments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Exchange controls and other restrictions on the movement of capital
out of certain jurisdictions or otherwise affecting our settlement transactions or our subsidiaries&#8217; ability to pay dividends or
make other payments to us may have a material adverse effect on our results of operations and financial condition.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are subject in certain jurisdictions where we have operations, such
as certain countries in Asia and the MENA region, to the risk that regulatory authorities in or outside such jurisdictions may impose
exchange controls or restrictions on the movement of capital, including on transactions involving transfers of funds from such jurisdictions,
as well as restrictions on repatriation of funds or repatriation of profits on subsidiaries from such jurisdictions, which may restrict
the amount of funds that can be transferred or dividends that can be paid upstream to us from such jurisdictions. For example, in certain
jurisdictions, we may need to obtain regulatory approval prior to the repatriation of funds from these jurisdictions. If needed, we will
attempt to obtain applicable approvals in these jurisdictions, though there can be no assurance that such approvals will be obtained in
a timely manner, or at all, or that we will timely obtain approvals in jurisdictions where we may seek to operate in the future. Central
banks may restrict the ability of companies to convert local currencies into foreign currencies and impose other exchange controls. We
may not be unable to adequately address such restrictions. If we are unable to transfer such amounts from such jurisdictions when and
as needed, we will remain subject to foreign exchange risk relating to such retained funds denominated in local currencies (including
merchant funds held by us), to the extent we cannot convert such funds into other currencies (whether as a result of foreign exchange
restrictions in such jurisdictions, or any restrictions on transferring funds out of such jurisdictions), which may adversely impact our
ability to settle such transactions and subject us to significant foreign exchange risk, which could have a material adverse effect on
our results of operations, liquidity and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, repatriations of cash from our subsidiaries may be subject
to withholding, income and other taxes in various applicable jurisdictions. If our subsidiaries are unable to pay dividends and make other
payments or transfers of funds to us when needed, we may be unable to satisfy our obligations, which would have a material adverse effect
on our business, financial condition and operating results.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>It may be difficult to enforce a U.S.&#160;judgment against Gorilla,
its officers and directors and the Taiwanese experts named in this Annual Report in Taiwan or the United&#160;States, or to assert U.S.&#160;securities
laws claims in Taiwan or serve process on Gorilla&#8217;s officers and directors and these experts.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of Gorilla&#8217;s directors or officers are not residents of
the United&#160;States and most of their and Gorilla&#8217;s assets are located outside the United&#160;States. Service of process upon
Gorilla or its non-U.S.&#160;resident directors and officers and enforcement of judgments obtained in the United&#160;States against Gorilla
or its non-U.S.&#160;directors and executive officers may be difficult to obtain within the United&#160;States. Gorilla have been informed
by its legal counsel in Taiwan that it may be difficult to assert claims under U.S.&#160;securities laws in original actions instituted
in Taiwan or obtain a judgment based on the civil liability provisions of U.S.&#160;federal securities laws. Taiwanese courts may refuse
to hear a claim based on a violation of U.S.&#160;securities laws against Gorilla or its non-U.S.&#160;officers and directors because
Taiwan may not be the most appropriate forum to bring such a claim. In addition, even if a Taiwanese court agrees to hear a claim, it
may determine that Taiwanese law and not U.S.&#160;law is applicable to the claim. If U.S.&#160;law is found to be applicable, the content
of applicable U.S.&#160;law must be proved as a fact, which can be a time-consuming and costly process. Certain matters of procedure will
also be governed by Taiwanese law. Taiwanese courts might not enforce judgments rendered outside Taiwan, which may make it difficult to
collect on judgments rendered against Gorilla or its non-U.S.&#160;officers and directors.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, among other reasons, including but not limited to, fraud
or absence of due process, or the existence of a judgment which is at variance with another judgment that was given in the same matter
if a suit in the same matter between the same parties was pending before a court or tribunal in Taiwan, a Taiwanese court will not enforce
a non-Taiwanese judgment if it was given in a state whose laws do not provide for the enforcement of judgments of Taiwanese courts (subject
to exceptional cases) or if its enforcement is likely to prejudice its sovereignty or security.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to the Gorilla Financial Statements and Internal Control
Over Financial Reporting</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we fail to implement and maintain an effective system of internal
controls or fail to remediate the material weaknesses in our internal control over financial reporting that have been identified, we may
be unable to accurately report our results of operations or prevent fraud or fail to meet our reporting obligations, and investor confidence
and the market price of our shares may be materially and adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the Merger, Gorilla had been 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. In connection with the preparation of our
consolidated financial statements as of and for the&#160;years ended December&#160;31, 2022 and 2021, we identified material weaknesses
in our internal control over financial reporting, as defined in the standards established by the PCAOB.&#160;The material weaknesses identified
arose from: (i)&#160;lack of sufficient number of professionals with an appropriate level of accounting and regulatory knowledge, training,
and experience to appropriately analyze, record and disclose accounting matters timely and accurately with respect to Gorilla&#8217;s
financial reporting and internal control over financial reporting framework; and (ii)&#160;lack of policies and procedures over evaluation
of significant complex transactions and evaluation of certain general ledger accounts. Following the identification of the material weaknesses,
we have taken and plan to continue to take remedial measures to remedy the weaknesses. However, the implementation of these measures may
not fully address the material weaknesses in our internal control over financial reporting, and we cannot conclude that they have been
fully remedied. 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. As a result, our business, financial condition, results
of operations and prospects, as well as the trading price of our shares may be materially and adversely affected. Moreover, ineffective
internal control over financial reporting significantly hinders our ability to prevent fraud. Furthermore, it is possible that, had our
independent registered public accounting firm conducted an audit of our internal control over financial reporting, such firm might have
identified additional material weaknesses and deficiencies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our management is responsible for establishing and maintaining adequate
internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements in accordance with the applicable accounting
standards, which for us, is IFRS. We are a public company in the United&#160;States subject to the Sarbanes-Oxley Act&#160;of&#160;2002.
Section&#160;404 of the Sarbanes-Oxley Act&#160;of&#160;2002, or Section&#160;404, requires that we include a report of management on
our internal control over financial reporting in our annual report on Form&#160;20-F beginning with our second annual report on Form&#160;20-F.&#160;This
assessment will need to include disclosures of any material weaknesses identified by our management in our internal control over financial
reporting. The SEC defines a &#8220;material weakness&#8221; 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, once we cease to be an &#8220;emerging growth company&#8221;
as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness
of our internal control over financial reporting. Our remediation efforts may not enable us to avoid material weaknesses in our internal
control over financial reporting in the future. Our management may conclude that our internal control over financial reporting is not
effective. In addition, after we become a public company, our reporting obligations may place a significant strain on our management,
operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing
and any required remediation. During the course of documenting and testing our internal control procedures, in order to satisfy the requirements
of Section&#160;404, we may identify other material weaknesses and deficiencies in our internal control over financial reporting. In addition,
if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or
amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting
in accordance with Section&#160;404. At such time, our independent registered public accounting firm may issue a report that is adverse
in the event it is not able to obtain sufficient appropriate evidence with the level at which our controls are documented, designed or
operating.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we fail to achieve and maintain an effective internal control environment,
we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause
investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results
of operations and lead to a decline in the trading price of our shares. Additionally, ineffective internal control over financial reporting
could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange
on which we list, regulatory investigations and civil or criminal sanctions. We may also be required to restate our financial statements
from prior periods.</p><div>

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

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

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    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Being a Public Company</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla incurs increased costs as a result of operating as a
public company, and its management devotes substantial time to new compliance initiatives.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla is a new public company subject to reporting requirements in
the United&#160;States, and it incurs significant legal, accounting and other expenses that it did not incur as a private company, and
these expenses may increase even more after Gorilla is no longer an emerging growth company, as defined in Section&#160;2(a)&#160;of the
Securities Act. As a public company, Gorilla is subject to the reporting requirements of the Exchange&#160;Act, the Sarbanes-Oxley Act,
the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules adopted, and to be adopted, by the SEC and Nasdaq. Gorilla&#8217;s
management and other personnel devote a substantial amount of time to these compliance initiatives. Moreover, Gorilla expects these rules
and regulations to substantially increase its legal and financial compliance costs and to make some activities more time-consuming and
costly. The increased costs will increase Gorilla&#8217;s net loss. For example, Gorilla expects these rules and regulations to make it
more difficult and more expensive for it to obtain director and officer liability insurance and it may be forced to accept reduced policy
limits or incur substantially higher costs to maintain the same or similar coverage. Gorilla cannot predict or estimate the amount or
timing of additional costs it may incur to respond to these requirements. The impact of these requirements could also make it more difficult
for Gorilla to attract and retain qualified persons to serve on its board of directors, its board committees or as executive officers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>A market for Gorilla&#8217;s securities may not be sustained,
which would adversely affect the liquidity and price of Gorilla&#8217;s securities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The price of Gorilla&#8217;s securities may fluctuate significantly
due to, among other things, general market and economic conditions. An active trading market for Gorilla&#8217;s securities may not be
sustained. In addition, the price of Gorilla&#8217;s securities can vary due to general economic conditions and forecasts, Gorilla&#8217;s
general business condition and the release of Gorilla&#8217;s financial reports. Additionally, if Gorilla&#8217;s securities become delisted
from Nasdaq and are quoted on the OTC Bulletin Board (an inter-dealer automated quotation system for equity securities that is not a national
securities exchange), the liquidity and price of Gorilla&#8217;s securities may be more limited than if Gorilla was quoted or listed on
the New&#160;York Stock Exchange, Nasdaq or another national securities exchange. You may be unable to sell your securities unless a market
can be established or sustained.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Ownership of Our Ordinary Shares</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our forecasted operating and financial results rely in large
part upon assumptions and analyses developed by us. If these assumptions and analyses prove to be incorrect, our actual operating and
financial results may be significantly below our forecasts.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The projected financial and operating information appearing elsewhere
in this proxy statement reflects current estimates of future performance. Whether actual operating and financial results and business
developments will be consistent with our expectations and assumptions as reflected in its forecast depends on a number of factors, many
of which are outside of our control, including, but not limited to:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">whether we can obtain sufficient capital to begin production
and grow our business;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">our ability to manage our growth;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">whether we can manage relationships with our partners and
suppliers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">whether we can rapidly deploy our facilities and successfully
execute our production methodologies in such facilities;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the ability to obtain necessary regulatory approvals and
certifications;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">demand for our products and services;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the timing and costs of new and existing marketing and promotional
efforts;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">inflationary pressures in labor markets and for other resources</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">competition, including from established and future competitors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">our ability to retain existing key management, to integrate
recent hires and to attract, retain and motivate qualified personnel;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the overall strength and stability of the economies in the
markets in which we operate or intend to operate in the future; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">regulatory, legislative and political changes.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unfavorable changes in any of these or other factors, most of which
are beyond our control, could materially and adversely affect our business, results of operations and financial results.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla is a foreign private issuer and, as a result, it is not
subject to U.S.&#160;proxy rules and is subject to Exchange&#160;Act reporting obligations that, to some extent, are more lenient and
less frequent than those of a U.S.&#160;domestic public company.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla reports under the Exchange&#160;Act as a non-U.S.&#160;company
with foreign private issuer status. Because Gorilla qualifies as a foreign private issuer under the Exchange&#160;Act, it is exempt from
certain provisions of the Exchange&#160;Act that are applicable to U.S.&#160;domestic public companies, including (1)&#160;the sections
of the Exchange&#160;Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under
the Exchange&#160;Act, (2)&#160;the sections of the Exchange&#160;Act requiring insiders to file public reports of their share ownership
and trading activities and liability for insiders who profit from trades made in a short period of time and (3)&#160;the rules under the
Exchange&#160;Act requiring the filing with the SEC of quarterly reports on Form&#160;10-Q containing unaudited financial and other specified
information.&#160;In addition, foreign private issuers are not required to file their annual report on Form&#160;20-F until 120&#160;days
after the end of each fiscal year, while U.S.&#160;domestic issuers that are accelerated filers are required to file their annual report
on Form&#160;10-K within 75&#160;days after the end of each fiscal year and U.S.&#160;domestic issuers that are large accelerated filers
are required to file their annual report on Form&#160;10-K within 60&#160;days after the end of each fiscal year. Foreign private issuers
are also exempt from Regulation&#160;FD, which is intended to prevent issuers from making selective disclosures of material information.
As a result of all of the above, you may not have the same protections afforded to shareholders of a company that is not a foreign private
issuer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla may lose its foreign private issuer status in the future,
which could result in significant additional costs and expenses.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed above, Gorilla is a foreign private issuer and, therefore,
is not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange&#160;Act. The determination
of foreign private issuer status is made annually on the last business&#160;day of an issuer&#8217;s most recently completed second fiscal
quarter, and, accordingly, the next determination will be made with respect to Gorilla on June&#160;30, 2023. In the future, Gorilla would
lose its foreign private issuer status if (1)&#160;more than 50% of its outstanding voting securities are owned by U.S.&#160;residents
and (2)&#160;a majority of its directors or executive officers are U.S.&#160;citizens or residents, or it fails to meet additional requirements
necessary to avoid loss of foreign private issuer status. If Gorilla loses its foreign private issuer status, it will be required to file
with the SEC periodic reports and registration statements on U.S.&#160;domestic issuer forms, which are more detailed and extensive than
the forms available to a foreign private issuer. Gorilla would also have to mandatorily comply with U.S.&#160;federal proxy requirements,
commence reporting its financials in accordance with U.S. GAAP and its officers, directors and principal shareholders will become subject
to the short-swing profit disclosure and recovery provisions of Section&#160;16 of the Exchange&#160;Act. In addition, it would lose its
ability to rely upon exemptions from certain corporate governance requirements under the listing rules of Nasdaq. As a U.S.&#160;listed
public company that is not a foreign private issuer, Gorilla would incur significant additional legal, accounting and other expenses that
it will not incur as a foreign private issuer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>As Gorilla is a &#8220;foreign private issuer&#8221; and intends
to follow certain home country corporate governance practices, its shareholders may not have the same protections afforded to shareholders
of companies that are subject to all Nasdaq corporate governance requirements.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a foreign private issuer, Gorilla has the option to follow certain
home country corporate governance practices rather than those of Nasdaq, provided that it discloses the requirements it is not following
and describes the home country practices it is following. Gorilla may in the future elect to follow home country practices with regard
to certain matters. As a result, its shareholders may not have the same protections afforded to shareholders of companies that are subject
to all Nasdaq corporate governance requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The market price and trading volume of the ordinary shares may
be volatile.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The stock markets, including Nasdaq on which Gorilla lists the ordinary
shares and warrants under the symbols &#8220;GRRR,&#8221; and &#8220;GRRRW,&#8221; respectively, have from time to time experienced significant
price and volume fluctuations. Even if an active, liquid and orderly trading market is sustained for the ordinary shares and warrants,
the market price of the ordinary shares and warrants may be volatile and could decline significantly. In addition, the trading volume
in the ordinary shares and warrants may fluctuate and cause significant price variations to occur. If the market price of the ordinary
shares and warrants declines significantly, you may be unable to resell your shares or warrants at or above the market price of the ordinary
shares and warrants. Gorilla cannot assure you that the market price of the ordinary shares and warrants will not fluctuate widely or
decline significantly in the future in response to a number of factors, including, among others, the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the realization of any of the risk factors presented in this
Annual Report;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">actual or anticipated differences in Gorilla&#8217;s estimates,
or in the estimates of analysts, for Gorilla&#8217;s revenues, results of operations, level of indebtedness, liquidity or financial condition;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">additions and departures of key personnel;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">failure to comply with the requirements of Nasdaq;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">failure to comply with the Sarbanes-Oxley Act or other laws
or regulations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">future issuances, sales, resales or repurchases or anticipated
issuances, sales, resales or repurchases, of Gorilla&#8217;s securities including due to the expiration of contractual&#160;lock-up agreements;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">publication of research reports about Gorilla;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the performance and market valuations of other similar companies;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">failure of securities analysts to initiate or maintain coverage
of Gorilla, changes in financial estimates by any securities analysts who follow Gorilla or Gorilla&#8217;s failure to meet these estimates
or the expectations of investors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">new laws, regulations, subsidies, or credits or new interpretations
of existing laws applicable to Gorilla;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">commencement of, or involvement in, litigation involving
Gorilla;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">broad disruptions in the financial markets, including sudden
disruptions in the credit markets;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">speculation in the press or investment community;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">actual, potential or perceived control, accounting or reporting
problems;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">changes in accounting principles, policies and guidelines;
and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">other events or factors, including those resulting from infectious
diseases, health epidemics and pandemics (including the ongoing&#160;COVID-19&#160;public health emergency), natural disasters, war,
acts of terrorism or responses to these events.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the past, securities class-action litigation has often been instituted
against companies following periods of volatility in the market price of their shares. This type of litigation could result in substantial
costs and divert Gorilla&#8217;s management&#8217;s attention and resources, which could have a material adverse effect on us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla&#8217;s quarterly operating results may fluctuate significantly
and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond
its control, resulting in a decline in its stock price.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s quarterly operating results may fluctuate significantly
because of several factors, including:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">labor availability and costs for hourly and management personnel;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">profitability of Gorilla&#8217;s products, especially in
new markets and due to seasonal fluctuations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">changes in interest rates;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">impairment of long-lived assets;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">macroeconomic conditions, both internationally and locally;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">changes in consumer preferences and competitive conditions;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">expansion to new markets; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">fluctuations in commodity prices.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If securities or industry analysts do not publish or cease publishing
research or reports about Gorilla, its business, or its market, or if they change their recommendations regarding the ordinary shares
adversely, then the price and trading volume of Gorilla&#8217;s securities could decline.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The trading market for Gorilla&#8217;s securities is and will be influenced
by the research and reports that industry or financial analysts publish about its business. Gorilla does not control these analysts, or
the content and opinions included in their reports. As a new public company, Gorilla may be slow to attract research coverage and the
analysts who publish information about Gorilla&#8217;s securities will have had relatively little experience with Gorilla, which could
affect their ability to accurately forecast Gorilla&#8217;s results and make it more likely that Gorilla fails to meet their estimates.
In the event Gorilla obtains industry or financial analyst coverage, if any of the analysts who cover Gorilla issues an inaccurate or
unfavorable opinion regarding it, the price of Gorilla&#8217;s securities would likely decline. In addition, the share prices of many
companies in the technology industry have declined significantly after those companies have failed to meet, or significantly exceed, the
financial guidance publicly announced by the companies or the expectations of analysts. If Gorilla&#8217;s financial results fail to meet,
or significantly exceed, its announced guidance or the expectations of analysts or public investors, analysts could downgrade Gorilla&#8217;s
securities or publish unfavorable research about it. If one or more of these analysts cease coverage of Gorilla or fail to publish reports
on it regularly, Gorilla&#8217;s visibility in the financial markets could decrease, which in turn could cause the price of its securities
or trading volume to decline.</p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla&#8217;s failure to meet the continued listing requirements
of Nasdaq could result in a delisting of its securities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Gorilla fails to satisfy the continued listing requirements of Nasdaq
such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to delist its securities.
Such a delisting would likely have a negative effect on the price of the securities and would impair your ability to sell or purchase
the securities when you wish to do so. In the event of a delisting, Gorilla can provide no assurance that any action taken by it to restore
compliance with listing requirements would allow its securities to become listed again, stabilize the market price or improve the liquidity
of its securities, prevent its securities from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliance
with Nasdaq&#8217;s listing requirements. Additionally, if Gorilla&#8217;s securities become delisted from Nasdaq, for any reason, and
are quoted on the OTC Bulletin Board, an inter-dealer automated quotation system for equity securities that is not a national securities
exchange, the liquidity and price of Gorilla&#8217;s securities may be more limited than if it were quoted or listed on Nasdaq or another
national securities exchange. You may be unable to sell your securities unless a market can be established or sustained.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla qualifies as an emerging growth company within the meaning
of the Securities Act, and Gorilla takes advantage of certain exemptions from disclosure requirements available to emerging growth companies,
which makes Gorilla&#8217;s securities less attractive to investors.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla is eligible to be treated as an emerging growth company, as
defined in Section&#160;2(a)&#160;of the Securities Act, as modified by the JOBS Act. For as long as Gorilla continues to be an emerging
growth company, it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies
that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section&#160;404
of the Sarbanes-Oxley Act. As a result, its shareholders may not have access to certain information that they may deem important. Gorilla
could be an emerging growth company for up to five&#160;years, although circumstances could cause it to lose that status earlier, including
if its total annual gross revenue exceeds $1.235 billion, if it issues more than $1.0&#160;billion in non-convertible debt securities
during any three-year period, or if before that time it is a &#8220;large accelerated filer&#8221; under U.S.&#160;securities laws.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla cannot predict if investors find its securities less attractive
because it relies on these exemptions. If some investors find its securities less attractive as a result, there may be a less active trading
market for its securities and the price of Gorilla&#8217;s securities may be more volatile. Further, there is no guarantee that the exemptions
available to Gorilla under the JOBS Act will result in significant savings. To the extent that Gorilla chooses not to use exemptions from
various reporting requirements under the JOBS Act, it will incur additional compliance costs, which may impact Gorilla&#8217;s financial
condition.</p><div>

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</div><div><a id="m_014"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 4: INFORMATION
ON THE COMPANY</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_015"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">4.A. HISTORY AND DEVELOPMENT OF THE COMPANY</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>General Corporate Information</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla was incorporated in 2001 as a Cayman Islands exempted company,
and our principal executive office is located at Meridien House, 42 Upper Berkeley Street, Marble Arch, London, United Kingdom W1H 5QJ.&#160;Our
legal and commercial name is Gorilla Technology Group Inc. Our company incorporation number is 110283. Our registered office address
in the Cayman Islands is located at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Our website address is <i>https://www.gorilla-technology.com</i>,
and our telephone number is +442039880574. The effective date of the registration statement (Commission File No. 333-262069) registering
certain ordinary shares offered pursuant to the Business Combination Agreement upon which Gorilla&#8217;s ordinary shares were listed
on the Nasdaq Capital Market was July 7, 2022. The Transactions closed on July 13, 2022. Information contained on, or that can be accessed
through, our website does not constitute a part of this annual report and is not incorporated by reference herein. We have included our
website address in this Annual Report solely for informational purposes. The SEC maintains an Internet site that contains reports, proxy
and information statements, and other information regarding issuers, such as we, that file electronically, with the SEC at <i>www.sec.gov</i>.
Our agent for service of process in the United&#160;States is Puglisi&#160;&amp; Associates, 850 Library Avenue, Suite 204, Newark, Delaware&#160;19715.</p><div>

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

</div><div><a id="m_016"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">4.B. BUSINESS OVERVIEW</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla is a provider of video intelligence, Internet of Things (&#8220;IoT&#8221;)
security, edge AI data analytics and operational technology (&#8220;OT&#8221;) security solutions and services in Asia Pacific with operations
and established distribution and sales channels in other key regions around the world, including the United&#160;States, Europe, the Middle
East and Latin America.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have been working in the field of video analytics since our incorporation
in 2001. We have used this core competence to produce revolutionary and transformational technology using artificial intelligence (&#8220;AI&#8221;)
and edge AI computing as video technologies transitioned from analog to digital formats.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our established technologies in edge AI computing, video analytics,
and OT security solutions and services form the foundation of our line of product and service offerings for a wide range of commercial,
industrial, municipal and government customers. To provide end-to-end solutions for various sectors, we partner with industry-leading
firms such as cloud infrastructure providers, telecoms, chipset vendors and storage manufacturers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our proprietary machine learning and deep learning algorithms are foundational
to our products and services, which enable our customers to securely move, store and analyze data for use in biometric authentication,
account management, device management, business intelligence, and other applications. We divided our products and services into two segments,
namely Video IoT and Security Convergence, each containing the video intelligence and Internet of Things (IoT) and convergence of information
technology (IT) and operational technology (OT) security solutions, respectively.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla was incorporated in 2001 as a Cayman Islands exempted company.
Our initial operations focused on supporting broadcasting firms with video content for storage, labeling, processing and retrieval. Gorilla&#8217;s
video analysis and AI capabilities were built on this foundation. We invested in research and development to enhance our platform to deploy
facial recognition technology in 2010 as Gorilla&#8217;s expertise developed. Since then, we have grown our expertise in IoT, video intelligence,
edge AI computing and cybersecurity, with product and service offerings spanning a wide range of sectors and customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2022, we have been deploying our products and solutions
in over 300 retail stores, 50 offices, 50 construction sites (pending completion of our pilot program), 6 highways, several train stations
in 6 metro city areas, 107 parking buildings, 2 international airports, 9 ports, 25 city traffic, 6 logistics of air-freight and container
ships, 7 city police departments, 5 national law enforcement agencies, one national weather bureau, one national ocean affairs council,
and 15 correctional facilities, among many other vertical entities to collect, process, and analyze raw data in order to create actionable
data points for our customers, among many other vertical businesses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>An Overview of Our Business</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edge AI significantly underlies Gorilla&#8217;s business offering.
When data is processed at a network&#8217;s &#8220;edge&#8221; (or where the data is generated and consumed) on devices where it was originally
created it lessens the need for additional computation or power requirements or traditional hardware and software, not to mention the
bandwidth needed in constantly pushing video data from edge to server. There are four primary advantages to moving AI processing to the
edge:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Highly economical and cost-effective. </i>Moving
AI processing to the edge reduces the quantity of data processed by larger devices, which have become computationally more powerful,
and reduces the volume of data being transferred to the cloud.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Faster speeds for processing and storage. </i>Latency
for real-time processing is minimized by keeping and processing data closer to the edge.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Ensures security and reduces disruption. </i>Keeping
data on the local device and dispersing storage, processing and applications across a variety of devices and data centers ensures security
and prevents the entire network from being brought down by a single outage.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Reliable connections and workflows. </i>Our
proprietary<i>&#160;</i>edge AI virtualization technology enables a highly dependable mesh architecture for distributed computing and
storage, especially inside the low latency of a 5G Private Network, and minimizes workflow interruptions due to network outages.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A significant portion of our customers are governmental agencies. To
meet the accounting, invoicing and budgeting procedures applicable to those customers, our income generated by particular governmental
agency customers will be recognized upon the customers&#8217; acceptance of our invoice. For example, a project with governmental agency
was won by the end of previous fiscal year or at the beginning of the current fiscal year, the customer will accept our billing upon the
completion of such project, which could be by the end of the current fiscal year or potentially, the next fiscal year. Seasonality may
cause fluctuations in our results of operations and position. See the sections of this Annual Report titled &#8220;<i>Risk Factors&#160;&#8212;
&#160;Seasonality may cause fluctuations in our results of operations and position</i>&#8221; and Item 5.A<i>. &#8220;Operating Results
&#8212;&#160;Quarterly Revenue Trends</i>&#8221; for more information.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>AI Lifecycle Framework: Turning Video&#160;&amp; Network Intelligence
into Actionable Insights Using a Big Data Platform</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Edge AI Computing</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By boosting accuracy and minimizing human error through automation,
edge AI and edge computing devices help numerous sectors become more efficient and safer. Machine learning intelligent camera systems
can gather raw data, process it, and analyze it using facial recognition to identify persons of interest and questionable actions that
may be occurring immediately at the edge, due to the emergence of edge AI.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Numerous industries across the board are already seeing the potential
of these edge computing devices to benefit people&#8217;s daily life. Transportation/driverless cars, education, medical/healthcare, agriculture,
manufacturing/factories, retail/shopping and video surveillance are all early users of edge AI and edge computing technologies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As edge AI and video analytics grow more entwined, Fortune Business
Insights forecasts a 23.8% compound annual growth rate (&#8220;CAGR&#8221;) for the worldwide video analytics market to 2029. Additionally,
increased usage of video analysis solutions in retail, healthcare, building&#160;and construction, and other sectors is offering attractive
prospects for market participants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To make the most of these new trends, Gorilla is increasingly turning
to AI at the edge. Gorilla&#8217;s technology in edge AI computing makes up a comprehensive video surveillance system that is designed
for CPU efficiency. Recognizing the high computing demand it needs, Gorilla&#8217;s edge AI and deep learning technology can &#8220;piggyback&#8221;
on big data at the edge, and with better algorithms, a new generation of video analytics is created. The result is increased accuracy
with optimized video processing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla IVAR<b><sup>&#174;</sup></b> has edge AI technology that may
be used to enable real-time responses to events from edge and IoT devices and security equipment. Users obtain advanced insights about
people, vehicles and moving objects in the form of information for unique use-cases in surveillance and security, retail and customer
service, traffic and parking, staff and visitor management, and other areas. As a certified computer vision MRS partner of Intel&#174;
to optimize their solution with OpenVINO&#8482;, Gorilla&#8217;s IVAR<b><sup>&#174;</sup></b> is on the pulse of the market, enabling clients
to benefit from the Open Visual Inference&#160;&amp; Neural Network Optimization toolkit in new and unexpected ways. We believe Gorilla&#8217;s
AI technology is helping fast-track the deployment of computer vision for edge computing involving cameras and IoT devices, and it is
being used to help develop solutions that emulate human sight, useful for addressing the growing markets in deep learning and computer
vision. We believe it has been used successfully in edge implementations, useful for single, stand-alone device locations like when pointed
at a point-of-sale system, in an edge/gateway configuration, used in larger areas encompassing multiple moving pieces like for large train
stations, and in server configurations, which may ensure expansive areas like hospitals, airports and smart cities can keep their citizens
safe.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla OT Security uses AI technology to deliver endpoint and network
security in the OT environment. Gorilla OT Security may be used in a wide range of OT fields, including ports, airports, power, medical
care, factory automation, intelligent traffic management, retail, financial, entertainment, logistics and smart cities, among others and
easily converges with existing IT security.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By boosting accuracy and minimizing human error through automation,
Gorilla&#8217;s edge AI system is assisting industries in becoming more efficient and safer. Gorilla offers high-performance video analysis
to bring edge and IoT data and business intelligence into the age of machine learning while ensuring operational security. This solution
delivers advanced dataset services for cloud servers and enables value-added applications in numerous sectors such as retail, industrial
markets, banking, education and public safety. Interest in the solution is expected to continue to rise as industries understand the potential
of these devices to improve their&#160;day-to-day lives, as well as their businesses and overall safety.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>AI Big Data Platform</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edge AI devices not only process various types of structured data but
can also analyze and transform the unstructured video and image data into structured data via deep learning, a form of AI technology.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once processed, the data is encrypted and sent with the time of collection
as an event for analysis in vertical application services built on top of Gorilla&#8217;s AI Big Data Platform, which is a distributed
system that can be easily scaled out by adding more nodes to improve its capacity and computation power. It can accommodate structured
data, such as relational database, CSV/Excel/JSON/XML files and OpenAPI, and unstructured data such as video, images and text from edge
AI devices and various other heterogeneous data sources. The data can be pre-processed according to the characteristics of the data source
to ensure consistency and availability during the import process.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After data is imported into the AI Big Data Platform, it will be indexed
according to its time, location information, and the characteristics of each data field to form a temporal-spatial database, so that we
can build various vertical applications and services to process, correlate and analyze data on top of the platform.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The core of the Gorilla AI Big Data Platform is AI Hyper Learning.
After the data is collected by the edge device being sent to the Big Data Platform, in addition to analyzing with pre-trained analysis
models, you can also use the AI Hyper Learning core to train a more accurate AI algorithm based on the field-specific data and then apply
the new AI model to the edge AI device to form a complete AI Lifecycle. Integrating the features of 5G multi-access edge computing (&#8220;MEC&#8221;),
data can stay in the field and the AI Hyper Learning core can be deployed to the MEC Server on the field side. In this way, data privacy
and real-time and in-field training can be taken into account at the same time.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Vertical AI Application Services</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are building Vertical AI Application on the rapidly evolving Hybrid
Edge-Cloud environment, which will eventually overlap with our core technology. Multiple vertical applications will be built on top of
the AI Big Data Platform to provide real-time and statistics AI data and visualization dashboard, which will support both video analytics
data and cybersecurity analytics AI data.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla provides a variety of AI solutions and services that combines
video analytics and IoT technology to deliver business intelligence insights for improving performance in sales, operations and understanding
of customer needs. Smart cities, commercial and major enterprise settings, in retail and hospitality, and academia are just a few of the
key industries where this technology is already implemented. While security and safety are at the root of these solutions, governments
and enterprises are using Gorilla&#8217;s vertical solutions and services in new and innovative ways, like to ease traffic congestion
or better manage customers in a busy retail environment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enterprises, small business and smart cities are increasingly seeing
the advantage of implementing AI.&#160;Gorilla&#8217;s vertical solutions are a real-time video analytics solution that creates many benefits
in the business and security intelligence fields by being an Intel certified Market Ready Solution (MRS), performance-driven edge AI and
computer vision software. Gorilla&#8217;s vertical solutions are fueled by the need to make sense of large data sets from video applications
and the need for AI optimization.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s solutions and services have already been implemented
in the following key vertical markets:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Smart City</i>&#160;&#8212;&#160;For public safety, driverless
cars and to monitor changes in the environment;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Transportation&#160;</i>&#8212;&#160;Traffic monitoring,
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Business and Enterprise&#160;</i>&#8212;&#160;In building
safety and security, as well as employer/employee turnout;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Retail and Hospitality&#160;</i>&#8212;&#160;For targeted
marketing, customer management and loss prevention; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><i>&#9679;</i></td><td style="text-align: left"><i>Education&#160;</i>&#8212;&#160;For campus security and
professor/student course engagement.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business for Major Verticals</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Smart City&#160;&amp; Transportation</i></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Stadium and Public Spaces</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Airports, Ports&#160;&amp; Stations</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Traffic&#160;&amp; Parking Management</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Highway, Street&#160;&amp; Intersection</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Power Plants&#160;&amp; Key Infrastructure Projects</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Environmental Monitoring</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Government, smart parking, campus and arena administrators can use
Gorilla Smart City and Safe City solutions to better monitor, manage and make large-scale decisions. Gorilla&#8217;s comprehensive Smart
Municipal solution, which is based on IVAR<sup>&#174;</sup>&#8217;s cutting-edge AI technology, has been used in a number of city projects
and excels at traffic control, public safety, and central management. Our edge computing technologies like IVAR<sup>&#174;</sup> are influencing
how people use intelligent video analytics around the world.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; width: 3%">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%"><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: 3%"><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: top">
    <td><p style="margin-top: 0; margin-bottom: 0">&#9679;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#9679;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#9679;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#9679;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Public space customers
entrance control</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Traffic violation&#160;&amp;
abnormal situation notification</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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System connected with road site unit (includes traffic light signal)</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#9679;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#9679;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#9679;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><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: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><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 0pt 12pt; text-indent: -12pt"><span style="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">-
    Edge AI&#160;&amp; data analytics to shorten data transform latency&#160;&amp; response time (detect dangerous situations and respond
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><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 0pt 12pt; text-indent: -12pt"><span style="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">-
    On-site big data collection&#160;&amp; analytics for instant response&#160;&amp; decision making</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><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">-
Vertical certificated AI appliance&#160;&amp; SaaS, and provide AI training/machine learning eco-system&#160;</span></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Automobiles</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Energy&#160;&amp; Oil</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Manufacturing&#160;&amp; Robotics</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Architecture&#160;&amp; Construction</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Medical Instruments</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Defense</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To efficiently manage people and spaces, Gorilla Industrial Solutions
delivers AI-based video surveillance and OT security. Integrating access control, attendance, scheduling and intrusion detection can easily
be integrated with current departments or company-wide systems. It merges traditional processes with IoT, facial recognition, and temperature
and mask detection technologies, which allows businesses to access, control and manage employee and visitor records in a single location.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%; padding-right: 3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Scenarios</i></b></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">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 3%; 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; width: 46%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Benefits</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; padding-bottom: 2.25pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AI
                                       plug-in instrument for vertical based scenario (production line, operation/medical process)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatically
    vehicle/people access control&#160;&amp; management</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    prediction and real-time alerting</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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; white-space: nowrap; padding-bottom: 8pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></p>
                                                                          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.25pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Best
                                       Cost&#160;&amp; Performance:</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Improve predictive maintenance&#160;&amp; provide performance operation management</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low
    Latency:</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Edge AI&#160;&amp; data analytics to shorten data transform latency&#160;&amp; response time (detect dangerous/abnormal situations
    on time)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advanced
    Security</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Big data collection&#160;&amp; analytics for prediction and instant response&#160;&amp; decision making</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">High
    Reliability</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    AI Appliance&#160;&amp; SaaS for easy plug&#160;&amp; play, and provide AI training/machine learning eco-system</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

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

</div><!-- Field: Page; Sequence: 43; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Healthcare</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Education</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial&#160;&amp;
                                            Banking</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telecommunication</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Data
                                            Center&#160;&amp; ISP</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; width: 48%; padding-right: 3pt; font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Scenarios</i></b></span></td>
    <td style="white-space: nowrap; width: 1%; padding-bottom: 1.5pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 51%; font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Benefits</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-bottom: 2.25pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;Shopper
    Behavior Analysis</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Shopper Demographics</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Number of Passers/Visitors</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Shopper Path</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;Heatmap</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Customer Stay Time</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Best Sellers</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;Membership/VIP</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Loyal customer target based special service</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Watch list</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;POS/Merchandise</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Customer type/behavior and shopping item connection&#160;&amp; analytics</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;Loss
    Prevention</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Prevent money loss from improper operation&#160;&amp; robbery</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="white-space: nowrap; padding-bottom: 8pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 2.25pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;Best
    Cost&#160;&amp; Performance</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Increase customer loyalty</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Precise marketing and promotion</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Less human resource since customer self-service POS/Kiosk</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;Low
    Latency</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Interactive&#160;&amp; real time response for customer service</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Real-time alert when abnormal physical/cyber behavior occurs</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;Advanced
    Security</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Lost prevention: prevent money loss and intrusion</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Prevent malware/ransomware attack</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#160;&#160;&#160;High
    Reliability</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Easy Plug&#160;&amp; play AI Appliance with high stability</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Multi-tenancy AI SaaS with data backup mechanism</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intelligent
video analytics are used by Gorilla&#8217;s Commercial Solutions to safely manage personnel. Access control, attendance, scheduling and
performance monitoring are all easily integrated into current departments or corporate systems. It combines traditional processes with
IoT, facial recognition and temperature and mask detection technologies to enable enterprises to access, regulate and manage employee
and visitor records in a single location.</span></p><div>

</div><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><div>

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

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Criminal
                                            Investigation Agencies</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prosecutors&#8217;
                                            Offices</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State&#160;&amp;
                                            City Police</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Correction
                                            Agencies</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Border&#160;&amp;
                                            Coast Guards</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intelligence
                                            Agencies</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">National
                                            Security Agencies</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intelligent
video analytics are used by Government and Public Service Solutions to help people and traffic flow more safely. Access control, attendance,
scheduling and behavior tracking may all be simply linked into current departmental or corporate systems. Organizations can effectively
control and monitor traffic in crucial locations by using license plate recognition and vehicle detection analytics.</span></p><div>

</div><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><div>

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

</div><!-- Field: Page; Sequence: 44; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Scenarios</i></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%"><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: 3%"><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: 46%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Benefits</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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Target
        vehicle/people search&#160;&amp; tracking</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Watch
    list target monitoring&#160;&amp; alerting</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abnormal
    behavior detection</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Criminal
    investigation big data analytics</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">National
    level cyber security</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span>&#9679;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#9679;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#9679;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#9679;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
                                                         <p style="margin-top: 0; margin-bottom: 0"></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Best
        Cost&#160;&amp; Performance:</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Easy integration with existing device/Infrastructure&#160;&#8212;&#160;provide performance operation management</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low
    Latency:</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Edge AI&#160;&amp; data analytics to shorten data transform&#160;latency&#160;&amp; response time (detect dangerous target/situations
    on time)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advanced
    Security:</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Big data collection for criminal investigation&#160;&amp; public safety analytics</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    Intelligent data/device/network/s cyber security</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">High
    Reliability:</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
    AI Appliance&#160;&amp; SaaS for easy plug&#160;&amp; play</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 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-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
Stable E2E solution with AI training/machine learning eco-system</span></p></td></tr>
  </table><div>
</div><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><div>

</div><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>Gorilla&#8217;s
Suite of Products and Services</b></span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
creating and modifying our unique technology to meet industry standards, we hope to distinguish ourselves from our competition. We believe
our edge AI platform was one of the first to use Intel&#8217;s OpenVINO toolkit to bring edge computing, IoT data and business intelligence
into the machine-learning era.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
provide various and highly accurate insights in edge computing, we use a combination of machine learning and deep learning. All of the
data is encrypted, and the service is protected by our endpoints and network security solution. Edge AI is the corner stone of our product
and service offerings, and it underlies our entire array of solutions.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AI
Models, AI Appliances and AI SaaS Platforms are among our products and services we offer to our customers.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>AI
Models and Platform Independent Offerings</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OT
security and video analytics AI Models can be easily incorporated into AI Boards, AI Appliances, OEM hardware, and third party platforms
to enable AI functionality and address business and operational needs.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intelligent
video analytics (&#8220;IVAs&#8221;) are AI models that can scan video for patterns and distinguish specific items using AI algorithms
and metadata. The video data can then be queried and searched for various/specific outcomes after it has been processed.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gorilla
is combining video analytic specialization of over 40 IVAs with leading industrial PCs, network appliances, car PCs and servers from
various partners. Given the digital transformations that COVID-19 has prompted, the delivery and quick deployment of cutting-edge AI
appliances that focus on physical, data, and network security has proven invaluable.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the categories below, video is processed to generate analytic data. Video analytics for various verticals will be launched in tandem
with the launch of vertical applications on a well-defined timeline:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Behavioral
                                            Analytics</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">People/Face
                                            Recognition</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle
                                            Analysis</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Object
                                            Recognition</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
                                            Intelligence</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Algorithms
are used in these analytics to look for specific behavior. A behavior might be characterized as action over time. As a result, each behavior
analytics algorithm requires more than one frame from the video to identify whether or not an event or behavior has occurred. Behavior
analytics algorithms search for changes from frame to frame over time in frames to detect a very particular and predefined event or activity.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following behavior analytics algorithms are used in our solutions:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The<b><i>&#160;</i></b><i>People
                                            Counting IVA</i> detects and counts people for a specified amount of time as they enter a
                                            zone and/or cross a line that users define in the software.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The<b>&#160;</b><i>Line
                                            Crossing IVA </i>detects when people cross a line (or lines) of user-defined length and position.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            <i>Intrusion Detection IVA </i>monitors user-created zones to detect any activity or entries
                                            by moving objects (like people).</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The<b>&#160;</b><i>Direction
                                            Detection IVA</i> monitors a user-created zone for people moving within the zone and in the
                                            marked direction. Movements in the opposite direction do not trigger an alert.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The<b>&#160;</b><i>Direction
                                            Violation Detection IVA</i> operates the same as the Direction Detection IVA but also detects
                                            and alerts to movements in the opposite direction. Security checks at airports and other
                                            transportation hubs benefit from this type of IVA.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            <i>Loitering Detection IVA </i>monitors figures or people entering and then remaining in
                                            a user-created zone for a specified period.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>People/Face
Recognition</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
categorize People/Face Recognition IVAs into two core groups:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            <i>Human Detection IVA<b>&#160;</b></i>detects human figures within the video. Once detected,
                                            features like clothing color, gender, eyewear, masks and age group can be detected as well.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            <i>Face Recognition IVA, </i>which is subject to the privacy regulation applied to each region,
                                            recognizes and identifies faces and is used in conjunction with our Business Automation Platform
                                            (BAP) software and its facial recognition database. While there are a myriad of uses for
                                            this, Face Recognition IVAs are often used for watch lists, VIP identification, attendance
                                            systems and black lists.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicle
analysis IVAs have been widely deployed by transportation authorities to keep traffic flowing smoothly, reduce traffic violations and
assist with criminal investigations. These IVAs generate real-time events and statistical data that can be used to make quick decisions
and deploy fewer workers.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The<b>&#160;</b><i>Vehicle
                                            Classification IVA<b>&#160;</b></i>detects vehicle types, e.g. motorbikes, cars and buses.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The<b>&#160;</b><i>Vehicle
                                            Direction Detection&#160;&amp; Counting IVA</i> counts the number of vehicles moving in a
                                            specific direction.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            <i>Traffic Violation Detection IVA </i>recognizes the vehicles that violate traffic regulations
                                            or enter into prohibited areas.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The<b>&#160;</b><i>License
                                            Plate Recognition IVA</i> recognizes license plates on static or moving vehicles under the
                                            privacy regulation applied to each region.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similar
to the People/Face Recognition IVAs, the Object Recognition IVAs utilize algorithms to train software to detect and recognize specific
objects. Once trained, the IVAs generate real-time recognition and identification of objects within the parameters set by the end-user
for a number of uses&#160;&#8212;&#160;most notably, the identification of weapons for immediate security response.</span></p><div>

</div><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><div>

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

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gorilla&#8217;s
business intelligence analytics models provide visual overviews of top-performing traffic, people count, gender, and ages for single
and multi-store environments to assist clients in better target product marketing strategies, especially when combined with POS data,
conversion rate, and consumer preference analysis. Additionally, clients utilize Gorilla&#8217;s business intelligence analytics models
to further optimize shop layout, product promotion, and marketing/advertising strategy and compare analytics data from one period of
time to another and across multiple data sources.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
Retail also offers targeted marketing management solutions such as tailored content delivery and smart signage. It provides a comprehensive,
real-time, portable analytical tool for single to multi-store operational managers and retail marketers, incorporating camera and IoT
correlation analytical data to store operation overviews of top-performing traffic, shopper, revenue count and conversion rates to deliver
actionable insight for better advertising strategy, staffing management and drive business outcomes. In almost every retail or commercial
scenario, business intelligence dashboards that present data about numerous business activities are a valuable asset.</span></p><div>

</div><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><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IT-OT
Security Convergence</i></span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industrial
systems are becoming increasingly connected in order to create powerful, networked businesses, but they are also becoming more vulnerable
to cyber assaults. When an OT network is connected to an IT network, the OT network and any connected OT devices are instantaneously
exposed to the dangerous landscape. Malicious attacks are always developing and other risk factors such as the fact that certain endpoints
are running old software make them more vulnerable to hackers. Furthermore, the growing use of third-party suppliers to gain remote access
to OT networks widens the attack surface and introduces new vulnerabilities.</span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
enormous cost of industrial equipment, as well as the potential for a cyber-attack to destroy businesses and communities, are important
considerations for companies trying to define their industrial networks.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
blending of various IT and OT technologies into an integrated system, fueled by digital transformation, is known as security convergence.
Having a strong security convergence plan in place and providing endpoint protection would secure processes, people and profits while
lowering security vulnerabilities and incidents dramatically. Security convergence provides businesses with a unified picture of industrial
systems, as well as process management solutions that ensure accurate data is supplied to people, machines, switches, sensors and devices.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AI
algorithms for anomaly detection applied to both network and endpoints are at the heart of Gorilla IT-OT Security Convergence, allowing
system administrators and security engineers to detect suspicious behaviors in real time and respond quickly to reduce security risk
and damage caused by hackers or malware. These algorithms can be used to offer AI features to third-party software and hardware platforms,
in addition to Gorilla&#8217;s own products and solutions.</span></p><div>

</div><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><div>

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

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
network anomaly is a state or condition in which network operation deviates from normal. Many network security devices compare network
packets for known anomalies using rules or signatures. We employ AI to learn diverse anomalous in network behaviors in order to create
AI models for network anomaly detection. These AI models can detect a variety of anomalous network behaviors, including denial of service,
network topology abnormality, abnormal network traffic, abnormal communication protocol, network intrusion, and so on.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Endpoint
Malware and Suspicious Behavior Detection</i></span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Traditional
antivirus software detects harmful programs in the endpoint environment mostly through signatures or rules. The advantage of this strategy
is that it can detect malware rapidly and effectively, but the disadvantage is that it has a very poor detection rate for unknown malware.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
collect a huge number of harmful programs and footprints created by various malicious behaviors in the endpoint environment and train
AI models to detect malicious programs and behaviors using Deep Learning technology. The key benefit of employing these AI models is
that they still have a high detection rate when confronted with unknown dangerous programs or behaviors; therefore, there is no need
to update virus patterns or detection criteria on a regular basis.</span></p><div>

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</div><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><i>AI
Appliances</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intelligent
Video Analytics (IVA) Appliances</i></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
edge AI IVA Appliances install Gorilla software on hardware bundles, resulting in all-in-one solutions. IVA Appliances use deep learning
to analyze and turn unstructured video and picture data into structured data. Once processed, the encrypted data is delivered to in public,
private, or hybrid servers as an event with the time of capture for analysis. The data is then transformed into useful, real-time insights
by our numerous AI algorithms, which include people, vehicle and object detection capabilities.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IVAR</i><sup>&#174;
</sup><i>Appliance</i></span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IVAR<sup>&#174;
</sup>by Gorilla is a comprehensive all-in-one surveillance solution that combines video management and intelligent video analytics (IVAs).
The real-time analytics solution from IVAR<sup>&#174;&#160;</sup>provides insight into business and operations in a single, easy-to-read
statistics dashboard. People and face recognition, vehicle detection and recognition, object detection and classification, behavior analysis,
business intelligence and COVID-19 management and prevention are among the platform&#8217;s primary capabilities.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IVAR<sup>&#174;
</sup>allows government, transportation, business and retail administrators to better monitor, manage and make decisions on a large scale.
Many projects throughout the world have used IVAR<sup>&#174;</sup>, including traffic control, public safety, enterprise security and
retail analytics. Our edge computing solutions, such as IVAR<sup>&#174;&#160;</sup>are having an impact on how society employs intelligent
video analytics around the world.</span></p><div>

</div><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><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer a complete workforce management solution with our Smart Attendance. Smart Attendance makes use of IVAs to allow businesses to track
employee health and safety, work&#160;hours, clock-ins/outs, absenteeism and HR management departments in a secure environment, ensuring
the protection of company assets and intellectual property.</span></p><div>

</div><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><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
Attendance&#8217;s primary features include:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">contactless
                                            access via facial recognition and RFID/card recognition;</span></td>
</tr></table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">biometric
                                            security temperature detection; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">two-factor
                                            authentication.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
Attendance automatically logs employee timestamps directly to a database, minimizing manual data input costs and payroll processing.
Smart Attendance works with existing systems such as clock-in machines, iPads and computers with webcams. Clients can install clock-in/out
devices anywhere within a facility, and attendance records will be synchronized over the network. Our product enables accurate facial
recognition, even when staff wear masks, and is combined with temperature detection to empower organizations to create the safest work
environments possible.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Event&#160;&amp;
Video Management System Appliances</i></span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gorilla
Event&#160;&amp; Video Management System (EVMS) is an advanced VMS with AI-based event search and management system to store event/object
attributes in temporal-spatial big data database from Gorilla, which delivers comprehensive operational management and business insights.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary benefits of EVMS are:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
                                            Efficiency&#160;&#8212;</i>&#160;AI-based video analytics are embedded to replace manual
                                            video monitoring, save human resource costs and increase efficiency.</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Event
                                            Alert&#160;&#8212;&#160;</i>Real-time abnormal event alerts provide management efficiency
                                            and perform effective and near instant event handling and event searches.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interoperable&#160;&#8212;&#160;</i>Interoperability
                                            to work with standard camera and NVR in one VMS platform, manage video and events from any
                                            number of Gorilla or third party VMS/NVR and IVA systems.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>At-a-Glance
                                            Awareness&#160;&#8212;&#160;</i>The visualized and customizable event dashboard gives at-a-glance
                                            situational and system awareness.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operation
Technology (OT) Security Appliance</i></span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OT
is a type of hardware and software used to monitor and control physical devices, processes, and infrastructure. OT Security is a common
form of cybersecurity used to protect industrial systems and networks from various threats.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gorilla
offers robust cybersecurity solutions leveraging AI and machine learning for OT networks to protect customer&#8217;s data and devices.
To defend against attacks, we offer a wide-range of data, network, and endpoint security solutions to ward off attacks, along with AI-based
forensic tools and comprehensive data monitoring and alert systems.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
convergence is a guiding philosophy for Gorilla&#8217;s cybersecurity products. We see how digital transformation is enabling businesses
to become more resilient and strong in their networks, but we also see the potential for cyber threats and endpoint protection. Malicious
attacks are always developing and other risk factors such as the fact that certain endpoints are running obsolete software make them
to be more vulnerable to hackers, highlighting the significance of solid endpoint protection and other advanced network security measures.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
OT Security Appliance includes the following:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>NetProbe
                                            </i>is an AI-based intrusion detection and prevention system that learns localized cyber-attack
                                            patterns and blocks threats from outside of your network, ensuring the safety and security
                                            of your data.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>NetTrap
                                            </i>imitates many network services and HW devices to broaden the breadth of threat detection.
                                            It adopts AI-based technology detects suspicious activities in your networks. It can also
                                            isolate and control cyber risks before they occur, preventing internal users or devices from
                                            connecting to hostile IPs with or without their awareness. By utilizing automated methods
                                            and deep learning to identify harmful websites, network administrators can save time.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>EdgeGuard
                                            </i>recognizes threat patterns and prevents attacks from outside the network. EdgeGuard is
                                            a cybersecurity system designed for tough industrial OT environments. It leverages edge AI
                                            to identify cyber threats and offers a comprehensive protection system.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#9679;</i></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>FR-MOTP&#160;</i>strengthens
                                            authentication processes by combining facial recognition with a one-time password sent to
                                            a mobile device. The additional stages of verification protect IT and OT systems from identity
                                            theft and brute force attacks.</span></td>
</tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><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><i>AI
SaaS Platform</i></b></span></p><div>

</div><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><div>

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

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
Retail is a comprehensive, real-time, analytical tool for single/multi-store operations and retail marketers, incorporating camera and
IoT-gathered data to store information relating to traffic, shopper identification, revenue and conversion rates to deliver insights
for more targeted advertising and efficient staffing management.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
core capabilities of Smart Retail are:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shopper
                                            Demographics. </i>Smart Retail provides detailed information on customer traffic, gender
                                            and age. This data, when combined with point-of-sale data, conversion rates and shopper preferences,
                                            allows companies to create more targeted promotional campaigns to increase sales.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Visualized
                                            Shopper Behavior. </i>Smart Retail leverages IoT devices and cameras to gather data relating
                                            to a shopper&#8217;s location and their time spent in certain areas to visualize behaviors
                                            and help clients understand product attractiveness.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advanced
                                            Data Analytics. </i>Smart Retail&#8217;s analytics dashboard provides clients with real-time,
                                            actionable data so they can take advantage of market momentum or avoid potential losses.
                                            It provides high-priority items that are integrated with external databases, such as point-of-sale
                                            devices, to produce comprehensive and in-depth and insights.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Smart
City and Transportation SaaS</i></span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
our Smart City SaaS, we provide superior traffic management, public safety and planning data for governments, transportation entities,
campus and arena managers. Smart City can provide IVAs for the management of large-scale areas with considerable traffic volumes using
camera and IoT data.</span></p><div>

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
core capabilities of Smart City are:</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>People
                                            tracking and experience reporting. </i>Smart City gives clients actionable items to manage
                                            services within defined zones by giving real-time data on foot traffic and congestion in
                                            defined locations.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Access
                                            control. </i>Face recognition is used in Smart City to improve security by authenticating
                                            access to specific areas.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Vehicle
                                            management. </i>Smart City improves traffic management by diverting traffic to less congested
                                            regions using license plate recognition and vehicle location searches.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public
                                            safety.</i> Smart City employs video analytics to detect and warn clients to area intrusions
                                            into restricted areas, suspicious loiterers and black-listed individuals. It can also monitor
                                            and identify traffic violations in real time, allowing for increased enforcement while lowering
                                            the number of officers on the street.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Endpoint
Security SaaS, as the name suggests, is a service that protects endpoints against security threats. Malware and suspicious activities
detection, vulnerability warning, policy conformance and Biometric Multi-factor Authentication are all part of the solution. The endpoint&#8217;s
safety factor may be assessed, and information security risks and threats can be reduced, due to different protective measures.</span></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AI-based
                                            malware and behavior detection can supplement the endpoint&#8217;s existing antivirus software,
                                            detect unknown malware, and lower the risk of APT assaults on endpoints.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Examine
                                            whether the endpoint adheres to the organization&#8217;s security policies. Many government
                                            organizations, for example, have established a government configuration baseline (GCB) that
                                            sets the organization&#8217;s standard security setup for each endpoint. When an endpoint&#8217;s
                                            configuration does not match the GCB, it may indicate that there is a risk.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
                                            for the presence of software with known vulnerabilities on the endpoint to prevent hackers
                                            or malware from exploring these flaws to compromise the system.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
                                            logging or executing high-privilege commands, the user must pass biometric multi-factor authentication.
                                            It can prevent a hacker from gaining access to the endpoint&#8217;s high privileges and causing
                                            significant damage.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global edge AI software market size is forecasted to grow from $0.8&#160;billion in 2022 to $3.1&#160;billion by 2027, at a Compound
Annual Growth Rate (CAGR) of 28.9% during the forecast period. As edge AI and video analytics grow more entwined, Fortune Business Insights
forecasts a 23.8% CAGR for the worldwide video analytics market to 2029. Additionally, increased usage of video analysis solutions in
retail, healthcare, building&#160;&amp; construction, and other sectors is offering attractive prospects for market participants.</span></p><div>

</div><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><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Despite the rising cloud computing market, the demand for more efficient
and responsive systems has grown significantly. Moving AI and computation closer to the network edge reduces bandwidth requirements, provides
for more agile transfer and response times, and ensures secure and private data protection by allowing close physical proximity to the
end-user.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla believes it has a distinct advantage over its competitors in
terms of end-to-end solutions and a diverse variety of vertical solutions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Edge AI Computing, AI Big Data Platforms, and Vertical AI Application
Services are all part of Gorilla AI lifecycle framework. Gorilla also offers a wide range of vertical solutions for edge computing in
Government&#160;&amp; Public Service, Smart City and Safe City, Industrial, and Commercial, whereas cloud-based solutions providers such
as Alphabet, Microsoft, and Amazon Web Services mostly provide cloud-based AI services for general use. As a result, clients would have
to customize solutions to meet their specific needs while also being willing to accept privacy concerns and the risk of network latency.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla has advanced edge AI technology that allows for real-time responses
to events from edge and IoT devices, as well as security equipment. Users obtain advanced insights about people, cars, and moving objects
in the form of information for unique use-cases in surveillance and security, retail and customer service, traffic and parking, employee
and visitor management, and other areas. As a certified computer vision MRS (Market Ready Solution) partner of Intel&#174;, Gorilla&#8217;s
AI technology is helping fast-track the deployment of computer vision for edge computing involving cameras and IoT devices.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla is engaging with a variety of cross-platform edge device makers
for SoC to provide optimized AI capabilities on various edge devices.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avigilon, Axis, and Genetec, for instance, are three leading video
surveillance system providers that specialize in video surveillance equipment and video management systems. However, they have recently
shifted their focus to video analytics as well. In addition to video analytics, Gorilla provides comprehensive end-to-end solutions including
OT security and Big Data, which are ideal for solving complex issues that customers face in a range of circumstances.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nozomi Networks, Claroty, and Dragos are OT security companies that
provide solutions for network visualization and threat detection in the OT environment. With our AI-based threat detection and comprehensive
data monitoring and alerting systems, Gorilla also provides a wide range of data, network, and endpoint security solutions to defend against
cyberattacks, all of which can work alone or seamlessly with Vision AI Appliance and SaaS.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla is building Vertical AI Applications on the rapidly evolving
Hybrid Edge-Cloud environment, which will converge with our core technology. On top of the AI Big Data platform, multiple vertical applications
will be developed to provide a real-time and statistical AI data and visualization dashboard that would integrate both video analytics
and cybersecurity analytics AI data.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla offers a wide range of AI solutions and services that integrate
video analytics and IoT technology to provide business intelligence insights for improving sales, operations, and customer experience.
Smart cities, commercial and major enterprise settings, retail, and hospitality are just a few of the key industries that have already
implemented this technology. Governments and businesses are using Gorilla&#8217;s vertical solutions and services in innovative ways,
such as easing traffic congestion or better managing customers in a busy retail setting.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Key Industry Drivers</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Acceleration of Digital Transformation</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rise of the Internet of Things, referred to as IoT, is a sign of
global digital change. The COVID-19 epidemic, as well as the increasing acceptance of remote learning and working, have promoted businesses
and individuals throughout the world to use a wide range of technology solutions and tools to achieve their potential and become more
productive with data. The market for IoT devices has grown considerably and can bridge the gap between devices and networks.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cloud-based Data and Computing Solutions</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We anticipate that customers will continue to seek open, cloud-based
solutions that facilitate the sharing of data across enterprise functions in an agile and convenient manner. Accordingly, the need for
off-site servers along with the increased bandwidth required to share data between devices in the cloud is expected to generate additional
demand for efficient computing technology.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, as the market transitions to more cloud-based solutions, operators
will require agile, efficient and robust solutions to deal with increased data, computational capacity and security requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>5G Networks</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fifth Generation, or &#8220;5G,&#8221; technology enables mobile devices
to process data at faster speeds, which, in turn, improves functionality and connectivity. The improvement in the capabilities of mobile
networks with the growing adoption of 5G will increase the volume of data being generated, processed and shared from IoT devices exponentially.
The faster and more reliable data flows will lead to improved connection density. The IoT market will continue to grow as more devices
become equipped to handle the bandwidth capabilities provided by 5G networks.</p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The adoption of 5G networks and the increased bandwidth provided is
expected to transform industries from all business sectors, exponentially increasing the agility of such companies to process and share
data. The increase in the volume of data being shared will require technology capable of securely processing, storing and analyzing data
from end-to-end and from cloud-to-edge.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Proliferation of AI and Machine Learning</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The value of AI and machine learning in driving innovation in technology
has grown considerably over the last decade. The automation of processing vast amounts of data is a key concern of many businesses, organizations
and individuals globally and helps stakeholders make sense of data to realize potential.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This growing market has expanded the range of solutions required by
end-users from edge to cloud. With machine learning and AI no longer limited to the realm of supercomputers and prohibitively expensive
technology, businesses and individuals are increasingly exposed to, and have increased access to, the capabilities of these technologies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Intelligent Edge</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Despite the aforementioned growing cloud computing market, the need
for more efficient and responsive systems has increased considerably. The movement of AI and computing closer to the network edge ensures
lower bandwidth requirements, enables more agile transfer and response times and allows close physical proximity to the end-user to ensure
secure and private data retention.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cybersecurity Issues and Ransomware</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cybersecurity threats and the entry of hostile attackers have increased
as a result of digital transformation and the adoption of cloud solutions. Industrial systems and OT devices have become more networked
and interwoven with IT systems, making them more vulnerable to cyberattacks. For commercial and government entities, this is becoming
an increasingly serious operational and reputational challenge.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Malware, ransomware and malicious attackers have increased in recent&#160;years,
attempting to gain access to networks or data centers, disrupt systems and services or demand ransom to return control of data and services.
Cybersecurity threats are continually growing and becoming more complex and sophisticated, which makes detecting and properly protecting
against them more difficult. These considerations have prompted businesses and governments to look for ways to protect their IT, OT and
data, necessitating the development of more complex and comprehensive cybersecurity solutions.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Visionary leadership with a strong track record in video analytics
and technology development</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s basis is built on the digitization and archiving of
large volume of video for the purpose of storage, retrieval and analysis by broadcasting industry clients. Based on their breadth of experience,
Gorilla&#8217;s leadership group has built a strong track record in video analytics and has extended this knowledge to developing advanced
AI and machine learning solutions for a variety of digital applications.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With over 20&#160;years of tech development and video processing experience,
as well as the vision and expertise of our leadership group and robust research and development team, we believe we have been at the forefront
of high-performance video analysis optimized by Intel&#8217;s OpenVINO toolkit. We believe that the marketplace has recognized us for
our innovative design, best-in-class edge computing products and our consistent performance in creating facial recognition technology.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Diverse product portfolio which easily integrates with existing
system infrastructure of clients</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla has strong, market-exclusive technology that may be applied
across a wide range of industries and sectors. Gorilla&#8217;s extensive product offering can meet a wide range of customer objectives
and provide solutions to satisfy all video analysis needs, including retail, education, government and law enforcement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s product offerings and solutions are compatible with
the existing architecture of leading CPU manufacturers. As a result, Gorilla&#8217;s products are readily accepted and incorporated into
existing system infrastructures.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla has integrated our video analytics and IoT technology on edge
gateways, which are compatible with most of the enterprise level servers in the market. Softbank&#8217;s AI analytics platform is a global
IoT partner. In its AI engine for retail industry applications, Softbank&#8217;s AI analytics platform uses Gorilla&#8217;s technology.
Gorilla&#8217;s technology is deployed by market leaders thanks to strategic collaborations with other important companies in several
fields.</p><div>

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

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

</div><!-- Field: Page; Sequence: 51; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Diverse customer base including government (from state to municipal
level), transportation, enterprise and retail administrators</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla engages with both private and public sector customers. Retail,
construction, manufacturing, medical and office administration are among our private sector customers, while state and local governments,
transportation entities, correctional facilities, educational institutions and law enforcement agencies are among our public sector customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This broad customer base helps ensure the proliferation and general
acceptance of our technology, as well as a diversified source of revenue.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Pursue geographic diversity to capitalize on the global opportunity</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While some competitors are focused on specific regions, Gorilla offers
global coverage and a large ecosystem of partners across the world that pr<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ovides
our product and service offerings and help customers integrate these offerings.</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#160;</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">Gorilla&#8217;s
                                            solutions meet a variety of market needs without the need to engage additional partners,
                                            allowing for faster scaling and lower costs.</span></td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">In
                                            geographic regions where Gorilla does not have an operating subsidiary, we provide our product
                                            and service solutions through a suite of non-exclusive agreements that appoint sales representatives,
                                            resellers and distributors to engage with end customers.</span></td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Sales
                                            representatives are granted rights to use our products and services to market, promote and
                                            solicit orders of products on a non-transferable, non-sub-licensable and limited basis in
                                            designated regions. Sales representatives earn sales commission and contracts are not automatically
                                            renewed.</span></td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Resellers
                                            purchase our products and services for resale to end customers and provide maintenance services
                                            in their areas of operation. They are permitted to use our software for demonstration, training
                                            and maintenance services. The contracts are automatically renewed unless prior notice is
                                            otherwise provided.</span></td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Distributors
                                            purchase our products at a discount and are permitted to market, distribute, sell, bundle,
                                            promote and advertise the products directly to end customers in their region of operation.
                                            The contracts are automatically renewed unless prior notice otherwise is provided.</span></td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">Our
                                            agreements provide us with the flexibility to enter markets without an established presence
                                            in a cost effective and efficient manner.</span></td></tr></table><div>

</div><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><div>

</div><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>Core
Strategies</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s core strategies revolve around the growth of our business,
which requires continuous refinement and development of our product and service offerings, expansion of our customer base and geographic
reach, scaling of our sales and marketing efforts and the pursuit of key partnerships to ensure that our technology is the foremost choice
in the market.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla provides edge AI appliances and smart edge devices with embedded
Gorilla AI models to generate actionable insights across the edge to the edge datacenter using our AI Lifecycle eco-growth recurring business
model. AI data analytics SaaS and new scenario-based AI inference educated by AI training SaaS can be dispatched to edge AI appliance
to generate a new set of AI data analytics forming an eco-growth AI Lifecycle for the public sectors, Fortune 500 enterprises, and small
and media size companies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We will continue to innovate across all areas that are key to
product leadership as we pursue end-to-end solutions for our customers&#8217; rapidly evolving needs, while leveraging existing core competencies.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have been investing in continuous research and development, or &#8220;R&amp;D,&#8221;
to help develop new solutions to market problems as they arise as well as improve our current offerings. Gorilla is committed to introducing
new product features, capabilities and solutions in response to our customers&#8217; requirements and preferences. We plan to utilize
a strong intellectual property framework to secure the valuable, unique technology we develop.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are committed to thoughtfully deploying capital and scaling
investment as we seek market penetration in new geographies.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla will seek reseller partnerships for AI SaaS services and AI
Appliances in regions without operating subsidiaries in order to expand into new markets while avoiding regulatory hurdles and overhead
expenditures. We intend to execute this strategy in order to enter and establish a foothold in such markets, after which we plan to use
additional capital to grow our operations in successful markets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla is recruiting key salesforce in the United&#160;States to allow
cross-ecosystem relationships that are reshaping sectors and introducing new business models. We are strategically hiring key sales heads
in important regions in Europe and the Middle East, with a focus on backend infrastructure. As a part of Gorilla&#8217;s anticipated international
expansion strategy, Gorilla recently moved its headquarters to United Kingdom. In Asia, we are growing market access and promoting innovation
by building on existing ties in the Asia Pacific region.</p><div>

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

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

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    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sales and marketing expenditures have begun to grow, with a significant
increase in staff specializing in such operations, increasing from 82 to 92 employees from 2020 to 2021. We intend to engage with new
customer segments, expand existing customer segments and continue to leverage sales and lead generation activities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are pursuing collaborative partnerships with other key players
in sectors relating to chipset production, cloud services, telecommunications and consumer devices.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To ensure uptake and easy integration of our products, Gorilla will
seek to pair our video analysis expertise with leading industrial IT and OT infrastructures. We anticipate that Gorilla&#8217;s product
and service offerings will be able to operate with third-party products and services, as well as pre-existing infrastructure, due to these
strategic alliances, partnerships and other similar arrangements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This strategy is designed to help Gorilla increase the likely that
its potential future innovations are adopted in a timely and cost-effective manner, avoiding resistance from the market due to incompatibilities
with their respective systems.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Marketing and Sales</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Within Asia, Gorilla believes it has established a strong brand and
is recognized as one of the leading companies in edge AI technology, IoT technologies and cybersecurity products and services. Gorilla
believes that its reputation as a reliable and proven partner in Asia, as well as its well-publicized ties with top firms like Intel and
Telstra, will allow for further worldwide brand recognition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla is developing new AI models for all verticals in Asia&#8217;s
rising economies, leveraging its extensive manufacturing supply chain to produce AI Appliances and AI SaaS that can be delivered and implemented
quickly in the United&#160;States and European markets. Gorilla is accelerating cooperative growth by utilizing hybrid cloud business
infrastructure, which comprises Edge, Private Cloud and Public Cloud.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In each location, Gorilla has sales, pre-sales and after-sales teams
that provide around the clock service. Gorilla regional sales and support teams educate and collaborate with all reseller and deployment
partners to discover the right customers and deliver quality service under reseller and/or memorandum of understanding agreements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The majority of Gorilla&#8217;s global sales forces are based in Taiwan,
Tokyo, Japan and Bangkok, Thailand (covering Thailand, Indonesia, Philippines, Vietnam, Singapore and Malaysia). We plan to expand our
sales force in United Kingdom to cover European business opportunities, as well as in certain regions of the United&#160;States to expand
our business into North America.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Research and Development</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla has invested a significant amount of time and resources into
research and development in order to expand our product line, improve our current product and service offerings and further drive our
efficiency.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our development process takes place in Taipei, Taiwan and, as of December&#160;31,
2022, our expenses for R&amp;D activities constitute approximately 63.0% of our revenue. As we reach the maturity of our product offerings,
R&amp;D expenses will likely decrease, but will continually constitute a large portion of our use of proceeds in order to maintain our
innovative approach to the market.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December&#160;31, 2022, we had more than 99 employees within
our R&amp;D department, and approximately 65% of the R&amp;D employees hold master degrees or philosophy doctor degrees in ICT, Physics
or Math. Approximately 46% of our R&amp;D employees have over 10&#160;years of professional experience in the relevant vertical fields.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The ability of Gorilla to develop and maintain proprietary IT and OT
is crucial to our success.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla currently holds 21 patents. Of the total 21 patents, 12 are
located in Taiwan (expiring between 2028 and 2038), 6 are located in PRC (expiring between 2029 and 2035) and 3 are located in the United&#160;States
(expiring between 2031 and 2035). Our application in Europe is still pending. Our patents relate to hardware platforms, AI models, AI
appliances and AI SaaS modules.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to our patents, Gorilla relies on copyright and trademarks
to protect our software and marketing materials. Gorilla currently holds 18 trademarks, all of which are granted. Out of the total 18
trademarks, 11 are located in Taiwan, 3 in the United&#160;States, 1 in China, 2 in Australia, 1 in Japan and 1 in Europe. Gorilla currently
holds 5 software copyrights in China. Also, Gorilla currently holds 11 different domain names covering our business operations, 8 of which
are currently not in use.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Data Privacy</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla primarily deals with significant amounts of data, including
vehicle data and personal identifiable information (&#8220;PII&#8221;), which are subject to emerging regulatory federal, state, national
and international frameworks that are prone to constant change.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To operate its business, Gorilla&#8217;s devices receive, process and
share video data and depending on the natural of such data, may be subject to the EU and UK GDPR, the EU Directive on Privacy and Electronic
Communications, California&#8217;s CCPA promoting open access to data and neutrality. Neither any data received by Gorilla&#8217;s devices
nor any PII contained therein is transmitted to, or stored in Gorilla&#8217;s servers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, in certain markets such as the U.K. and the U.S., Gorilla&#8217;s
services only deal with images and videos without PII.&#160;For example, the edge AI computing detects the number of people walking by
a certain area during a period of time to control the brightness of street lamps for the energy saving purpose. However, the edge AI computing
applied in such markets does not catch clear facial images of such pedestrians so no PII is collected, processed or shared accordingly.
If in the future other applications of the edge AI computing involving PII are desired by the U.K. or the U.S.&#160;customers, local data
privacy regulations will apply.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In Taiwan, the major market where Gorilla&#8217;s revenues come from,
the facial recognition technology is comprehensively used by Gorilla&#8217;s customers to collect and process PII, therefore Gorilla and
its customers are subject to Taiwan&#8217;s Personal Data Protection Act and the Enforcement Rules thereof.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In other markets where Gorilla only supplies hardware devices to local
service integrators, except that such hardware devices will be in compliance with EU ETSI Standards, it is local integrators&#8217; sole
discretion whether to activate any function to collect, process or share PII, and if yes, it is local integrators&#8217; responsibility
to obtain sufficient assurances from data providers that the subject of the date has been provided with clear and appropriate notice and
explicitly consented to provide such data, or with sufficient authorization under applicable laws and regulations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Criminal Investigation and Security Surveillance</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s services are utilized by its customers who are regulatory
authorities empowered to conduct criminal investigations and transportation/public facilities (airports, seaports, railway stations and
hospitals) authorized to conduct security surveillance for the protection of public safety. Gorilla&#8217;s processing and sharing of
data with such customers are subject to local laws and regulations regarding human right protection. Gorilla ensures that all services
and data provided to its customers are authorized by applicable laws and/or court writs. For example, Gorilla has entered into multiple
agreements with CIB, a criminal investigation agency in Taiwan, during fiscal year 2022. Such agreements were either for the provision
of integrated systems which the duration were ranging from 1 to 2&#160;years or system maintenance projects which were mostly on a one-year
basis. As to the provision of integrated systems, Gorilla established certain integrated systems (including AI algorithm, big data analysis,
other software and hardware) for CIB&#8217;s criminal investigation works, including, among others, mobile telecommunication surveillance,
suspected vehicle image data analysis, internet hacking investigation, internet-based crime information analysis, AI criminal investigation
and tracking, etc.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Government Procurement Laws</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many customers of Gorilla are government agencies or state-owned companies
in Taiwan. The procurement of Gorilla&#8217;s services and/or products by such customers is subject to the Government Procurement Act&#160;of&#160;Taiwan
and public tender processes. Subject to the tendering agencies&#8217; discretion and the rules set forth in the tender documents, ownership
of 30% or above of the equity interests or controlling power in Gorilla by ultimate beneficiaries who are nationals or corporations of
the People&#8217;s Republic of China may disqualify Gorilla from tendering such bids, or constitute a termination cause of the awarded
contracts.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Radio Frequency Regulation</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Radio frequency devices Gorilla imports, exports, installs and uses
are subject to local radio frequency regulations, approvals authorizations and/or certifications. Gorilla compliances with the standards,
criteria and procedures regarding radio frequency devices promulgated by various regulators including the Federal Communications Commission
of the U.S., European Commission and National Communications Commission of Taiwan.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Supply Chain Restrictions</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As there are national security concerns that the hardware devices might
automatically collect, process and transmit data to People&#8217;s Republic of China, in many service contracts with Taiwan government
agencies and state-owned companies, it is expressly stated that no hardware or equipment supplied by People&#8217;s Republic of China&#8217;s
manufacturers is allowed for the services.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla may become involved in actions, claims, litigation, and other
legal proceedings occurring in the ordinary course of its business from time to time, including assertions by third parties relating to
intellectual property infringement, contract or warranty breaches, or employment-related matters. Gorilla is not currently a party to
any actions, claims, suits, or other legal procedures whose conclusion, if not determined in its favor, would have a major adverse effect
on Gorilla&#8217;s business, financial condition, or results of operations, either individually or in the aggregate.</p><div>

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

</div><div><a id="m_017"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">4.C. ORGANIZATIONAL STRUCTURE</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following diagram shows the current structure of Gorilla Technology
Group Inc. and all subsidiaries thereof.</p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/></p><div>

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

</div><div><a id="m_018"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">4.D. PROPERTY, PLANTS AND EQUIPMENT</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our headquarters are located in London, United Kingdom, with leased
office. Additionally, we own an office in Taipei, Taiwan, with approximately 1,910.4 square meters. Our headquarters houses our Chief
Executive Officer&#8217;s office and Global HR, R&amp;D and operations. We also have material business units in Taiwan, which include
Video IoT&#160;&amp; Security Convergence, R&amp;D, general administrative, human resources and finance&#160;&amp; accounting.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We lease additional offices around the world, including in New Taipei
City, Taiwan, Hong&#160;Kong and Japan.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We lease part of our facilities and own real property in Taipei, Taiwan.
We intend to procure additional space as we add employees and expand geographically. We believe our facilities are adequate and suitable
for our current needs and that, if necessary, additional or alternative space will be available to accommodate any expansion of our business.</p><div>

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

</div><div><a id="m_019"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Item 4A: UNRESOLVED STAFF
COMMENTS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">None</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>

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

</div><div><a id="m_020"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 5: OPERATING
AND FINANCIAL REVIEW AND PROSPECTS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>The following discussion and analysis of Gorilla&#8217;s
financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes
included elsewhere in this Form 20-F. Some of the information contained in this discussion and analysis, including information with respect
to Gorilla&#8217;s planned investments in its research and development, sales and marketing, and general and administrative functions,
includes forward-looking statements that involve risks and uncertainties. You should review the sections titled &#8220;Special Note&#160;Regarding
Forward-Looking Statements and Risk Factor Summary&#8221; and &#8220;Risk Factors&#8221; for a discussion of forward-looking statements
and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking
statements contained in the following discussion and analysis. In this section &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221;
refer to Gorilla.</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>You should carefully review and consider the
information regarding our financial condition and results of operations set forth under the section titled &#8220;Gorilla&#8217;s Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations&#8221; in our Form F-4 filed with the Securities and Exchange
Commission on June 27, 2022, for an understanding of our operating results and liquidity discussions and analysis comparing fiscal year
2021 to fiscal year 2020.</i></p><div>

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

</div><div><a id="m_021"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">5.A. OPERATING RESULTS</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla Technology Group Inc. (Gorilla, the &#8220;Company&#8221;
or the &#8220;Group&#8221;) is a market-leading provider of video intelligence, Internet of Things (IoT) security and edge content management
in the Asia Pacific region with operations and established distribution and sales channels in other key regions across the globe.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have operated in the field of video analytics
since our incorporation in 2001. As video moved from analog to digital formats, we leveraged this core competency to create innovative
and business transformative technology utilizing artificial intelligence (AI) and edge AI computing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our developed technologies in edge AI computing,
video analytics and operational technology (OT) security are the backbone of our suite of product and service solutions for our diversified
customer base of commercial, industrial, municipal and government entities. We partner with industry leading companies from cloud infrastructure
providers, telecoms, chipset vendors and storage manufacturers to provide end-to-end solutions for different verticals. Our machine learning
and deep learning proprietary algorithms underpin our product and service offerings which help our customers to securely move, store and
analyze data for actionable use in biometric authentication, account management, device management, business intelligence, and other applications.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We generate our revenue from the sale of hardware,
software and services to customers directly under sale contracts and through resellers and distributors under reseller agreements and
distribution agreements. Our two primary business segments include Video IoT and Security Convergence. For additional details see the
section titled &#8220;&#8212; <i>Sales and Marketing</i>&#8221; below.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Business Combination and Public Company Costs</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On December&#160;21, 2021, Gorilla entered into
the Business Combination Agreement with Global SPAC Partners Co. (&#8220;Global SPAC&#8221;) Pursuant to the Business Combination Agreement,
Gorilla Merger Sub, Inc. a wholly owned subsidiary of Gorilla, merged with and into Global SPAC with Global SPAC surviving the merger.
As a result of the Merger, and upon consummation of the Marger and other transactions contemplated thereof, Global SPAC became a wholly
owned subsidiary of Gorilla, with the security holders of Global SPAC becoming security holders of Gorilla.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Merger was accounted for as a capital reorganization.
Under this method of accounting, Global was treated as the &#8220;acquired&#8221; company for financial reporting purposes. Accordingly,
the Merger was treated as the equivalent of Gorilla issuing shares at the closing of the Merger for the net assets of Global as of the
closing date, accompanied by a recapitalization. The net assets of Global was stated at historical cost, with no goodwill or other intangible
assets recorded.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As a consequence of the Merger, the Gorilla ordinary
shares are registered under the Exchange&#160;Act and listed on Nasdaq, which require Gorilla to hire additional personnel and implement
procedures and processes to address public company regulatory requirements and customary practices. Gorilla expects to incur additional
annual expenses as a public company for, among other things, directors&#8217; and officers&#8217; liability insurance, director fees and
additional internal and external accounting and legal and administrative resources, including increased audit and legal fees.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Trends
and </b></span><b>Key Factors Affecting Gorilla&#8217;s Performance</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The performance of our business depends on a number
of factors, such as the following.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Adoption of Gorilla&#8217;s product and service
offering</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla&#8217;s future success depends on a large
part on the market adoption of our product and services and the level to which they can be integrated into their pre-existing information
technology (&#8220;IT&#8221;) and operational technology infrastructure. While Gorilla sees growing demand for our platform, particularly
from large enterprises, seeking access to our product and service offerings, it is difficult to predict customer adoption rates and future
demand. We believe that the benefits of our platform put it in a strong position to capture the significant market opportunity ahead.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Recurring revenue from existing customers</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla&#8217;s diverse base of customers represents
a significant opportunity for further adoption of our broad product and service offerings. While we have seen an increase in the number
of our customers, we believe that there is a substantial opportunity to expand the sale of our products and services among our existing
customers. We plan to continue investing in our direct sales force to encourage increased sales among our existing customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Once utilized, Gorilla&#8217;s customers often
expand their use more broadly within the enterprise as they identify new cases and realize the benefits of our products and services.
In any given period, there is a risk that customer consumption of our products and services will be lower than we expect, which may cause
fluctuations in Gorilla&#8217;s revenue and results of operations. Gorilla&#8217;s ability to increase usage of our products and services
by existing customers, and, in particular, by large enterprise customers, will depend on a number of factors, including customers&#8217;
satisfaction, competition, pricing, overall changes in our customers&#8217; spending levels and the effectiveness of our sales and marketing
efforts.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In addition, changes in spending policies, budget
priorities and funding levels, including current and future stimulus packages, are key factors influencing the purchasing levels of Government
customers. As the duration and ongoing economic impacts of the COVID-19 pandemic remain uncertain, current and future budget priorities
and funding levels for Government customers may be adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Expansion of Gorilla&#8217;s geographic coverage
and customer base/Acquiring new customers</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We believe there is a substantial opportunity
to further grow our customer base by continuing to make significant investments in sales, marketing and brand awareness. Gorilla&#8217;s
ability to attract new customers will depend on a number of factors, including our success in recruiting and scaling our sales and marketing
organization and competitive dynamics in our targeted new geographical markets in Europe, the MENA region and Asia. We intend to expand
our direct sales force, with a focus on increasing sales in targeted geographies and customer segments. We may not achieve anticipated
revenue growth from expanding our sales force to focus on large enterprises if we are unable to hire, develop, integrate, and retain talented
and effective sales personnel; if our new and existing sales personnel are unable to achieve desired productivity levels in a reasonable
period of time; or if our sales and marketing programs are not effective.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Investing in growth and scaling our business</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We are focused on our long-term revenue potential.
We believe that our market opportunity is large, and we will continue to invest significantly in scaling across all organizational functions
in order to grow our operations both domestically and internationally. We believe we have a history of introducing successful new features
and capabilities on our platform, and we intend to continue to invest heavily into research and development &amp; sales and marketing
to grow our business to take advantage of our expansive market opportunity rather than optimize for profitability or cash flow in the
near future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Key Business Metric(s)</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla monitors a number of financial and non-financial
key business metric to measures on a regular basis in order to help it evaluate its business and growth trends, establish budgets, measure
the effectiveness of its sales and marketing efforts, and assess operational efficiencies. We believe that the most important of these
measures include gross margin, operating margin, net income (loss) as well as the non-financial key metric discussed below which may differ
from other similarly titled metrics used by other companies, securities analysts or investors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Number of contracts of sale</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla will continue to monitor the number of
direct and indirect agreements with customers for the provision of our suite of products and services. The number of agreements will directly
impact the results of operations, including revenues and gross margins for the foreseeable future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Number of strategic partnerships with industry
leaders</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla will monitor the number of partnerships
held with leading companies within the cloud infrastructure providers, telecoms, chipset vendors and storage manufacturers for the provision
of our technology. The number of partnerships will influence the dissemination of our product and service offering and will impact future
revenue and gross margins.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The results of certain key business metrics are
as follows:</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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>&#160;</td>
    <td colspan="6" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year Ended</span></td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31</span></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-weight: bold">Items</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">(dollars in thousands)</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: 76%">Revenue</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">22,409</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">42,243</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Cost of revenue</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">(14,072</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">(26,469</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Gross margin</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">8,337</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">15,774</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-align: left">Operating expense</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">94,844</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">23,932</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Operating loss</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">(86,507</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">(8,158</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-align: left">Net loss</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(87,537</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(8,548</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Number of contracts of sales</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">254</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">297</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Impact of COVID-19</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our financial performance has been affected by
the outbreak of COVID-19. The Group&#8217;s significant operation is in Taiwan, which has been affected by the spread of COVID-19 since
2020. More broadly, the COVID-19 pandemic has affected almost all countries of the world, and resulted in border closures, production
stoppages, workplace closures, movement controls and other measures imposed by the various governments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Resultantly, COVID-19 has disrupted our operations
and the operations of our suppliers, customers, and other business partners and may continue to do so for an indefinite period of time,
including as a result of travel restrictions and/or business shutdowns.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla has experienced, and may continue to experience,
an adverse impact on certain parts of its business following the implementation of shelter-in-place orders to mitigate the outbreak of
COVID-19, including a lengthening of the sales cycle for some prospective customers and delays in the delivery of professional services
and trainings to Gorilla&#8217;s customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">While a reduction in operating expenses may have
an immediate positive impact on our results of operations, we do not yet have visibility into the full impact this will have on our business.
We cannot predict how long we will continue to experience these impacts as shelter-in-place orders and other related measures are expected
to change over time. Our results of operations, cash flows, and financial condition have not been adversely impacted to date. However,
as certain of our customers or partners experience downturns or uncertainty in their own business operations or revenue resulting from
the spread of COVID-19, they may continue to decrease or delay their spending, request pricing discounts, or seek renegotiations of their
contracts, any of which may result in decreased revenue and cash receipts for Gorilla. In addition, we may experience customer losses,
including due to customer bankruptcies or customers ceasing operations, which may result in an inability to collect accounts receivable
from these customers. In addition, in response to the spread of COVID-19, we have required substantially all of our employees to work
remotely to minimize the risk of the virus to our employees and the communities in which we operate. We may take further actions as may
be required by government authorities or that we determine are in the best interests of our employees, customers, and business partners.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The global impact of COVID-19 continues to rapidly
evolve, and Gorilla will continue to monitor the situation and the effects on our business and operations closely. Gorilla has considered
the market conditions (including the impact of COVID-19) as of the balance sheet date, in making estimates and judgements on the recoverability
of assets and provisions for sales and service contracts as of December 31, 2022. However, we do not yet know the full extent of potential
impacts on our business or operations or on the global economy as a whole, particularly if the COVID-19 pandemic continues and persists
for an extended period of time. Given the uncertainty, we cannot reasonably estimate the impact on our future results of operations, cash
flows, or financial condition. For additional details, see the section of this proxy statement/prospectus titled &#8220;<i>Risk Factors</i>.&#8221;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Components of Results of Operations</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Revenue</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our primary sources of revenue are derived from
the sale of hardware, software and services to customers directly under sales contracts, through resellers and distributors under reseller
agreements and distribution and software license agreements, and through partnerships with system integrators under sales agreements.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Under our typical reseller agreement, resellers
purchase Gorilla products and sets their own prices for the end customer&#8217;s license of our product line. Resellers earn the difference
on the purchase price from Gorilla and the price they set to provide the products and services to end customers. Warranty coverage is
maintained by Gorilla. However, the reseller provides maintenance services to customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">These contracts are automatically renewed for
an additional year unless prior notice otherwise is given.</p><div>

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

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

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    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Under our typical distribution and software license
agreement, distributors purchase our products and are permitted to distribute, sell, bundle, promote and advertise our products directly
to end customers. Distributors receive a discount on the purchase price and earn an agreed margin on the resale price. These contracts
are automatically renewed for a year unless prior notice otherwise is given.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>System integrators</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Under our typical sales agreement, system integrators
purchase our products and data services and are permitted to integrate our products and services with theirs to sell directly to their
customers in their respective regions of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As part of our sales contracts, system integrators
receive a discount on the purchase price of our products and services which are then on-sold by the system integrators to their customers.
These contracts are automatically renewed for a year unless prior 60-day notice is given by either party to terminate the agreement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Cost of Revenue</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Cost of revenue consists primarily of expenses
associated with salaries, labor, health insurance fees, benefits for personnel, outsourcing costs, warranties and hardware such as servers
and storage devices needed for total solutions. We expect that cost of revenue will increase in absolute dollars as our revenue grows
and will vary from year-to-year as a percentage of revenue.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Operating Expenses</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our operating expenses consist of research and
development, sales and marketing, and general and administrative expenses. Personnel costs are the most significant component of operating
expenses and consist of salaries, benefits, bonuses, share-based compensation, and sales commissions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Research and Development</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Research and development expenses consist primarily
of personnel-related expenses associated with Gorilla&#8217;s research and development and product development teams, including salaries,
benefits, bonuses, and share-based compensation. Research and development expenses also include contractor or professional services fees,
third-party cloud infrastructure expenses incurred in developing Gorilla&#8217;s platform, and computer equipment, software, and subscription
services dedicated for use by its research and development and organization. Gorilla expects that our research and development expenses
will increase as a percentage of our annual sales as our business grows and related labor cost increases due to the inflation and competitive
employment market demands for talented people and will continue to maintain a relatively large expenditure to maintain our innovative
approach to the market.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Sales and Marketing</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Sales and marketing expenses consist primarily
of personnel-related expenses associated with Gorilla&#8217;s sales and marketing staff, including salaries, benefits, bonuses, share-based
compensation and travel. Marketing expenses also include third-party software tools required for marketing automation and consultation
and advertising costs. Gorilla expects these costs to increase over time as our expansion into different markets continues and additional
tools and personnel are implemented.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In addition to the costs paid to our directly
employed sales and marketing staff, we contract with sales representatives to support marketing activities for Gorilla in specific regions
and territories. We license these representatives to use our software to market, promote and solicit orders of our product line on a non-transferable
and non-sub-licensable and limited basis. The contracts are not automatically renewed. We pay these sales representatives commission on
their sales, which are included in our sales and marketing expenses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla expects increases in sales and marketing
expenses with:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the establishment of sales support operations for AI manufacturer
ecosystems in Taiwan, Indonesia, Thailand, Malaysia, Singapore, US, Europe and MENA; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">enhancement of technical support for AI models to device
manufacture, AI Appliances to distributors and system integrators, and AI SaaS to telecommunication and managing service providers in
US, Europe, Middle East and Africa, Latin America, India and expand the local support in Australia, Thailand, Indonesia, Singapore, Malaysia,
Vietnam and Japan.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Prior to the disruption of international travel
caused by the COVID-19 pandemic, sales and marketing expenses also included international travel of personnel and expenses related to
trade shows, demonstrations and other marketing events. Gorilla expects that our sales and marketing expenses will grow in absolute dollars
as well as a percentage of its revenue over time as Gorilla grows its business.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>General and Administrative</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">General and administrative expenses consist primarily
of personnel-related expenses for Gorilla&#8217;s finance, legal, human resources, facilities and administrative personnel, including
salaries, benefits, bonuses, and share-based compensation. General and administrative expenses also include external legal, accounting,
bookkeeping and other professional services fees, software and subscription services dedicated for use by Gorilla&#8217;s general and
administrative functions, and other corporate expenses. General and administrative expenses also include allocated overhead costs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Following the closing of this Merger, Gorilla
expects to incur additional expenses as a result of becoming 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, and increased
expenses for insurance, investor relations, and professional services. We expect that our general and administrative expenses will increase
in absolute dollars as our business grows.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Financial Income (Expense), Net</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Financial income (expense), net consists primarily
of interest expenses relating to Gorilla&#8217;s short-term and long-term borrowings and bank facilities, as well as interest income relating
to bank deposits.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Income Tax Benefit (Expense)</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Income tax benefit (expense) consists primarily
of income taxes in certain foreign and state jurisdictions in which Gorilla conducts business. Valuation allowances are provided when
necessary to reduce deferred tax assets to the amount more likely than not to be realized.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Results of Operations </b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The results of operations presented below should
be reviewed in conjunction with the consolidated financial statements and notes included elsewhere in this Form 20-F. The following table
sets forth Gorilla&#8217;s consolidated results of operations data for the years presented:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Year Ended December 31, 2022 Compared with
to Year Ended December 31, 2021</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table summarizes our historical
results of operations for the years indicated:</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">22,409</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Gross profit</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(8,082</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">-19.1</td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(81,120</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Net Revenue:</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Net revenue by segment, in dollars and as a percentage
of total net revenue, and the year-over-year dollar and percentage change in net revenue are as follows:</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our revenue decreased by $19.83&#160;million,
or -47.0%, to $22.41&#160;million for the year ended December 31, 2022 compared to approximately $42.24&#160;million for the year ended
December 31, 2021. For segment disclosure, our revenue increased by $0.66&#160;million, or 5.4% in security convergence and decreased
by $20.49&#160;million, or -67.9% in Video IoT for the year ended December 31, 2022, compared to the year ended December 31, 2021. The
primary reasons for the increase in the revenue from the security convergence segment are increases in numbers of projects including hardware
revenue, while the primary reasons for the decrease in the revenue from the Video IoT segment are decreases in hardware, software and
services revenues. We have been trying to change in business focus to our security convergence segment starting from 2021 to pursue larger
projects with higher gross margins and to reduce hardware infrastructure and service for the Video IoT segment. The shifting of focus
to security convergence segment continues to grow in 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our revenue decreased as no new material services
were rendered to existing customers under the circumstances of the COVID-19 pandemic. Additionally, major components of a telecom 4G project
and a major sale of ecommerce equipment were completed and revenue was recognized in the year ended December 31, 2021. The revenue from
new customers increased by $1.16&#160;million, or 16.69%, to $8.11million for the year ended December 31, 2022 compared to approximately
$6.95&#160;million, for the year ended December 31, 2021. The revenue from existing customers decreased by $20.99&#160;million, or -59.48%,
to $14.30&#160;million for the year ended December 31, 2022 compared to approximately $35.29 million, for the year ended December 31,
2021. The primary reason for the decreased revenue from both new and existing customers was due to more revenues recognized during the
first two quarters of 2021 comparing to 2022 as the projects were near the completion stage with only small remaining amount to be recognized
in 2022. Another driver was that no new material services were rendered under the circumstances of the COVID-19 pandemic.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Cost of Revenue:&#160;&#160;&#160;&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Cost of revenue by segment, in dollars and as
a percentage of total net revenue, and the year-over-year dollar and percentage change in cost of revenue are as follows:</p><div>

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




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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#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 style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 28%; text-align: left">Security Convergence</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,997</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our cost of revenue decreased by $12.4&#160;million,
or -46.8%, to $14.07&#160;million for the year ended December 31, 2022, compared to $26.47&#160;million for the year ended December 31,
2021. For segment disclosure, our cost of revenue increased by $3.46&#160;million, or 62.6% in security convergence and decreased by $15.86&#160;million,
or -75.8% in Video IoT for the year ended December 31, 2022, compared to the year ended December 31, 2021. The primary reason for the
increase in the cost of revenue from the security convergence segment is an increase in hardware cost associated with a few oversea sales
which were requested by our customers to bundle the software integration service with the hardware equipment. The bundle of hardware equipment
drove the higher costs. The primary reason for the decrease in the cost of revenue from Video IoT segment is the decrease in hardware,
software and service costs associated with the overall decrease in the revenue in this segment. Although we have been trying to change
in business focus to our security convergence segment starting from 2021 to pursue larger projects with higher gross margins and to reduce
hardware infrastructure and service for the Video IoT segment, the increase in costs in security convergence segment and the decrease
in costs in the Video IoT segment in 2022 was not as expected but we continue to adjust our sales portfolios and price strategy.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Gross Margin:</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gross margin by segment, in dollars and as a percentage
of total net revenue, and the year-over-year dollar and percentage change in gross margin are as follows:</p><div>

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


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

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

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our gross margin decreased by $7.44&#160;million
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by the decrease in cost of revenue leading to an increase in gross margin.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For segment disclosure, as a percentage of net
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The decrease in gross margin was primarily driven by higher hardware costs from vendors due to shortage of supplies in the markets, leading
to decreased gross margin.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As a percentage of net revenue, gross margin of
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Operating Expenses:</b></p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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    <td style="text-align: left">$</td><td style="text-align: right">(44</td><td style="text-align: left">)</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Research and Development</i></p><div>

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

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$0.94&#160;million, or 6.3%, to $14.11&#160;million for the year ended December 31, 2022, compared to $15.05 million, for the year ended
December 31, 2021. The slight decrease was primarily due to no new material expenditures for additional research and development relating
to our new service offerings in our Video IoT segment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Sales and Marketing</i></p><div>

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

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or -26.6%, to $3.64 million for the year ended December 31, 2022, compared to $4.96&#160;million, for the year ended December 31, 2021.
The decrease was primarily due to no new material services being rendered and less marketing efforts in promoting our AI appliances due
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>General and Administrative</i></p><div>

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

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by $5.76&#160;million, or 168%, to $9.19&#160;million for the year ended December 31, 2022, compared to $3.43&#160;million, for the year
ended December 31, 2021. The increase was primarily due to additional professional expenses incurred to service provider for business
combination project and incurred additional annual expenses as a public company for, among other things, directors&#8217; and officers&#8217;
liability insurance, director fees and additional internal and external accounting and legal and administrative resources, including increased
audit and legal fees..</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Share listing expenses</i></p><div>

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

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for the year ended December 31, 2022, compared to $0 for the year ended December 31, 2021. Share listing expense represents non-cash IFRS
2 charges recorded in connection with the consummation of the SPAC merger.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Financial Income (Expense), Net</i></b></p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Financial expense decreased by $0.03&#160;million,
or 4.6%, to $0.60&#160;million for the year ended December 31, 2022, compared to $0.63&#160;million, for the year ended December 31, 2021.
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Income Tax Benefit (Expense)</i></b></p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Income tax expense increased by $0.67 million,
or 280.7%, to $0.43 million for the year ended December 31, 2022, compared to $0.24 million of income tax benefit, for the year ended
December 31, 2021. The increase was primarily due to temporary tax difference for deferred assets or liabilities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Quarterly Revenue Trends</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla&#8217;s revenue generally increased sequentially
in each of the quarterly periods presented due to the fiscal year and procurement cycle of our customers. We generally experience seasonality
in the timing of the execution of our contracts as we typically execute many of our contracts in the fourth quarter due to the fiscal
year ends and procurement cycles of our customers. In certain instances, we have experienced a decline in revenue in the six months ended
December 31 followed by sequential increases in revenue throughout the year as a result of the timing of when contracts are executed and
the period of performance begins. Because we recognize the majority of our revenue ratably over the contractual term with respect to the
multi-year contracts, a substantial portion of revenue recognized each period is from agreements that we entered into during previous
periods. As such, increases or decreases in such multi-year contracts with new or existing customers may not immediately be reflected
as revenue for that period.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Recent Accounting Pronouncements</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For information on recently issued accounting
pronouncements, refer to Note 3 to our consolidated financial statements included elsewhere in this Form 20-F.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>EBIT, EBITDA and adjusted EBITDA</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Although EBIT, EBITDA and adjusted EBITDA are
not measures of performance that are recognized under GAAP, the management of Gorilla believes that the non-GAAP information, when taken
collectively, may be helpful to investors because they provide consistency and comparability with past financial performance and may assist
in comparisons with other companies to the extent that such other companies may use similar non-GAAP measures to supplement their IFRS
or GAAP results. The management of Gorilla has presented adjusted EBITDA because it provides investors with greater comparability of Gorilla&#8217;s
operating performance without the effects of unusual, non-repeating or non-cash adjustments. EBIT, EBITDA and adjusted EBITDA do not purport
to represent operating income (loss), net income (loss) or cash flow from operating activities and should not be considered in isolation
or as a substitute for measures of performance in accordance with GAAP. In addition, because EBIT, EBITDA or adjusted EBITDA are not calculated
identically by all companies, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures
of other companies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table shows our EBIT, EBITDA and
adjusted EBITDA, together reconciled to the loss for the year ended December 31, 2022 and 2021 (net of operating expenses and non-operating
income and expenses and excluding other comprehensive income).</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">(1)</td><td style="text-align: left">Transaction costs are one-off expenses for professional services related to the Merger, asset acquisition
and SOX 404 implementation project which are considered as one-off corporate development events and added back for calculation of adjusted
EBITDA.</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: top">
<td style="text-align: left">(2)</td><td style="text-align: left">Share listing expense represents non-cash IFRS 2 charges recorded in connection with the consummation
of the SPAC merger.</td></tr></table><div>

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

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

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

</div><div><a id="m_022"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">5.B. LIQUIDITY AND CAPITAL RESOURCES</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Liquidity and Capital Resources</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our capital requirements have primarily been for
capital expenditures related to the research and development, debt service, and operating expenses. Historically, we have generated negative
cash flows from operations and have financed our operations through the borrowings under our credit facilities, equity contributions and
payments received from our customers. We anticipate funding our future capital requirements and debt service payments with cash generated
from our operations, funds received through capital markets and future borrowings. To the extent we choose to seek additional financing
in the future (whether for development, acquisition opportunities as they arise or the refinancing of the financing facilities when due
at more favorable terms), we expect to fund such activities through cash generated from operations and through securing further debt financing
from banks and the capital markets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">Our cash, cash equivalents
as of December 31, 2022 was $23.00 million. Restricted cash and time deposits with maturity over three months were $6.87&#160;million.&#160;
We had $7.50 million of availability for borrowings under our revolving loan facility. &#160;Our short-term bank borrowings as of December
31, 2022 was $12.49 million. In addition, as of December 31, 2022, our shareholders&#8217; loans were $1.00 million and our long-term
bank borrowings, including current portion, was $10.36 million.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">Our management minimizes
liquidity risk through credit facilities and ongoing future cash flow management and planning. Our treasury monitors rolling forecasts
of our liquidity requirements to ensure it has sufficient cash to meet operational needs while maintain sufficient headroom on its undrawn
committed borrowing facilities at all times so that the Company does not breach borrowing limits or covenants on any of its borrowing
facilities. The forecasting takes into consideration the Company&#8217;s debt financing plans, covenant compliance and compliance with
internal balance sheet ratio targets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">We believe that we will
have sufficient cash flows, after taking into the amount of cash and cash equivalent, time deposits recognized under financial assets
at amortized cost (restricted cash), current, unused credit lines from bank loans and shareholder loans to meet our obligations on a timely
basis for the next 12 months from the date our financial statements as of and for the year ended December 31, 2022 was authorized for
issuance. However, there are a number of factors that may negatively impact our available sources of funds. The amount of cash generated
from operations will be dependent upon factors such as the successful execution of our business plan, general economic conditions and
working capital management.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table shows a summary of Gorilla&#8217;s
cash flows for the years presented (dollars in thousands):</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#12288;</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">Year Ended<br/> December 31</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#12288;</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: 76%; text-align: left">Net cash used in operating activities</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(8,774</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,623</td><td style="white-space: nowrap; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Net cash used in investing activities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(1,926</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(9,910</td><td style="white-space: nowrap; 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">Net cash provided by financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">23,607</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,988</td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Net decrease in cash and cash equivalents</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,052</td><td style="padding-bottom: 4pt; text-align: left">*</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,209</td><td style="white-space: nowrap; padding-bottom: 4pt; text-align: left">)*</td></tr>
  </table><div>


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

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

</div><!-- Field: Rule-Page --><div style="width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.15in; text-align: left"><sup>*</sup></td><td style="text-align: left">The amounts included the effect of foreign exchange rate changes.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Working Capital</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Year Ended December 31, 2022</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December 31, 2022, we had a working capital
of $19.50 million. This was due to the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Our cash and cash equivalents and our current account of
financial assets at amortized cost were $16.37 million more than short-term borrowings, and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Our accounts receivable of $14.04 million was $7.37 million
more than the accounts and notes payable.</td>
</tr></table><div>

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

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

</div><!-- Field: Page; Sequence: 64; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Year Ended December 31, 2021</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December 31, 2021, we had a working capital
of $17.83 million. This was due to the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Our cash and cash equivalents and our current account of
financial assets at amortized cost were $4.01 million lower than short-term borrowings, and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: left; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="text-align: left; width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Our accounts receivable of $34.82 million was $26.76 million
more than the accounts and notes payable.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Capital Expenditures</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla books its capital expenditures of $3.01
million and $8.40 million for the year ended December 31, 2022 and 2021, respectively, on acquisition of property, plants and equipment
as well as intangible assets. The acquired equipment and intangible assets are mainly for the purpose of research and development of new
technology and services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Operating Activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Gorilla&#8217;s primary uses of cash from operating
activities are for personnel-related expenses, sales and marketing expenses and overhead expenses. Gorilla has generated negative cash
flows and has supplemented working capital through short- and long-term bank borrowings during the year ended December 31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During the year ended December 31, 2022 and 2021,
net cash used in (provided by) operating activities was approximately $(8.77) and $1.62 million, respectively. The primary factors affecting
operating cash flows between these years were from our accounts receivable collection efforts and timing of payments for the vendors,
and transaction costs for business combination and additional annual expenses as a public company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Investing Activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Cash used in investing activities for the year
ended December 31, 2022 was $1.93 million. The primary factors affecting the investing cash flows were purchases of property, plant and
equipment, acquisition of financial assets at fair value through profit or loss and disposal of financial assets at amortized cost. The
significant portion of the equipment we purchased was the equipment for research and development activities, which were for the purposes
of developing products and services to meet our new customers&#8217; needs. As to the acquisition of financial assets at fair value through
profit or loss, it was entered into a protected cell rent-a-captive arrangement with an insurance company by investing certain capital
and retaining the premium to insure itself against future losses and the premium will be kept in the rent-a-captive company for future
claims payments. Disposal of financial assets at amortized cost is the decrease in the time deposits as collateral to secure the provision
of the performance guarantee and deposit letter of credit issued by the relevant banks as bid bond or performance bond.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Cash used in investing activities for the year
ended December 31, 2021 was $9.91&#160;million. The primary factors affecting the investing cash flows were purchases of property, plant
and equipment, the acquisition of intangible assets and the investment in financial assets at amortized cost. The significant portion
of the equipment we purchased was the equipment for research and development activities and the intangible assets we acquired was software,
which were for the purposes of developing products and services that meet our new customers&#8217; needs. As to the investment in financial
assets at amortized cost, it was invested in the time deposits as collateral to secure the provision of the performance guarantee and
deposit letter of credit issued by the relevant banks as bid bond or performance bond.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Financing Activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Cash provided by financing activities for the
year ended December 31, 2022 and 2021 was $23.61 million and $5.99 million, respectively, primarily as a result of proceeds from PIPE
investment and capital reorganization related to the Merger, repayment or proceeds from short term and long term borrowings for the purpose
of supporting the working capital needs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>Credit Facilities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December 31, 2022, we had total unsecured
and secured indebtedness of $23.85 million. At December 31, 2022, we were in compliance with the covenants under our credit agreements
and indentures.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">For additional information
regarding our debt and refinancing activities, see Note 16 (Short-term borrowings), Note 18 (Long-term borrowings) and Note&#160;41 (Capital
management)&#160;to the accompanying consolidated Financial Statements.</p><div>

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

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

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

</div><div><a id="m_023"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">5.C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December&#160;31, 2022, we had more than 99 employees within
our R&amp;D department, and approximately 65% of the R&amp;D employees hold master degrees or philosophy doctor degrees in ICT, Physics
or Math. Approximately 46% of our R&amp;D employees have over 10&#160;years of professional experience in the relevant vertical fields.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Research and development expenses were $14.1 million, $15.1 million
and $14.3 million in 2022, 2021 and 2020, respectively, and accounted for 14.9%, 62.9%, and 59.2% of our operating expenses in 2022, 2021
and 2020 respectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our success depends, in part, on our ability to protect the proprietary
methods and technologies that we develop or otherwise acquire. We rely on copyright, trade secret laws, confidentiality procedures and
contractual provisions to protect our proprietary methods and technologies and own more than 20 patents.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We generally enter into confidentiality and/or license
agreements with our employees, consultants, vendors and advertisers, and we generally limit access to, and distribution of, our proprietary
information. We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost
effective.<br/>
&#160;</p><div>

</div><div><a id="m_024"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">5.D. TREND INFORMATION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of 2023, Gorilla has been engaged by a governmental entity in the
MENA region to provide security convergence services. We anticipate that this entity will be our largest customer in 2023 and possibly
beyond. Among other things, uncertainties related to our capital requirements, our ability to meet our obligations under the engagement,
our ability to navigate the legal, macroeconomic and political landscape in the MENA region and otherwise manage our anticipated growth
in connection with this customer may materially impact Gorilla&#8217;s financial condition and results of operations.</p><div>

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

</div><div><a id="m_025"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">5.E. CRITICAL ACCOUNTING ESTIMATES</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our consolidated financial statements for the&#160;year
ended December 31, 2022 and 2021 have been prepared in accordance with IFRS as issued by the IASB.&#160;The preparation of these consolidated
financial statements requires management to make critical judgements in applying the Group&#8217;s accounting policies and make critical
assumptions and estimates concerning future events. Assumptions and estimates may differ from the actual results and are continually evaluated
and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year. For more information on critical accounting
estimates, refer to Note 4 to our consolidated financial statements included elsewhere in this Form 20-F.</p><div>




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

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

</div><div><a id="m_026"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 6: DIRECTORS,
SENIOR MANAGEMENT AND EMPLOYEES</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_027"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6.A. DIRECTORS AND SENIOR MANAGEMENT</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Board of Directors and Senior
Management</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The following table sets forth
information regarding our executive officers and directors, including their ages as of the date of this Annual Report:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 41%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jayesh Chandan</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer/Executive Chairman</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daphne Huang</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.&#160;Rajesh &#8220;Raj&#8221; Natarajan</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Innovation Officer</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Evan Medeiros</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yoichiro Hirano</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rt. Hon. Ruth Kelly</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregg Walker</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Jayesh &#8220;Jay&#8221; Chandan&#160;</b>is the Executive Chairman
of the Board as of the date of the Closing, and he became Chairman and Chief Executive Officer of the Company in September 2022, following
the concurrent retirement of Dr. Sih-Ping &#8220;Spincer&#8221; Koh, the founder of Gorilla. Since April&#160;2021, Mr.&#160;Chandan has
been the Chairman of Global SPAC Partners Co., a blank check company which completed a $168&#160;million IPO in April&#160;2021, and which
announced in December&#160;2021, its intention to merge with Gorilla. Since 2019, Mr.&#160;Chandan has been the Founder&#160;&amp; Managing
Partner of KASS Capital, an investment advisory firm that invests globally in the technology industry and provide alternative liquidity
solutions to equity investors, debt holders, founders and management teams. Since 2017, Mr.&#160;Chandan has also been the Co-Founder&#160;and
a Partner of Shackleton-Victoria, an investment firm where Mr.&#160;Chandan led the firm&#8217;s investment in FinLeap, a financial technology
accelerator and incubator. Since 2014, Mr.&#160;Chandan has also been the Co-Founder&#160;and a Director of Mathern Ltd., an investment
firm focused on investing in UK companies. From 2010 to 2012, Mr.&#160;Chandan was a Co-Founder&#160;and Partner at Cortis Capital LLP,
a transformation and project management firm focused on global mergers&#160;&amp; acquisitions, where he worked on the Minna Airport City,
an urban regeneration project in Nigeria. From 2007 to 2008, Mr.&#160;Chandan served as the CEO of Invensis (UK) Ltd., a business process
outsourcing company. From 2005 to 2007, Mr.&#160;Chandan served as Director of Business Development of EXLservice (UK) Ltd., a data analytics
company that is now publicly traded on the Nasdaq with approximately $1&#160;billion in revenues and approximately $3&#160;billion in
market cap. From 2004 to 2005, Mr.&#160;Chandan served as Director of Sales&#160;&amp; Strategic Accounts at Exevo (UK) Ltd., a global
market research&#160;&amp; outsourcing firm that was later acquired by Copal Partners and is now part of Moody&#8217;s Corporation. From
1995 to 2004, Mr.&#160;Chandan served as the Co-Founder&#160;and Executive Director of NPL, an IT services business in Southeast Asia.
Mr.&#160;Chandan serves as an Advisory Board Member of ConsolFreight LLC, a Fintech FreightTech ecosystem. Mr.&#160;Chandan graduated
from Madras University, India, with an Engineering Degree, majoring in Computer Sciences. We believe Mr.&#160;Chandan is well qualified
to serve as a director of our company given his extensive investment and operational experience in emerging markets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Daphne Huang</b> has served as the Chief Financial Officer of the
Company since July 2022. Ms. Huang has over 20 years of senior executive experience in finance within which more than ten years as chief
financial officer of global manufacturing, pharmaceutical, and technology sector companies. Ms. Huang most recently served as Chief Financial
Officer of Go-For Industries Inc., a technology platform-based logistics company, and prior to that, as Chief Financial Officer and Chief
Accounting Officer of Taro Pharmaceutical Industries Ltd., a NYSE listed global pharmaceutical company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to her career as a chief financial officer, Ms. Huang held positions
of increasing responsibilities in the financial service and debt capital markets sectors working for such companies as PriceWaterhouseCoopers,
FleetBoston, GE Capital and HSBC.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dr. Rajesh &#8220;Raj&#8221; Natarajan</b> has served as Chief Innovation
Officer of Gorilla since March&#160;2022. Since 2005, Dr.&#160;Natarajan has been leading multiple efforts inside of Microsoft in various
roles ranging from Engineering to Product Management. Prior to joining Gorilla, Dr. Natarajan served as a Senior Director of Product Management
at Microsoft, when he was developing a new product portfolio within Dynamics focused on helping contact centers realize their Digital
Transformation goals. Prior to that, he has built and managed various products like Data Analytics for Windows Phone, Microsoft Push Notification
Service, Windows Media enablement for Streaming and mobile Digital Rights Management, Zune to name a few. Prior to joining Microsoft in
2005, Dr.&#160;Natarajan ran the professional services division at Loudeye Corporation where he oversaw the commercialization of Loudeye&#8217;s
B2B music and video infrastructure, launching notable music stores like O2 Germany, MSN Music, Wurlitzer Jukebox etc. Much of his work
there translated into the foundation for Nokia&#8217;s own music service infrastructure. From 2004 to 2005, Dr.&#160;Natarajan served
as the VP of Mobile solutions at Vidiator Technologies, a fully owned subsidiary of Hutchison. Dr.&#160;Natarajan helped create industry
leading solutions for Video streaming based on H.264 with dynamic bandwidth adaptation, which powered the network operators 3&#8217;s
core multimedia delivery system across Europe. He also launched services in Hong&#160;Kong and the UK based on real-time 3D rendering
for mobile delivering news snippets and horoscopes on 3&#8217;s platform. From 2001 to 2004, Dr.&#160;Natarajan was instrumental in establishing
and running engineering for LockStream Corporation who specialized in Digital Rights Management for mobile multimedia devices. He helped
create a Content Management system that was central to rights protecting content and delivering the requisite content and licenses to
mobile devices on the fly. This was accompanied by SDK&#8217;s and applications that were developed and embedded into Motorola devices
and Ti Chipsets. Commercialization of this technology was witnessed by Emma.FM and widely deployed across the network operator 3&#8217;s
European subsidiaries. Dr.&#160;Natarajan is an alumnus of Seattle University where in he completed his Management of Business Administration
(2010)&#160;and his Doctoral dissertation in Education and Leadership (2018). Dr.&#160;Natarajan serves as an Adjunct Faculty at Seattle
University&#8217;s Albers School of Management since 2016, teaching Information Systems, Advanced Python Programming for Data Analytics
and courses on Teams Creativity and Decision Making. He has a Bachelor of Engineering (1995)&#160;from the University of Madras in Computer
Science.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dr. Evan Medeiros </b>is a renowned expert in international politics
and business. A former White House senior advisor to President Obama, he has been the Penner Family Chair in Asia Studies at Georgetown
University&#8217;s School of Foreign Service since 2018. His research and teaching focuses on the international politics of East Asia,
U.S.-China relations and China&#8217;s foreign and national security policies. Since 2020, he has served on the board of Blackberry Government
Solutions, a wholly owned subsidiary of Blackberry Corporation. From 2015 to 2018, Dr. Medeiros was Managing Director and Asia Practice
Head of Eurasia Group. Dr. Medeiros has also served for six years on the staff of the National Security Council as Director for China,
Taiwan and Mongolia before serving as Special Assistant to the President and Senior Director for Asia. He was President Obama&#8217;s
top advisor on Asia-Pacific and was responsible for coordinating U.S. policy toward the region across diplomacy, defense, economics and
intelligence, including all aspects of U.S.-China relations. Prior to joining the White House, he served as a senior political scientist
at the RAND Corporation and also served in the US Treasury Department as a policy advisor to Secretary of the Treasury Henry Paulson.
He holds master&#8217;s degrees from the University of Cambridge (International Relations) and SOAS London (China Studies) and a Ph.D.
in International Relations from the London School of Economics and Political Science.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Yoichiro Hirano</b> served as a director prior to the closing of
the Merger, and continued in the same capacity after the Merger in July 2022. Mr. Hirano is the founder of Asteria Corporation (TSE:3853)
and has been the Chief Executive Officer since 1998. He also serves as a director and Chairman of the Board of the company. Mr.&#160;Hirano
has over thirty&#160;(30)&#160;years of experience in the software industry, beginning in 1998 when he founded the Infoteria Corporation,
the predecessor to Asteria. He has served as a Visiting Professor at Aoyama Gakuin University, Graduate School of Social Informatics from
2008 to 2011. Prior to founding Asteria, he led the Marketing and Strategic Planning team for ten (10)&#160;years at Lotus Development
Corporation, which was acquired by IBM.&#160;Mr.&#160;Hirano attended Kumamoto University where he studied Applied Chemistry.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Rt. Hon. Ruth Kelly</b> has been a director since the closing of
the Merger on July&#160;13, 2022. Since March 2023, Ms. Kelly has been non-executive Chair of Water UK, a trade body representing water
companies in England, Wales and Scotland. Since November&#160;2021, Ms. Kelly has been non-executive Chair of Thames Freeport, a private-sector
led, UK government sponsored regeneration initiative, north of the Thames Estuary. Since September&#160;2020, Ms. Kelly has been a member
of the Vatican&#8217;s Council for the Economy, which oversees the Holy See&#8217;s finances. Since April&#160;2019, Ms Kelly has also
been a non-executive Director of Heathrow Airport and a member of the airport&#8217;s Audit and Finance committees. From April&#160;2016
to March&#160;2019, Ms. Kelly served as a non-executive director of the Financial Conduct Authority, the regulator of the conduct of financial
services in the UK; throughout that time, she also served as Chair of the regulator&#8217;s Audit Committee and member of its Risk Committee.
Between October&#160;2011 and July&#160;2017, Ms.&#160;Kelly was a non-executive director of National Grid, one of the world&#8217;s largest
publicly listed utilities focused on transmission and distribution of electricity and gas across the UK and US, serving on its finance,
audit and nomination committees. From September&#160;2015 to August&#160;2019, Ms. Kelly served as Pro Vice Chancellor of St&#160;Mary&#8217;s
University, Twickenham, London, overseeing the development, enterprise and research agendas. From May&#160;2010-August&#160;2015, Ms.
Kelly worked as a Managing Director at HSBC Bank, during which time she became Global Head of Client Strategy in HSBC Global Asset Management,
overseeing global marketing and managing global relationships across the banking group. From May&#160;1997 to April&#160;2010, Ms. Kelly
was a UK politician, serving in various ministerial capacities including as Economic Secretary to the Treasury, Financial Secretary to
the Treasury, Minister of State in the Cabinet Office, Secretary of State for Education, Secretary of State for Communities and Local
Government and Secretary of State for Transport. From September&#160;1994 to April&#160;1997, Ms. Kelly worked as an economist at the
Bank of England. From August&#160;1990 to September&#160;1994, Ms. Kelly was an economics journalist on The Guardian newspaper. In 1992,
Ms. Kelly received a Master of Science from the London School of Economics. Ms. Kelly graduated from The Queen&#8217;s College, Oxford,
in 1989 in Philosophy, Politics and Economics.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Gregg Walker</b> has been a director since the closing of the Merger
on July&#160;13, 2022. Mr.&#160;Walker joined Muller&#160;&amp; Monroe Asset Management as a Partner and Managing Director in July&#160;2021
and leads the co-investment efforts of the firm as well as the firm&#8217;s New&#160;York City office. Mr.&#160;Walker founded G.A.&#160;Walker,
LLC in July&#160;2016 when he left his position as the Senior Vice President for Corporate Development at Sony Corporation of America
(Sony), a position he had held since March&#160;2009, and he has been the Managing Member of G.A.&#160;Walker, LLC since its inception.
Mr.&#160;Walker is currently a member of the Board of Vewd Software A/S and of Blue Whale Acquisition Corp&#160;I (a SPAC sponsored by
Mubadala Capital). While serving as the Managing Member of G.A.&#160;Walker, LLC, Mr.&#160;Walker also served as the President and COO
of Remarkable, LLC, a live entertainment company based in New&#160;York City, from 2017 until January&#160;2021. When Remarkable, LLC
invested in the Big Apple Circus in 2017, Mr.&#160;Walker added the role of CEO of the Big Apple Circus to his list of responsibilities
and served as the CEO of the Big Apple Circus until January&#160;2021. During Mr.&#160;Walker&#8217;s tenure as CEO, the Big Apple Circus
achieved record levels of revenues. At Sony, Mr.&#160;Walker worked across all of Sony&#8217;s business units including PlayStation, Sony
Pictures, Sony Music, and Sony Electronics, and Mr.&#160;Walker had helped lead many major transactions and strategic efforts, including
Sony&#8217;s purchase of the 50% of Sony/ATV Music Publishing previously owned by the Michael Jackson Estate. Mr.&#160;Walker served on
the Board of Directors of movie studio Metro-Goldwyn-Mayer (MGM) as well as on the Boards of EMI Music Publishing and Sony/ATV Music Publishing.
In 2010, he was chosen by Crain&#8217;s New&#160;York Business as one of New&#160;York City&#8217;s 40 Under 40 Rising Stars. Prior to
joining Sony, Mr.&#160;Walker was Vice President of Mergers and Acquisitions at Viacom for three&#160;years. Before, Viacom, Mr.&#160;Walker
was a Vice President at Goldman Sachs in the investment banking division. Mr.&#160;Walker was at Goldman Sachs for nearly a decade. Mr.&#160;Walker
earned an undergraduate degree from Washington University in St. Louis and a law degree from Yale Law School. In 2012, Mr.&#160;Walker
was honored by Washington University as one of six alumni to receive a Distinguished Alumni Award, and Washington University honored him
again in 2016 with the Alumnus of the Year Award for the New&#160;York City metro area. Mr.&#160;Walker is the former President of the
Levitt Foundation, the former Chairman of the Harlem YMCA (where his leadership resulted in the Harlem YMCA achieving the Transformational
Leadership Award from the YMCA of New&#160;York City&#160;&#8212;&#160;an award that had only ever been awarded once before), and a member
of the Board of Harlem RBI (now called &#8220;Dream&#8221;).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Arrangements Concerning
Election of Directors; Family Relationships</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We are not a party to, and are
not aware of, any arrangements pursuant to which any of our senior management members or directors was selected as such. In addition,
there are no family relationships among our senior management members or directors.</p><div>

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

</div><div><a id="m_028"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6.B. COMPENSATION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Aggregate Compensation of
Office Holders</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The aggregate compensation,
including share-based compensation, paid by us and our subsidiaries to our executive officers and directors for the year ended December
31, 2022 was approximately $8.78 million, none of which was accrued or set aside by the company to provide pension, retirement or similar
benefits or expenses. This amount does not include business travel, relocation, professional and business association dues and expenses
reimbursed to office holders, and other benefits commonly reimbursed or paid by companies in Taiwan or the UK.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Equity Incentive Plans</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b><i>2023 Omnibus Incentive
Plan</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">On March 6, 2023, our
Board of Directors approved and adopted, subject to shareholder approval, the Gorilla Technology Group Inc. 2023 Omnibus Incentive Plan
(the &#8220;2023 Plan&#8221;). The 2023 Plan became effective on March 6, 2023. No further grants will be made under our prior equity
plan which we refer to as the ESOP. This summary is not a complete description of all provisions of the 2023 Plan and is qualified in
its entirety by reference to the 2023 Plan, which will be filed as an exhibit to this Annual Report.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Share Awards.</i>&#160;&#160;The
2023 Plan provides for incentive stock options, or ISOs, non-qualified stock options, or NSOs, restricted share awards, share unit awards,
share appreciation rights, other share-based awards, performance-based share awards, (collectively, &#8220;share awards&#8221;) and cash-based
awards (share awards and cash-based awards are collectively referred to as &#8220;awards&#8221;). ISOs may be granted only to our employees,
including officers, and the employees of our parent or subsidiaries. All other awards may be granted to our employees, officers, our non-employee
directors, and consultants and the employees and consultants of our subsidiaries and affiliates.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Share Reserve.</i>&#160;&#160;The
aggregate number of ordinary shares that may be issued pursuant to share awards under the 2023 Plan will not exceed the sum of (i) 10,000,000
ordinary shares (as adjusted for share splits, share dividends, combinations, and the like), plus (ii) an annual increase on the first
day of each fiscal year, for a period of not more than ten years, beginning on January&#160;1, 2024 and ending on (and including) January&#160;1,
2033, in an amount equal to the lesser of (x)&#160;5% of our outstanding ordinary shares on the last day of the immediately preceding
fiscal year or (y)&#160;such lesser amount (including zero) that the compensation committee (as defined below) determines for purposes
of the annual increase for that fiscal year.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">If restricted shares
or ordinary shares issued upon the exercise of options are forfeited, then such shares will again become available for awards under the
2023 Plan. If share units, options, or share appreciation rights are forfeited or terminate for any reason before being exercised or settled,
or an award is settled in cash without the delivery of shares to the holder, then the corresponding shares will again become available
for awards under the 2023 Plan. Any shares withheld to satisfy the exercise price or tax withholding obligation pursuant to any award
of options or share appreciation rights will again become available for awards under the 2023 Plan. If share units or share appreciation
rights are settled, then only the number of shares (if any) actually issued in settlement of such share units or share appreciation rights
will reduce the number of shares available under the 2023 Plan, and the balance (including any shares withheld to cover taxes) will again
become available for awards under the 2023 Plan.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">Shares issued under the
2023 Plan will be authorized but unissued shares, treasury shares, or previously issued shares. As of the date hereof, no awards have
been granted and no ordinary shares have been issued under the 2023 Plan.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Incentive Stock Option
Limit.</i>&#160;&#160;The maximum number of shares that may be issued upon the exercise of ISOs under the 2023 Plan is equal to five (5)
times the number of shares specified under clause (i) of the 2023 Plan&#8217;s share reserve formula as described above under the heading
&#8220;<i>&#8212;Share Reserve</i>&#8221;, plus, to the extent allowable under Section 422 of the U.S. Internal Revenue Code (the &#8220;Code&#8221;),
any ordinary shares that become available for issuance under the 2023 Plan on account of (i) an award being forfeited before all underlying
shares have been issued or settled, or (ii) a portion of the shares underlying an award being withheld to satisfy the exercise price or
tax withholding of such award.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Grants to Outside
Directors.</i> The sum of (i) the grant date fair value for financial reporting purposes of any awards granted during any calendar year
under the 2023 Plan to an outside director as compensation for services as an outside director and (ii) any cash fees paid by us to such
outside director during such calendar year for service on our Board of Directors, may not exceed seven hundred fifty thousand dollars
($750,000), or, in the calendar year in which the outside director is first appointed or elect to our Board of Directors, one million
dollars ($1,000,000).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Administration.</i>&#160;&#160;The
2023 Plan will be administered by the compensation committee appointed by our Board of Directors, or by the Board of Directors acting
as the compensation committee. Subject to the limitations set forth in the 2023 Plan, the compensation committee will have the authority
to determine, among other things, to whom awards will be granted, the number of shares subject to awards, the term during which an option
or share appreciation right may be exercised and the rate at which the awards may vest or be earned, including any performance criteria
to which they may be subject. The compensation committee also will have the authority to determine the consideration and methodology of
payment for awards. Subject to applicable law, the Board of Directors or compensation committee may also authorize one or more of our
officers to designate employees, other than officers under Section 16 of the Exchange Act, to receive awards and/or to determine the number
of such awards to be received by such persons subject to a maximum total number of awards, to the extent applicable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Repricing; Cancellation
and Re-Grant of Share Awards.</i>&#160;&#160;The compensation committee will have the authority to modify outstanding awards under the
2023 Plan. Subject to the terms of the 2023 Plan, the compensation committee will have the authority to cancel any outstanding share award
in exchange for new share awards, including awards having the same or a different exercise price cash, or other consideration, without
shareholder approval but with the consent of any adversely affected participant.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Share Options.</i>&#160;&#160;A
share option is the right to purchase a certain number of ordinary shares, at a certain exercise price, in the future. Under the 2023
Plan, ISOs and NSOs are granted pursuant to share option agreements adopted by the compensation committee. The compensation committee
determines the exercise price for a share option, within the terms and conditions of the 2023 Plan, provided that the exercise price of
a share option generally cannot be less than 100% of the fair market value of our ordinary shares on the date of grant. Options granted
under the 2023 Plan vest at the rate specified by the compensation committee.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">Share options granted
under the 2023 Plan generally must be exercised by the optionee before the earlier of the expiration of such option or the expiration
of a specified period following the optionee&#8217;s termination of employment. The compensation committee determines the term of the
share options up to a maximum of ten years. Each share option agreement will also set forth the extent to which the option recipient will
have the right to exercise the option following the termination of the recipient&#8217;s service with us, and the right to exercise the
option of any executors or administrators of the award recipient&#8217;s estate or any person who has acquired such options directly from
the award recipient by bequest or inheritance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">Payment of the exercise
price may be made in cash or, if provided for in the share option agreement evidencing the award, (1)&#160;by surrendering, or attesting
to the ownership of, shares which have already been owned by the optionee, (2)&#160;future services or services rendered to the company
or its affiliates prior to the award, (3)&#160;by delivery of an irrevocable direction to a securities broker to sell shares and to deliver
all or part of the sale proceeds to us in payment of the aggregate exercise price, (4)&#160;by delivery of an irrevocable direction to
a securities broker or lender to pledge shares and to deliver all or part of the loan proceeds to us in payment of the aggregate exercise
price, (5)&#160;by a &#8220;net exercise&#8221; arrangement, (6)&#160;by delivering a full-recourse promissory note, or (7)&#160;by any
other form that is consistent with applicable laws, regulations, and rules.</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Tax Limitations on
Incentive Stock Options.</i>&#160;&#160;The aggregate fair market value, determined at the time of grant, of our ordinary shares with
respect to ISOs that are exercisable for the first time by an option holder during any calendar year under all of our share plans may
not exceed $100,000. Options or portions thereof that exceed such limit will generally be treated as NSOs. No ISO may be granted to any
person who, at the time of the grant, owns or is deemed to own share possessing more than 10% of our total combined voting power or that
of any of our affiliates unless (1)&#160;the option exercise price is at least one 110% of the fair market value of the ordinary shares
subject to the option on the date of grant, and (2)&#160;the term of the ISO does not exceed five years from the date of grant.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Restricted Share Awards.</i>
The terms of any awards of restricted shares under the 2023 Plan will be set forth in a restricted share agreement to be entered into
between us and the recipient. The compensation committee will determine the terms and conditions of such restricted share agreements,
which need not be identical. A restricted share award may be subject to vesting requirements or transfer restrictions or both. Restricted
shares may be issued for such consideration as the compensation committee may determine, including cash, cash equivalents, full recourse
promissory notes, past services and future services. Award recipients who are granted restricted shares generally have all of the rights
of a shareholder with respect to those shares, provided that dividends and other distributions will not be paid in respect of unvested
shares unless otherwise determined by the compensation committee and, in such case, only once such unvested shares vest.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Share Unit Awards.
Share unit awards give recipients the right to acquire a specified number of ordinary shares (or cash amount) at a future date upon
the satisfaction of certain conditions, including any vesting arrangement, established by the compensation committee and as set
forth in a share unit award agreement. A share unit award may be settled by cash, delivery of shares, a combination of cash and
shares as deemed appropriate by the compensation committee. Recipients of share unit awards generally will have no voting or
dividend rights prior to the time the vesting conditions are satisfied and the award is settled. At the compensation
committee&#8217;s discretion and as set forth in the share unit award agreement, share units may provide for the right to dividend
equivalents. Dividend equivalents may not be distributed prior to settlement of the share unit to which the dividend equivalents
pertain and the value of any dividend equivalents payable or distributable with respect to any unvested share units that do not vest
will be forfeited.</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Share Appreciation Rights.
</i>Share appreciation rights generally provide for payments to the recipient based upon increases in the price of our ordinary shares
over the exercise price of the share appreciation right. The compensation committee determines the exercise price for a share appreciation
right, which generally cannot be less than 100% of the fair market value of our ordinary shares on the date of grant. A share appreciation
right granted under the 2023 Plan vests at the rate specified in the share appreciation right agreement as determined by the compensation
committee. The compensation committee determines the term of share appreciation rights granted under the 2023 Plan, up to a maximum of
ten years. Upon the exercise of a share appreciation right, we will pay the participant an amount in shares, cash, or a combination of
shares and cash as determined by the compensation committee, equal to the product of (1)&#160;the excess of the per share fair market
value of our ordinary shares on the date of exercise over the exercise price, multiplied by (2)&#160;the number of ordinary shares with
respect to which the share appreciation right is exercised.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Other Shares
Awards. </i>The compensation committee may grant other awards based in whole or in part by reference to our ordinary shares. The
compensation committee will set the number of shares under the shares award and all other terms and conditions of such awards.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Cash-Based
Awards.</i> A cash-based award is denominated in cash. The compensation committee may grant cash-based awards in such number and
upon such terms as it will determine. Payment, if any, will be made in accordance with the terms of the award, and may be made in
cash or in ordinary shares, as determined by the compensation committee.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Performance-Based
Awards.</i> The number of shares or other benefits granted, issued, retainable and/or vested under a share or share
unit award may be made subject to the attainment of performance goals. The compensation committee may utilize any performance criteria
selected by it in its sole discretion to establish performance goals.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Changes to Capital
Structure.</i> In the event of a recapitalization, share split, or similar capital transaction, the compensation
committee will make appropriate and equitable adjustments to the number of shares reserved for issuance under the 2023 Plan, the number
of shares that can be issued as incentive stock options, the number of shares subject to outstanding awards and the exercise price under
each outstanding option or share appreciation right.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Transactions. </i>If
we are involved in a merger or other reorganization, outstanding awards will be subject to the agreement or merger or
reorganization. Subject to compliance with applicable tax laws, such agreement may provide, without limitation, for (1)&#160;the
continuation of the outstanding awards by us, if we are a surviving corporation, (2)&#160;the assumption or substitution of the
outstanding awards by the surviving corporation or its parent or subsidiary, (3)&#160;the immediate vesting, exercisability, and
settlement of the outstanding awards followed by their cancellation, (4) cancellation of the award, to the extent not vested or not
exercised prior to the effective time of the merger or reorganization, in exchange for such cash or equity consideration (including
no consideration) as the compensation committee, in its sole discretion, may consider appropriate, or (5)&#160;the settlement of the
intrinsic value of the outstanding awards (whether or not vested or exercisable) in cash, cash equivalents, or equity (including
cash or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such award or the
underlying shares) followed by cancellation of such awards, provided that any such amount may be delayed to the same extent that
payment of consideration to the holders of shares in connection with the merger or reorganization is delayed as a result of escrows,
earnouts, holdbacks or other contingencies.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Change of
Control. </i>The compensation committee may provide, in an individual award agreement or in any other written agreement between a
participant and us, that the share award will be subject to acceleration of vesting and exercisability in the event of a change of
control.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Transferability.</i>
Unless the compensation committee provides otherwise, no award granted under the 2023 Plan may be transferred in any manner (prior
to the vesting and lapse of any and all restrictions applicable to shares issued under such award), except by will, the laws of
descent and distribution, or pursuant to a domestic relations order, provided that all ISOs may only be transferred or assigned only
to the extent consistent with Section 422 of the Code.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Amendment and Termination.</i>
Our Board of Directors will have the authority to amend, suspend, or terminate the 2023 Plan, provided that such action does not materially
impair the existing rights of any participant without such participant&#8217;s written consent.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">No ISOs may be granted
more than ten years after years after the later of (i) the approval of the 2023 Plan by the Board of Directors (or if earlier, the shareholders)
and (ii) the approval by the Board of Directors (or if earlier, the shareholders) of any amendment to the 2023 Plan that constitutes the
adoption of a new plan for purposes of Section 422 of the Code.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; "><i>Recoupment.</i> To
the extent permitted by applicable law, the compensation committee will have the authority to require that, in the event that we are required
to prepare restated financial results owing to an executive officer&#8217;s intentional misconduct or grossly negligent conduct, such
executive officer will reimburse or forfeit to us the amount of any bonus or incentive compensation (whether cash-based or equity-based)
such executive officer received during a fixed period, as determined by the compensation committee, preceding the year the restatement
is determined to be required. That executive officer will forfeit or reimburse to us any bonus or incentive compensation to the extent
that such bonus or incentive compensation exceeds what the officer would have received in that period based on an applicable restated
performance measure or target. We will recoup incentive-based compensation from executive officers to the extent required under the Dodd-Frank
Wall Street Reform and Consumer Protection Act and any rules, regulations and listing standards that may be issued under that act<b>.</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Non-Employee Director Compensation
Policy</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Employee directors do not
receive any compensation with respect to service on our Board of Directors. We reimburse all of our non-employee directors for their reasonable
and customary out-of-pocket expenses in connection with their attendance at Board and committee meetings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span>We
have adopted a&#160;non-employee&#160;director compensation policy that includes the following cash compensation for non-employee directors,
which is based on a review of director compensation at comparable companies in our industry, consisting of a $75,000 annual retainer,
an additional $15,000 annual retainer for the non-executive chair, and the following additional annual retainers for committee service:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><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">Member</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">20,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Nominating and Corporate Governance Committee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,500</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">20,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,500</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span>The
non-employee director compensation policy also provides for the annual grant of restricted share units (each, an &#8220;Annual Award&#8221;)
under the 2023 Plan following the conclusion of each regular annual meeting of our shareholders (the &#8220;Annual Meeting Date&#8221;),
commencing with the 2023 annual meeting, to each non-employee director who will continue serving as a member of the Board of Directors.
The Annual Award will be with respect to a number of ordinary shares with an aggregate fair market value as determined under the 2023
Plan equal to (i) $300,000 in the case of the non-executive chair and (ii) $230,000 in the case of the other non-employee directors. </span>The
number of shares underlying each Annual Award will be equal to the Annual Meeting Date fair market value of the Annual Award divided by
the Average VWAP Price (as such term is defined in the Amended and Restated Business Combination Agreement, dated as of May 18, 2022,
by and among Global SPAC Partners Co., Gorilla Merger Sub, Inc., Global SPAC Sponsors LLC, Tomoyuki Nii and the Company) for the period
ending on the day prior to the Annual Meeting Date<span>, rounded down to the nearest whole share.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span>If
a&#160;non-employee&#160;director is elected to our Board of Directors after the 2023 annual meeting and other than at an annual meeting
of shareholders (the date of such election, the &#8220;Election Date&#8221;), such&#160;non-employee&#160;director will receive an Annual
Award on the Election Date that will be prorated based on the number of calendar days remaining before (i) the next annual meeting of
shareholders, if scheduled, or (ii) the date of the first anniversary of the last annual meeting of shareholders, if the next annual meeting
is not yet scheduled. The number of shares of each prorated Annual Award will be equal to the Election Date fair value of the award divided
by the Average VWAP Price for the period ending on the day prior to the Election Date.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span>Each&#160;non-employee&#160;director
who (i) serves on our Board of Directors as a non-employee director as of the first business day following the filing of a registration
statement on Form S-8 with respect to the 2023 Plan (the &#8220;Initial Issuance Date&#8221;) and (ii) will continue to serve as a non-employee
director immediately following the Initial Issuance Date will receive an initial grant of restricted share units (each, an &#8220;Initial
Award&#8221;) under the 2023 Plan. The Initial Award will be with respect to a number of ordinary shares with an aggregate fair value
as determined under the 2023 Plan equal to (i) $300,000 in the case of the non-executive chair and (ii) $230,000 in the case of the other
non-employee directors. </span>The number of shares underlying each Initial Award will be equal to the grant date fair market value of
the Initial Award divided by $10.19, rounded down to the nearest whole share. Each non-employee director who is eligible for an Initial
Award will not receive the grant until the Initial Issuance Date, but, for purposes of determining the number of shares subject to such
Initial Award and the applicable vesting schedule, the date on which the non-employee director joins our Board of Directions will be treated
as the date of grant of the award. A non-employee director elected for the first time to our Board of Directors at an annual shareholder
meeting will receive only an Annual Award in connection with such election and will not also receive any Initial Award on the date of
such annual meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span>Except
as otherwise approved by our Board of Directors, each Annual Award and Initial Award will become fully vested, subject to continued service
as a director, </span>on the earliest of the 12-month anniversary of the date of grant, the next annual meeting of shareholders following
the date of grant, and the consummation of a change in control (as defined in the 2023 Plan).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">The aggregate value of all
compensation granted or paid, as applicable, to any non-employee director for service as a non-employee director, including awards granted
and cash fees we pay to such non-employee director, with respect to the 12-month period in which a non-employee director is first appointed
or elected to the Board of Directors, will not exceed one million dollars ($1,000,000) in total value, and during any 12-month period
following the initial 12-month period in which a non-employee director is first appointed or elected to our Board of Directors, will not
exceed seven hundred fifty thousand ($750,000) in total value, in each case calculating the value of any awards based on the grant date
fair value of such awards as determined for financial reporting purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="m_029"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6.C. BOARD PRACTICES</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Independence of Directors</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As a result of Gorilla&#8217;s ordinary shares being listed on Nasdaq,
Gorilla adheres to the rules of Nasdaq in determining whether a director is independent. The board of directors of Gorilla has consulted,
and will consult, with its counsel to ensure that the board&#8217;s determinations are consistent with those rules and all relevant securities
and other laws and regulations regarding the independence of directors. The Nasdaq listing standards define an &#8220;independent director&#8221;
as a person, other than an executive officer of a company or any other individual having a relationship which, in the opinion of the issuer&#8217;s
board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board Leadership Structure and Role in Risk Oversight</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&#160;Jayesh &#8220;Jay&#8221; Chandan is our Chief Executive Officer
and Chairman of the Board. The Board does not anticipate implementing a policy requiring the positions of the Chairman of the Board and
Chief Executive Officer to be separate or held by the same individual. Any further determination to create such a policy is expected to
be based on circumstances existing from time to time, based on criteria that are in Gorilla&#8217;s best interests and the best interests
of its shareholders, including the composition, skills and experience of the Board and its members, specific challenges faced by Gorilla
or the industry in which it operates, and governance efficiency. Combining the roles of Chairman and Chief Executive Officer will help
provide strong and consistent leadership for the management team and Board. However, the Board may decide in the future to separate the
roles of Chairman and Chief Executive Officers if it determines that such structure provides better and more effective oversight and management
of Gorilla. If the Board convenes for a meeting, it is expected that the non-management directors will meet in one or more executive sessions,
if the circumstances warrant it. The Board has appointed Ruth Kelly, an independent director, as Lead Director. Jay Chandan has signed
an employment contract providing that he shall be paid &#163;225,000 as severance pay if he is terminated without cause, provided certain
conditions are met. No other director has a contract with Gorilla which provides for benefits upon termination of employment.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla also believes in the importance of independent oversight. Gorilla
will look to ensure that this oversight is truly independent and effective through a variety of means.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board has two classes of directors: Class I and Class II. Pursuant
to Gorilla&#8217;s amended and restated memorandum and articles of association, the Class I Directors stand appointed for a term expiring
at the Company&#8217;s second annual general meeting, and the Class II directors stand appointed for a term expiring at the Company&#8217;s
third annual general meeting. Jayesh Chandan and Yoichiro Hirano are Class I directors. Evan Medeiros, Gregg Walker and Ruth Kelly are
Class II directors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Meetings and Committees of the Board of Directors</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla has established a separately standing audit committee, compensation
committee, and nominating and corporate governance committee (the &#8220;nominating committee&#8221;).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Audit Committee Information</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla has established an audit committee comprised of independent
directors. The audit committee consists of Ruth Kelly, Gregg Walker, and Evan Medeiros. Each of the members of the audit committee is
independent under the applicable Nasdaq listing standards. The audit committee has a written charter. The purpose of the audit committee
is, among other things, to appoint, retain, set compensation of, and supervise Gorilla&#8217;s independent accountants, review the results
and scope of the audit and other accounting related services and review Gorilla&#8217;s accounting practices and systems of internal accounting
and disclosure controls.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Financial Experts on Audit Committee</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The audit committee is, will at all times be, composed exclusively
of &#8220;independent directors,&#8221; as defined for audit committee members under the Nasdaq listing standards and the rules and regulations
of the SEC, who are &#8220;financially literate,&#8221; as defined under Nasdaq&#8217;s listing standards. Nasdaq&#8217;s listing standards
define &#8220;financially literate&#8221; as being able to read and understand fundamental financial statements, including a company&#8217;s
balance sheet, income statement and cash flow statement. In addition, Gorilla will be required to certify to Nasdaq that the committee
has, and will continue to have, at least one member who has past employment experience in finance or accounting, requisite professional
certification in accounting, or other comparable experience or background that results in the individual&#8217;s financial sophistication.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gregg Walker serves as a financial expert on the audit committee.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Compensation Committee Information</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The board of directors of Gorilla has established a compensation committee.
The compensation committee consists of Ruth Kelly, Gregg Walker, and Evan Medeiros. The compensation committee has a written charter.
The purpose of the compensation committee is to review and approve compensation paid to Gorilla&#8217;s officers and directors and to
administer Gorilla&#8217;s incentive compensation plans, if any, including authority to make and modify awards under such plans.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The compensation committee assists the Board in determining its responsibilities
in relation to remuneration, including, amongst other matters, making recommendations to the Board on the Company&#8217;s policy on executive
compensation, determining the individual remuneration and benefits package of each of the executive directors and recommending and monitoring
the remuneration of senior management below Board level.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s nominating committee consists of Ruth Kelly, Gregg
Walker, and Yoichiro Hirano, and be responsible, among other things, for:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;select
the director slate (or recommend the slate to the full board of directors);</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;oversee
board governance;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;develop
board meeting procedures; and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;evaluate
the effectiveness of board.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Corporate Governance Practices</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a foreign private issuer, Gorilla may generally follow home country
practice with respect to certain matters of corporate governance in lieu of the comparable governance provisions of the Nasdaq Listing
Rules, except for certain matters including the composition and responsibilities of the audit committee and the independence of its members
within the meaning of the rules and regulations of the SEC.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla intends to follow home country practice in lieu of Nasdaq corporate
governance requirements with respect to the following Nasdaq requirements:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Executive Sessions.&#160;&#160;&#160;&#160;</i>We will
not be required to and, in reliance on home country practice, we may not, comply with&#160;certain&#160;Nasdaq&#160;rules requiring Gorilla&#8217;s
independent directors to meet in regularly scheduled executive sessions at which only independent directors are present. Gorilla will
follow Cayman Islands practice which does not require independent directors to meet regularly in executive sessions separate from the
full board of directors.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Proxy Statements.&#160;&#160;&#160;&#160;</i>We will not
be required to and, in reliance on home country practice, we may not, comply with&#160;certain&#160;Nasdaq&#160;rules regarding the provision
of proxy statements for general meetings of shareholders. Gorilla will follow Cayman Islands practice which does not impose a regulatory
regime for the solicitation of proxies.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><i>Shareholder Approval.&#160;&#160;&#160;&#160;</i>Gorilla
will not be required to and, in reliance on home country practice, it does not intend to, comply with certain&#160;Nasdaq rules regarding
shareholder approval for certain issuances of securities under&#160;Nasdaq&#160;Rule&#160;5635. In accordance with the provisions of
Gorilla&#8217;s Amended and Restated Memorandum and Articles of Association, Gorilla&#8217;s board of directors is authorized to issue
securities, including ordinary shares, preference shares, warrants and convertible notes.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board Diversity Matrix (As of April 20, 2023)</b></p><div>

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

</div><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="font-weight: bold; text-align: left">Country of Principal Executive Offices</td><td>&#160;</td>
    <td style="text-align: center">United&#160;Kingdom</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Foreign Private Issuer</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Disclosure Prohibited Under Home Country Law</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="m_030"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6.D. EMPLOYEES</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">As of December 31, 2022, we
had 244 employees, including 3 in the UK, 2 in the US, 235 in Taiwan and 4 employees in other international locations. None of our employees
are represented by labor unions or covered by collective bargaining agreements. We consider our relationship with our employees to be
good.</p><div>

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

</div><div><a id="m_031"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6.E. SHARE OWNERSHIP</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">For information regarding
the share ownership of directors and officers, see Item 7. &#8220;<i>Major Shareholders and Related Party Transactions &#8211; 7.A. Major
Shareholders.</i>&#8221; For information as to our equity incentive plans, see Item 6.B. &#8220;<i>Director, Senior Management and Employees
&#8211; Compensation &#8211; Equity Incentive Plans.</i>&#8221;</p><div>

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

</div><div><a id="m_032"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">6.F. DISCLOSURE OF REGISTRANT&#8217;S ACTION
TO RECOVER ERRONEOUSLY AWARDED COMPENSATION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><div><a id="m_033"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 7: MAJOR SHAREHOLDERS
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_034"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">7.A. MAJOR SHAREHOLDERS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the beneficial ownership of ordinary shares
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">each person known by Gorilla to beneficially own more than
5% of the outstanding ordinary shares;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">each of Gorilla named executive officers and directors; and</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">all of Gorilla named executive officers and directors as
a group.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated, Gorilla believes that all persons named
in the table have sole voting and investment power with respect to all shares beneficially owned by them. Such shareholders do not have
voting rights which differ from the voting rights held by other holders of ordinary shares. Except as otherwise noted herein, the number
and percentage of ordinary shares beneficially owned is determined in accordance with Rule&#160;13d-3 of the Exchange&#160;Act, and the
information is not necessarily indicative of beneficial ownership for any other purpose. Under such rule, beneficial ownership includes
any ordinary shares as to which the holder has sole or shared voting power or investment power and also any ordinary shares which the
holder has the right to acquire within 60&#160;days of July&#160;13, 2022 through the exercise of any option, conversion or any other
right. As of April 13, 2023, there were 68,923,092 ordinary shares issued and outstanding, not including 2,814,895 treasury shares held
by the company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Unless otherwise noted, the business address of each beneficial owner
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><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>&#160;</td>
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic; text-align: left; text-indent: -10pt; padding-left: 10pt">Five Percent or More Holders:</td><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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in">*</td><td style="text-align: left">Less than 1%.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: left">In July 2022, Ms. Daphne Huang joined Gorilla as the Chief
Financial Officer.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: left">The information reported is based on a Schedule 13G filed
on August 25, 2022. The number of shares represents (i) 1,662,539 ordinary shares held by Rivetel Inv. Co., Ltd (&#8220;Rivetel&#8221;),
(ii) 4,436,452 ordinary shares held by K-May Inv. Ltd. (&#8220;K-May&#8221;), and (iii) 2,268,884 ordinary shares held by Reich Holding
Co., Ltd (&#8220;Reich&#8221;). K-May is a wholly-owned subsidiary of April Dew Co., Ltd., which is a wholly-owned subsidiary of Sun
Finance International Inc. (&#8220;Sun&#8221;) whose sole director controls the entity. Reich is a wholly-owned subsidiary of Rivetel.
Rivetel is controlled by its sole director/chairman, Mr. Chang-Yi Hsu. Sun&#8217;s sole director entered into an arrangement with Mr.
Chang-Yi Hsu granting him exclusive voting and dispositive power over the 4,436,452 ordinary shares held by K-May. Reich is controlled
by its sole director, Rivetel. The registered address is 1F., No. 106, Ln. 737, Sec. 1, Neihu Rd., Neihu Dist., Taipei City, Taiwan (R.O.C.).</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: left">The information reported is based on a Schedule 13G filed
on August 12, 2022. Asteria Vision Fund Inc., as general partner for and on behalf of Asteria Vision Fund&#160;I, L.P.&#160;Asteria Vision
Fund Inc. is controlled by its board of directors. The business address of Asteria Vision Fund Inc. is c/o Asteria Vision Fund Inc.,
7300 Lone Star Drive, Suite C200, Plano, Texas 75024.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: left">The information reported is based on a Schedule 13G filed
on August 23, 2022. T Ventures Fund&#160;II, GP, Ltd., as general partner for and on behalf of Telstra Ventures Fund&#160;II, L.P.&#160;T
Ventures Fund&#160;II, GP, Ltd. is controlled by its board of directors. The registered office of T Ventures Fund&#160;II, GP Ltd. is
Langham Hall (Guernsey) Limited North Suite 2, Town Mills Rue Du Pre, St Peter Port Guernsey, GY1 1LT.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">(5)</td><td style="text-align: left">The information reported is based on a Schedule 13G filed
on August 23, 2022. The number of shares represents 6,907,409 Gorilla ordinary shares held by SBI&#160;&amp; Capital 22 JV Fund&#160;II,
L.P. and SBI AI&#160;&amp; Blockchain Investment LPS. 920,988 Gorilla ordinary shares were issued to SBI&#160;&amp; Capital 22 Management&#160;II
Co. Ltd., as general partner for and on behalf of SBI&#160;&amp; Capital 22 JV Fund&#160;II, L.P. The business address is 4<sup>th</sup>
Floor, Harbour Place, 103 South Church Street, P.O.&#160;Box 10240, Grand Cayman KY1-1002, Cayman Islands. SBI&#160;&amp; Capital 22
Management&#160;II Co. Ltd. is controlled by its directors. 5,986,421 Gorilla ordinary shares were issued to SBI Investment&#160;Co.,
Ltd., as general partner for and on behalf of SBI AI&#160;&amp; Blockchain Investment LPS.&#160;The business address is 1-6-1, Roppongi,
Minato Ward, Tokyo 106-0032 Japan. SBI&#160;Investment Co., Ltd. is controlled by its directors.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">(6)</td><td style="text-align: left">The information reported is based on information from the
company&#8217;s transfer agent as of April 13, 2023. Berwick Resources Limited is controlled by its sole director, Chen, Hsiu-Hsia. The
business address of Berwick Resources Limited is 7F, No. 320, Sec. 4, Chung Hsiao E Rd., Taipei, Taiwan, R.O.C..</td>
</tr></table><div>

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

</div><div><a id="m_035"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">7.B. RELATED PARTY TRANSACTIONS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Rights of Appointment</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla&#8217;s board of directors previously consisted of seven directors.
Pursuant to Gorilla&#8217;s articles of association in effect immediately prior to the closing of the Merger, certain of Gorilla&#8217;s
shareholders, including related parties, had rights to appoint directors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Related Party Loans</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September&#160;6, 2021, Gorilla entered into a loan and promissory
agreement with Asteria Corporation. Pursuant to the agreement, Asteria Corporation agreed to provide a loan to Gorilla for the principal
amount of $3,000,000 by subscribing the promissory note issued by Gorilla. The loan was guaranteed by a letter of guarantee made by Dr.&#160;Koh
on August&#160;23, 2021. Gorilla has drawn down $3,000,000 under the loan with Asteria Corporation. The principal amount and accrued interest
under the loan have been repaid in full on or before the maturity date.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 13, 2023, Gorilla entered into a loan and promissory agreement
with Asteria Corporation. Pursuant to the agreement, Asteria Corporation agreed to provide a loan to Gorilla for the principal amount
of $3,000,000 by subscribing the promissory note issued by Gorilla. Gorilla has drawn down $3,000,000 under this loan with Asteria Corporation.
The principal amount and accrued interest under the loan remain outstanding.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or about August&#160;30, 2021, Gorilla entered into a loan and promissory
agreement with Dr.&#160;Koh. Pursuant to the agreement, Dr.&#160;Koh agreed to provide a loan to Gorilla for the principal amount of $1,000,000
by subscribing the promissory note issued by Gorilla. Gorilla has drawn down $1,000,000 under the loan with Koh, Sih-Ping. The principal
amount and accrued interest under the loan have been repaid in full on or before the maturity date.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Other Arrangements with Related Party</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2022, Gorilla has 15 credit facilities. Dr.&#160;Koh
acts as joint guarantor for eight credit facilities having entered into the relevant facility agreements or promissory notes, as applicable,
in the capacity as a joint guarantor. For the details of the credit facilities, please refer to the section titled &#8220;<i>Item 5.B.
Liquidity and Capital Resources&#160;&#8212;&#160;Credit Facilities.</i>&#8221;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Separation Agreement and Exchange Agreement</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On September 8, 2022, Gorilla entered into a Separation Agreement with
Dr. Koh, pursuant to which Dr. Koh&#8217;s employment as Gorilla&#8217;s Chief Executive Officer and all positions he held with Gorilla
ceased. The Separation Agreement was approved by Gorilla&#8217;s Board of Directors. On December 5, 2022, the parties agreed to amend
the Separation Agreement (the &#8220;Amended Separation Agreement&#8221;). Pursuant to the terms of the Amended Separation Agreement,
Gorilla paid Dr. Koh a lump sum equal to one month of his base salary and settled the outstanding obligations under a $1,000,000 loan
to the Company that had previously been advanced by Dr. Koh. On December 5, 2022, Gorilla and Dr. Koh also entered into an Exchange Agreement,
under which Dr. Koh agreed to deliver certain shares held by him to the Company in exchange for certain accounts receivable and assets
of Gorilla. For additional details related to the Exchange Agreement, please refer to the section titled &#8220;<i>Item 16.E. - Purchases
of Equity Securities by the Issuer and Affiliated Purchasers.</i>&#8221;</p><div>


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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exculpation, Indemnification and Insurance.</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Amended and Restated Articles of Association permit Gorilla to
exculpate, indemnify and insure certain of its officers to the fullest extent permitted by the Companies Act. Gorilla has entered into
agreements with certain office holders, exculpating them from a breach of their duty of care to Gorilla to the fullest extent permitted
by law and undertaking to indemnify them to the fullest extent permitted by law, including with respect to liabilities resulting from
the Transactions to the extent that these liabilities are not covered by insurance.</p><div>

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

</div><div><a id="m_036"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">7.C. INTERESTS OF EXPERTS AND COUNSEL</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Not applicable.</p><div>

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

</div><div><a id="m_037"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 8: FINANCIAL
INFORMATION</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_038"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">8.A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL
INFORMATION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Consolidated Financial Statements</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We have appended our audited
consolidated financial statements at the end of this Annual Report, starting at page F-3, as part of this Annual Report.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Legal Proceedings</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gorilla may become involved in actions, claims, litigation, and other
legal proceedings occurring in the ordinary course of its business from time to time, including assertions by third parties relating to
intellectual property infringement, contract or warranty breaches, or employment-related matters. Gorilla is not currently a party to
any actions, claims, suits, or other legal procedures whose conclusion, if not determined in its favor, would have a major adverse effect
on Gorilla&#8217;s business, financial condition, or results of operations, either individually or in the aggregate.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Policy on Dividend Distributions</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We have never declared or paid
any cash dividend on our ordinary shares. We currently intend to retain any future earnings and do not expect to pay any dividends in
the foreseeable future. Any further determination to pay dividends on our ordinary shares would be at the discretion of our board of directors,
subject to applicable laws, and would depend on our financial condition, results of operations, capital requirements, general business
conditions, and other factors that our board of directors may deem relevant. In addition, we may enter into financing arrangements with
third-parties which may contain covenants restricting Gorilla&#8217;s ability to pay dividends in the future.</p><div>

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

</div><div><a id="m_039"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">8.B. SIGNIFICANT CHANGES</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">No significant changes have
occurred since December 31, 2022, except as otherwise disclosed in this Annual Report.</p><div>

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

</div><div><a id="m_040"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 9: THE OFFER
AND LISTING</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_041"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">9.A. OFFER AND LISTING DETAILS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Our ordinary shares and warrants
began trading on Nasdaq under the symbols &#8220;GRRR&#8221; and &#8220;GRRRW,&#8221; respectively, on July&#160;14, 2022. Global&#8217;s
units, subunits and warrants were previously listed on the Nasdaq under the symbols &#8220;GLSPU,&#8221; &#8220;GLSPT,&#8221; and &#8220;GLSPW,&#8221;
respectively. Global&#8217;s securities each commenced separate public trading on April&#160;13, 2021. Global&#8217;s subunits and units
automatically separated into the component securities upon consummation of the Merger and, as a result, no longer trade as a separate
security. Upon the closing of the Merger, Global&#8217;s ordinary shares were converted into our ordinary shares, and Global&#8217;s warrants
were converted into our warrants. On April 26, 2023, the closing prices for our ordinary shares and warrants on the Nasdaq Stock Market
LLC were $1.76 per ordinary share and $0.17 per warrant.</p><div>

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

</div><div><a id="m_042"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">9.B. PLAN OF DISTRIBUTION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Not applicable.</p><div>

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

</div><div><a id="m_043"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">9.C. MARKETS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">See Item 9.A. &#8220;<i>Offer
and Listing Details</i>.&#8221;</p><div>

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

</div><div><a id="m_044"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">9.D. SELLING SHAREHOLDERS</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Not applicable.</p><div>

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

</div><div><a id="m_045"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">9.E. DILUTION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Not applicable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>9.F. EXPENSES OF THE ISSUE</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Not applicable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 78; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="m_046"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 10: ADDITIONAL
INFORMATION</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_047"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.A. SHARE CAPITAL</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

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

</div><div><a id="m_048"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.B. MEMORANDUM AND ARTICLES OF ASSOCIATION</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Our authorized share capital consists of 245,000,000 ordinary shares
of a par value of US$0.0001 each and 5,000,000 preference shares of a par value of US$0.0001, of which 68,923,092 ordinary shares issued
and outstanding as of April 13, 2023.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a description of our share capital and provisions
of our Amended and Restated Memorandum and Articles of Association, which became effective upon the closing of the Merger, a copy of which
is filed as an exhibit to this Annual Report.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Dividends.</i>&#160;Subject to any rights and
restrictions of any other class or series of shares, our board of directors may, from time to time, declare dividends on the shares issued
and authorize payment of the dividends out of our lawfully available funds. No dividends shall be declared by our board except the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">profits;
                                            or</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8220;share
                                            premium account,&#8221; which represents the excess of the price paid to us on the issue
                                            of our shares over the par or &#8220;nominal&#8221; value of those shares, which is similar
                                            to the U.S. concept of additional paid in capital.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">However, no dividend shall
bear interest against us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Voting Rights. </i>The holders of our ordinary shares are entitled
to one vote for each share held of record on all matters to be voted on by shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">There is no cumulative voting with respect to the election of our directors,
with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of our ordinary shares do not have any conversion, preemptive
or other subscription rights and there will be no sinking fund or Redemption provisions applicable to our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a matter of Cayman Islands law, (i) an ordinary resolution requires
the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company; and (ii) a special resolution
requires the affirmative vote of a majority of at least two-thirds of the shareholders who attend and vote at a general meeting of the
Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Under Cayman Islands law, some matters, such as
amending the memorandum and articles of association, changing the name or resolving to be registered by way of continuation in a jurisdiction
outside the Cayman Islands, require the approval of shareholders by a special resolution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">There are no limitations on non-residents or foreign
shareholders to hold or exercise voting rights on our ordinary shares imposed by foreign law or by the charter or other of our constituent
documents. However, no person will be entitled to vote at any general meeting or at any separate meeting of the holders of our ordinary
shares unless the person is registered as of the record date for such meeting and unless all calls or other sums presently payable by
the person in respect of our ordinary shares have been paid.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Winding Up; Liquidation.</i>&#160;Upon our
winding up, after the full amount that holders of any issued shares ranking senior to our ordinary shares as to distribution on liquidation
or winding up are entitled to receive has been paid or set aside for payment, the holders of our ordinary shares are entitled to receive
any of our remaining assets available for distribution as determined by the liquidator. The assets received by the holders of our ordinary
shares in a liquidation may consist in whole or in part of a property, which is not required to be of the same kind for all shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Calls on Ordinary Shares and Forfeiture of
Ordinary Shares.</i>&#160;Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary
shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. Any ordinary shares
that have been called upon and remain unpaid are subject to forfeiture.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Redemption of Ordinary Shares.&#160;</i>We
may issue shares that are, or at our option or at the option of the holders are, subject to redemption on such terms and in such manner
as it may, before the issue of the shares, determine. Under the Companies Act, shares of a Cayman Islands company may be redeemed or repurchased
out of profits of the company, out of the proceeds of a fresh issue of shares made for that purpose or out of capital, provided our memorandum
and articles of association authorize this and we have the ability to pay our debts as they come due in the ordinary course of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>No Preemptive Rights.</i>&#160;Holders of our
ordinary shares will have no preemptive or preferential right to purchase any of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Variation of Rights Attaching to Shares.</i>&#160;If
at any time the share capital is divided into different classes of shares, the rights attaching to any class (unless otherwise provided
by the terms of issue of the shares of that class) may, subject to our memorandum and articles of association, be varied or abrogated
with the consent in writing of the holders of two-thirds of the issued shares of that class or with the sanction of a special resolution
passed at a general meeting of the holders of the shares of that class. We may by ordinary resolution increase our authorized share capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Anti-Takeover Provisions.&#160;</i>Some provisions
of our amended and restated memorandum and articles of association may discourage, delay or prevent a change of control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without
any further vote or action by our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Special Considerations for Exempted Companies.&#160;</i>We
are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies
and exempted companies. Any company that is registered <span style="font-family: Times New Roman, Times, Serif">in the Cayman Islands
but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an
exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">an
                                            exempted company does not have to file an annual return of its shareholders with the Registrar
                                            of Companies;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                          </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">an
                                            exempted company&#8217;s register of members is not open to inspection;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                    </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">an
                                            exempted company does not have to hold an annual general meeting;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                              </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">an
                                            exempted company may issue shares with no par value;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                 </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">an
                                            exempted company may obtain an undertaking against the imposition of any future taxation
                                            (such undertakings are usually given for 20 years in the first instance);</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                      </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">an
                                            exempted company may register by way of continuation in another jurisdiction and be deregistered
                                            in the Cayman Islands;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                   </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">an
                                            exempted company may register as a limited duration company; and</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                             </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">an
                                            exempted company may register as a segregated portfolio company.</span></td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Preference
Shares</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Amended
and Restated Memorandum and Articles of Association of Gorilla authorize the issuance of up to 5,000,000 blank check preference shares
with such designations, rights and preferences as may be determined from time to time by Gorilla&#8217;s board of directors. Accordingly,
Gorilla&#8217;s board of directors are empowered, without shareholder approval, to issue preference shares with dividend, liquidation,
conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of ordinary shares. In
addition, the preference shares could be utilized as a method of discouraging, delaying or preventing a change in control of Gorilla.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Contingent
Value Rights</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">In connection
with the Transactions, Gorilla issued one Class&#160;A CVR to the holders of the outstanding Global ordinary shares that were not redeemed
or converted in the Redemption, including PIPE Subunits purchased under the Amended Subscription Agreement (but not Class&#160;B ordinary
shares of Global or Global securities purchased in the IPO Private Placement). Following the Redemption, which almost 91% of Global public
shareholders redeemed their Global ordinary shares, and the issuance of Gorilla ordinary shares, there were 368,035 Gorilla ordinary
shares held by public holders and 4,139,840 Gorilla ordinary shares held by PIPE Investors. Therefore, the total number of Class&#160;A
CVRs issued is 4,507,875, which were issued to a concentrated number of public holders and the two PIPE Investors. Each Class&#160;A
CVR entitles the holder to receive (as a new reissuance by Gorilla of equivalent Gorilla ordinary shares or other securities or property
forfeited as part of applicable Earnout Shares) (A)&#160;a pro rata portion, among holders of Class&#160;A CVRs, of the Price Protection
Shares, and (B)&#160;a pro rata portion, among holders of all CVRs, of the Revenue Protection Shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Additionally,
under the Contin</span>gent Value Rights Agreement entered into around the time of the Closing, each of the PIPE Investors received,
for each PIPE Subunit purchased under the Amended Subscription Agreement, one-half (&#189;) of one Class&#160;B CVR, entitling them
to receive (as a new reissuance by Gorilla of equivalent Gorilla ordinary shares or other securities or property forfeited as part of
applicable Earnout Shares) a pro rata portion, among holders of all CVRs, of the Revenue Protection Shares. The Class&#160;B CVRs shall
only be entitled to receive Revenue Protection Shares, and shall not have any rights with respect to any Price Protection Shares. Global
public holders were not be entitled to any Class&#160;B CVRs or the Revenue Protection Shares subject thereto. The effect of the separate
classification of Class&#160;A CVRs and Class&#160;B CVRs is to entitle the PIPE Investors to a proportionally larger amount of Revenue
Protection Shares than the Global public holders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holders of Class&#160;A CVRs and Class&#160;B CVRs are being provided
with a significant valuation protection through the opportunity to obtain additional contingent consideration in the form of additional
shares of Gorilla. Two types of valuation protection are offered: revenue protection, based on certain financial performance and reporting
milestones for Gorilla; and price protection, based on Gorilla&#8217;s stock performance following the Closing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>2022 Price Protection</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Earnout Shares, as Price Protection Shares, may be forfeited by
the Gorilla shareholders and Gorilla ordinary shares will be issued to the holders of Class&#160;A CVRs if the 20-day volume weighted
average price (&#8220;VWAP&#8221;) of Gorilla&#8217;s ordinary shares is less than the Redemption Price, such price to be determined as
of (i)&#160;the end of the third quarter of 2022, (ii)&#160;the end of the fourth quarter of 2022, (iii)&#160;upon Gorilla&#8217;s filing
of its fiscal year 2022 audited revenues with the SEC prior to March&#160;31, 2023 and (iv)&#160;if the share price of the Gorilla ordinary
shares is below $5.00 for five consecutive&#160;trading days.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The share price of the Gorilla ordinary shares fell below $5.00 for
five consecutive&#160;trading days as of market close on December 21, 2022, which triggered a Price Protection Share forfeiture as described
above. Pursuant to the terms of the Business Combination Agreement, the SPAC Representative (as defined in the Business Combination Agreement)
furnished the following calculation supporting the forfeiture of 1,137,577 Price Protection Shares:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Variables</span></b></span></td>
    <td style="white-space: nowrap; width: 1%; padding-bottom: 8pt">&#160;</td>
    <td style="width: 3%; padding-bottom: 8pt">&#160;</td>
    <td style="white-space: nowrap; width: 1%; padding-bottom: 8pt">&#160;</td>
    <td style="width: 60%; padding-bottom: 8pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A<sub>x</sub></i></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Class&#160;A CVRs outstanding</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A<sub>y</sub></i></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption Price</span></td></tr>
  <tr>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A<sub>z</sub></i></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average daily VWAP during the 20&#160;trading days up to and including the test date</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B</i></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Class&#160;A CVRs outstanding</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C</i></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount of Earnout Shares previously forfeited</span></td></tr>
  <tr>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Values as of December&#160;21, 2022</span></b></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-bottom: 8pt">&#160;</td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-bottom: 8pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A<sub>x</sub></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; vertical-align: top; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,507,875</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A<sub>y</sub></i></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; vertical-align: top; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10.190</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A<sub>z</sub></i></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; vertical-align: top; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$8.137</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B</i></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; vertical-align: top; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,507,875</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C</i></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; vertical-align: top; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Calculations</span></b></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-bottom: 8pt">&#160;</td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-bottom: 8pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom; text-align: center"><img alt="" src="image_002.jpg"/>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of forfeited Price Protection Shares</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><img alt="" src="image_003.jpg"/>&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="vertical-align: top; padding-bottom: 8pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,645,452 &#8722; 4,507,875 &#8722; 0</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,137,577</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company Representative (as defined in the Business Combination
Agreement) did not object to this calculation. As a result, 1,137,577 Price Protection Shares were forfeited and each Class A CVR holder
became entitled to approximately 0.252 Gorilla ordinary shares per Class A CVR (calculated by dividing 1,137,577 by 4,507,875).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 81; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the SPAC Representative determined that 20-day VWAP of
Gorilla&#8217;s ordinary shares was less than the Redemption Price at the end of the fourth quarter of 2022. The SPAC Representative furnished
the following calculation supporting the forfeiture of an additional 1,384,951 Price Protection Shares:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Values as of December&#160;30, 2022</span></b></span></td>
    <td style="white-space: nowrap; width: 1%; padding-bottom: 8pt">&#160;</td>
    <td style="width: 3%; padding-bottom: 8pt">&#160;</td>
    <td style="white-space: nowrap; width: 1%; padding-bottom: 8pt">&#160;</td>
    <td style="width: 57%; padding-bottom: 8pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A<sub>x</sub></i></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,507,875</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A<sub>y</sub></i></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10.190</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A<sub>z</sub></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6.534</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B</i></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,507,875</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C</i></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,137,577</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Calculations</span></b></span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-bottom: 8pt">&#160;</td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-bottom: 8pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><img alt="" src="image_004.jpg"/></span></td>
    <td style="white-space: nowrap; vertical-align: top; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of forfeited Price Protection Shares</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><b><img alt="" src="image_005.jpg"/></b></span></td>
    <td style="white-space: nowrap; vertical-align: top; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="padding-bottom: 8pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,030,403 &#8722; 4,507,875 &#8722; 1,137,577</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">=</span></td>
    <td style="white-space: nowrap; padding-bottom: 8pt">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,384,951</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company Representative did not object to this calculation. As a
result, an additional 1,384,951 Price Protection Shares were cancelled and each Class&#160;A CVR holder became entitled to approximately
0.307 Gorilla ordinary shares per Class&#160;A CVR (calculated by dividing 1,384,951 by 4,507,875).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>2022 Annual Report Test</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.4&#160;million (60%) of the total Earnout Shares (the &#8220;2022
Earnout Shares&#8221;) are eligible to be earned by the Gorilla shareholders, which amount will be reduced by the forfeiture of any Price
Protection Shares in 2022. As a result of the forfeitures described above, 5,877,472 of the 2022 Earnout Shares remained eligible to be
earned. Gorilla shareholders will forfeit such remaining 2022 Earnout Shares because this Annual Report was not filed with the SEC on
or before March 31, 2023. The Company anticipates delivering a Revenue Earnout Statement (as defined in the Business Combination Agreement)
within the timeframes outlined by the Business Combination Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>2023 Price Protection</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the 20-day volume weighted average price of Gorilla&#8217;s ordinary
shares is less than the Redemption Price upon the filing of Gorilla&#8217;s fiscal year 2023 audited revenues of Gorilla, some or all
remaining Earnout Shares, after giving effect to any 2022 forfeitures or earnings described above (such remaining Earnout Shares, the
&#8220;2023 Earnout Shares&#8221;) may be forfeited by Gorilla shareholders and Gorilla ordinary shares will be issued to the holders
of Class&#160;A CVRs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>2023 Consolidated Margin and 2023 Annual Report Test</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After giving effect to any forfeiture of Price Protection Shares in
2023, if Gorilla fails to maintain its gross margin compared to the gross margin from the prior year, the Gorilla shareholders will forfeit
any remaining 2023 Earnout Shares. Additionally, the Gorilla shareholders will forfeit any remaining 2023 Earnout Shares if certain financial
reporting requirements are not met.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>2023 Revenue Protection</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any remaining 2023 Earnout Shares, after giving effect to any of the
forfeitures described above, will be earned by Gorilla shareholders if the 2023 revenue is at least $90&#160;million. If 2023 revenue
is less than $90&#160;million, all remaining 2023 Earnout Shares will be forfeited and new Gorilla ordinary shares will be issued to the
Class&#160;A CVR holders and Class&#160;B CVR holders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Under our Amended and Restated
Memorandum and Articles of Association, a general notice that a director is a shareholder, director, officer or employee of any specified
firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient disclosure for the
purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such general notice
it shall not be necessary to give special notice relating to any particular transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Comparison of Cayman Islands Corporate Law and U.S. Corporate Law</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands companies are governed by the Companies Act. The Companies
Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable to United
States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies
Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 82; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Mergers and Similar Arrangements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In certain circumstances the Cayman Islands Companies Act allows for
mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands company and a company incorporated in another
jurisdiction (provided that is facilitated by the laws of that other jurisdiction).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where the merger or consolidation is between two Cayman Islands companies,
the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan
or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66 2/3 % in value) of the
shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company&#8217;s articles
of association.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shareholder has the right to vote on a merger or consolidation regardless
of whether the shares that he holds otherwise give him voting rights. No shareholder resolution is required for a merger between a parent
company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consent of each holder of a fixed or floating security interest
of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied
that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies
will register the plan of merger or consolidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where the merger or consolidation involves a foreign company, the procedure
is similar, save that with respect to the foreign company, the director of the Cayman Islands company is required to make a declaration
to the effect that, having made due enquiry, he is of the opinion that the requirements set out below have been met: (i) that the merger
or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction
in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or
will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution
adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar
person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part
thereof; (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby
the rights of creditors of the foreign company are and continue to be suspended or restricted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where the surviving company is the Cayman Islands company, the director
of the Cayman Islands company is further required to make a declaration to the effect that, having made due enquiry, he is of the opinion
that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the
merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the
transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the
transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional
documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or
will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated,
registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against
the public interest to permit the merger or consolidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where the above procedures are adopted, the Companies Act provides
for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation
if they follow a prescribed procedure. In essence, that procedure is as follows (a) the shareholder must give his written objection to
the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the
shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following
the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each
shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent
company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment
of the fair value of his shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above
or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the
surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price
that the company determines is the fair value and if the company and the shareholder agree on the price within 30 days following the date
on which the offer was made, the company must pay the shareholder such amount; (e) if the company and the shareholder fail to agree on
a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting
shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied
by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not
been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together
with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder
whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is
reached. These rights of a dissenting shareholder are not be available in certain circumstances, for example, to dissenters holding shares
of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the
relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange
or shares of the surviving or consolidated company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, Cayman Islands law also has separate statutory provisions
that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally be more
suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a &#8220;scheme
of arrangement&#8221; which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement
(the procedure of which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in
the United States), the arrangement in question must be approved by (a) 75% in value of the shareholders or class of shareholders, or
(b) a majority in number representing 75% in value of the creditors or class of creditors with whom the arrangement is to be made, as
the case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening
of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting
shareholder would have the right to express to the court the <span style="font-family: Times New Roman, Times, Serif">view that the transaction
should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">we
                                            are not proposing to act illegally or beyond the scope of our corporate authority and the
                                            statutory provisions as to majority vote have been complied with;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">the
                                            shareholders have been fairly represented at the meeting in question;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">the
                                            arrangement is such that a business person would reasonably approve; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">the
                                            arrangement is not one that would more properly be sanctioned under some other provision
                                            of the Companies Act or that would amount to a &#8220;fraud on the minority&#8221;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">If a scheme
of arrangement is approved and sanctioned, or if a tender offer (as described below) is made and accepted, any dissenting shareholder
would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of United
States corporations, providing rights to receive payment in cash for the judicially determined</span> value of the shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Squeeze-out Provisions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Companies Act also contains a statutory power of compulsory acquisition,
which may facilitate the &#8220;squeeze out&#8221; of dissentient minority shareholders upon a tender offer. When a tender offer is made
and accepted by holders of 90% of the shares to whom the offer is made within four months, the offeror may, within a two-month period,
require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court
of the Cayman Islands but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment
of the shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Appointment of a Restructuring Officer</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Companies Act also contains statutory provisions which provide
that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds
that the company (a) is or is likely to become unable to pay its debts within the meaning of Section 93 of the Companies Act; and (b)
intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of
a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without
a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may,
among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit. During such time
as a petition is presented or an order appointing a restructuring officer remains on foot, Section 91G of the Companies Act prescribes
an automatic worldwide moratorium on any suits, action or other proceedings, other than criminal proceedings against the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, transactions similar to a merger, reconstruction and/or an
amalgamation may in some circumstances be achieved through other means to these statutory provisions, such as a share capital exchange,
asset acquisition or control, through contractual arrangements, of an operating business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Shareholders&#8217; Suits</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Travers Thorp Alberga, our Cayman Islands legal counsel, is not aware
of any reported class action having been brought in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands
courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff
in any claim based on a breach of duty owed t<span style="font-family: Times New Roman, Times, Serif">o us, and a claim against (for
example) our officers or directors usually may not be brought by a shareholder. However, based on English authorities, which would in
all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply
in circumstances in which:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">a
                                            company is acting, or proposing to act, illegally or beyond the scope of its authority;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">the
                                            act complained of, although not beyond the scope of the authority, could be affected if duly
                                            authorized by more than the number of votes which have actually been obtained; or</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td><span style="font-family: Times New Roman, Times, Serif">those
                                            who control the company are perpetrating a &#8220;fraud on the minority.&#8221;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A shareholder may have a direct right of action against us where the
individual rights of that shareholder have been infringed or are about to be infringed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Indemnification of Directors and Executive Officers and Limitation
of Liability</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands law does not limit the extent to which a company&#8217;s
memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision
may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the
consequences of committing a crime.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated memorandum and articles of association permit
indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses
or damages arise from dishonesty or fraud of such directors or officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This standard of conduct is generally the same as permitted under the
Delaware General Corporation Law for a Delaware corporation. In addition, our offer letters to our independent directors and our employment
agreements with our executive officers provide such persons with additional indemnification beyond that provided in our amended and restated
memorandum and articles of association.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the&#160;Securities
Act&#160;may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that
in the opinion of the SEC, such indemnification is against public policy as expressed in the&#160;Securities Act&#160;and is therefore
unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><i>Directors&#8217; Fiduciary Duties</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Delaware General Corporation Law, a director of a Delaware corporation
has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty.
The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar
circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available
regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the
best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing
by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed
by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are
presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests
of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence
be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the
transaction was of fair value to the corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a matter of Cayman Islands law, a director of a Cayman Islands company
is in the position of a fiduciary with respect to the company and therefore it is considered that he or she owes the following duties
to the company: a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position
as director (unless the company permits him or her to do so), and a duty not to put himself or herself in a position where the interests
of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company
owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However,
English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities
are likely to be followed in the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Shareholder Action by Written Consent</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Delaware General Corporation Law, a corporation may eliminate
the right of shareholders to act by written consent in its certificate of incorporation. Our amended and restated articles of association
provide that shareholders may not approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder
who would have been entitled to vote on such matter at a general meeting without a meeting being held.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Shareholder Proposals</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Delaware General Corporation Law, a shareholder has the right
to put any proposal before the annual general meeting, provided it complies with the notice provisions in the governing documents. An
extraordinary general meeting may be called by the board of directors or any other person authorized to do so in the governing documents,
but shareholders may be precluded from calling special meetings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands law does not provide shareholders any right to put proposals
before a general meeting or requisition a general meeting. However, these rights may be provided in articles of association. As an exempted
Cayman Islands company, we are not obliged by law to call annual general meetings. However, should the board call choose to hold an annual
general meeting, our amended and restated articles of association allow our shareholders to bring business before the meeting provided
that the shareholder meets certain timing requirements provided for in our amended and restated articles of association. Our current articles
of association do not provide our shareholders other rights to put a proposal before a meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Cumulative Voting</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Delaware General Corporation Law, cumulative voting for elections
of directors is not permitted unless the corporation&#8217;s certificate of incorporation specifically provides for it. Cumulative voting
potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder
to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder&#8217;s voting power
with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands
but our amended and restated articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded
any fewer protections or rights on this issue than shareholders of a Delaware corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Removal of Directors</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Delaware General Corporation Law, a director of a corporation
with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless
the certificate of incorporation provides otherwise. Under our amended and restated articles of association, directors may be removed
with or without cause, by an ordinary resolution as a matter of Cayman Islands law (which requires the affirmative vote of a majority
of the shareholders who attend and vote at a general meeting of the company).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Transactions with Interested Shareholders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Delaware General Corporation Law contains a business combination
statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute
in its certificate of incorporation, it is prohibited from engaging in certain business combinations with an &#8220;interested shareholder&#8221;
for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person
or a group who or which owns or owned 15% or more of the target&#8217;s outstanding voting share within the past three years. This has
the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not
be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested
shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming
an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition
transaction with the target&#8217;s board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cayman Islands law has no comparable statute. As a result, we cannot
avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law
does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered
into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. Our
amended and restated articles of association provide that a general notice that a director is a shareholder, director, officer or employee
of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient
disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such
general notice it shall not be necessary to give special notice relating to any particular transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Dissolution; Winding up</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Delaware General Corporation Law, unless the board of directors
approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation.
Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation&#8217;s outstanding
shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in
connection with dissolutions initiated by the board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Cayman Islands law, a company may be wound up by either an order
of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall
due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including
where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our amended and restated articles of
association, our company may be wound up, liquidated or dissolved by a special resolution of our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Variation of Rights of Shares</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Delaware General Corporation Law, a corporation may vary
the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation
provides otherwise. Under our articles, if at any time our share capital is divided into different classes (and as otherwise determined
by our board of directors) the rights attached to any such class may, subject to any rights or restrictions for the time being attached
to any class only be materially adversely varied or abrogated with the consent in writing of the holders of not less than two-thirds of
the issued shares of the relevant class, or with the sanction of a resolution passed at a separate meeting of the holders of the shares
of such class by a majority of two-thirds of the votes cast at such a meeting. The board of directors may vary the rights attaching to
any class without the consent or approval of shareholders provided that the rights will not, in the determination of the board of directors,
be materially adversely varied or abrogated by such action.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Amendment of Governing Documents</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Delaware General Corporation Law, a corporation&#8217;s governing
documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation
provides otherwise. As permitted by Cayman Islands law, our amended and restated memorandum and articles of association may only be amended
with a special resolution of our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">A copy of our amended and restated articles of association is attached as Exhibit 1.1 to this Annual Report on Form 20-F. Additional information
called for by this item is set forth in Exhibit 2.1 to this Annual Report on Form 20-F and is incorporated herein by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 8pt">&#160;</span></p><div>

</div><div><a id="m_049"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.C. MATERIAL CONTRACTS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Summaries of the following material
contracts and amendments to these contracts are included in this Annual Report in the places indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 8pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 49%; text-align: center"><b>Material Contract</b></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 49%; text-align: center; text-indent: 0.25in"><b>Location in This Annual Report</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left; text-indent: 0in">Business Combination Agreement</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><i>Note 23 to our consolidated financial statements; Item 10.B Memorandum and Articles
of Association</i></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left; text-indent: 0in">Warrant Agreement (as amended and assigned)</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><i>Exhibit 2.1 Description of Registrant&#8217;s Securities</i></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left; text-indent: 0in">Contingent Value Rights Agreement</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><i>Item 10.B Memorandum and Articles of Association &#8211; Contingent Value Rights.</i></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left; text-indent: 0in">2023 Equity Incentive Plan</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><i>Item 6.B. Directors, Senior Management and Employees &#8211; Compensation &#8211;
Equity Incentive Plans.</i></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left; text-indent: 0in">Form of Indemnification Agreement</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><i>Item 7.B. Related Party Transactions &#8211; Exculpation, Indemnification and
Insurance.</i></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left; text-indent: 0in">Non-Employee Director Compensation Policy</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><i>Item 6.C. Directors, Senior Management and Employees &#8211; Compensation &#8211;
Non-Employee Director Compensation Policy.</i></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left; text-indent: 0in">Exchange Agreement</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><i>Item 16.E. - Purchases of Equity Securities by the Issuer and Affiliated Purchasers.</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">In addition, summaries of additional
material contracts not described elsewhere in this Annual Report are provided below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Lock-up Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain Gorilla shareholders, including all of Gorilla&#8217;s existing
equityholders owning more than one percent (1%) of Gorilla&#8217;s equity prior to the Transactions, each entered into a Lock-Up Agreement
with Gorilla, as amended (collectively, the &#8220;Lock-Up Agreements&#8221;). Pursuant to the Lock-Up Agreements, each Gorilla shareholder
party thereto agreed not to, during the period commencing from the Closing and ending on the twelve (12)&#160;month anniversary of the
Closing (subject to early release if Gorilla consummates a liquidation, merger, share exchange, reorganization or other similar transaction
with an unaffiliated third party that results in all Gorilla shareholders having the right to exchange their equity holdings in Gorilla
for cash, securities or other property): (i)&#160;lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, establish
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position with respect to or decrease
of a call equivalent position within the meaning of Section&#160;16 of the Exchange&#160;Act and the rules and regulations of the SEC
promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii)&#160;enter into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the restricted
securities, whether any such transaction is to be settled by delivery of such restricted securities, in cash or otherwise, or (iii)&#160;publicly
disclose the intention to do any of the foregoing, whether any such transaction described in clauses (i), (ii)&#160;or (iii)&#160;above
is to be settled by delivery of restricted securities or other securities, in cash or otherwise (in each case, subject to certain limited
permitted transfers where the recipient takes the shares subject to the restrictions in the Lock-Up Agreement). Notwithstanding the foregoing,
up to seventy-five percent (75%) of the restricted securities (pro rata among each type of restricted security owned by parties to the
Lock-Up Agreements) shall be subject to early release from the restrictions thereunder (and the lock-up period with respect to such Early
Release Securities shall be deemed to have expired) if and to the extent that the following occurs after the Closing: (i)&#160;one-third
(1/3<sup>rd</sup>) of the Early Release Securities shall be released on the date beginning from and after the six (6)&#160;month anniversary
of the Closing on which the closing price of Gorilla&#8217;s Ordinary Shares exceeds $12.50 per share (as adjusted for share sub-divisions,
share capitalizations, share consolidations, subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for
any twenty (20)&#160;trading days within any thirty (30)&#160;trading day period; (ii)&#160;one-third (1/3<sup>rd</sup>) of the Early
Release Securities shall be released on the date beginning from and after the six (6)&#160;month anniversary of the Closing on which the
closing price of Gorilla&#8217;s Ordinary Shares exceeds $15.00 per share (as adjusted for share sub-divisions, share capitalizations,
share consolidations, subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any twenty (20)&#160;trading
days within any thirty (30)&#160;trading day period; and (iii)&#160;one-third (1/3<sup>rd</sup>) of the Early Release Securities shall
be released on the date beginning from and after the six (6)&#160;month anniversary of the Closing on which the closing price of Gorilla&#8217;s
Ordinary Shares exceeds $17.50 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, subdivisions,
share capitalizations, reorganizations, recapitalizations and the like) for any twenty (20)&#160;trading days within any thirty (30)&#160;trading
day period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gorilla Registration Rights Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the closing of the Merger, certain Gorilla shareholders
entered into a Registration Rights Agreement (the &#8220;Gorilla Registration Rights Agreement&#8221;) pursuant to which Gorilla granted
certain registration rights to such Gorilla shareholders with respect to the Company&#8217;s ordinary shares. The Gorilla Registration
Rights Agreement provided, among other things, certain Gorilla shareholders with certain demand rights in the event of an underwritten
offering, as well as piggyback rights in the event Gorilla or any holder of Gorilla&#8217;s ordinary shares conducts a registered offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Global Registration Rights Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holders of the Class B ordinary shares of Global (&#8220;Founder
Shares&#8221;), representative shares, private units sold to the Sponsor and I-Bankers in connection with the Global IPO (including securities
contained therein) and units (including securities contained therein) that could have been issued upon conversion of loans made by the
Sponsor or one of its affiliates, and their permitted transferees, had registration rights to require the Company to register a sale of
any of the securities held by them (in the case of the Founder Shares, only after conversion to the Class A ordinary shares) pursuant
to a registration rights agreement signed on April 8, 2021 (as amended on December 21, 2021). These holders were entitled to make up to
three demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act.
In addition, these holders had &#8220;piggy-back&#8221; registration rights to include such securities in other registration statements
filed by the Company and rights to require the Company to register for resale such securities pursuant to Rule&#160;415 under the Securities
Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Subscription Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the business combination between Global and Gorilla,
Global and Gorilla entered into the Original Subscription Agreements with the investors named therein (the &#8220;PIPE Investors&#8221;),
pursuant to which the PIPE Investors agreed to purchase an aggregate of 5,000,000&#160;units (the &#8220;Units&#8221;) of Global, each
Unit consisting of one Global Class&#160;A ordinary share and one-quarter of redeemable Global warrant, at a price of $10.10 per Unit
in a private placement to be consummated concurrently with the Closing (the &#8220;PIPE Investment&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On May&#160;18, 2022, Global, Gorilla, and PIPE Investors amended the
Subscription Agreements (the &#8220;Amended Subscription Agreements&#8221;), pursuant to which the PIPE Investors were given the right
to reduce their $50.5&#160;million subscription amount to a minimum of $30.3&#160;million for any reason whatsoever, in their sole discretion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 13, 2022, immediately prior to the Closing of the Merger, the
PIPE Investment was closed. Gross proceeds from the PIPE Investment were $30.3 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Class&#160;A Contingent Value Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the Closing, each PIPE Investor received one Class&#160;A CVR
for each PIPE Subunit.&#160;Each Class&#160;A CVR entitles the holder to receive, in the event that any Earnout Shares are forfeited by
Gorilla shareholders in accordance with the Business Combination Agreement, from Gorilla a pro rata portion (along with the holders of
Class&#160;B CVRs with respect to Revenue Protection Shares only) of newly issued ordinary shares and other securities or property in
the escrow account that are forfeited by Gorilla shareholders with respect to the Earnout Shares. The Class&#160;A CVRs were issued pursuant
to the Contingent Value Rights Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Class&#160;B Contingent Value Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the Closing, each PIPE Investor received one-half (1/2) of a Class&#160;B
CVR for each PIPE Subunit. Each Class&#160;B CVR entitles the holder to receive, in the event that any Revenue Protection Shares are forfeited
by Gorilla shareholders in accordance with the Business Combination Agreement, from Gorilla a pro rata portion (along with the holders
of Class&#160;A CVRs) of newly issued Gorilla Ordinary Shares and other securities or property in the escrow account that are forfeited
by Gorilla shareholders with respect to such Revenue Protection Shares, provided, that a Class&#160;B CVR does not have any rights with
respect to any Price Protection Shares. The Class&#160;B CVRs were issued pursuant to the Contingent Value Rights Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Offer Letter with Dr. Rajesh &#8220;Raj&#8221; Natarajan </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On March 2, 2022, we entered into an offer letter with Dr. Natarajan
to serve as our Chief Innovation Officer. The offer letter provides for an annual base salary of $180,000. Under the offer letter, Dr.
Natarajan is entitled to a lump sum cash severance payment in an amount equal to 12 months of his monthly salary if his employment is
terminated by the Company other than for fraud, willful misconduct, or gross negligence. The letter provided that Dr. Natarajan&#8217;s
employment would continue until the closing of the Merger, after which the parties would enter into a more formal employment agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, the Company makes no representation
that the terms of Dr. Natarajan&#8217;s offer letter reflect or can be used to infer the compensation Dr. Natarajan has received in the
past or will reflect the compensation Dr. Natarajan will receive in the future. Adjustments to Dr. Natarajan&#8217;s compensation may
have been approved by the Board (or a subcommittee thereof) in the past and additional changes may be approved in the future. For further
information regarding Gorilla&#8217;s compensation of its Board and executive officers, we refer you to see Item 6.B. &#8220;<i>Director,
Senior Management and Employees &#8211; Compensation</i>&#8221; of this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Employment Agreements with Our Named Executive Officers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">Below is a description
of the material terms of our employment agreements with our named executive officers. The employment agreements provide&#160;for&#160;at-will&#160;employment
and sets forth the named executive officer&#8217;s base salary and eligibility for employee benefits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, the Company makes no representation
that the terms of the employment agreements described below reflect or can be used to infer the compensation that such executive officer
has received in the past or will reflect the compensation such executive officer will receive in the future. Adjustments to such executive
officer&#8217;s compensation may have been approved by the Board (or a subcommittee thereof) in the past and additional changes may be
approved in the future. For further information regarding Gorilla&#8217;s compensation of its Board and executive officers, we refer you
to see Item 6.B. &#8220;<i>Director, Senior Management and Employees &#8211; Compensation</i>&#8221; of this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Employment Agreement
with Jayesh &#8220;Jay&#8221; Chandan</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">On April 22, 2023, we
entered into an employment agreement with Mr. Chandan to memorialize the terms of his continued employment with us which commenced on
July 14, 2022 (the &#8220;Effective Date&#8221;). The employment agreement has no fixed term and is terminable by either party following
a minimum notice period as required by applicable law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><span>The
employment agreement provides for an annual base salary of </span>&#163;450,000.00. The employment agreement also provides for a one-time
sign-on award of restricted share units with a value upon grant of $3,000,000.00 based upon a price of $10.19 per share (rounded down
to the nearest whole share), provided Mr. Chandan is continuously employed through the date of grant. Commencing with the first anniversary
of the Effective Date in the 2023 calendar year, Mr. Chandan is also entitled to receive an annual award of restricted share units with
a value upon grant of $2,500,000.00 based upon a price of $10.19 per share (rounded down to the nearest whole share). To receive each
annual restricted shares unit award, Mr. Chandan must be continuously employed through the date of grant and must not have given us notice
of intention to resign or received notice from us of termination. If granted, both the one-time sign-on restricted share unit award and
the annual restricted share unit awards will be fully vested on the date of grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Under the employment agreement, upon termination
of his employment by us without &#8220;cause&#8221; or Mr. Chandan&#8217;s resignation for &#8220;good reason&#8221; (as such terms are
defined in the employment agreement), and provided he signs and does not revoke our standard release of claims agreement, and complies
with all applicable restrictive covenants and contractual obligations contained in the employment agreement, Mr.&#160;Chandan will be
eligible to receive a lump sum payment equal to six months&#8217; base salary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The employment agreement also contains customary
restrictions on competition, solicitation and disclosure of confidential information as well as provisions regarding the assignment of
intellectual property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Employment Agreement
with Daphne Huang</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">On April 20, 2023, we
entered into an employment agreement with Ms. Huang to memorialize the terms of her continued employment with us which commenced on July
14, 2022 (the &#8220;Effective Date&#8221;). The employment agreement has no fixed term and is terminable by either party at any time
for any reason.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><span>The
employment agreement provides for an annual base salary of </span>$450,000.00 and a one-time sign-on bonus of $200,000.00 payable in two
installments, subject to applicable tax withholding. Ms. Huang was paid the first installment of her sign-on bonus in the amount of $100,000.00
on August 16, 2022, and she will be paid the second installment in the amount of $100,000.00 on the first regularly scheduled payroll
date following July 14, 2023. Ms. Huang will not be entitled to the second installment of the sign-on bonus if her employment is terminated
prior to the payment of the second installment by the Company for &#8220;cause&#8221; or she resigns without &#8220;good reason&#8221;
(as such terms are defined in the employment agreement). Additionally, if the Company terminates her employment for &#8220;cause&#8221;
or she resigns without &#8220;good reason&#8221;, in each case, at any time during the 12-month period following the applicable payment
date of the sign-on bonus installment, Ms. Huang will be required to repay a prorated amount of the applicable sign-on bonus installment
equal to (i) the amount of the applicable sign-on bonus installment multiplied by (ii) a fraction, the numerator of which is the number
of days from the applicable payment date through the date of her termination of employment and the denominator of which is 365, less any
applicable payroll deductions and tax withholding paid by her.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">Commencing with the first
anniversary of the Effective Date in the 2023 calendar year, Ms. Huang is also entitled to receive an annual award of restricted share
units with a value upon grant of $1,000,000.00 based upon a price of $10.19 per share (rounded down to the nearest whole share). To receive
each annual restricted shares unit award, Ms. Huang must be continuously employed through the date of grant and must not have given us
notice of intention to resign or received notice from us of termination. If granted, the annual restricted share unit awards will be fully
vested on the date of grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Under the employment agreement, upon termination
of Ms. Huang&#8217;s employment by us without &#8220;cause&#8221; or Ms. Huang&#8217;s resignation for &#8220;good reason&#8221;, and
provided she signs and does not revoke our standard release of claims agreement, and complies with all applicable restrictive covenants
and contractual obligations contained in the employment agreement, Ms. Huang will be eligible to receive:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">any
                                            unpaid portion of the earned sign-on bonuses;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">a
                                            lump sum payment equal to six months&#8217; base salary; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">health
                                            insurance premium reimbursement for six months.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
emplo</span>yment agreement also contains customary restrictions on competition, solicitation and disclosure of confidential information
as well as provisions regarding the assignment of intellectual property.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><i>Employment Agreement
with Dr. <span style="font-family: Times New Roman, Times, Serif">Rajesh &#8220;Raj&#8221; Natarajan</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">On April 20, 2023, we
entered into an employment agreement with Dr. Natarajan to memorialize the terms of his continued employment with us which commenced on
July 14, 2022 (the &#8220;Effective Date&#8221;). The employment agreement has no fixed term and is terminable by either party at any
time for any reason.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "><span>The
employment agreement provides for an annual base salary of </span>$350,000.00 and a one-time sign-on bonus of $200,000.00 payable in two
installments, subject to applicable tax withholding. Dr. Natarajan was paid the first installment of his sign-on bonus in the amount of
$100,000.00 on August 16, 2022 (the &#8220;<span style="text-decoration:underline">First Sign-on Bonus</span>&#8221;), and he will be paid the second installment in the amount
of $100,000.00 on the first regularly scheduled payroll date following July 14, 2023. Dr. Natarajan will not be entitled to the second
installment of the sign-on bonus if his employment is terminated prior to the payment of the second installment by the Company for &#8220;cause&#8221;,
or he resigns without &#8220;good reason&#8221; (as such terms are defined in the employment agreement). Additionally, if the Company
terminates his employment for &#8220;cause&#8221; or he resigns without &#8220;good reason&#8221;, in each case, at any time during the
12-month period following the applicable payment date of the sign-on bonus installment, Dr. Natarajan will be required to repay a prorated
amount of the applicable sign-on bonus installment equal to (i) the amount of the applicable sign-on bonus installment multiplied by (ii)
a fraction, the numerator of which is the number of days from the applicable payment date through the date of his termination of employment
and the denominator of which is 365, less any applicable payroll deductions and tax withholding paid by him.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">Commencing with the first
anniversary of the Effective Date in the 2023 calendar year, Dr. Natarajan is also entitled to receive an annual award of restricted share
units with a value upon grant of $1,650,000.00 based upon a price of $10.19 per share (rounded down to the nearest whole share). To receive
each annual restricted shares unit award, Dr. Natarajan must be continuously employed through the date of grant and must not have given
us notice of intention to resign or received notice from us of termination. If granted, the annual restricted share unit awards will be
fully vested on the date of grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; "></p><div>

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Under the employme<span style="font-family: Times New Roman, Times, Serif">nt
agreement, upon termination of Dr. Natarajan&#8217;s employment by us without &#8220;cause&#8221; or Dr. Natarajan&#8217;s resignation
for &#8220;good reason&#8221;, and provided he signs and does not revoke our standard release of claims agreement, and complies with
all applicable restrictive covenants and contractual obligations contained in the employment agreement, Dr.&#160;Natarajan will be eligible
to receive:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">any
                                            unpaid portion of the earned sign-on bonus;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">a
                                            lump sum payment equal to six months&#8217; base salary; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">health
                                            insurance premium reimbursement for six months.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
employment agreement also contains customary restrictions on competition, solicitation and disclosure of confidential information as
well as</span> provisions regarding the assignment of intellectual property.]</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="m_050"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.D. EXCHANGE CONTROLS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The Cayman Islands currently
has no exchange control regulations or currency restrictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_051"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.E. TAXATION</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following description is not intended to constitute a complete
analysis of all tax consequences relating to the acquisition, ownership and disposition of the Gorilla ordinary shares and Gorilla warrants
and should not be construed as legal or professional tax advice. You should consult your own tax advisor concerning the tax consequences
of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing
jurisdiction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prospective investors should consult their advisors on the possible
tax consequences of investing in our securities under the laws of their country of citizenship, residence or domicile.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cayman Islands Tax Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a discussion on certain Cayman Islands income tax
consequences of an investment in the securities of Gorilla. The discussion is a general summary of present law, which is subject to prospective
and retroactive change. It is not intended as tax advice, does not consider any investor&#8217;s particular circumstances, and does not
consider tax consequences other than those arising under Cayman Islands law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Under Existing Cayman Islands Laws</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payments of dividends and capital in respect of our securities will
not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder
of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporate tax. The
Cayman Islands currently has no income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No stamp duty is payable in respect of the issue of the warrants. An
instrument of transfer in respect of a warrant is stampable if executed in or brought into the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No stamp duty is payable in respect of the issue of Gorilla ordinary
shares or on an instrument of transfer in respect of such shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company has been incorporated under the laws of the Cayman Islands
as an exempted company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of
the Cayman Islands in the following form:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Tax Concessions Act</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(As Revised)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Undertaking as to Tax Concessions</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with the provision of Section&#160;6 of The Tax Concessions
Act (As Revised), the Financial Secretary undertakes with Gorilla Technology Group Inc. (the &#8220;Company&#8221;):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: left">That no law which is hereafter enacted in the Islands imposing
any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: left">In addition, that no tax to be levied on profits, income, gains
or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">2.1</td><td style="text-align: left">On or in respect of the shares, debentures or other obligations
of the Company; or</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">2.2</td><td style="text-align: left">by way of the withholding in whole or part, of any relevant
payment as defined in Section&#160;6(3)of the Tax Concessions Act (As Revised).</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -24pt"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These concessions shall be for a period of 20&#160;years from the date
hereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>U.S. Federal Income Tax Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion is a summary of certain material U.S.&#160;federal
income tax considerations to U.S.&#160;Holders and Non-U.S.&#160;Holders (each as defined below) of the ownership and disposition of ordinary
shares and warrants. This discussion applies only to ordinary shares and warrants, as the case may be, that are held as &#8220;capital
assets&#8221; within the meaning of Section&#160;1221 of the U.S.&#160;Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;)
(generally, property held for investment).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following does not purport to be a complete analysis of all potential
tax considerations arising in connection with the ownership and disposal of ordinary shares and warrants. The effects and considerations
of other U.S.&#160;federal tax laws, such as estate and gift tax laws, alternative minimum or Medicare contribution tax consequences and
any applicable state, local or non-U.S.&#160;tax laws are not discussed. This discussion is based on the Code, Treasury regulations promulgated
thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S.&#160;Internal Revenue Service (the
&#8220;IRS&#8221;), in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations.
Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect the tax consequences
discussed below. Gorilla has not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be
no assurance the IRS will not take or a court will not sustain a contrary position to that discussed below regarding the tax consequences
discussed below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This discussion does not address all U.S.&#160;federal income tax consequences
relevant to a holder&#8217;s particular circumstances. In addition, it does not address consequences relevant to holders subject to special
rules, including, without limitation:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">regulated investment companies and real estate investment
trusts;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">brokers, dealers or traders in securities;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">traders in securities that elect to mark to market interested
party transactions that require shareholder approval;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">tax-exempt organizations or governmental organizations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">U.S.&#160;expatriates and former citizens or long-term residents
of the United&#160;States;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons holding ordinary shares and/or warrants, as the case
may be, as part of a hedge, straddle, constructive sale, or other risk reduction strategy or as part of a conversion transaction or other
integrated investment;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons subject to special tax accounting rules as a result
of any item of gross income with respect to ordinary shares and/or warrants, as the case may be, being taken into account in an applicable
financial statement;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons that actually or constructively own 5% or more (by
vote or value) of the ordinary shares;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">&#8220;controlled foreign corporations,&#8221; &#8220;passive
foreign investment companies,&#8221; and corporations that accumulate earnings to avoid U.S.&#160;federal income tax;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">S corporations, partnerships or other entities or arrangements
treated as partnerships or other flow-through entities for U.S.&#160;federal income tax purposes (and investors therein);</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">U.S.&#160;Holders having a functional currency other than
the U.S.&#160;dollar;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">persons who hold or received ordinary shares and/or warrants,
as the case may be, pursuant to the exercise of any employee stock option or otherwise as compensation; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">tax-qualified retirement plans.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For purposes of this discussion, a &#8220;U.S.&#160;Holder&#8221; is
any beneficial owner of ordinary shares and/or warrants, as the case may be, that is for U.S.&#160;federal income tax purposes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">an individual who is a citizen or resident of the United&#160;States;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">a corporation (or other entity taxable as a corporation)
created or organized under the laws of the United&#160;States, any state thereof, or the District of Columbia;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">an estate, the income of which is subject to U.S.&#160;federal
income tax regardless of its source; or;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">a trust that (1)&#160;is subject to the primary supervision
of a U.S.&#160;court and the control of one or more &#8220;United&#160;States persons&#8221; (within the meaning of Section&#160;7701(a)(30)&#160;of
the Code), or (2)&#160;has a valid election in effect to be treated as a &#8220;United&#160;States person&#8221; (within the meaning
of Section&#160;7701(a)(30)&#160;of the Code) for U.S.&#160;federal income tax purposes.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an entity or arrangement treated as a partnership for U.S.&#160;federal
income tax purposes holds ordinary shares and/or warrants, the tax treatment of an owner of such entity will depend on the status of the
owners, the activities of the entity or arrangement and certain determinations made at the owner level. Accordingly, entities or arrangements
treated as partnerships for U.S.&#160;federal income tax purposes and the partners in such partnerships should consult their tax advisors
regarding the U.S.&#160;federal income tax consequences to them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>THE U.S.&#160;FEDERAL INCOME TAX CONSEQUENCES APPLICABLE TO HOLDERS
OF ORDINARY SHARES AND WARRANTS WILL DEPEND ON EACH HOLDER&#8217;S PARTICULAR TAX CIRCUMSTANCES.&#160;YOU ARE URGED TO CONSULT YOUR TAX
ADVISOR REGARDING THE U.S.&#160;FEDERAL, STATE, AND LOCAL, AND NON-U.S.&#160;INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR
PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF ACQUIRING, HOLDING, AND DISPOSING OF ORDINARY SHARES AND WARRANTS.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>U.S.&#160;Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Distributions on ordinary shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Gorilla makes distributions of cash or property on the ordinary
shares, the gross amount of such distributions (including any amount of foreign taxes withheld) will be treated for U.S.&#160;federal
income tax purposes first as a dividend to the extent of Gorilla&#8217;s current and accumulated earnings and profits (as determined for
U.S.&#160;federal income tax purposes), and then as a tax-free return of capital to the extent of the U.S.&#160;Holder&#8217;s tax basis,
with any excess treated as capital gain from the sale or exchange of the shares. If Gorilla does not provide calculations of its earnings
and profits under U.S.&#160;federal income tax principles, a U.S.&#160;Holder should expect all cash distributions to be reported as dividends
for U.S.&#160;federal income tax purposes. Any dividend will not be eligible for the dividends received deduction allowed to corporations
in respect of dividends received from U.S.&#160;corporations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Subject to the discussion below under &#8220;&#8212; <i>Passive Foreign
Investment Company Rules</i>,&#8221; dividends received by certain non-corporate U.S.&#160;Holders (including individuals) may be &#8220;qualified
dividend income,&#8221; which is taxed at the lower applicable capital gains rate, provided that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">either (a)&#160;the shares are readily tradable on an established
securities market in the United&#160;States, or (b)&#160;Gorilla is eligible for the benefits of a qualifying income tax treaty with
the United&#160;States that includes an exchange of information program;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Gorilla is neither a PFIC (as discussed below under below
under &#8220;&#8212;<i>&#160;Passive Foreign Investment Company Rules</i>&#8221;) nor treated as such with respect to the U.S.&#160;Holder
for Gorilla&#8217;s in any taxable year in which the dividend is paid or the preceding taxable year;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the U.S.&#160;Holder satisfies certain holding period requirements;
and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the U.S.&#160;Holder is not under an obligation to make related
payments with respect to positions in substantially similar or related property.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is not expected that Gorilla will be eligible for benefits of an
applicable comprehensive income tax treaty with the United&#160;States. In addition, there also can be no assurance that ordinary shares
will be considered &#8220;readily tradable&#8221; on an established securities market in the United&#160;States in accordance with applicable
legal authorities. Furthermore, Gorilla will not constitute a &#8220;qualified foreign corporation&#8221; for purposes of these rules
if it is a PFIC for the taxable year in which it pays a dividend or for the preceding taxable year. See &#8220;&#8212; <i>Passive Foreign
Investment Company Rules</i>.&#8221; U.S.&#160;Holders should consult their own tax advisors regarding the availability of the lower rate
for dividends paid with respect to ordinary shares. Subject to certain exceptions, dividends on ordinary shares will constitute foreign
source income for foreign tax credit limitation purposes. If such dividends are qualified dividend income (as discussed above), the amount
of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of
the dividend, multiplied by a fraction, the numerator of which is the reduced rate applicable to qualified dividend income and the denominator
of which is the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated
separately with respect to specific classes of income. For this purpose, dividends distributed by Gorilla with respect to the ordinary
shares generally will constitute &#8220;passive category income&#8221; but could, in the case of certain U.S.&#160;Holders, constitute
&#8220;general category income.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Sale, Exchange, Redemption or Other Taxable Disposition of ordinary
shares and warrants.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the discussion below under &#8220;&#8212; <i>Passive Foreign
Investment Company Rules</i>,&#8221; a U.S.&#160;Holder generally will recognize gain or loss on any sale, exchange, redemption or other
taxable disposition of ordinary shares or warrants in an amount equal to the difference between (i)&#160;the amount realized on the disposition
and (ii)&#160;such U.S.&#160;Holder&#8217;s adjusted tax basis in such ordinary shares and/or warrants. Any gain or loss recognized by
a U.S.&#160;Holder on a taxable disposition of ordinary shares or warrants generally will be capital gain or loss. A non-corporate U.S.&#160;Holder,
including an individual, who has held the ordinary shares and/or warrants for more than one year generally will be eligible for reduced
tax rates for such long-term capital gains. The deductibility of capital losses is subject to limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Exercise or Lapse of a Warrant</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as discussed below with respect to the cashless exercise of
a warrant, a U.S.&#160;Holder generally will not recognize gain or loss upon the acquisition of an ordinary share on the exercise of a
warrant for cash. A U.S.&#160;Holder&#8217;s tax basis in ordinary shares received upon exercise of the warrant generally should be an
amount equal to the sum of the U.S.&#160;Holder&#8217;s tax basis in the warrant received therefore and the exercise price. The U.S.&#160;Holder&#8217;s
holding period for an ordinary share received upon exercise of the warrant will begin on the date following the date of exercise (or possibly
the date of exercise) of the warrant and will not include the period during which the U.S.&#160;Holder held the warrant. If a warrant
is allowed to lapse unexercised, a U.S.&#160;Holder that has otherwise received no proceeds with respect to such warrant generally will
recognize a capital loss equal to such U.S.&#160;Holder&#8217;s tax basis in the warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tax consequences of a cashless exercise of a warrant are not clear
under current U.S.&#160;federal income tax law. A cashless exercise may be tax-deferred, either because the exercise is not a realization
event or because the exercise is treated as a recapitalization for U.S.&#160;federal income tax purposes. In either situation, a U.S.&#160;Holder&#8217;s
basis in the ordinary shares received would equal the U.S.&#160;Holder&#8217;s basis in the warrants exercised therefore. If the cashless
exercise is not treated as a realization event, a U.S.&#160;Holder&#8217;s holding period in the ordinary shares would be treated as commencing
on the date following the date of exercise (or possibly the date of exercise) of the warrants. If the cashless exercise were treated as
a recapitalization, the holding period of the ordinary shares would include the holding period of the warrants exercised therefor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is also possible that a cashless exercise of a warrant could be
treated in part as a taxable exchange in which gain or loss would be recognized in the manner set forth above under &#8220;&#8212; <i>Sale,
Exchange, Redemption or Other Taxable Disposition of ordinary shares and warrants</i>.&#8221; In such event, a U.S.&#160;Holder could
be deemed to have surrendered warrants equal to the number of ordinary shares having an aggregate fair market value equal to the exercise
price for the total number of warrants to be exercised. The U.S.&#160;Holder would recognize capital gain or loss in an amount generally
equal to the difference between (i)&#160;the fair market value of the warrants deemed surrendered and (ii)&#160;the U.S.&#160;Holder&#8217;s
tax basis in such warrants deemed surrendered. In this case, a U.S.&#160;Holder&#8217;s tax basis in the ordinary shares received would
equal the sum of (i)&#160;U.S.&#160;Holder&#8217;s tax basis in the warrants deemed exercised and (ii)&#160;the exercise price of such
warrants. A U.S.&#160;Holder&#8217;s holding period for the ordinary shares received in such case generally would commence on the date
following the date of exercise (or possibly the date of exercise) of the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Due to the absence of authority on the U.S.&#160;federal income tax
treatment of a cashless exercise of warrants, there can be no assurance which, if any, of the alternative tax consequences and holding
periods described above would be adopted by the IRS or a court of law. Accordingly, U.S.&#160;Holders should consult their own tax advisors
regarding the tax consequences of a cashless exercise of warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Possible Constructive Distributions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The terms of each warrant provide for an adjustment to the number of
ordinary shares for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in Exhibit
2.1 to this Annual Report on Form 20-F. An adjustment which has the effect of preventing dilution generally is not taxable. A U.S.&#160;Holder
of a warrant would, however, be treated as receiving a constructive distribution from Gorilla if, for example, the adjustment increases
the holder&#8217;s proportionate interest in Gorilla&#8217;s assets or earnings and profits (for instance, through an increase in the
number of ordinary shares that would be obtained upon exercise of such warrant) as a result of a distribution of cash or other property
such as other securities to the holders of the ordinary shares which is taxable to the holders of such shares as described under &#8220;&#8212;
<i>Distributions on ordinary shares</i>&#8221; above. Such constructive distribution would be subject to tax as described under that section
in the same manner as if the U.S.&#160;Holder of such warrant received a cash distribution from Gorilla equal to the fair market value
of such increased interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Passive Foreign Investment Company Rules</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The treatment of U.S.&#160;Holders of the ordinary shares could be
materially different from that described above, if Gorilla is treated as a PFIC for U.S.&#160;federal income tax purposes. A non-U.S.&#160;entity
treated as a corporation for U.S.&#160;federal income tax purposes generally will be a PFIC for U.S.&#160;federal income tax purposes
for any taxable year if either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">at least 75% of its gross income for such year is passive
income; or</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">at least 50% of the value of its assets (generally based
on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held
for the production of passive income.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For this purpose, Gorilla will be treated as owning its proportionate
share of the assets and earning its proportionate share of the income of any other entity treated as a corporation for U.S.&#160;federal
income tax purposes in which Gorilla owns, directly or indirectly, 25% or more (by value) of the stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the current and anticipated composition of the income, assets
and operations of Gorilla and its subsidiaries, there is a risk Gorilla may be treated as a PFIC for the current taxable year. However,
there can be no assurances in this regard, nor can there be any assurances that Gorilla will not be treated as a PFIC in any future taxable
year. Moreover, the application of the PFIC rules is subject to uncertainty in several respects, and Gorilla can make no assurances that
the IRS will not take a contrary position or that a court will not sustain such a challenge by the IRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whether Gorilla or any of its subsidiaries is treated as a PFIC is
determined on an annual basis. The determination of whether Gorilla or any of its subsidiaries is a PFIC is a factual determination that
depends on, among other things, the composition of Gorilla&#8217;s income and assets, and the market value of its and its subsidiaries&#8217;
shares and assets. Changes in the composition of Gorilla&#8217;s or any of its subsidiaries&#8217; income or composition of Gorilla&#8217;s
or any of its subsidiaries&#8217; assets may cause it to be or become a PFIC for the current or subsequent taxable&#160;years. Under the
PFIC rules, if Gorilla were considered a PFIC at any time that a U.S.&#160;Holder owns ordinary shares or warrants, Gorilla would continue
to be treated as a PFIC with respect to such investment unless (i)&#160;it ceased to be a PFIC and (ii)&#160;the U.S.&#160;Holder made
a &#8220;deemed sale&#8221; election under the PFIC rules. If such election is made, a U.S.&#160;Holder will be deemed to have sold its
ordinary shares or warrants at their fair market value on the last&#160;day of the last taxable year in which Gorilla is classified as
a PFIC, and any gain from such deemed sale would be subject to the consequences described below. After the deemed sale election, the ordinary
shares or warrants with respect to which the deemed sale election was made will not be treated as shares in a PFIC unless Gorilla subsequently
becomes a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For each taxable year that Gorilla is treated as a PFIC with respect
to a U.S.&#160;Holder&#8217;s ordinary shares or warrants, the U.S.&#160;Holder will be subject to special tax rules with respect to any
&#8220;excess distribution&#8221; (as defined below) received and any gain realized from a sale or disposition (including a pledge) of
its ordinary shares (collectively the &#8220;Excess Distribution Rules&#8221;), unless the U.S.&#160;Holder makes a valid QEF election
or mark-to-market election as discussed below. Distributions received by a U.S.&#160;Holder in a taxable year that are greater than 125%
of the average annual distributions received during the shorter of the three preceding taxable&#160;years or the U.S.&#160;Holder&#8217;s
holding period for the ordinary shares will be treated as excess distributions. Under these special tax rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the excess distribution or gain will be allocated ratably
over the U.S.&#160;Holder&#8217;s holding period for the ordinary shares;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the amount allocated to the current taxable year, and any
taxable&#160;years in the U.S.&#160;Holder&#8217;s holding period prior to the first taxable year in which Gorilla is a PFIC, will be
treated as ordinary income; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the amount allocated to each other taxable year will be subject
to the highest tax rate in effect for individuals or corporations, as applicable, for each such year and the interest charge generally
applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Excess Distribution Rules, the tax liability for amounts
allocated to taxable&#160;years prior to the year of disposition or excess distribution cannot be offset by any net operating losses,
and gains (but not losses) realized on the sale of the ordinary shares or warrants cannot be treated as capital gains, even though the
U.S.&#160;Holder holds the ordinary shares or warrants as capital assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of the PFIC rules may impact U.S.&#160;Holders with respect
to equity interests in subsidiaries and other entities which Gorilla may hold, directly or indirectly, that are PFICs (collectively, &#8220;Lower-Tier
PFICs&#8221;). There can be no assurance, however, that Gorilla does not own, or will not in the future acquire, an interest in a subsidiary
or other entity that is or would be treated as a Lower-Tier PFIC.&#160;U.S.&#160;Holders should consult their own tax advisors regarding
the application of the PFIC rules to any of Gorilla&#8217;s subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Gorilla is a PFIC, a U.S.&#160;Holder of ordinary shares (but not
warrants) may avoid taxation under the Excess Distribution Rules described above by making a &#8220;qualified electing fund&#8221; (&#8220;QEF&#8221;)
election. However, a U.S.&#160;Holder may make a QEF election with respect to its ordinary shares only if Gorilla provides U.S.&#160;Holders
on an annual basis with certain financial information specified under applicable U.S.&#160;Treasury regulations. Gorilla will endeavor
to provide U.S.&#160;Holders with the required information on an annual basis to allow U.S.&#160;Holders to make a QEF election with respect
to the ordinary shares in the event Gorilla is treated as a PFIC for any taxable year. There can be no assurance, however, that Gorilla
will timely provide such information for the current year or subsequent&#160;years. The failure to provide such information on an annual
basis could prevent a U.S.&#160;Holder from making a QEF election or result in the invalidation or termination of a U.S.&#160;Holder&#8217;s
prior QEF election. In addition, U.S.&#160;Holders of warrants will not be able to make a QEF election with respect to their warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event Gorilla is a PFIC, a U.S.&#160;Holder that makes a QEF
election with respect to its ordinary shares would generally be required to include in income for each year that Gorilla is treated as
a PFIC the U.S.&#160;Holder&#8217;s pro rata share of Gorilla&#8217;s ordinary earnings for the year (which would be subject to tax as
ordinary income) and net capital gains for the year (which would be subject to tax at the rates applicable to long-term capital gains),
without regard to the amount of any distributions made in respect of the ordinary shares. Any net deficits or net capital losses of Gorilla
for a taxable year would not be passed through and included on the tax return of the U.S.&#160;Holder, however. A U.S.&#160;Holder&#8217;s
basis in the ordinary shares would be increased by the amount of income inclusions under the qualified electing fund rules. Dividends
actually paid on the ordinary shares generally would not be subject to U.S.&#160;federal income tax to the extent of prior income inclusions
and would reduce the U.S.&#160;Holder&#8217;s basis in the ordinary shares by a corresponding amount.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Gorilla owns any interests in a Lower-Tier PFIC, a U.S.&#160;Holder
generally must make a separate QEF election for each Lower-Tier PFIC, subject to Gorilla&#8217;s providing the relevant tax information
for each Lower-Tier PFIC on an annual basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a U.S.&#160;Holder does not make a QEF election (or a mark-to-market
election, as discussed below) effective from the first taxable year of a U.S.&#160;Holder&#8217;s holding period for the ordinary shares
in which Gorilla is a PFIC, then the ordinary shares will generally continue to be treated as an interest in a PFIC, and the U.S.&#160;Holder
generally will remain subject to the Excess Distribution Rules. A U.S.&#160;Holder that first makes a QEF election in a later year may
avoid the continued application of the Excess Distribution Rules to its ordinary shares by making a &#8220;deemed sale&#8221; election.
In that case, the U.S.&#160;Holder will be deemed to have sold the ordinary shares at their fair market value on the first&#160;day of
the taxable year in which the QEF election becomes effective, and any gain from such deemed sale would be subject to the Excess Distribution
Rules described above. A U.S.&#160;Holder that is eligible to make a QEF election with respect to its ordinary shares generally may do
so by providing the appropriate information to the IRS in the U.S.&#160;Holder&#8217;s timely filed tax return for the year in which the
election becomes effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S.&#160;Holders should consult their own tax advisors as to the availability
and desirability of a QEF election.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alternatively, a U.S.&#160;Holder of &#8220;marketable stock&#8221;
(as defined below) may make a mark-to-market election for its ordinary shares to elect out of the Excess Distribution Rules discussed
above if Gorilla is treated as a PFIC.&#160;If a U.S.&#160;Holder makes a mark-to-market election with respect to its ordinary shares,
such U.S.&#160;Holder will include in income for each year that Gorilla is treated as a PFIC with respect to such ordinary shares an amount
equal to the excess, if any, of the fair market value of the ordinary shares as of the close of the U.S.&#160;Holder&#8217;s taxable year
over the adjusted basis in the ordinary shares. A U.S.&#160;Holder will be allowed a deduction for the excess, if any, of the adjusted
basis of the ordinary shares over their fair market value as of the close of the taxable year. However, deductions will be allowed only
to the extent of any net mark-to-market gains on the ordinary shares included in the U.S.&#160;Holder&#8217;s income for prior taxable&#160;years.
Amounts included in income under a mark-to-market election, as well as gain on the actual sale or other disposition of the ordinary shares,
will be treated as ordinary income. Ordinary loss treatment will also apply to the deductible portion of any mark-to-market loss on the
ordinary shares, as well as to any loss realized on the actual sale or disposition of the ordinary shares, to the extent the amount of
such loss does not exceed the net mark-to-market gains for such ordinary shares previously included in income. A U.S.&#160;Holder&#8217;s
basis in the ordinary shares will be adjusted to reflect any mark-to-market income or loss. If a U.S.&#160;Holder makes a mark-to-market
election, any distributions Gorilla makes would generally be subject to the rules discussed above under &#8220;&#8212; <i>Distributions
on ordinary shares</i>,&#8221; except the lower rates applicable to qualified dividend income would not apply. U.S.&#160;Holders of warrants
will not be able to make a mark-to-market election with respect to their warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The mark-to-market election is available only for &#8220;marketable
stock,&#8221; which is stock that is regularly traded on a qualified exchange or other market, as defined in applicable U.S.&#160;Treasury
regulations. The ordinary shares, which are listed on Nasdaq, are expected to qualify as marketable stock for purposes of the PFIC rules,
but there can be no assurance that ordinary shares will be &#8220;regularly traded&#8221; for purposes of these rules. Because a mark-to-market
election cannot be made for equity interests in any Lower-Tier PFICs, a U.S.&#160;Holder that does not make the applicable QEF elections
generally will continue to be subject to the Excess Distribution Rules with respect to its indirect interest in any Lower-Tier PFICs as
described above, even if a mark-to-market election is made for Gorilla.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a U.S.&#160;Holder does not make a mark-to-market election (or a
QEF election, as discussed above) effective from the first taxable year of a U.S.&#160;Holder&#8217;s holding period for the ordinary
shares in which Gorilla is a PFIC, then the U.S.&#160;Holder generally will remain subject to the Excess Distribution Rules. A U.S.&#160;Holder
that first makes a mark-to-market election with respect to the ordinary shares in a later year will continue to be subject to the Excess
Distribution Rules during the taxable year for which the mark-to-market election becomes effective, including with respect to any mark-to-market
gain recognized at the end of that year. In subsequent&#160;years for which a valid mark-to-mark election remains in effect, the Excess
Distribution Rules generally will not apply. A U.S.&#160;Holder that is eligible to make a mark-to-market with respect to its ordinary
shares may do so by providing the appropriate information on IRS Form&#160;8621 and timely filing that form with the U.S.&#160;Holder&#8217;s
tax return for the year in which the election becomes effective. U.S.&#160;Holders should consult their own tax advisors as to the availability
and desirability of a mark-to-market election, as well as the impact of such election on interests in any Lower-Tier PFICs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A U.S.&#160;Holder of a PFIC may be required to file an IRS Form&#160;8621
on an annual basis. U.S.&#160;Holders should consult their own tax advisors regarding any reporting requirements that may apply to them
if Gorilla is a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S.&#160;Holders are strongly encouraged to consult their tax advisors
regarding the application of the PFIC rules to their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Non-U.S.&#160;Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This section applies to Non-U.S.&#160;Holders of ordinary shares and
warrants. For purposes of this discussion, a Non-U.S.&#160;Holder means a beneficial owner (other than a partnership or an entity or arrangement
so characterized for U.S.&#160;federal income tax purposes) of ordinary shares or warrants that is not a U.S.&#160;Holder, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">a nonresident alien individual, other than certain former
citizens and residents of the United&#160;States;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">a foreign corporation; or</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">a foreign estate or trust.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>U.S.&#160;Federal Income Tax Consequences of the Ownership and
Disposition of ordinary shares and warrants to Non-U.S.&#160;Holders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any (i)&#160;distributions of cash or property paid to a Non-U.S.&#160;Holders
in respect of ordinary shares or (ii)&#160;gain realized upon the sale or other taxable disposition of ordinary shares and/or warrants
generally will not be subject to U.S.&#160;federal income taxation unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">the gain or distribution is effectively connected with the
Non-U.S.&#160;Holder&#8217;s conduct of a trade or business within the United&#160;States (and, if required by an applicable income tax
treaty, the Non-U.S.&#160;Holder maintains a permanent establishment in the United&#160;States to which such gain is attributable); or</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">in the case of any gain, the Non-U.S.&#160;Holder is a nonresident
alien individual present in the United&#160;States for 183&#160;days or more during the taxable year of the disposition and certain other
requirements are met.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gain or distributions described in the first bullet point above generally
will be subject to U.S.&#160;federal income tax on a net income basis at the regular rates. A Non-U.S.&#160;Holder that is a corporation
also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such
effectively connected gain, as adjusted for certain items.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gain described in the second bullet point above will be subject to
U.S.&#160;federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by
U.S.&#160;source capital losses of the Non-U.S.&#160;Holder (even though the individual is not considered a resident of the United&#160;States),
provided the Non-U.S.&#160;Holder has timely filed U.S.&#160;federal income tax returns with respect to such losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The U.S.&#160;federal income tax treatment of a Non-U.S.&#160;Holder&#8217;s
exercise of a warrant, or the lapse of a warrant held by a Non-U.S.&#160;Holder, generally will correspond to the U.S.&#160;federal income
tax treatment of the exercise or lapse of a warrant by a U.S.&#160;Holder, as described under &#8220;&#8212; <i>U.S.&#160;Holders-Exercise
or Lapse of a warrant</i>,&#8221; above, although to the extent a cashless exercise or lapse results in a taxable exchange, the consequences
would be similar to those described in the preceding paragraphs above for a Non-U.S.&#160;Holder&#8217;s gain on the sale or other disposition
of the ordinary shares and warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Non-U.S.&#160;Holders should consult their own tax advisors regarding
potentially applicable income tax treaties that may provide for different rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Information Reporting and Backup Withholding</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information reporting requirements may apply to distributions received
by U.S.&#160;Holders of ordinary shares, and the proceeds received on sale or other taxable disposition of ordinary shares or warrants
effected within the United&#160;States (and, in certain cases, outside the United&#160;States), in each case other than U.S.&#160;Holders
that are exempt recipients (such as corporations). Backup withholding (currently at a rate of 24%) may apply to such amounts if the U.S.&#160;Holder
fails to provide an accurate taxpayer identification number (generally on an IRS Form&#160;W-9 provided to the paying agent of the U.S.&#160;Holder&#8217;s
broker) or is otherwise subject to backup withholding. Any distributions with respect to ordinary shares and proceeds from the sale, exchange,
redemption or other disposition of ordinary shares or warrants may be subject to information reporting to the IRS and possible U.S.&#160;backup
withholding. U.S.&#160;Holders should consult their own tax advisors regarding the application of the U.S.&#160;information reporting
and backup withholding rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information returns may be filed with the IRS in connection with, and
Non-U.S.&#160;Holders may be subject to backup withholding on amounts received in respect of, a Non-U.S.&#160;Holder&#8217;s ordinary
shares or warrants, unless the Non-U.S.&#160;Holder furnishes to the applicable withholding agent the required certification as to its
non-U.S.&#160;status, such as by providing a valid IRS Form&#160;W-8BEN, IRS Form&#160;W-8BEN-E or IRS Form&#160;W-8ECI, as applicable,
or the Non-U.S.&#160;Holder otherwise establishes an exemption. Distributions paid with respect to ordinary shares and proceeds from the
sale of other disposition of ordinary shares or warrants received in the United&#160;States by a Non-U.S.&#160;Holder through certain
U.S.-related financial intermediaries may be subject to information reporting and backup withholding unless such Non-U.S.&#160;Holder
provides proof an applicable exemption or complies with certain certification procedures described above, and otherwise complies with
the applicable requirements of the backup withholding rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup withholding is not an additional tax. Amounts withheld as backup
withholding generally may be credited against the taxpayer&#8217;s U.S.&#160;federal income tax liability, and a taxpayer may obtain a
refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for a refund with the
IRS and furnishing any required information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="m_052"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.F. DIVIDENDS AND PAYING AGENTS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_053"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.G. STATEMENT BY EXPERTS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 97; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_054"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.H. DOCUMENTS ON DISPLAY</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Any statement in this Annual
Report about any of our contracts or other documents is not necessarily complete. If the contract or document is filed as an exhibit to
this Annual Report, the contract or document is deemed to modify the description contained in this Annual Report. You must review the
exhibits themselves for a complete description of the contract or document.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">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 periodic reports on Form 6-K. The SEC maintains an Internet website that contains reports and other information about
issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov. In addition, copies of all information
and documents pertaining to press releases, media conferences, investor updates and presentations at analyst and investor presentation
conferences can be downloaded from our website www.gorilla-technology.com. The information contained on our website is not a part of this
Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">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. However,
we furnish or make available to our shareholders certain reports including Annual Reports on Form 20-F, periodic reports on Form 6-K and
other information, with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_055"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.I. SUBSIDIARY INFORMATION</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_056"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">10.J. ANNUAL REPORT TO SECURITY HOLDERS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_057"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 11: QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We are exposed to a variety of risks in the ordinary
course of our business, including, but not limited to, market risk (including foreign exchange risk and interest rate risk), credit risk
and liquidity risk. We regularly assess each of these risks to minimize any adverse effects on our business as a result of those factors.
For discussion and sensitivity analyses of our exposure to these risks, see note 42 to our audited consolidated financial statements for
the year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="m_058"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 12: DESCRIPTION
OF SECURITIES OTHER THAN EQUITY SECURITIES</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_059"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">12.A. DEBT SECURITIES</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_060"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">12.B. WARRANTS AND RIGHTS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_061"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">12.C. OTHER SECURITIES</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_062"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">12.D. AMERICAN DEPOSITARY SHARES</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="m_063"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">PART II</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_064"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 13: DEFAULTS,
DIVIDEND ARREARAGES AND DELINQUENCIES</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_065"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 14: MATERIAL
MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b><i>Use of proceeds</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may receive up to an aggregate of $114.3&#160;million from the exercise
of all of the Gorilla warrants issued and outstanding, assuming the exercise in full of all of the warrants for cash. If the warrants
are exercised pursuant to a cashless exercise feature, we will not receive any cash from these exercises. We expect to use the net proceeds
from the exercise of the warrants, if any, for general corporate purposes. Our management will have broad discretion over the use of proceeds
from the exercise of the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no assurance that the holders of the warrants will elect to
exercise any or all of the warrants. The exercise price of our warrants is $11.50 per share, subject to adjustment. We believe that the
likelihood that warrant holders determine to exercise their warrants, and therefore the amount of cash proceeds that we would receive,
is dependent upon the market price of our ordinary shares. If the market price for our ordinary shares is less than the exercise price
of the warrants (on a per share basis), we believe that warrant holders will be very unlikely to exercise any of their warrants, and accordingly,
we will not receive any such proceeds. There is no assurance that the warrants will be &#8220;in the money&#8221; prior to their expiration
or that the warrant holders will exercise their warrants. As of April 26, 2023, the closing price of our ordinary shares was $1.76 per share.
Holders of the private placement warrants have the option to exercise the private placement warrants on a cashless basis in accordance
with the warrant agreement. To the extent that the warrants are exercised on a &#8220;cashless basis,&#8221; the amount of cash we would
receive from the exercise of the warrants will decrease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="m_066"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 15: CONTROLS
AND PROCEDURES</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Evaluation of Disclosure
Controls and Procedures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">We maintain disclosure controls
and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that information required
to be disclosed in the Company&#8217;s reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SEC&#8217;s rules and forms and that such information is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required
disclosures. Any controls and procedures can provide only reasonable assurance of achieving the desired objectives of the disclosure controls
and procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness
of the design and operation of our disclosure controls and procedures as of December 31, 2022. Based on the material weaknesses described
below, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of December 31, 2022, our disclosure controls
and procedures were not effective. Notwithstanding the identified material weaknesses, our Chief Executive Officer and Chief Financial
Officer have concluded that the consolidated financial statements included elsewhere in this Annual Report fairly present, in all material
respects, our financial condition, results of operations and cash flows for the periods presented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"><b>Previously-Identified
Material Weaknesses</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">In connection with the preparation
of our consolidated financial statements as of and for the&#160;years ended December&#160;31, 2022 and 2021, we identified material weaknesses
in our internal control over financial reporting, as defined in the standards established by the PCAOB.&#160;The material weaknesses identified
arose from: (i)&#160;lack of sufficient number of professionals with an appropriate level of accounting and regulatory knowledge, training,
and experience to appropriately analyze, record and disclose accounting matters timely and accurately with respect to Gorilla&#8217;s
financial reporting and internal control over financial reporting framework; and (ii)&#160;lack of policies and procedures over evaluation
of significant complex transactions and evaluation of certain general ledger accounts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Remediation Actions and Plans</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Following the identification
of the material weaknesses, we have taken and plan to continue to take remedial measures to remedy the weakness. The remediation efforts
we have taken and plan to continue to take include hiring competent inhouse professionals, engaging external advisors to assist us evaluating
internal control processes, and establishing relevant policies and procedures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Management&#8217;s Annual
Report on Internal Control over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">This Annual Report does not
include a report of management&#8217;s assessment regarding internal control over financial reporting due to a transition period established
by rules of the SEC for newly public companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"><b>Attestation Report of
the Registered Public Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">This Annual Report also does
not include an attestation report of our independent registered public accounting firm due to a transition period established by rules
of the SEC for newly public companies. Additionally, our independent registered public accounting firm will not be required to opine on
the effectiveness of our internal control over financial reporting until we are no longer an emerging growth company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Changes in Internal Control
over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Except for the remediation
efforts described above taken to address the material weaknesses, there were no other changes in our internal control over financial reporting
(as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the year ended December 31, 2022 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_067"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 16: [RESERVED]</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_068"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Item 16A. AUDIT COMMITTEE
AND FINANCIAL EXPERT</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Our board of directors has determined
that Gregg Walker qualifies as an audit committee financial expert, as defined by the rules of the SEC and has the requisite financial
experience defined by the Nasdaq rules. In addition, Mr. Walker is independent as such term is defined in Rule 10A-3(b)(1) under the Exchange
Act and under the listing standards of the Nasdaq Global Market. See Item 6. &#8220;<i>Directors, Senior Management and Employees</i>&#8221;
<i>&#8211; 6.C. </i>&#8220;<i>Board Practices</i>&#8221; of this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_069"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Item 16B. CODE OF ETHICS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We have adopted a Code of Ethics
for Senior Financial Officers that applies to our principal executive, principal financial and principal accounting officers. Our Code
of Ethics for Senior Financial Officers addresses, among other things, financial matters and external reporting, company funds and assets,
and corporate opportunity requirements and the process for reporting violations of the Code of Ethics for Senior Financial Officers. A
copy of the Code of Ethics for Senior Financial Officers is attached as Exhibit 11.1 to this Annual Report. Our Code of Ethics for Senior
Financial Officers is intended to meet the definition of &#8220;code of ethics&#8221; under Item 16.B. of Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_070"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Item 16C. PRINCIPAL ACCOUNTANT
FEES AND SERVICES</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b><i>Fees</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span>PricewaterhouseCoopers,
Taiwan served as our independent auditor for the fiscal&#160;years ended December&#160;31, 2021 and 2022. A description of the fees billed
to us by our principal accountants for professional services in each of the last two fiscal&#160;years is set forth below:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><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; font-size: 11pt">&#160;</td><td style="text-align: center; font-size: 11pt">&#160;</td>
    <td colspan="6" style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Year Ended</b></span></td><td style="text-align: center; font-size: 11pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 9pt; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-size: 9pt; font-weight: bold">December 31</td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 9pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-size: 9pt; font-weight: bold">Items</td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>2022</b></span></td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 9pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-size: 9pt; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 9pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>(dollars in thousands)</b></span></td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Fees </span><span style="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; background-color: #CCEEFF"><sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">653</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">819</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Audit Related Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Fees </span><span style="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; background-color: #CCEEFF"><sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-align: left">All Other Fees</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">-</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">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">672</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></p><div>

</div><!-- Field: Rule-Page --><div style="width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span>(1):
&#8220;Audit Fee&#8221; represents the aggregate fees billed for each of the fiscal&#160;years listed for professional services rendered
by our&#160;principal external accountants&#160;for the audit of our annual financial statements and assistance with and review of documents
filed with the SEC and other statutory and regulatory filings.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span>(2):
&#8220;Tax Fees&#8221; represents the aggregate fees billed in the fiscal period listed for professional services rendered by our principal
external accountants for tax compliance and transfer pricing services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span>The
policy of our audit committee is to pre-approve all auditing and non-audit services provided by our principal external accountants, including
audit services, audit-related services, tax services and other services as described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b><i>Pre-Approval Policies
and Procedures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The advance approval of our
audit committee or members thereof, to whom approval authority has been delegated, is required for all audit and non-audit services provided
by our auditors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 100; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><div><a id="m_071"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>Item 16D. EXEMPTIONS FROM
THE LISTING STANDARDS FOR AUDIT COMMITTEES.</b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Not applicable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><div><a id="m_072"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Item 16E. PURCHASES OF EQUITY
SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-size: 10pt">On
December 5, 2022, we entered into an Exchange Agreement with Dr. Sih-Ping Koh, our former CEO, pursuant to which he agreed to exchange
2,814,895 shares and forfeit 1,566,788 Earnout Shares (which were subject to certain vesting conditions) in exchange for certain accounts
receivable and assets of the Company which at the time had a book value of approximately $30.8 million. On the date of this agreement,
the closing price for the Company&#8217;s ordinary shares on the Nasdaq Stock Market LLC was $10.23 per ordinary share. The Company is
holding the 2,814,895 shares as treasury shares, while some of the 1,566,788 Earnout Shares remain subject to certain vesting conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><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; text-align: left"><span style="font-size: 10pt">Period</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt">Total
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt">Average
    Price Paid per Ordinary Share</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt">Total
    Number of Ordinary Shares Purchased as Part of Publicly Announced Plans or Programs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 10pt">Maximum
    Number (or Approximate Dollar Value) of Ordinary Shares that May Yet be Purchased under the Plans or Programs</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">January 1 &#8211; January 31</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">February 1 &#8211; February 28</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">March 1 &#8211; March 31</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">April 1 &#8211; April 30</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">May 1 &#8211; May 31</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">June 1 &#8211; June 30</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">July 1 &#8211; July 31</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">August 1 &#8211; August 31</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">September 1 &#8211; September 30</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">October 1 &#8211; October 31</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">November 1 &#8211; November 30</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="white-space: nowrap; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 52%"><span style="font-size: 10pt">December 1 &#8211; December 31</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">2,814,895</span></td><td style="white-space: nowrap; padding-bottom: 5pt; width: 1%; text-align: left"><span style="font-size: 10pt"><sup>(2)</sup></span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">10.94</span></td><td style="padding-bottom: 5pt; white-space: nowrap; width: 1%; text-align: left"><span style="font-size: 10pt"><sup>(3)</sup></span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-size: 10pt">Total</span></td><td style="font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-size: 10pt">2,814,895</span></td><td style="white-space: nowrap; font-weight: bold; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td style="font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-weight: bold; text-align: right"><span style="font-size: 10pt">10.94</span></td><td style="white-space: nowrap; font-weight: bold; text-align: left"><span style="font-size: 10pt"><sup>&#160;</sup></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 11pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 11pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td><td style="font-size: 11pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><!-- Field: Rule-Page --><div style="width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-size: 10pt">&#160;</span></p><div>

</div><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: left; width: 0.25in; vertical-align: top">(1)</td>
    <td>No shares purchased were purchased as part of a publicly announced repurchase program.</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">(2)</td>
    <td>Does not include 1,566,788 Earnout Shares forfeited by Dr. Koh, which at the time were and to a certain extent still remain subject to
vesting conditions which may cause these shares to be delivered to Gorilla. For illustrative purposes, if all 1,566,788 Earnout Shares
vested in accordance with the terms of the Business Combination Agreement, the execution of the Exchange Agreement would have effectively
caused Dr. Koh to deliver 4,381,683 ordinary shares for assets with a book value of $30.8 million, at a price of $7.03 per ordinary share.</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; vertical-align: top">(3)</td>
    <td>Assumes that the value of the assets and accounts receivable delivered to Dr. Koh were equal to their book value.</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 101; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><div><a id="m_073"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">Item
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-size: 10pt">None.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><div><a id="m_074"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">Item
16G. CORPORATE GOVERNANCE</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-size: 10pt">As
a foreign private issuer, we are permitted to comply with Cayman Islands corporate governance practices instead of the Nasdaq Stock Market
requirements, <i>provided</i> that we disclose those Nasdaq Stock Market requirements with which we do not comply and the equivalent
Cayman Islands requirement that we follow instead (if applicable).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-size: 10pt">Gorilla
intends to follow home country practice in lieu of Nasdaq corporate governance requirements with respect to the following Nasdaq requirements:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-size: 10pt"><i>Executive
                                            Sessions.&#160;&#160;&#160;&#160;</i>We are not required to and, in reliance on home country
                                            practice, we may not, comply with certain&#160;Nasdaq&#160;rules requiring Gorilla&#8217;s
                                            independent directors to meet in regularly scheduled executive sessions at which only independent
                                            directors are present. Gorilla will follow Cayman Islands practice which does not require
                                            independent directors to meet regularly in executive sessions separate from the full board
                                            of directors.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-size: 10pt"><i>Proxy
                                            Statements.&#160;&#160;&#160;&#160;</i>We are not required to and, in reliance on home country
                                            practice, we may not, comply with certain&#160;Nasdaq&#160;rules regarding the provision
                                            of proxy statements for general meetings of shareholders. Gorilla will follow Cayman Islands
                                            practice which does not impose a regulatory regime for the solicitation of proxies.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-size: 10pt"><i>Shareholder
                                            Approval.&#160;&#160;&#160;&#160;</i>Gorilla is not required to and, in reliance on home
                                            country practice, it does not intend to, comply with certain&#160;Nasdaq rules regarding
                                            shareholder approval for certain issuances of securities under&#160;Nasdaq&#160;Rule&#160;5635.
                                            In accordance with the provisions of Gorilla&#8217;s Amended and Restated Memorandum and
                                            Articles of Association, Gorilla&#8217;s board of directors is authorized to issue securities,
                                            including ordinary shares, preference shares, warrants and convertible notes.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-size: 10pt">See
Item 6.C. &#8220;<i>Board Practices &#8211; Corporate Governance Requirements.</i>&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><div><a id="m_075"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">Item
16H. MINE SAFETY DISCLOSURE</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><div><a id="m_076"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">Item
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="m_077"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PART III</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="m_078"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 17: FINANCIAL
STATEMENTS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">We have provided the financial
statement information required by this Item 17 in, and pursuant to Item 18, such disclosure which is incorporated by reference herein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_079"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 18: FINANCIAL
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">Please refer to the financial
statements filed as part of this Annual Report beginning on page F-1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="m_080"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">Item 19: EXHIBITS</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">See exhibit index incorporated
herein by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid"><b>Exhibit No.</b></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><b>Description</b></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 9%">1.1</td>
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    <td style="text-align: left; width: 90%"><a href="http://www.sec.gov/Archives/edgar/data/1903145/000121390023013661/ff12023a1ex3-1_gorillatech.htm">Memorandum and Articles of Association of Gorilla (incorporated by reference to Exhibit 3.1 of Gorilla&#8217;s Form F-1 (File No. 333-267838) filed with the SEC on March 28, 2023).</a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>2.1</td>
    <td>&#160;</td>
    <td style="text-align: left"><a href="f20f2022ex2-1_gorillatech.htm">Description of the Registrant&#8217;s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.</a></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; text-indent: 0in">2.2</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
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    <td style="text-align: left; text-indent: 0in">2.3</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1903145/000121390022008472/ff42022a1ex4-6_gorillatech.htm">Specimen Ordinary Share Certificate of Gorilla Technology Group Inc. (incorporated by reference to Exhibit 4.6 of Gorilla&#8217;s Registration Statement on Form F-4 (File No. 333-262069) filed with the SEC on June 28, 2022).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
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    <td style="text-align: left; text-indent: 0in">2.4</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1903145/000121390022008472/ff42022a1ex4-7_gorillatech.htm">Specimen Warrant Certificate of Gorilla Technology Group Inc. (incorporated by reference to Exhibit 4.7 of Gorilla&#8217;s Registration Statement on Form F-4 (File No. 333-262069) filed with the SEC on June 28, 2022).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
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    <td style="text-align: left; text-indent: 0in">2.5</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1821169/000121390021021574/ea139466ex10-3_globalspac.htm">Registration Rights Agreement, dated as of April 8, 2021, by and among Global, the Sponsor and I-Bankers (incorporated by reference to Exhibit 10.3 of Global&#8217;s Form 8-K filed with the SEC on April 14, 2021).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">2.6</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1903145/000121390022034975/ff42022a5ex4-8_gorilla.htm">Form of Contingent Value Rights Agreement, by and among Gorilla, Global, Global SPAC Sponsors LLC, in the capacity as Gorilla Representative, Tomoyuki Nii in the capacity as Gorilla Representative, and Continental Stock Transfer &amp; Trust Company, as rights agent (incorporated by reference to Exhibit 4.1 of Gorilla&#8217;s Form 6-K filed with the SEC on July 19, 2022).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
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    <td style="text-align: left; text-indent: 0in">2.7</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1821169/000121390021067757/ea153075ex10-4_global.htm">Form of First Amendment to Registration Rights Agreement, by and among Gorilla, Global and the Sponsor (incorporated by reference to Exhibit 10.4 of Global&#8217;s Form 8-K filed with the SEC on December 28, 2021).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1821169/000121390021067757/ea153075ex10-5_global.htm">Form of Registration Rights Agreement, by and between Gorilla and the shareholders of Gorilla party thereto (incorporated by reference to Exhibit 10.2 of Gorilla&#8217;s Form 6-K filed with the SEC on July 19, 2022)).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
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    <td style="text-align: left; text-indent: 0in">2.9</td>
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    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1821169/000121390021067757/ea153075ex10-6_global.htm">Form of Assignment, Assumption and Amendment to Warrant Agreement among Continental Stock Transfer &amp; Trust Company, LLC, Gorilla and Global (incorporated by reference to Exhibit 10.3 of Gorilla&#8217;s Form 6-K filed with the SEC on July 19, 2022)).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">2.10</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1821169/000121390022027836/ea160217ex10-1_globalspac.htm">Form of Amended and Restated Subscription Agreement, dated as of May 18, 2022, by and among Global, Gorilla and the investors named therein (incorporated by reference to Exhibit 10.1 of Gorilla&#8217;s Form 6-K filed with the SEC on July 19, 2022).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
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    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1821169/000121390022027836/ea160217ex2-1_globalspac.htm">Amended and Restated Business Combination Agreement, dated as of May 18, 2022, by and among Global, Gorilla, Global SPAC Sponsors LLC, as SPAC Representative, Tomoyuki Nii as Company Representative and Merger Sub (incorporated by reference to Exhibit 2.1 of Gorilla&#8217;s Registration Statement on Form F-4 (File No. 333-262069) filed with the SEC on June 28, 2022).</a></span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="width: 1%">&#160;</td>
    <td style="text-align: left; text-indent: 0in; width: 90%"><a href="f20f2022ex4-2_gorillatech.htm">Gorilla Technology Group Inc. 2023 Omnibus Incentive Plan.</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1821169/000121390021067757/ea153075ex10-2_global.htm">Form of Lock-Up Agreement, dated as of December 21, 2021, by and between Gorilla and the shareholder of Gorilla party thereto (incorporated by reference to Exhibit 10.2 of Global&#8217;s Form 8-K filed with the SEC on December 28, 2021).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">4.4</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1821169/000121390022006738/ea155404ex10-1_global.htm">Form of First Amendment to Lock-Up Agreement, by and between Gorilla and the shareholder of Gorilla party thereto (incorporated by reference to Exhibit 10.1 of Global&#8217;s Form 8-K filed with the SEC on February 11, 2022).</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: left; text-indent: 0in"><a href="f20f2022ex4-7_gorillatech.htm">Employment Agreement, effective as of April 22, 2023, by and between the Registrant and Jayesh Chandan.</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><a href="f20f2022ex4-8_gorillatech.htm">Employment Agreement, effective as of April 20, 2023, by and between the Registrant and Rajesh Natarajan.</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0in">4.9</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in"><a href="f20f2022ex4-9_gorillatech.htm">Employment Agreement, effective as of April 20, 2023, by and between the Registrant and Daphne Huang.</a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left; text-indent: 0in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: top; ">
    <td style="text-align: left; text-indent: 0in">&#160;</td>
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></p><div>



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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: left">The schedules and exhibits to this agreement have been omitted
pursuant to Instructions as to Exhibits to Form 20-F. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon
request.</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

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    <td colspan="2" style="text-align: left"><b>GORILLA TECHNOLOGY GROUP INC.</b></td></tr>
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    <td style="text-align: left">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: left; text-indent: 0in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: 0in"><span style="font-size: 10pt">Date:
April 28, 2023</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: 0in">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>GORILLA TECHNOLOGY GROUP INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>AND ITS SUBSIDIARIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>AS OF DECEMBER 31, 2022</b></p><div>

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</div><p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p><div>

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    <p style="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECEMBER
    31, 2022, 2021 AND 2020</span></p></td>
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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><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">To
the Shareholders and the Board of Directors of Gorilla Technology Group Inc.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Opinion
on the Financial Statements</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Gorilla Technology Group Inc. and its subsidiaries (the &#8220;Company&#8221;)
as of December 31, 2022 and 2021, and the related consolidated statements of comprehensive loss, of changes in equity and of cash flows
for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the &#8220;consolidated
financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2022 in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
for Opinion</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits of these consolidated financial statements 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 consolidated financial statements are free of material
misstatement, whether due to error or fraud.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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 consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated 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 consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p><div>




</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<ix:nonNumeric contextRef="c0" name="dei:AuditorName">PricewaterhouseCoopers, Taiwan</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taipei,
Taiwan</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Republic
of China</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
28, 2023</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2007.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BALANCE SHEETS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">DECEMBER 31, 2022 AND 2021</p><div>

</div><p style="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt">(Expressed in United States dollars)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>




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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>
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    <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>
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    <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>
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    <td style="text-align: center">12, 37 and 38</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="0" unitRef="usd">16,132,567</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">13</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="0" unitRef="usd">16,675</ix:nonFraction></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)">
    <td style="text-align: left; padding-left: 9.1pt">Intangible assets</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="0" unitRef="usd">56,342</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">33</td><td>&#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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentPrepayments" scale="0" unitRef="usd">612,982</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>



</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><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">(Continued)&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 109; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BALANCE SHEETS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">DECEMBER 31, 2022 AND 2021</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">(Expressed
in United States dollars)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>




</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Items</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">22</td><td>&#160;</td>
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    <td style="text-align: center; padding-bottom: 1.5pt">&#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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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLiabilities" scale="0" unitRef="usd">28,256,667</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 style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">18, 37 and 38</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:LongtermBorrowings" scale="0" unitRef="usd">8,251,788</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">21</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentProvisionsForEmployeeBenefits" scale="0" unitRef="usd">61,057</ix:nonFraction></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)">
    <td style="text-align: left; padding-left: 9.1pt">Deferred income tax liabilities</td><td>&#160;</td>
    <td style="text-align: center">33</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9.1pt">Lease liabilities - non-current</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</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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    <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: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Retained earnings</td><td>&#160;</td>
    <td style="text-align: center">24</td><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; ">
    <td style="text-align: left; padding-left: 9.1pt">Accumulated deficit</td><td>&#160;</td>
    <td style="text-align: center">&#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">Other equity interest</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9.1pt">Financial statements translation differences of foreign operations</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:FinancialStatementsTranslationDifferencesOfForeignOperations" scale="0" unitRef="usd">370,178</ix:nonFraction></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)">
    <td style="padding-bottom: 1.5pt">Treasury shares</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">23 and 37</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 contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TreasuryShares" scale="0" unitRef="usd">29,580,140</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; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 18.25pt">Equity attributable to owners of the parent</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="0" unitRef="usd">28,543,183</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 contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="0" unitRef="usd">45,929,103</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 18.25pt">Total equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="0" unitRef="usd">28,543,183</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 contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="0" unitRef="usd">45,929,103</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Significant contingent liabilities and unrecognized contract commitments</td><td>&#160;</td>
    <td style="text-align: center">39</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 9.1pt">Total liabilities and equity</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:EquityAndLiabilities" scale="0" unitRef="usd">65,260,878</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:EquityAndLiabilities" scale="0" unitRef="usd">94,930,703</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of these financial statements.</p><div>

</div><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><div>


</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">GORILLA TECHNOLOGY GROUP
INC. AND SUBSIDIARIES</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">STATEMENTS OF COMPREHENSIVE
LOSS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">YEARS ENDED DECEMBER 31,
2022, 2021 AND 2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Expressed in United States dollars)</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><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><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">Year ended December 31</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Items</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Notes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2020</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Revenue</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">25</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="0" unitRef="usd">22,408,808</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="0" unitRef="usd">42,242,863</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">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="0" unitRef="usd">45,412,589</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Cost of revenue</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">9, 30 and 31</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CostOfSales" scale="0" unitRef="usd">14,071,902</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CostOfSales" scale="0" unitRef="usd">26,468,662</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CostOfSales" scale="0" unitRef="usd">26,857,201</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 16.7pt">Gross profit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GrossProfit" scale="0" unitRef="usd">8,336,906</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 style="vertical-align: bottom; ">
    <td style="text-align: left">Operating expenses</td><td>&#160;</td>
    <td style="text-align: center">30, 31 and 37</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9.65pt">General and administrative expenses</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">9,191,505</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 9.65pt">Share listing expenses</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpense" scale="0" unitRef="usd">70,104,989</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#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; padding-left: 9.65pt">Expected credit losses</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9.65pt">Other income</td><td>&#160;</td>
    <td style="text-align: center">26</td><td>&#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: center">27</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: center">&#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)">
    <td style="padding-bottom: 1.5pt; text-align: left">Operating loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromOperatingActivities" scale="0" sign="-" unitRef="usd">86,507,495</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; ">
    <td style="text-align: left">Non-operating income and expenses</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9.65pt">Interest income</td><td>&#160;</td>
    <td style="text-align: center">28</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromInterest" scale="0" unitRef="usd">235,912</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromInterest" scale="0" unitRef="usd">37,869</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromInterest" scale="0" unitRef="usd">159,275</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 9.65pt">Finance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">29 and 37</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="0" unitRef="usd">835,273</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="0" unitRef="usd">666,349</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="0" unitRef="usd">461,118</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 16.75pt">Total non-operating income and expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AmountsRemovedFromEquityAndAdjustedAgainstFairValueOfFinancialAssetsOnReclassificationOutOfFairValueThroughOtherComprehensiveIncomeMeasurementCategoryNetOfTax" scale="0" unitRef="usd">599,361</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AmountsRemovedFromEquityAndAdjustedAgainstFairValueOfFinancialAssetsOnReclassificationOutOfFairValueThroughOtherComprehensiveIncomeMeasurementCategoryNetOfTax" scale="0" unitRef="usd">628,480</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AmountsRemovedFromEquityAndAdjustedAgainstFairValueOfFinancialAssetsOnReclassificationOutOfFairValueThroughOtherComprehensiveIncomeMeasurementCategoryNetOfTax" scale="0" unitRef="usd">301,843</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Loss before income tax</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="0" sign="-" unitRef="usd">87,106,856</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="0" sign="-" unitRef="usd">8,786,739</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="0" sign="-" unitRef="usd">5,995,756</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 9.65pt">Income tax (expense) benefit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">33</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:IncomeTaxBenefits" scale="0" unitRef="usd">430,368</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:IncomeTaxBenefits" scale="0" sign="-" unitRef="usd">238,445</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="glspu:IncomeTaxBenefits" scale="0" sign="-" unitRef="usd">74,903</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; font-weight: bold; text-align: left">Loss for the year</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="0" sign="-" unitRef="usd">87,537,224</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="0" sign="-" unitRef="usd">8,548,294</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="0" sign="-" unitRef="usd">5,920,853</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Other comprehensive (loss) income</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#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; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Components of other comprehensive income that may not be reclassified to profit or loss</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9.65pt">Remeasurement of defined benefit plans</td><td>&#160;</td>
    <td style="text-align: center">19</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="0" unitRef="usd">7,409</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="0" unitRef="usd">13,087</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="0" sign="-" unitRef="usd">7,589</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Components of other comprehensive (loss) income that may be reclassified to profit or loss</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left; padding-left: 9.65pt">Exchange differences on translation of foreign operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" scale="0" unitRef="usd">1,672,040</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" scale="0" sign="-" unitRef="usd">453,007</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" scale="0" sign="-" unitRef="usd">778,758</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; font-weight: bold; text-align: left">Other comprehensive (loss) income for the year, net of tax</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Loss per share</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <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><td>&#160;</td>
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  </table><div>


</div><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><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying notes are an integral part of these financial statements.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td></tr></table></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><div><a id="f_004"></a></div><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">STATEMENTS OF CHANGES IN EQUITY</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">(Expressed
in United States dollars)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="38" style="border-bottom: Black 1.5pt solid; text-align: center">Equity attributable to owners of the parent</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="text-decoration:underline">Year 2020</span></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="width: 10%; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Balance at January&#160;1, 2020</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.375in">Loss for the year</td><td>&#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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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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"><div style="-sec-ix-hidden: hidden-fact-43">-</div></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"><div style="-sec-ix-hidden: hidden-fact-44">-</div></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"><div style="-sec-ix-hidden: hidden-fact-45">-</div></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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Balance at January&#160;1, 2021</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="text-align: left; text-indent: -0.125in; padding-left: 0.375in">Loss for the year</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">-</div></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"><div style="-sec-ix-hidden: hidden-fact-61">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">-</div></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"><div style="-sec-ix-hidden: hidden-fact-64">-</div></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"><div style="-sec-ix-hidden: hidden-fact-65">-</div></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"><div style="-sec-ix-hidden: hidden-fact-66">-</div></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"><div style="-sec-ix-hidden: hidden-fact-67">-</div></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"><div style="-sec-ix-hidden: hidden-fact-68">-</div></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"><div style="-sec-ix-hidden: hidden-fact-69">-</div></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 contextRef="c45" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="0" unitRef="usd">13,087</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 contextRef="c46" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="0" unitRef="usd">453,007</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"><div style="-sec-ix-hidden: hidden-fact-70">-</div></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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="0" unitRef="usd">466,094</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in">Total comprehensive loss for the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">-</div></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"><div style="-sec-ix-hidden: hidden-fact-72">-</div></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"><div style="-sec-ix-hidden: hidden-fact-73">-</div></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"><div style="-sec-ix-hidden: hidden-fact-74">-</div></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"><div style="-sec-ix-hidden: hidden-fact-75">-</div></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"><div style="-sec-ix-hidden: hidden-fact-76">-</div></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"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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"><div style="-sec-ix-hidden: hidden-fact-78">-</div></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 style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in">Exercise of share options</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></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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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">-</div></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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</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0">(Continued)</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;&#160;</p><div>


</div><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">STATEMENTS OF CHANGES IN EQUITY</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Expressed in United States dollars)</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="38" style="border-bottom: Black 1.5pt solid; text-align: center">Equity attributable to owners of the parent</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Notes</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>

<tr style="vertical-align: bottom; ">
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    <td style="text-align: center; width: 7%">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 5%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 5%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 5%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 5%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 5%">&#160;</td><td style="text-align: left; width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">-</div></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"><div style="-sec-ix-hidden: hidden-fact-110">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">-</div></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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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-112">-</div></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"><div style="-sec-ix-hidden: hidden-fact-113">-</div></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"><div style="-sec-ix-hidden: hidden-fact-114">-</div></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"><div style="-sec-ix-hidden: hidden-fact-115">-</div></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"><div style="-sec-ix-hidden: hidden-fact-116">-</div></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"><div style="-sec-ix-hidden: hidden-fact-117">-</div></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"><div style="-sec-ix-hidden: hidden-fact-118">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</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"><div style="-sec-ix-hidden: hidden-fact-119">-</div></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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherComprehensiveIncome" scale="0" sign="-" unitRef="usd">1,664,631</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Total comprehensive loss for the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">-</div></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"><div style="-sec-ix-hidden: hidden-fact-121">-</div></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"><div style="-sec-ix-hidden: hidden-fact-122">-</div></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"><div style="-sec-ix-hidden: hidden-fact-123">-</div></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"><div style="-sec-ix-hidden: hidden-fact-124">-</div></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"><div style="-sec-ix-hidden: hidden-fact-125">-</div></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"><div style="-sec-ix-hidden: hidden-fact-126">-</div></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 contextRef="c65" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="0" sign="-" unitRef="usd">87,529,815</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c66" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="0" sign="-" unitRef="usd">1,672,040</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">-</div></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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ComprehensiveIncome" scale="0" sign="-" unitRef="usd">89,201,855</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in">Issuance of ordinary shares</td><td>&#160;</td>
    <td style="text-align: center">23</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c58" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfEquity" scale="0" unitRef="usd">6,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">-</div></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 contextRef="c60" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfEquity" scale="0" sign="-" unitRef="usd">33,720</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 contextRef="c61" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfEquity" scale="0" unitRef="usd">26,470</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"><div style="-sec-ix-hidden: hidden-fact-129">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfEquity" scale="0" sign="-" unitRef="usd">1,250</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in">Expiration of share options</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"><div style="-sec-ix-hidden: hidden-fact-135">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">-</div></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 contextRef="c61" decimals="0" format="ixt:num-dot-decimal" name="glspu:IncreaseDecreaseThroughExpirationOfShareOptions" scale="0" unitRef="usd">179,392</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">-</div></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 contextRef="c63" decimals="0" format="ixt:num-dot-decimal" name="glspu:IncreaseDecreaseThroughExpirationOfShareOptions" scale="0" sign="-" unitRef="usd">179,392</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.25in">Employee share option plans</td><td>&#160;</td>
    <td style="text-align: center">20</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">-</div></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 contextRef="c63" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" scale="0" unitRef="usd">346,122</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"><div style="-sec-ix-hidden: hidden-fact-149">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-150">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-151">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-152">-</div></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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" scale="0" unitRef="usd">346,122</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in">Conversion of preference shares to ordinary shares</td><td>&#160;</td>
    <td style="text-align: center">23</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c59" decimals="0" format="ixt:num-dot-decimal" name="glspu:ConversionOfPreferenceSharesToOrdinaryShares" scale="0" sign="-" unitRef="usd">5,813,247</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c61" decimals="0" format="ixt:num-dot-decimal" name="glspu:ConversionOfPreferenceSharesToOrdinaryShares" scale="0" unitRef="usd">37,789,462</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"><div style="-sec-ix-hidden: hidden-fact-153">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">-</div></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 contextRef="c64" decimals="0" format="ixt:num-dot-decimal" name="glspu:ConversionOfPreferenceSharesToOrdinaryShares" scale="0" sign="-" unitRef="usd">38,603,627</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-155">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.25in">Balance at December 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c70" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="0" unitRef="usd">1,442,346</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><div><a id="f_005"></a></div><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">STATEMENTS OF CASH FLOWS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-decoration: none">(Expressed
in United States dollars)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Notes</td><td style="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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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#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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  <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><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><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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AmortisationExpense" scale="0" unitRef="usd">1,687,618</ix:nonFraction></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 style="vertical-align: bottom; ">
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    <td style="text-align: center">27</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-162">-</div></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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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-164">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-166">-</div></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; ">
    <td style="text-align: left; padding-left: 0.375in">Interest expense</td><td>&#160;</td>
    <td style="text-align: center">29</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInterestPayableNet" scale="0" unitRef="usd">835,273</ix:nonFraction></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)">
    <td style="text-align: left; padding-left: 0.375in">Interest income</td><td>&#160;</td>
    <td style="text-align: center">28</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.375in">Gains on reversal of accounts and other payables</td><td>&#160;</td>
    <td style="text-align: center">26</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-167">-</div></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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    <td style="text-align: center">27</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-168">-</div></td><td style="text-align: left">&#160;</td><td>&#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"><div style="-sec-ix-hidden: hidden-fact-169">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-170">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.25in">Changes in operating assets and liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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; ">
    <td style="text-align: left; padding-left: 0.375in">Changes in operating assets</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets" scale="0" unitRef="usd">914,452</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets" scale="0" sign="-" unitRef="usd">158,970</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.5in">Notes receivable</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"><div style="-sec-ix-hidden: hidden-fact-171">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-172">-</div></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)">
    <td style="text-align: left; padding-left: 0.5in">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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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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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:AdjustmentsForPrepayment" scale="0" unitRef="usd">1,245,559</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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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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  <tr style="vertical-align: bottom; ">
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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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  <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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.5in">Provisions</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:AdjustmentsForIncreaseDecreaseInProvisions" scale="0" sign="-" unitRef="usd">108,794</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" scale="0" unitRef="usd">23,017</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 style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.375in">Cash (outflow) inflow generated from operations</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:CashoutflowInflowGeneratedFromOperation" scale="0" sign="-" unitRef="usd">8,320,734</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="glspu:CashoutflowInflowGeneratedFromOperation" scale="0" sign="-" unitRef="usd">1,643,660</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.5in">Interest received</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" scale="0" unitRef="usd">235,912</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.5in">Interest paid</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:AdjustmentsForDecreaseIncreaseInInterestPaid" scale="0" sign="-" unitRef="usd">686,841</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:AdjustmentsForDecreaseIncreaseInInterestPaid" scale="0" sign="-" unitRef="usd">655,673</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.5in">Tax paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:TaxPaid" scale="0" sign="-" unitRef="usd">2,174</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:TaxPaid" scale="0" sign="-" unitRef="usd">1,167</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; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.625in">Net cash flows (used in) from operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">8,773,837</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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    <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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">1,945,503</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</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></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-177">-</div></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="0" unitRef="usd">2,935,249</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td>&#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: center">35</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" scale="0" unitRef="usd">73,093</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Disposal in financial assets at amortized cost</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:DisposalInFinancialAssetsAtAmortizedCost" scale="0" unitRef="usd">2,187,890</ix:nonFraction></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)">
    <td style="text-align: left; padding-left: 0.125in">Investment in financial assets at amortized cost</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"><div style="-sec-ix-hidden: hidden-fact-179">-</div></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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" scale="0" unitRef="usd">1,579,329</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities" scale="0" unitRef="usd">2,245,333</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Decrease (increase) in guarantee deposits</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" scale="0" unitRef="usd">368</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" scale="0" sign="-" unitRef="usd">72,142</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" scale="0" unitRef="usd">5,087</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.625in">Net cash flows used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">1,925,624</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">9,910,351</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">7,733,662</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  </table><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><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">(Continued)</span></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">STATEMENTS OF CASH FLOWS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Expressed in United States dollars)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Notes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="text-decoration:underline">CASH FLOWS FROM FINANCING ACTIVITIES</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 52%; text-align: left">Proceeds from short-term borrowings</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">16, 36 and 37</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:ProceedsFromShorttermBorrowings" scale="0" unitRef="usd">12,492,935</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 style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:ProceedsFromShorttermBorrowings" scale="0" unitRef="usd">5,000,000</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 style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="glspu:ProceedsFromShorttermBorrowings" scale="0" unitRef="usd">3,508,961</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Repayments of short-term borrowings</td><td>&#160;</td>
    <td style="text-align: center">36</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:RepaymentsOfShorttermBorrowings" scale="0" sign="-" unitRef="usd">20,089,523</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:RepaymentsOfShorttermBorrowings" scale="0" sign="-" unitRef="usd">327,098</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-180">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Proceeds from long-term borrowings</td><td>&#160;</td>
    <td style="text-align: center">36</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="0" unitRef="usd">3,447,526</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="0" unitRef="usd">6,146,341</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="0" unitRef="usd">1,184,469</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Repayments of long-term borrowings</td><td>&#160;</td>
    <td style="text-align: center">36</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfCurrentBorrowings" scale="0" unitRef="usd">4,899,022</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfCurrentBorrowings" scale="0" unitRef="usd">4,933,134</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfCurrentBorrowings" scale="0" unitRef="usd">900,682</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Principal repayment of lease liabilities</td><td>&#160;</td>
    <td style="text-align: center">36</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:PrincipalRepaymentOfLeaseLiabilities" scale="0" sign="-" unitRef="usd">90,549</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:PrincipalRepaymentOfLeaseLiabilities" scale="0" sign="-" unitRef="usd">33,864</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="glspu:PrincipalRepaymentOfLeaseLiabilities" scale="0" sign="-" unitRef="usd">29,716</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Exercise of share options</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"><div style="-sec-ix-hidden: hidden-fact-181">-</div></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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromExerciseOfOptions" scale="0" unitRef="usd">135,520</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 contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromExerciseOfOptions" scale="0" unitRef="usd">112,004</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Payment of transaction cost</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsForShareIssueCosts" scale="0" unitRef="usd">292,416</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-182">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-183">-</div></td><td style="text-align: left">&#160;</td></tr>
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</div><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><div>

</div><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">The accompanying notes are an integral part of these financial statements.&#160;</span></p><div>

</div><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><div>


</div><!-- Field: Page; Sequence: 115; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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; text-decoration: none">&#160;</span></p><div>

</div><div><a id="f_006"></a></div><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">GORILLA
TECHNOLOGY GROUP INC. AND SUBSIDIARIES</span></p><div>

</div><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">Notes
to the Consolidated Financial Statements</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Years
Ended December 31, 2022, 2021 AND 2022</span></p><div>

</div><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">Expressed
in US dollars, except as otherwise indicated</span></p><div>

</div><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; text-decoration: none">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInformationAboutMethodsInputsAndAssumptionsUsedForMeasuringObligationsForReturnsRefundsAndOtherSimilarObligationsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInformationAboutMethodsInputsAndAssumptionsUsedForMeasuringObligationsForReturnsRefundsAndOtherSimilarObligationsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
                                            and group information</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt .25in; text-align: left; text-indent: 0in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutMethodsInputsAndAssumptionsUsedForMeasuringObligationsForReturnsRefundsAndOtherSimilarObligationsExplanatory-c0_cont_2" id="_DisclosureOfInformationAboutMethodsInputsAndAssumptionsUsedForMeasuringObligationsForReturnsRefundsAndOtherSimilarObligationsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt .25in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gorilla
Technology Group Inc. (the &#8220;Company&#8221;) was incorporated in the Cayman Islands in May 2001. The Company and its subsidiaries
(collectively referred herein as the &#8220;Group&#8221;) are primarily engaged in providing information, software and data processing
services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt .25in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInformationAboutMethodsInputsAndAssumptionsUsedForMeasuringObligationsForReturnsRefundsAndOtherSimilarObligationsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt .25in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 14, 2022, with consummation of capital recapitalization as provided in Note 23, the Company&#8217;s shares and warrants commenced
trading on The Nasdaq Capital Markets under the ticker symbols &#8220;GRRR&#8221; and &#8220;GRRRW&#8221;, respectively.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt .25in; text-align: left; text-indent: 0in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
authorization of the consolidated financial statements</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt .25in; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt .25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements were authorized for issuance by the Audit Committee on April 28, 2023.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-align: left; text-indent: -12.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_1" escape="true" name="glspu:ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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International Financial Reporting Interpretations Committee (&#8220;IFRIC&#8221;) Interpretations and Standing Interpretations Committee
(&#8220;SIC&#8221;) Interpretations issued by the International Accounting Standards Board (&#8220;IASB&#8221;), (collectively, &#8220;IFRSs&#8221;)</b></span></td>
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</div><div>

</div><ix:continuation continuedAt="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_2" id="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</div><div>

</div><ix:continuation continuedAt="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_3" id="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfAmendmentsToIFRSsAndTheNewInterpretationThatAreMandatorilyEffectiveForTheCurrentYearTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><div>

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</div><div>

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</div><!-- Field: Page; Sequence: 116; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_5" id="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b)</b></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"><b>New
                                            standards, interpretations and amendments in issue but not yet effective</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_6" id="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
standards, interpretations and amendments in issue but not yet effective are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_7" id="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfNewStandardsInterpretationsAndAmendmentsInIssueButNotYetEffectiveTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; width: 19%; text-align: center">&#160;&#160;Effective date issued by IASB </td></tr>
  <tr style="vertical-align: top">
    <td><ix:nonNumeric contextRef="c78" name="glspu:NewStandardsInterpretationsAndAmendments">Amendments to IAS 1, &#8216;Disclosure of accounting policies&#8217;</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c78" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2023</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c79" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2023</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
    <td><ix:nonNumeric contextRef="c80" name="glspu:NewStandardsInterpretationsAndAmendments">Amendments to IAS 12, &#8216;Deferred tax related to assets and liabilities arising from a single transaction&#8217;</ix:nonNumeric></td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c80" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2023</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c81" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2023</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
    <td><ix:nonNumeric contextRef="c82" name="glspu:NewStandardsInterpretationsAndAmendments">Amendments to IFRS 17, &#8216;Insurance contracts&#8217;</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c82" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2023</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
    <td><ix:nonNumeric contextRef="c83" name="glspu:NewStandardsInterpretationsAndAmendments">Amendment to IFRS 17, &#8216;Initial application of IFRS 17 and IFRS 9 &#8211; comparative information&#8217;</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c83" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2023</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
    <td><ix:nonNumeric contextRef="c84" name="glspu:NewStandardsInterpretationsAndAmendments">Amendments to IFRS 16, &#8216;Lease liability in a sale and leaseback&#8217;</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c84" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2024</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
    <td><ix:nonNumeric contextRef="c85" name="glspu:NewStandardsInterpretationsAndAmendments">Amendments to IAS 1, &#8216;Classification of liabilities as current or noncurrent&#8217;</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c85" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2024</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
    <td><ix:nonNumeric contextRef="c86" name="glspu:NewStandardsInterpretationsAndAmendments">Amendments to IAS 1, &#8216;Non-current liabilities with covenants&#8217;</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c86" name="glspu:EffectiveDatesIssuedByIASB">January 1, 2024</ix:nonNumeric></td></tr>
  <tr style="vertical-align: top">
    <td><ix:nonNumeric contextRef="c87" name="glspu:NewStandardsInterpretationsAndAmendments">Amendments to IFRS 10 and IAS 28, &#8217;Sale or contribution of assets between an investor and its associate or joint venture&#8217;</ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c87" name="glspu:EffectiveDatesIssuedByIASB">To be determined by<br/>
IASB</ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="glspu_ApplicationsOfNewAndRevisedIFRSAndIASAndIFRICAndSICAndIASBTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Group&#8217;s assessment, the above standards and interpretations have no significant impact to the Group&#8217;s financial condition
and financial performance.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29.4pt; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
of significant accounting policies</b></span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt .25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies
have been consistently applied to all the periods presented, unless otherwise stated.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="glspu_StatementOfCompliancePolicyTextBlock-c0_cont_1" escape="true" name="glspu:StatementOfCompliancePolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement of compliance</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation id="glspu_StatementOfCompliancePolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Group have been prepared in accordance with IFRSs that came into effective as issued by the
IASB.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="glspu_TheCapitalReorganizationPolicyTextBlock-c0_cont_1" escape="true" name="glspu:TheCapitalReorganizationPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b)</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 capital reorganization</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation id="glspu_TheCapitalReorganizationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
consummation of the business combination with Global SPAC Partners Co. (&#8220;Global&#8221;) on July 13, 2022 (the &#8220;Closing Date&#8221;)
as provided in Note 23, this transaction is accounted for as a capital reorganization. The business combination, which is not within
the scope of IFRS 3 as Global does not meet the definition of a business in accordance with IFRS 3, is accounted for within the scope
of IFRS 2. As such, the business combination is treated as the equivalent of the Company issuing shares at the closing of the business
combination for the net assets of Global as of the Closing Date, accompanied by a capital recapitalization. The net assets of Global
are stated at historical cost, with no goodwill or other intangible assets recorded. Any excess of the fair value of the Company&#8217;s
shares issued considering a fair value of the Gorilla Ordinary Shares of $<ix:nonFraction contextRef="c0" decimals="1" format="ixt:num-dot-decimal" name="glspu:OrdinarySharesPerShare" scale="0" unitRef="usdPershares">10.6</ix:nonFraction> per share (price of Gorilla&#8217;s Ordinary Shares at
the Closing Date) over the fair value of Global&#8217;s identifiable net assets acquired represents compensation for the service of a
share exchange listing for its shares and is expensed as incurred (&#8220;share listing expense&#8221;) and further details of share
listing expense is provided in Note 30.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_1" escape="true" name="glspu:BasisOfPreparationPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c)</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>Basis of preparation</b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_2" id="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
                                            for the following items, the consolidated financial statements have been prepared under the
                                            historical cost convention:</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_3" id="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
                                            benefit assets are recognized based on the net amount of pension fund assets less present
                                            value of defined benefit obligation.</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: left">&#160;</td></tr>
                                                                                                 </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation continuedAt="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_4" id="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                            assets and liabilities at fair value through profit or loss.</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: left">&#160;</td></tr>
                                                                                                                         </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_5" id="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-left: -0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            preparation of financial statements in conformity with IFRSs requires the use of certain
                                            critical accounting estimates. It also requires management to exercise its judgment in the
                                            process of applying the Group&#8217;s accounting policies. The areas involving a higher degree
                                            of judgment or complexity, or areas where assumptions and estimates are significant to the
                                            consolidated financial statements are disclosed in Note 4 dd).</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: left">&#160;</td></tr>
                                                                                                                           </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation id="glspu_BasisOfPreparationPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
                                            amounts in the prior year financial statements have been reclassified to conform to the current
                                            year presentation.</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: left">&#160;</td></tr>
                                                                               </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="glspu:BasisOfConsolidationPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_2" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                                                  </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_3" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            exposed, or has rights, to variable returns from its involvement with the entity and has
                                            the ability to affect those returns through its power over the entity. Consolidation of subsidiaries
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<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: left">&#160;</td></tr>
                                                                                               </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_4" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inter-company
transactions, balances and unrealized gains or losses on transactions between companies within the Group are eliminated. Accounting policies
of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_5" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            the Group loses control of a subsidiary, the Group remeasures any investment retained in
                                            the former subsidiary at its fair value. That fair value is regarded as the fair value on
                                            initial recognition of a financial asset or the cost on initial recognition of the associate
                                            or joint venture. Any difference between fair value and carrying amount is recognized in
                                            profit or loss. All amounts previously recognized in other comprehensive income in relation
                                            to the subsidiary are reclassified to profit or loss on the same basis as would be required
                                            if the related assets or liabilities were disposed of. That is, when the Group loses control
                                            of a subsidiary, all gains or losses previously recognized in other comprehensive income
                                            in relation to the subsidiary should be reclassified from equity to profit or loss, if such
                                            gains or losses would be reclassified to profit or loss when the related assets or liabilities
                                            are disposed of.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_6" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_8" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note1:</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gorilla
Merger Sub, Inc. was established in December 2021 for a designated purpose as an acquirer to complete the de-SPAC merger deal with Global.
On the Closing Date, as contemplated by the business combination agreement, Gorilla Merger Sub, Inc. merged with and into Global, with
Global surviving as a wholly-owned subsidiary of the Company. Information relating to business combination is provided in Note 23.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: left; text-indent: -28.2pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_9" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
                              2:</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gorilla
UK was established in August 2022.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: left; text-indent: -28.2pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_10" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note 3:</td><td style="text-align: left">Gorilla Shanghai was dissolved in November 2022.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: left; text-indent: -28.2pt">&#160;</p></ix:continuation></ix:continuation><div>

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</div><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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.75pt; text-align: left; text-indent: -28.2pt"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_11" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries
                                            not included in the consolidated financial statements: None.</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: left">&#160;</td></tr>
                                                                                                                         </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_12" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
                                            for subsidiaries with different balance sheet dates: None.</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: left">&#160;</td></tr>
                                                                                                                       </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_13" id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_12"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
                                            restrictions: None.</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: left">&#160;</td></tr>
                                                                                </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation id="glspu_BasisOfConsolidationPolicyTextBlock-c0_cont_13"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries
                                            that have non-controlling interests that are material to the Group: None.</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: left">&#160;</td></tr>
                                                                                                                                      </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>e)</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>Foreign currency translation</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
included in the financial statements of each of the Group&#8217;s entities are measured using the currency of the primary economic environment
in which the entity operates (the &#8220;functional currency&#8221;). The consolidated financial statements are presented in United States
dollars, which is the Company&#8217;s functional and the Group&#8217;s presentation currency.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
                                            currency transactions and balances</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: left">&#160;</td></tr>
                                                                                               </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
                                            currency transactions are translated into the functional currency using the exchange rates
                                            prevailing at the dates of the transactions or valuation where items are remeasured. Foreign
                                            exchange gains and losses resulting from the settlement of such transactions are recognized
                                            in profit or loss in the period in which they arise.</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: left">&#160;</td></tr>
                                                                                                                 </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetary
                                            assets and liabilities denominated in foreign currencies at the period end are retranslated
                                            at the exchange rates prevailing at the balance sheet date. Exchange differences arising
                                            upon re-translation at the balance sheet date are recognized in profit or loss.</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: left">&#160;</td></tr>
                                                                                                                                            </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-monetary
                                            assets and liabilities denominated in foreign currencies that are not measures at fair value
                                            are translated using the historical exchange rates at the dates of the initial transactions.
                                            All foreign exchange gains and losses are presented in the statement of comprehensive loss
                                            within &#8216;other gains (losses) &#8211; net&#8217;.</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: left">&#160;</td></tr>
                                                                                                                   </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translation
                                            of foreign 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                  </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            operating results and financial position of all the group entities that have a functional
                                            currency different from the presentation currency are translated into the presentation currency
                                            as follows:</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: left">&#160;</td></tr>
                                                                        </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet;</span></td>
</tr><tr style="vertical-align: top; text-align: left">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
and expenses for each statement of comprehensive loss are translated at average exchange rates of that period; and</span></td>
</tr><tr style="vertical-align: top; text-align: left">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
resulting exchange differences are recognized in other comprehensive income.</span></td>
</tr><tr style="vertical-align: top; text-align: left">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
                                            the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange
                                            differences that were recorded in other comprehensive income are proportionately transferred
                                            to the non-controlling interest in this foreign operation. In addition, even when the Group
                                            retains partial interest in the former foreign subsidiary after losing control of the former
                                            foreign subsidiary, such transactions should be accounted for as disposal of all interest
                                            in the foreign operation.</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: left">&#160;</td></tr>
                                                                                      </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>f)</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>Classification of current and non-current items</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
                                            that meet one of the following criteria are classified as current assets; otherwise they
                                            are classified as non-current assets:</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: left">&#160;</td></tr>
                                                                                                  </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
                                            arising from operating activities that are expected to be realized, or are intended to be
                                            sold or consumed within the normal operating cycle;</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: left">&#160;</td></tr>
                                                                                                                </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
                                            held mainly for trading purposes;</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: left">&#160;</td></tr>
                                                                                              </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
                                            that are expected to be realized within twelve months from the balance sheet date; 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: left">&#160;</td></tr>
                                                                                                                                                   </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
                                            and cash equivalents, excluding restricted cash and cash equivalents.</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: left">&#160;</td></tr>
                                                                                                                                  </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
                                            that meet one of the following criteria are classified as current liabilities; otherwise
                                            they are classified as non-current liabilities:</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: left">&#160;</td></tr>
                                                                                                            </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
                                            that are expected to be paid off within the normal operating cycle;</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: left">&#160;</td></tr>
                                                                                                                                </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
                                            arising mainly from trading activities;</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><!-- Field: Page; Sequence: 120; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
                                            that are to be paid off within twelve months from the balance sheet date; and</span></td></tr></table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation id="_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
                                            for which the repayment date cannot be extended unconditionally to more than twelve months
                                            after the balance sheet date.</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                          </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>g)</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>Cash equivalents</b></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
equivalents refer to short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of changes in value. Time deposits that meet the definition above and are held for the purpose of meeting short-term
cash commitments in operations are classified as cash equivalents.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:nonNumeric contextRef="c0" continuedAt="glspu_FinancialAssetsAtFairValueThroughProfitOrLossPolicyTextBlock-c0_cont_1" escape="true" name="glspu:FinancialAssetsAtFairValueThroughProfitOrLossPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>h)</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 assets at fair value through profit or loss</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation continuedAt="glspu_FinancialAssetsAtFairValueThroughProfitOrLossPolicyTextBlock-c0_cont_2" id="glspu_FinancialAssetsAtFairValueThroughProfitOrLossPolicyTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                            assets at fair value through profit or loss are financial assets that are not measured at
                                            amortized cost or fair value through other comprehensive income.</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: left">&#160;</td></tr>
                                                                                                                             </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="glspu_FinancialAssetsAtFairValueThroughProfitOrLossPolicyTextBlock-c0_cont_3" id="glspu_FinancialAssetsAtFairValueThroughProfitOrLossPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            a regular way purchase or sale basis, financial assets at fair value through profit or loss
                                            are recognized and derecognized using trade date accounting.</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                                                         </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation id="glspu_FinancialAssetsAtFairValueThroughProfitOrLossPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                            initial recognition, the Group measures the financial assets at fair value and recognizes
                                            the transaction costs in profit or loss. The Group subsequently measures the financial assets
                                            at fair value, and recognizes the gain or loss in profit or loss.</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: left">&#160;</td></tr>
                                                                                                                              </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>i)</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 assets at amortized cost</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group classifies its financial assets as at amortized cost only if both of the following
                                            criteria are met:</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: left">&#160;</td></tr>
                                                                              </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            asset is held within a business model whose objective is to collect the 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                       </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            contractual terms give rise to cash flows that are solely payments of principal and interest.</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: left">&#160;</td></tr>
                                                                                                                                                          </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            a regular way purchase or sale basis, financial assets at amortized cost are recognized and
                                            derecognized using trade date accounting.</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                                      </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                            initial recognition, the Group measures the financial assets at fair value plus transaction
                                            costs. Interest income from these financial assets is included in finance income using the
                                            effective interest method. A gain or loss is recognized in profit or loss when the asset
                                            is derecognized or impaired.</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: left">&#160;</td></tr>
                                                                                         </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation id="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group&#8217;s time deposit which do not fall under cash equivalents are those with a short
                                            maturity period and are measured at initial investment amount as the effect of discounting
                                            is immaterial.</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: left">&#160;</td></tr>
                                                                           </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>j)</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>Accounts receivable</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
                                            receivable represent the Group&#8217;s contractual right to receive consideration in exchange
                                            for transferred goods or rendered 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                                        </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation id="_DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-interest
                                            bearing short-term accounts receivable are measured at the original invoice amount as the
                                            effect of discounting is immaterial.</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: left">&#160;</td></tr>
                                                                                                 </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>k)</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>Impairment of financial assets</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
debt instruments measured at financial assets at amortized cost, at each reporting date, the Group recognizes the impairment provision
for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognizes
the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after
taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable
or contract assets that do not contain a significant financing component, the Group recognizes the impairment provision for lifetime
ECLs.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>l)</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>Derecognition of financial assets</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group derecognizes a financial asset when the contractual rights to receive the cash flows
                                            from the financial asset have expired.</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: left">&#160;</td></tr>
                                                                                                   </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group derecognizes a financial asset when the contractual rights to receive cash flows of
                                            the financial asset have been transferred and the Group has transferred substantially all
                                            risks and rewards of ownership of the financial asset.</span></td></tr></table></ix:continuation></ix:continuation><div>


</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>m)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating leases (lessor)</b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
income from an operating lease (net of any incentives given to the lessee) is recognized 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 0pt 30.8pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>n)</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>Inventories</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are stated at the lower of cost and net realizable value. Cost is determined using the weighted-average method. The item by item approach
is used in applying the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course
of business, less the estimated costs of completion and the estimated costs necessary to make the sale.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>o)</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>Property, plant and equipment</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
                                            plant and equipment are initially recorded at 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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                                                </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
                                            costs are included in the asset&#8217;s carrying amount or recognized as a separate asset,
                                            as appropriate, only when it is probable that future economic benefits associated with the
                                            item will flow to the Group and the cost of the item can be measured reliably. The carrying
                                            amount of the replaced part is derecognized. All other repairs and maintenance are charged
                                            to profit or loss during the financial period in which they are incurred.</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: left">&#160;</td></tr>
                                                                                                                                      </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land
                                            is not depreciated. Property, plant and equipment apply cost model and are depreciated using
                                            the straight-line method over their estimated useful lives. Each part of an item of property,
                                            plant, and equipment with a cost that is significant in relation to the total cost of the
                                            item must be depreciated separately.</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: left">&#160;</td></tr>
                                                                                                 </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            assets&#8217; residual values, useful lives and depreciation methods are reviewed, and adjusted
                                            if appropriate, at each financial year-end. If expectations for the assets&#8217; residual
                                            values and useful lives differ from previous estimates or the patterns of consumption of
                                            the assets&#8217; future economic benefits embodied in the assets have changed significantly,
                                            any change is accounted for as a change in estimate under IAS 8, &#8216;Accounting Policies,
                                            Changes in Accounting Estimates and Errors&#8217;, from the date of the change. The estimated
                                            useful lives of property, plant and equipment are as follows:</span></td></tr>
                                                                                                                          </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.7pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; width: 90%">Buildings and structures</td>
    <td style="white-space: nowrap; width: 10%; text-align: right"><ix:nonNumeric contextRef="c120" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">50</ix:nonNumeric> years</td></tr>
  <tr>
    <td style="white-space: nowrap">Transportation equipment</td>
    <td style="white-space: nowrap; text-align: right"><ix:nonNumeric contextRef="c121" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric> years</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap">Office equipment</td>
    <td style="white-space: nowrap; text-align: right"><ix:nonNumeric contextRef="c122" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric>~<ix:nonNumeric contextRef="c123" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric> years</td></tr>
  <tr>
    <td style="white-space: nowrap">Leasehold equipment</td>
    <td style="white-space: nowrap; text-align: right"><ix:nonNumeric contextRef="c124" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric>~<ix:nonNumeric contextRef="c125" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric> years</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap">Other equipment (Note)</td>
    <td style="white-space: nowrap; text-align: right"><ix:nonNumeric contextRef="c126" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric> years</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.7pt; text-align: left">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.7pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:
Other equipment primarily includes big data platform for image analytics, data storage equipment and server equipment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>p)</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>Leasing arrangements (lessee)&#65293;right-of-use assets/ lease liabilities</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
                                            are recognized as a right-of-use asset and a corresponding lease liability at the date at
                                            which the leased asset is available for use by the Group. For short-term leases or leases
                                            of low-value assets, lease payments are recognized as an expense on a straight-line basis
                                            over the lease term.</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: left">&#160;</td></tr>
                                                                                 </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
                                            liabilities include the net present value of the remaining lease payments at the commencement
                                            date, discounted using the incremental borrowing interest rate. Lease payments are comprised
                                            of fixed payments, less any lease incentives receivable.</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: left">&#160;</td></tr>
                                                                                                                     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group subsequently measures lease liabilities at amortized cost using the interest method and recognizes interest expense over the lease
term. The lease liability is remeasured and the amount of remeasurement is recognized as an adjustment to the right-of-use asset when
there are changes in the lease term or lease payments and such changes do not arise from contract modifications.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.55pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                            the commencement date, the right-of-use asset is stated at cost comprising the amount of
                                            the initial measurement of lease liability. The right-of-use asset is measured subsequently
                                            using the cost model and is depreciated from the commencement date to the earlier of the
                                            end of the asset&#8217;s useful life or the end of the lease term. When the lease liability
                                            is remeasured, the amount of remeasurement is recognized as an adjustment to the right-of-use
                                            asset.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p></ix:continuation></ix:continuation><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            lease modifications that decrease the scope of the lease, the lessee shall decrease the carrying
                                            amount of the right-of-use asset and remeasure the lease liability to reflect the partial
                                            or full termination of the lease, and recognize the difference in profit or loss.</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: left">&#160;</td></tr>
                                                                                                                                              </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>q)</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>Intangible assets</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
software is stated at cost and amortized on a straight-line basis over its estimated useful life of <ix:nonNumeric contextRef="c88" format="ixt-sec:duryear" name="glspu:EstimatedUsefulLife">1</ix:nonNumeric> to <ix:nonNumeric contextRef="c89" format="ixt-sec:duryear" name="glspu:EstimatedUsefulLife">5</ix:nonNumeric> years.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>r)</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>Impairment of non-financial assets</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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> </table></ix:nonNumeric></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group assesses at each balance sheet date the recoverable amounts of those assets where there is an indication that they are impaired.
An impairment loss is recognized for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset&#8217;s fair value less costs to sell or value in use. The fair value less costs of disposal calculation
is based on available data from binding sales transactions, conducted at arm&#8217;s length, for similar assets or observable market
prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow (&#8216;DCF&#8217;)
model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group
is not yet committed to or significant future investments that will enhance the asset&#8217;s performance of the cash generating unit
being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows
and the growth rate used for the extrapolation purposes. When the circumstances or reasons for recognizing impairment loss for an asset
in prior years no longer exist or diminish, the impairment loss is reversed. The increased carrying amount due to reversal should not
be more than what the depreciated or amortized historical cost would have been if the impairment had not been recognized. There was no
impairment of non-financial assets for the years ended December 31, 2022 and 2021.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>s)</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>Loans</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation id="_DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
comprise long-term and short-term bank borrowings and other short-term loans. Loans are recognized initially at fair value, net of transaction
costs incurred. Loans are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:nonNumeric contextRef="c0" continuedAt="glspu_DescriptionOfAccountingPolicyForNotesAndAccountsPayable-c0_cont_1" escape="true" name="glspu:DescriptionOfAccountingPolicyForNotesAndAccountsPayable"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>t)</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>Notes and accounts payable</b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="glspu_DescriptionOfAccountingPolicyForNotesAndAccountsPayable-c0_cont_2" id="glspu_DescriptionOfAccountingPolicyForNotesAndAccountsPayable-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
                                            payable are liabilities for purchases of goods or services and notes payable are those resulting
                                            from operating and non-operating activities.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: left; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation id="glspu_DescriptionOfAccountingPolicyForNotesAndAccountsPayable-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-interest
bearing short-term notes and accounts payable are measured at the original invoice amount as the effect of discounting is immaterial.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:nonNumeric contextRef="c0" continuedAt="glspu_DescriptionOfAccountingPolicyForDerecognitionOfFinancialLiabilities-c0_cont_1" escape="true" name="glspu:DescriptionOfAccountingPolicyForDerecognitionOfFinancialLiabilities"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>u)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derecognition
of financial liabilities</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation id="glspu_DescriptionOfAccountingPolicyForDerecognitionOfFinancialLiabilities-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial liability is derecognized when the obligation under the liability specified in the contract is discharged, cancelled or expired.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>v)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Provisions</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:continuation id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assurance-type
warranties are recognized when the Group has a present legal obligation as a result of past events, and it is probable that an
outflow of economic resources will be required to settle the obligation and the amount of the obligation can be reliably estimated.
Warranties are measured at the present value of the expenditures expected to be required to settle the obligation on the balance
sheet date.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>w)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employee
benefits</b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
employee benefits</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
employee benefits are recognized when the employee has rendered the service and are measured at undiscounted amount of benefits expected
to be paid in exchange for that service.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65in; text-align: left">&#160;&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pensions</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
contribution plans</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 66.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
defined contribution plans, contributions are recognized as pension expenses when they are due on an accrual basis. Prepaid contributions
are recognized as an asset to the extent of a cash refund or a reduction in the future payments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defined
benefit plans</span></td>
</tr><tr style="vertical-align: top; text-align: left">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
obligation under a defined benefit plan is defined as the present value of an amount of pension benefits that employees will receive
on retirement for their services with the Group in current period or prior periods. The liability recognized in the balance sheet in
respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair
value of plan assets. The net defined benefit obligation is calculated annually by independent actuaries using the projected unit credit
method. The rate used to discount is determined by using interest rates of government bonds (at the balance sheet date) of a currency
and term consistent with the currency and term of the employment benefit obligations.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remeasurements
arising on defined benefit plans are recognized in other comprehensive income in the period in which they arise and are recorded as retained
earnings.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.1pt; text-align: left; text-indent: -8.7pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.1pt; text-align: left; text-indent: -8.7pt"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 71.1pt; text-align: left; text-indent: -8.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees&#8217;
compensation and directors&#8217; remuneration</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees&#8217;
compensation and directors&#8217; remuneration are recognized as expenses and liabilities, provided that such recognition is required
under legal or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the
subsequently actual distributed amounts is accounted for as changes in estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>x)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employee
share-based payment</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.2pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the equity-settled share-based payment arrangements, the employee services received are measured at the fair value of the equity instruments
granted at the grant date, and are recognized as compensation cost over the vesting period, with a corresponding adjustment to equity.
The fair value of the equity instruments granted shall reflect the impact of market vesting conditions and non-vesting conditions. Compensation
cost is subject to adjustment based on the service conditions that are expected to be satisfied and the estimates of the number of equity
instruments that are expected to vest under the non-market vesting conditions at each balance sheet date. Ultimately, the amount of compensation
cost recognized is based on the number of equity instruments that eventually vest.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.2pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Having
recognized the goods or services received and a corresponding increase in equity, the Company shall make no subsequent adjustment to
total equity after vesting date. However, this requirement does not preclude the Company from recognizing a transfer within equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.2pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>y)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
tax</b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the
countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions where appropriate
based on the amounts expected to be paid to the tax authorities.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is recognized, using the balance sheet liability method, on temporary differences between the tax bases of assets and liabilities
and their carrying amounts in the consolidated balance sheet. Deferred tax is provided on temporary differences arising from investments
in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that
the temporary difference will not be reversed in the foreseeable future. Deferred tax assets and liabilities are measured based on the
tax rates and laws that are expected to apply when the assets and liabilities will be realized or settled.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.8pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary
differences can be utilized. At each balance sheet date, unrecognized and recognized deferred tax assets are reassessed.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right
to offset the recognized amounts and an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
Deferred tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current
tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different
entities that intend to settle on a net basis or realize the asset and settle the liability simultaneously.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation id="_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Company has a history of recent losses, the Company recognizes a deferred tax asset arising from unused tax losses only to the extent
that the Company has sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable profit will
be available against which the unused tax losses can be utilized by the Company.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>z)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
capital</b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
shares are classified as equity. The classification of preference shares is determined according to the special rights attached to preference
shares based on the substance of the contract and the definition of financial liabilities and equity instruments. Incremental costs directly
attributable to the issue of new shares or share options are shown in equity as a deduction from the proceeds.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation id="_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the Company repurchases the Company&#8217;s equity share capital that has been issued, the consideration paid, including any directly
attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company&#8217;s equity holders. Where
such shares are subsequently reissued, the difference between their book value and any consideration received, net of any directly attributable
incremental transaction costs and the related income tax effects, is included in equity attributable to the Company&#8217;s equity holders.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>aa)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue
recognition</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.2pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group generates revenue from offering hardware and software products as well as professional services to its customers. Sales of hardware
consists of single performance obligation. Sales of software consists of both single or multiple performance obligations and transaction
price of which is allocated to each performance obligation on a relative stand-alone selling price basis. Major types of sales of services
offered are system integration service and maintenance service. The Group only offers one contract when a customer purchases more than
one offering at or near the same time. Such contract including more than one offering is only made in relation to system integration
service. For system integration service, services promised in the contract are highly dependent on and highly interrelated with each
other and is not separately identifiable from other promises in the contract. Therefore, all goods and services in the contract are exclusively
accounted for as a single performance obligation. For maintenance service project, the inputs of labor hours and resources are expended
evenly throughout the performance period. Therefore, the Group recognizes revenue on a straight-line basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of goods-hardware</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s sales of goods-hardware are primarily selling of externally purchased server, solid state drive, hard drives, and computer
peripheral to the customer. Sales are recognized when control of the products has transferred, being when the products are delivered
to the customer, the customer has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation
that could affect the customer&#8217;s acceptance of the products. Delivery occurs when the products have been shipped to the specific
location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products
in accordance with the sales contract, or the Group has objective evidence that all criteria for acceptance have been satisfied.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

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<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
is recognized based on the price specified in the contract, net of estimated business tax, sales return and discounts. Accumulated experience
is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognized to the extent that
it is highly probable that a significant reversal will not occur. The estimation is subject to an assessment at each reporting date.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
receivable is recognized when the goods are delivered as the right to consideration is unconditional because only a passage of time is
required before the payment of that consideration is due.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of goods-software</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group develops and sells video intelligence and security convergence products. Sales are from sell of software products such as system
software, database and platform by providing a right of use to customers which can be accounted for as a single or multiple performance
obligations, depending on whether or not the customer can benefit from the good on its own and the Group&#8217;s promise to transfer
the goods to the customer is separately identifiable from other promises in the contract. The Group only offers one offering in sales
of software contract and it may offer several software products within the same contract and each software product is distinct and independent
from one another. Under such circumstance, a contract contains multiple performance obligations and revenue is recognized upon fulfilment
of each performance obligation.</span></td>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
only post-sale obligation to customers is in respect of warranties that provide assurance that products will operate in accordance with
agreed-upon specifications and function as intended. These warranty provisions are only invoked when a customer makes requests relating
to flawed, malfunctional or defective products. Since customers do not have the option to purchase the warranty separately and the warranty
does not offer any technical support or the right to receive unspecified updates, upgrades or enhancements, the warranty is not considered
a separate performance obligation pursuant to IFRS 15. B28 through B33 and, accordingly, is accounted for as a liability in accordance
with IAS 37.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
prices are determined at contract inception based on the price specified in the contract, net of estimated business tax, sales return
and discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue
is only recognized to the extent that it is highly probable that a significant reversal will not occur. The estimation is subject to
an assessment at each reporting date. The Group allocates the transaction price to each performance obligation on a relative stand-alone
selling price basis. The Group sells each of its software products separately so that the relative stand-alone selling price can be determined
accordingly. Revenue is recognized as the control of each performance obligations is transferred at a point in time, being when the software
installed to the customer. The customer can direct the use of, and obtain substantially all of the remaining benefits from, the software
at the point in time at which the software is installed, and there is no unfulfilled obligation that could affect the customer&#8217;s
acceptance of the products.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
receivable is recognized when the goods are delivered as the right to consideration is unconditional because only a passage of time is
required before the payment of that consideration is due.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of services</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group provides information, software and data processing services. Main types of services offered are system integration service contract
and maintenance service contract. System integration service includes information and communication systems, installation of software
and hardware equipment as well as implementation and integration of various systems whereas maintenance service is to provide maintenance
work for equipment at the performance location during the contractual period. The consideration promised in the most of service contracts
with customer of the Group are generally at fixed amount, and the amounts of variable consideration in certain service contracts which
also include fixed amount of consideration are insignificant.</span></td>
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</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
system integration service projects, the arrangements typically include sales of hardware, software, and services within the same contract.
However, since the goods and services promised in the contract are significantly affected by one or more of the other goods or services
in the contract to function as intended, they are highly dependent on and highly interrelated with each other and is not separately identifiable
from other promises in the contract. Therefore, all of the arrangements in the contract are deemed a single performance obligation and
allocation of transaction price is not required. Revenue is recognized based on the actual service provided to the end of the reporting
period as a proportion of the total services to be provided, because the customer receives and uses the benefits simultaneously. This
is determined based on the proportion of hardware, software and labor services that have been performed as of the financial reporting
date to the total labor services expected to be rendered.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
maintenance service project, the Group regularly assigns employees to perform inspection and maintenance work at each performing location
and the inputs of labor hours and resources are expended evenly throughout the performance period. The Group recognizes revenue on a
straight-line basis.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
customer pays at the time specified in the payment schedule. If the services rendered exceed the payment, a contract asset is recognized.
If the payments exceed the services rendered, a contract liability is recognized.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates
of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases
in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision
become known by management.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
arrangement with system integrators</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has relied, in part, on a variety of partnerships with system integrators (&#8220;partners&#8221;) to allow the Group to provide
data services as part of services provided by the partners, and they integrate the Group&#8217;s products and services with theirs&#8217;
and sell directly to their customers in their region of operation.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
such arrangement, the Group enters into sales agreement with the partners directly and is only responsible for delivering goods and services
to the partners. Revenue is recognized when the Group fulfils its performance obligations as stated in the executed contracts with the
partners in accordance with Group&#8217;s revenue recognition policy as stated in the preceding paragraphs.</span></td>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
arrangement with sales representatives, resellers and distributors</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_22" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
geographic regions where the Group does not have an operating subsidiary, the Group provides its products and services solutions through
a suite of non-exclusive agreements that appoint sales representatives, resellers and distributors to engage with end customers. Revenue
recognition for each type of these arrangements is as follows:</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_23" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
representatives are granted rights to use the Group&#8217;s products and services to market, promote and solicit orders of products on
a non-transferable, non-sub-licensable and limited basis in designated regions. Sales representatives earn sales commission and contracts
are not automatically renewed. In such arrangement, the Group enters into sales agreements with the customers directly. Goods and services
are provided directly by the Group to the customers in accordance with the executed contracts. Revenue is recognized when the Group fulfils
its performance obligations as stated in the executed contracts with customers in accordance with the Group&#8217;s revenue recognition
policy as stated in the preceding paragraphs.</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_24" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resellers
purchase the Group&#8217;s products and services for resale to end customers and provide maintenance services in their areas of operation.
They are permitted to use the Group&#8217;s software for demonstration, training, and maintenance services. The contracts are automatically
renewed unless prior notice is otherwise provided. In such arrangement, the Group enters into sales agreements with resellers directly
and is only responsible for delivering its goods and services to resellers. Revenue is recognized when the Group fulfils its performance
obligations as stated in the executed contracts with resellers in accordance with Group&#8217;s revenue recognition policy as stated
in the preceding paragraphs.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributors
purchase the Group&#8217;s products at a discount and are permitted to market, distribute, sell, bundle, promote and advertise the products
directly to end customers in their region of operation. The contracts are automatically renewed unless prior notice otherwise is provided.
In such arrangement, the Group enters into sales agreements with distributors directly and is only responsible for delivering its goods
and services to distributors. Revenue is recognized when the Group fulfils its performance obligations as stated in the executed contracts
with distributors in accordance with Group&#8217;s revenue recognition policy as stated in the preceding paragraphs.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>bb)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
segments</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.2pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><ix:continuation id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed
by the Chief Operating Decision Maker (&#8220;CODM&#8221;) in deciding how to allocate resources to an individual segment and in assessing
performance. The Company&#8217;s Chief Executive Officer is the CODM. The Company&#8217;s CODM reviews financial information provided
based on product lines and presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating
financial performance. As such, the Company currently has determined that it operates in three operating segments and has three reportable
segments which are Video IoT, Security Convergence and other segment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:nonNumeric contextRef="c0" continuedAt="glspu_WarrantLiabilitiesPoilcyTextBlock-c0_cont_1" escape="true" name="glspu:WarrantLiabilitiesPoilcyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>cc)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrant
liabilities</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.2pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><ix:continuation id="glspu_WarrantLiabilitiesPoilcyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
purchase warrants issued by the Group are accounted for as derivative liabilities. The warrants are initially recognized at fair value,
and in subsequent periods measured at fair value through profit or loss with any changes in fair value recognized in profit or loss until
the warrants are exercised, redeemed, or expired.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.2pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><ix:nonNumeric contextRef="c0" continuedAt="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_1" escape="true" name="glspu:CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>dd)</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
accounting judgments, estimates and key sources of assumption uncertainty</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:continuation continuedAt="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_2" id="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of these consolidated financial statements requires management to make critical judgements in applying the Group&#8217;s
accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates may differ from the
actual results and are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year; and the related information is addressed below:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.8pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation continuedAt="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_3" id="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
judgements in applying the Group&#8217;s accounting policies</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><ix:continuation continuedAt="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_4" id="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><ix:continuation continuedAt="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_5" id="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
accounting estimates and assumptions</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.2pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158"><ix:continuation continuedAt="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_6" id="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
recognition-sales of system integration services</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><ix:continuation continuedAt="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_7" id="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes revenue from providing system integration services based on the actual service provided to the end of the reporting
period as a proportion of the total services to be provided, because the customer receives and uses the benefits simultaneously. This
is determined based on the proportion of hardware, software and labor services that have been performed as of the financial reporting
date to the total labor services expected to be rendered.</span>&#160;</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></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 131; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:continuation id="glspu_CriticalAccountingJudgmentsEstimatesAndKeySourcesOfAssumptionUncertaintyPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognition
of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet
date, such as engineering progress, material quantities, the achievement of milestones, labor productivity and cost estimates. Any significant
variances in estimations of the total costs will impact the measurement of progress which drives the revenue recognition of contract
works in an accounting period. Management continuously monitors factors that may affect the quality of its estimates and conducts periodic
review of the relevance of factors by reviewing the actual amounts incurred and comparing with previous estimated amounts in order to
mitigate the exposure to significant variances. For each of the three years in the period ended December 31, 2022, the Group recognized
service revenue of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherRevenue" scale="0" unitRef="usd">12,285,804</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherRevenue" scale="0" unitRef="usd">15,910,023</ix:nonFraction> and $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherRevenue" scale="0" unitRef="usd">20,477,655</ix:nonFraction>, respectively.</span></p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; 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"><b>Cash
and cash equivalents</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_2" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:CashAndCashEquivalentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#160;</td>
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    2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#160;</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Cash on hand and petty cash</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Demand deposits</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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:TimeDeposit" scale="0" unitRef="usd">12,559,077</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherCashAndCashEquivalents" scale="0" unitRef="usd">29,867,564</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 contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherCashAndCashEquivalents" scale="0" unitRef="usd">19,003,825</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Transferred to financial assets at amortized cost</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:TransferredToFinancialAssetsAtAmortizedCost" scale="0" sign="-" unitRef="usd">6,871,187</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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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_3" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the
probability of counterparty default is remote.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_4" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and December 31, 2021, range of interest rate of time deposits was <ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">0.22</ix:nonFraction>%~<ix:nonFraction contextRef="c127" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">3.80</ix:nonFraction>% and <ix:nonFraction contextRef="c128" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">0.18</ix:nonFraction>%~<ix:nonFraction contextRef="c3" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">1.75</ix:nonFraction>%, respectively. Some
of time deposits provided as guarantees and with maturity over three months were reclassified as &#8220;financial assets at amortized
cost&#8221; based on its nature. Details of the Group&#8217;s time deposits transferred to investments in debt instruments without active
market are provided in Note 7.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of time deposits pledged to others as collaterals are provided in Note 38.</span></td>
</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
assets at fair value through profit or loss</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_2" id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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">
    <td>Current items:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Financial assets mandatorily measured at fair value through profit or loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-190">&#160;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; width: 88%; text-align: left; padding-bottom: 4pt">Investment in a rent-a-captive company</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, the Group entered into a protected cell rent-a-captive arrangement with an insurance company and made
investment of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentInvestments" scale="0" unitRef="usd">1,105,540</ix:nonFraction> in a rent-a-captive company, which was established by the insurance company, and the Group recognized losses
on financial assets at fair value through profit or loss amounting to $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AmountReclassifiedFromProfitOrLossToOtherComprehensiveIncomeApplyingOverlayApproach" scale="0" unitRef="usd">32,311</ix:nonFraction>. In a rent-a-captive structure, an insurance company establishes
a rent-a-captive company and provides services related to insurance to the Group. The Group participates in the captive insurance agreement
by investing certain capital and retaining the premium to insure itself against future losses and the premium will be kept in the rent-a-captive
company for future claims payments. The insurance company agrees to cause dividends of the rent-a-captive company to be declared and
paid to the Group only as approved by Board of Directors of the insurance company.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_1" escape="true" name="ifrs-full:AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
assets at amortized cost</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

</div><ix:continuation continuedAt="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_2" id="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfFinancialAssetsAtAmortizedCostTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Items</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
    2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
    2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Current items:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 4pt">Time deposits</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:TimeDepositsCurrent" scale="0" unitRef="usd">6,871,187</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="glspu:TimeDepositsCurrent" scale="0" unitRef="usd">9,008,499</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-current items:</td><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; ">
    <td style="text-align: left; padding-bottom: 4pt">Time deposits</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-191">-</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="glspu:TimeDepositsNonCurrent" scale="0" unitRef="usd">50,578</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_3" id="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
recognized in profit or loss in relation to financial assets at amortized cost are listed below:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

</div><ix:continuation continuedAt="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_4" id="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfProfitOrLossInRelationToFinancialAssetsAtAmortizedCostTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Year ended <br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-bottom: 4pt">Interest income</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:InterestIncome" scale="0" unitRef="usd">31,604</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
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    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="glspu:InterestIncome" scale="0" unitRef="usd">20,603</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_5" id="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2021, without taking into account any collateral held or other credit enhancements, the maximum exposure to
credit risk in respect of the amount that best represents the financial assets at amortized cost held by the Group was $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:FinancialAssetAtAmortizedCosts" scale="0" unitRef="usd">6,871,187</ix:nonFraction> and
$<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="glspu:FinancialAssetAtAmortizedCosts" scale="0" unitRef="usd">9,059,077</ix:nonFraction>, respectively.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_6" id="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2021, the interest rate of time deposits was <ix:nonFraction contextRef="c129" decimals="4" format="ixt:num-dot-decimal" name="glspu:TimeDepositInterestRatePercentage" scale="-2" unitRef="pure">0.22</ix:nonFraction>%~<ix:nonFraction contextRef="c130" decimals="4" format="ixt:num-dot-decimal" name="glspu:TimeDepositInterestRatePercentage" scale="-2" unitRef="pure">3.80</ix:nonFraction>% and <ix:nonFraction contextRef="c131" decimals="4" format="ixt:num-dot-decimal" name="glspu:TimeDepositInterestRatePercentage" scale="-2" unitRef="pure">0.18</ix:nonFraction>%~<ix:nonFraction contextRef="c132" decimals="4" format="ixt:num-dot-decimal" name="glspu:TimeDepositInterestRatePercentage" scale="-2" unitRef="pure">1.75</ix:nonFraction>%, respectively.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_7" id="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
relating to financial assets at amortized cost that were pledged to others as collaterals is provided in Note 38.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_AnalysisOfFinancialAssetsThatAreIndividuallyDeterminedToBeImpaired-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the
probability of counterparty default is remote.</span></td>
</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_1" escape="true" name="glspu:AccountsAndNonTradeReceivableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts
receivable</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

</div><ix:continuation continuedAt="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_2" id="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_3" id="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aging analysis of accounts receivable is as follows:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_4" id="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfAnalysisOfAccountsReceivable"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_5" id="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
above aging analysis was based on days overdue.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_6" id="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and December 31, 2021, accounts receivable were all from contracts with customers. As of January 1, 2021, the balance
of receivables from contracts with customers amounting to $<ix:nonFraction contextRef="c133" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ReceivablesFromContractsWithCustomers" scale="0" unitRef="usd">35,469,123</ix:nonFraction>.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_7" id="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2021, without taking into account any collateral held or other credit enhancements, the maximum exposure to
credit risk in respect of the amount that best represents the Group&#8217;s accounts receivable were $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:IncreaseDecreaseInAccountsReceivables" scale="0" unitRef="usd">14,041,611</ix:nonFraction> and $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:IncreaseDecreaseInAccountsReceivables" scale="0" unitRef="usd">34,821,818</ix:nonFraction>, respectively.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_8" id="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
relating to credit risk of accounts receivable is provided in Note 42.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="glspu_AccountsAndNonTradeReceivableTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
relating to purchase of treasury shares by transferring accounts receivable, as part of considerations, with Koh Sih-Ping, the former
Director and Chief Executive Officer (&#8220;CEO&#8221;) of the Company, is provides in Note 37.</span></td>
</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inventories</b></span></td>
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</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_2" id="_DisclosureOfInventoriesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="glspu_ScheduleOfInventoriesTableTextBlock-c0_cont_1" escape="true" name="glspu:ScheduleOfInventoriesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_3" id="_DisclosureOfInventoriesExplanatory-c0_cont_2"><ix:continuation id="glspu_ScheduleOfInventoriesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_4" id="_DisclosureOfInventoriesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of inventories and services recognized as expense for the year:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

</div><ix:continuation id="_DisclosureOfInventoriesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfCostOfInventoriesRecognizedAsExpenseTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
2021</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
2020</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Cost of goods sold</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfPrepaymentsAndOtherAssetsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Current items:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:PrepaymentForProfessionalServicesExpenses" scale="0" unitRef="usd">227,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-195">-</div></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"><div style="-sec-ix-hidden: hidden-fact-196">-</div></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 contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:PrepaymentsForTransactionCosts" scale="0" unitRef="usd">194,272</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Others</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:OthersCurrent" scale="0" unitRef="usd">5,225</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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:TotalCurrentItems" scale="0" unitRef="usd">1,266,442</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:TotalCurrentItems" scale="0" unitRef="usd">231,531</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-current items:</td><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; ">
    <td style="text-align: left">Prepayment for insurance expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:PrepaymentForInsuranceExpensesNon-Current" scale="0" unitRef="usd">537,684</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-197">-</div></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="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:OthersNon-Current" scale="0" unitRef="usd">75,298</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 style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
relating to this transaction is provided in Note 37 (d).</span></td>
</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><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">(Blank)</span></p><div>

</div><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><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
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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 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><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 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><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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><ix:continuation continuedAt="glspu_ScheduleOfPropertyPlantAndEquipmentTableTextBlock-c0_cont_2" id="glspu_ScheduleOfPropertyPlantAndEquipmentTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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(Note 1)</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#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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  <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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: left">2021</td><td>&#160;</td>
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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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Net exchange differences</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">December 31</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c167" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" scale="0" unitRef="usd">12,074</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c169" decimals="0" format="ixt:num-dot-decimal" id="ix_55_fact" name="ifrs-full:PropertyPlantAndEquipmentGrossCarryingAmountFullyDepreciated" scale="0" unitRef="usd">13,377,784</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#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>
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  <tr style="vertical-align: bottom; ">
    <td style="text-decoration: underline">At December 31, 2021</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><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3"><ix:continuation continuedAt="glspu_ScheduleOfPropertyPlantAndEquipmentTableTextBlock-c0_cont_3" id="glspu_ScheduleOfPropertyPlantAndEquipmentTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;1:</span></td><td style="text-align: left"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
relating to property, plant and equipment that were pledged to others as collaterals is provided in Note 38.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4"><ix:continuation continuedAt="glspu_ScheduleOfPropertyPlantAndEquipmentTableTextBlock-c0_cont_4" id="glspu_ScheduleOfPropertyPlantAndEquipmentTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;2:</span></td><td style="text-align: left"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
equipment primarily includes big data platform for image analytics, data storage equipment and server equipment.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_5"><ix:continuation id="glspu_ScheduleOfPropertyPlantAndEquipmentTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note&#160;3:</span></td><td style="text-align: left"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
relating to purchase of treasury shares by transferring property, plant and equipment, as part of considerations, with Koh Sih-Ping,
the former Director and CEO of the Company, is provided in Note 37.</span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left">&#160;</p><div>

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</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leasing
arrangements&#65293;lessee</b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_2" id="_DisclosureOfLeasesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group leases various assets including buildings (office and warehouse) and business vehicles. Rental contracts are typically made for
periods of 1 to 4 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.
The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes.</span></td>
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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
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</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_4" id="_DisclosureOfLeasesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of right-of-use assets and the depreciation charge are as follows:</span></td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_5" id="_DisclosureOfLeasesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:DisclosureOfrightofuseAssetsAndTheDepreciationCharge"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_6" id="_DisclosureOfLeasesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the&#160;years ended December&#160;31, 2022 and 2021, the additions to right-of-use&#160;assets were&#160;$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsToRightofuseAssets" scale="0" unitRef="usd">0</ix:nonFraction> and $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsToRightofuseAssets" scale="0" unitRef="usd">121,312</ix:nonFraction>, respectively.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_7" id="_DisclosureOfLeasesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information on profit and loss accounts relating to lease contracts is as follows:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_8" id="_DisclosureOfLeasesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:DisclosureOfInformationOnProfitAndLossAccountsRelatingToLeaseContracts"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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December&#160;31,<br/>
2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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December&#160;31,<br/>
2021</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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December&#160;31,<br/>
2020</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expense on leases of low-value assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:ExpenseOnLeasesOfLowvalueAssets" scale="0" unitRef="usd">19,227</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Loss on lease modification</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinanceLeaseImpairmentLoss" scale="0" unitRef="usd">48,488</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"><div style="-sec-ix-hidden: hidden-fact-217">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-218">-</div></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation id="_DisclosureOfLeasesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each of the three years in the period ended December 31, 2022, the Group&#8217;s total cash outflow for leases were $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="0" unitRef="usd">124,597</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="0" unitRef="usd">42,074</ix:nonFraction>
and $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="0" unitRef="usd">44,461</ix:nonFraction>, respectively.</span></td>
</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p><div>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intangible
assets</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p><div>

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  <tr style="vertical-align: bottom">
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December&#160;31,<br/>
2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Year ended<br/>
December&#160;31,<br/>
2021</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="width: 76%">Cost</td><td style="width: 1%">&#160;</td>
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    <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>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="glspu:FiniteLivedIntangibleAssetNet" scale="0" unitRef="usd">3,419,469</ix:nonFraction></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)">
    <td style="text-align: left">Additions&#65293;acquired separately</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:AdditionsAcquiredSeparately" scale="0" unitRef="usd">73,093</ix:nonFraction></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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_3" id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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relating to purchase of treasury shares by transferring intangible assets, as part of considerations, with Koh Sih-Ping, the former Director
and CEO of the Company, is provided in Note 37.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_4" id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of amortization on intangible assets are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfAmortizationOnIntangibleAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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December&#160;31,<br/>
2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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2021</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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December&#160;31,<br/>
2020</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Selling and marketing expenses</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">General and administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:SellingGeneralAndAdministrativeExpense" scale="0" unitRef="usd">22,914</ix:nonFraction></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 style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:TotalIntangibleAssetsOtherThanGoodwill" scale="0" unitRef="usd">1,687,618</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:TotalIntangibleAssetsOtherThanGoodwill" scale="0" unitRef="usd">2,361,009</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherNoncurrentAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
non-current assets</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfOtherNoncurrentAssetsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:DisclosureOfOtherNonCurrentAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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"><ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="0" unitRef="usd">221,002</ix:nonFraction></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 style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBorrowingCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBorrowingCostsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short-term
borrowings</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingCostsExplanatory-c0_cont_2" id="_DisclosureOfBorrowingCostsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="glspu_ScheduleOfShorttermBorrowingsTableTextBlock-c0_cont_1" escape="true" name="glspu:ScheduleOfShorttermBorrowingsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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2022</td><td style="padding-bottom: 1.5pt">&#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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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingCostsExplanatory-c0_cont_3" id="_DisclosureOfBorrowingCostsExplanatory-c0_cont_2"><ix:continuation continuedAt="glspu_ScheduleOfShorttermBorrowingsTableTextBlock-c0_cont_2" id="glspu_ScheduleOfShorttermBorrowingsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Type of borrowings</td><td style="padding-bottom: 1.5pt">&#160;</td>
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2021</td><td style="padding-bottom: 1.5pt">&#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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  <tr style="vertical-align: bottom; ">
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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 contextRef="c235" decimals="0" format="ixt:num-dot-decimal" name="glspu:BankCollaterializedBorrowings" scale="0" unitRef="usd">5,000,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="-sec-ix-hidden: hidden-fact-223"><span style="-sec-ix-hidden: hidden-fact-224">Note</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="padding-bottom: 4pt">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingCostsExplanatory-c0_cont_4" id="_DisclosureOfBorrowingCostsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:&#160;&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, the Group entered into shareholder loan agreements in the amount of $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:AgreementsLoanAmount" scale="0" unitRef="usd">5,000,000</ix:nonFraction> with Koh Sih-Ping, Asteria Corporation, and Berwick
Resources Limited. The Company issued promissory notes with an interest rate of <ix:nonFraction contextRef="c4" decimals="3" format="ixt:num-dot-decimal" name="glspu:InterestRatePercentage" scale="-2" unitRef="pure">7.5</ix:nonFraction>% per annum and maturity date of <ix:nonNumeric contextRef="c4" format="ixt:date-monthname-day-year-en" name="glspu:MaturityDate">September 1, 2022</ix:nonNumeric>
to the lenders in the same amount as loans made. In
addition, Koh Sih-Ping assumed joint and several liability as guarantor of the Group under the shareholder agreement with Asteria Corporation.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingCostsExplanatory-c0_cont_5" id="_DisclosureOfBorrowingCostsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: -0.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2022, the loan from shareholders were repaid to Koh Sih-Ping in the amount of $<ix:nonFraction contextRef="c224" decimals="0" format="ixt:num-dot-decimal" name="glspu:AggregatePrincipalAmount" scale="0" unitRef="usd">1,000,000</ix:nonFraction> and Asteria Corporation in the amount
of $<ix:nonFraction contextRef="c225" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NotionalAmount" scale="0" unitRef="usd">3,000,000</ix:nonFraction>, and the maturity date of the Note issued to Berwick Resources Limited was extended to January 31, 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingCostsExplanatory-c0_cont_6" id="_DisclosureOfBorrowingCostsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
to table below for details of short-term and long-term borrowing. Lender A refers to Shanghai Commercial &amp; Savings Bank, Ltd.; Lender
B refers to Taishin International Bank; Lender C refers to Hua Nan Commercial Bank; Lender D refers to Mega International Commercial
Bank, and Taiwan SMEG stands for Small and Medium Enterprise Credit Guarantee Fund of Taiwan.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="clear: both; display: block;"><br/></span>
<span style="clear: both; display: block;"><br/></span></span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingCostsExplanatory-c0_cont_7" id="_DisclosureOfBorrowingCostsExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="glspu_ScheduleOfShortTermAndLongTermBorrowingTableTextBlock-c0_cont_1" escape="true" name="glspu:ScheduleOfShortTermAndLongTermBorrowingTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td colspan="25" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">As
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  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Credit</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="vertical-align: top; white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Facility
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lender A</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></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; ">
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    <td style="text-align: left; vertical-align: top"><ix:nonNumeric contextRef="c243" name="glspu:ShortTermBorrowingsType"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Letter of guarantee</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lender A</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; white-space: nowrap; text-align: left"><ix:nonNumeric contextRef="c244" name="glspu:DebtInstrumentMaturityDateDescriptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">09.2020-09.2025</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="vertical-align: top; text-align: left"><ix:nonNumeric contextRef="c244" name="glspu:ShortTermBorrowingsType"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Long-Term Bank loan</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c244" decimals="4" format="ixt:num-dot-decimal" name="glspu:ShortTermDebtInterestRateIncreases" scale="-2" unitRef="pure">2.72</ix:nonFraction></span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c244" id="ix_67_fact" name="glspu:GuarantorNote"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Koh Sih-Ping</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lender A</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; white-space: nowrap; text-align: left"><ix:nonNumeric contextRef="c245" name="glspu:DebtInstrumentMaturityDateDescriptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">03.2016-03.2031</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="glspu:LineOfCreditFacilityIncreaseDecreaseForPeriodNets" scale="0" unitRef="usd">3,093,455</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><ix:nonNumeric contextRef="c245" name="glspu:ShortTermBorrowingsType"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Long-Term Bank loan</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c245" decimals="4" format="ixt:num-dot-decimal" name="glspu:ShortTermDebtInterestRateIncreases" scale="-2" unitRef="pure">2.67</ix:nonFraction></span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; white-space: nowrap; text-align: left"><ix:nonNumeric contextRef="c246" name="glspu:DebtInstrumentMaturityDateDescriptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">03.2016-03.2031</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c246" decimals="4" format="ixt:num-dot-decimal" name="glspu:ShortTermDebtInterestRateIncreases" scale="-2" unitRef="pure">2.67</ix:nonFraction></span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c246" id="ix_69_fact" name="glspu:GuarantorNote"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Koh Sih-Ping</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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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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  <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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; vertical-align: top"><ix:nonNumeric contextRef="c256" name="glspu:Collateral"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Same as above</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lender C</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c257" decimals="4" format="ixt:num-dot-decimal" name="glspu:ShortTermDebtInterestRateIncreases" scale="-2" unitRef="pure">2.26</ix:nonFraction></span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lender C</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c258" decimals="4" format="ixt:num-dot-decimal" name="glspu:ShortTermDebtInterestRateIncreases" scale="-2" unitRef="pure">2.50</ix:nonFraction></span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; white-space: nowrap; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><ix:nonNumeric contextRef="c259" name="glspu:ShortTermBorrowingsType"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Letter of guarantee</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c259" decimals="0" format="ixt:num-dot-decimal" name="glspu:UndrawnAmount" scale="0" unitRef="usd">18,761</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lender C</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; white-space: nowrap; text-align: left"><ix:nonNumeric contextRef="c260" name="glspu:DebtInstrumentMaturityDateDescriptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">06.2020-06.2023</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c260" decimals="0" format="ixt:num-dot-decimal" name="glspu:LineOfCreditFacilityIncreaseDecreaseForPeriodNets" scale="0" unitRef="usd">162,813</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><ix:nonNumeric contextRef="c260" name="glspu:ShortTermBorrowingsType"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Long-Term Bank loan</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c260" decimals="0" format="ixt:num-dot-decimal" name="glspu:LineOfCreditFacilityAverageOutstandingAmounts" scale="0" unitRef="usd">27,134</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c260" decimals="4" format="ixt:num-dot-decimal" name="glspu:ShortTermDebtInterestRateIncreases" scale="-2" unitRef="pure">2.03</ix:nonFraction></span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c260" id="ix_79_fact" name="glspu:GuarantorNote"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Koh Sih-Ping</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><ix:nonNumeric contextRef="c260" name="glspu:Collateral"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">85% guranteed by Taiwan SMEG</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lender C</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; white-space: nowrap; text-align: left"><ix:nonNumeric contextRef="c261" name="glspu:DebtInstrumentMaturityDateDescriptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">07.2021-08.2026</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c261" decimals="0" format="ixt:num-dot-decimal" name="glspu:LineOfCreditFacilityIncreaseDecreaseForPeriodNets" scale="0" unitRef="usd">2,442,201</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><ix:nonNumeric contextRef="c261" name="glspu:ShortTermBorrowingsType"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Long-Term Bank loan</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c261" decimals="0" format="ixt:num-dot-decimal" name="glspu:LineOfCreditFacilityAverageOutstandingAmounts" scale="0" unitRef="usd">1,883,883</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c261" decimals="4" format="ixt:num-dot-decimal" name="glspu:ShortTermDebtInterestRateIncreases" scale="-2" unitRef="pure">1.46</ix:nonFraction></span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c261" id="ix_80_fact" name="glspu:GuarantorNote"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Koh Sih-Ping</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><ix:nonNumeric contextRef="c261" name="glspu:Collateral"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">70% guranteed by Taiwan SMEG</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lender D</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; white-space: nowrap; text-align: left"><ix:nonNumeric contextRef="c262" name="glspu:DebtInstrumentMaturityDateDescriptions"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">01.2022-01.2023</span></ix:nonNumeric></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c262" decimals="0" format="ixt:num-dot-decimal" name="glspu:LineOfCreditFacilityIncreaseDecreaseForPeriodNets" scale="0" unitRef="usd">976,880</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Blank)</span> </p><div>



</div><p style="margin: 0">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><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>
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</div><ix:continuation continuedAt="_DisclosureOfBorrowingCostsExplanatory-c0_cont_8" id="_DisclosureOfBorrowingCostsExplanatory-c0_cont_7"><ix:continuation continuedAt="glspu_ScheduleOfShortTermAndLongTermBorrowingTableTextBlock-c0_cont_2" id="glspu_ScheduleOfShortTermAndLongTermBorrowingTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; ">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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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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  <tr style="vertical-align: bottom; ">
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    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c285" decimals="0" format="ixt:num-dot-decimal" name="glspu:UndrawnAmount" scale="0" unitRef="usd">15,607</ix:nonFraction></span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: left; vertical-align: top"><ix:nonNumeric contextRef="c285" name="glspu:Collateral"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Same as above</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c286" decimals="0" format="ixt:num-dot-decimal" name="glspu:UndrawnAmount" scale="0" unitRef="usd">90,319</ix:nonFraction></span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c286" id="ix_101_fact" name="glspu:GuarantorNote"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Koh Sih-Ping</span></ix:nonNumeric></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><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">(Blank)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfBorrowingCostsExplanatory-c0_cont_8"><ix:continuation id="glspu_ScheduleOfShorttermBorrowingsTableTextBlock-c0_cont_2"><ix:continuation id="glspu_ScheduleOfShortTermAndLongTermBorrowingTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note 1:</td><td style="text-align: left"><ix:footnote id="ix_3_footnote" xml:lang="en-US">Koh Sih-Ping retired as the Director and CEO of the Company
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</tr></table></ix:continuation></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="margin: 0">&#160;</p><div>

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<td style="width: 0.25in; text-align: left">17.</td><td style="text-align: left"><b>Other payables</b></td>
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.9pt; text-align: left"><b>&#160;</b></p><div>

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<td style="width: 0.25in; text-align: left">18.</td><td style="text-align: left"><b>Long-term borrowings</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.9pt; text-align: left"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_2" id="_DisclosureOfBorrowingsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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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>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_3" id="_DisclosureOfBorrowingsExplanatory-c0_cont_2"><ix:continuation id="_DisclosureOfDetailedInformationAboutBorrowingsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Bank borrowings</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 76%; text-align: left">Collaterialized borrowings</td><td style="width: 1%">&#160;</td>
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    <td style="padding-left: 0.125in; text-align: left">Collaterialized borrowings</td><td>&#160;</td>
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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation id="_DisclosureOfBorrowingsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Please refer to Note 16 for details
of long-term borrowings.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.9pt; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="glspu_PensionsTextBlock-c0_cont_1" escape="true" name="glspu:PensionsTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">19.</td><td style="text-align: left"><b>Pensions</b></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_2" id="glspu_PensionsTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">a)</td><td style="text-align: left">Gorilla Taiwan has a defined benefit pension plan in accordance with the Labor Standards Act, covering
all regular employees&#8217; service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter
of employees who choose to continue to be subject to the pension mechanism under the Labor Standards Act. Under the defined benefit plan,
two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum
of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months
prior to retirement. Gorilla Taiwan contributes monthly to the employees&#8217; individual pension accounts based on <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="glspu:IndividualPensionPercentage" scale="-2" unitRef="pure">2</ix:nonFraction>% of the employees&#8217;
monthly salaries with the Trust Department, Bank of Taiwan. The trustee is under the name of the independent retirement fund committee.
Also, Gorilla Taiwan would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account
balance is not enough to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following
year, Gorilla Taiwan will make contribution for the deficit by next March.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left"></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in">b)</td><td style="text-align: left">The amounts recognized in the balance sheet are as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left"><b>&#160;</b></p></ix:continuation><div>

</div><div>

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</div><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in">c)</td><td style="text-align: left">Movements in net defined benefit assets are as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_7" id="glspu_PensionsTextBlock-c0_cont_6"><ix:continuation id="glspu_ScheduleOfDefinedBenefitAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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: rgb(204,238,255)">
    <td>Remeasurements:</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></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Return on plan assets</td><td>&#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; ">
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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 contextRef="c336" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForProvisions" scale="0" sign="-" unitRef="usd">468</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; ">
    <td style="padding-bottom: 4pt">Balance at December 31</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 144; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_8" id="glspu_PensionsTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">d)</td><td style="text-align: left">The Bank of Taiwan was commissioned to manage the fund of the Group&#8217;s defined benefit pension plan
(the &#8220;Fund&#8221;) in accordance with the Fund&#8217;s annual investment and utilization plan and the &#8220;Regulations for Revenues,
Expenditures, Safeguard and Utilization of the Labor Retirement Fund&#8221; (Article&#160;6: The scope of utilization for the Fund includes
deposit in domestic or foreign financial institutions, investment in domestic or foreign listed, over-the&#160;counter, or private placement
equity securities, investment in domestic or foreign real estate securitization products, etc.). With regard to the utilization of the
Fund, its minimum earnings in the annual distributions on the final financial statements shall be no less than the earnings attainable
from the amounts accrued from two-year&#160;time deposits with the interest rates offered by local banks. If the earnings is less than
aforementioned rates, government shall make payment for the deficit after approval by the Regulator. The Group has no right to participate
in managing and operating that Fund and hence the Group is unable to disclose the classification of plan asset fair value in accordance
with IAS 19 paragraph 142. The composition of fair value of plan assets as of December 31, 2022 and 2021 is given in the Annual Labor
Retirement Fund Utilization Report announced by the government.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_9" id="glspu_PensionsTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">e)</td><td style="text-align: left">The principal actuarial assumptions used were as follows:</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_10" id="glspu_PensionsTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 4pt">Discount rate</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" scale="-2" unitRef="pure">1.48</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">%</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Future salary increases</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="glspu:FutureSalaryIncreases" scale="-2" unitRef="pure">5.00</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_11" id="glspu_PensionsTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Future mortality rate
was estimated based on the 6th Taiwan Standard Ordinary Experience Mortality Table.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_12" id="glspu_PensionsTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Because the main actuarial
assumption changed, the present value of defined benefit obligation is affected. The analysis was as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_13" id="glspu_PensionsTextBlock-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfAnalysisOfPresentValueOfDefinedBenefitObligationThatDistinguishesNatureCharacteristicsAndRisksExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td><span style="text-decoration:underline">December 31, 2022</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-decoration: underline">December 31, 2021</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></tr>
  <tr 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 0pt 35.45pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><!-- Field: Page; Sequence: 145; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_14" id="glspu_PensionsTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">The sensitivity analysis
above was based on one assumption which changed while the other conditions remain unchanged. In practice, more than one assumption may
change all at once. The method of analyzing sensitivity and the method of calculating net pension liability in the balance sheet are the
same.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_15" id="glspu_PensionsTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">The methods and types
of assumptions used in preparing the sensitivity analysis did not change compared to the previous period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_16" id="glspu_PensionsTextBlock-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">f)</td><td style="text-align: left">Expected contributions to the defined benefit pension plans of the Group for the year ending December
31, 2023 amount to $<ix:nonFraction contextRef="c323" decimals="0" format="ixt:num-dot-decimal" name="glspu:DefinedBenefitPensionAmount" scale="0" unitRef="usd">0</ix:nonFraction>.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_17" id="glspu_PensionsTextBlock-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">g)</td><td style="text-align: left">As of December 31, 2022, the weighted average duration of that retirement plan is 18 years. The analysis
of timing of the future pension payment was as follows:</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_18" id="glspu_PensionsTextBlock-c0_cont_17"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfAnalysisOfTimingOfTheFuturePensionPaymentTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Within 1 year</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-232">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>1-2 year(s)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-233">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%">2-5 years</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:FuturePensionPayment2to5Years" scale="0" unitRef="usd">31,838</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Over 5 years</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:FuturePensionPaymentOver5Years" scale="0" unitRef="usd">412,257</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:FuturePensionPaymentTotal" scale="0" unitRef="usd">444,095</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_19" id="glspu_PensionsTextBlock-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">h)</td><td style="text-align: left">Effective July 1, 2005, Gorilla Taiwan and NSGUARD Technology Inc. have established a defined contribution
pension plan (the &#8220;New Plan&#8221;) under the Labor Pension Act, covering all regular employees with R.O.C. nationality. Under the
New Plan, Gorilla Taiwan and NSGUARD Technology Inc. contribute monthly an amount based on 6% of the employees&#8217; monthly salaries
and wages to the employees&#8217; individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly
or in lump sum upon termination of employment.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_PensionsTextBlock-c0_cont_20" id="glspu_PensionsTextBlock-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">i)</td><td style="text-align: left">The Company&#8217;s overseas subsidiaries have established defined contribution plans. Monthly contributions
to an independent fund administered by the government are in accordance with the pension regulations. Other than the monthly contribution,
the subsidiaries have no further obligations.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="glspu_PensionsTextBlock-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">j)</td><td style="text-align: left">The pension costs under the defined contribution pension plans of the Group for each of the three years
in the period ended December 31, 2022 were $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="glspu:PensionCost" scale="0" unitRef="usd">448,545</ix:nonFraction>, $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="glspu:PensionCost" scale="0" unitRef="usd">467,076</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:PensionCost" scale="0" unitRef="usd">437,658</ix:nonFraction>, respectively.</td></tr></table></ix:continuation><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">20.</td><td style="text-align: left"><b>Share-based payment</b></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">a)</td><td style="text-align: left">For the years ended December 31, 2022 and 2021, the Company&#8217;s share-based payment transactions were
as follow:</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_3" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfSharebasedPaymentTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Type of arrangement</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Grant date</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Quantity granted (Units) (Note 1)</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Contract period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center">Vesting conditions</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%"><ix:nonNumeric contextRef="c349" name="glspu:TypeOfArrangement">Employee share options</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center"><ix:nonNumeric contextRef="c349" name="glspu:GrantDate1">2017.1.1</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
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    <td><ix:nonNumeric contextRef="c350" name="glspu:TypeOfArrangement">Employee share options</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c350" name="glspu:GrantDate1">2018.1.1</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c350" decimals="0" format="ixt:num-dot-decimal" id="ix_105_fact" name="glspu:QuantitysGrantedUnits" scale="0" unitRef="usd">34,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c350" format="ixt-sec:duryear" name="glspu:ContractPeriod">5</ix:nonNumeric> years</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c350" name="glspu:VestingConditions">Note 2</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><ix:nonNumeric contextRef="c351" name="glspu:TypeOfArrangement">Employee share options</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c351" name="glspu:GrantDate1">2019.1.1</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c351" decimals="0" format="ixt:num-dot-decimal" id="ix_106_fact" name="glspu:QuantitysGrantedUnits" scale="0" unitRef="usd">186,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c351" format="ixt-sec:duryear" name="glspu:ContractPeriod">5</ix:nonNumeric> years</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c351" name="glspu:VestingConditions">Note 2</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><ix:nonNumeric contextRef="c352" name="glspu:TypeOfArrangement">Employee share options</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c352" name="glspu:GrantDate1">2021.10.5</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c352" decimals="0" format="ixt:num-dot-decimal" id="ix_107_fact" name="glspu:QuantitysGrantedUnits" scale="0" unitRef="usd">207,412</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c352" format="ixt-sec:duryear" name="glspu:ContractPeriod">5</ix:nonNumeric> years</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c352" name="glspu:VestingConditions">Note 3</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><ix:nonNumeric contextRef="c353" name="glspu:TypeOfArrangement">Employee share options</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c353" name="glspu:GrantDate1">2021.10.5</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c353" format="ixt-sec:duryear" name="glspu:ContractPeriod">5</ix:nonNumeric> years</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c353" name="glspu:VestingConditions">Note 2</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="glspu:GrantDate1">2022.2.23</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" id="ix_109_fact" name="glspu:QuantitysGrantedUnits" scale="0" unitRef="usd">274,682</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="glspu:ContractPeriod">5</ix:nonNumeric> years</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="glspu:VestingConditions">Note 2</ix:nonNumeric></td></tr>
  </table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_4" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note 1:</td><td style="text-align: left">On the Closing Date, with capital recapitalization as provided
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.2pt; text-align: left; text-indent: -38.4pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_5" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note 2:</td><td style="text-align: left">Employee share options granting period and exercise conditions
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_6" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_7" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note 3:</td><td style="text-align: left">Employee share options granting period and exercise conditions
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_8" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_7"><ix:continuation id="_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_9" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">The share-based payment
arrangements above are settled by equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_10" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">b)</td><td style="text-align: left">Details of the share-based payment arrangements are as follows:</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_11" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ShareBasedPaymentArrangementOptionActivityTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="text-decoration: none; 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">Options forfeited</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Capital recapitalization </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="text-align: left; padding-bottom: 4pt">Options outstanding at December 31</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfOutstandingShareOptions" scale="0" unitRef="pure">2,551,643</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfOutstandingShareOptions" scale="0" unitRef="pure">404,454</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Options exercisable at December 31</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_12" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note:</td><td style="text-align: left">Exercise price and numbers of options outstanding and exercisable on the Closing date have been adjusted with the conversion ratio approximately
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</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_13" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">c)</td><td style="text-align: left">The weighted-average share price of share options at exercise dates for the year ended December 31, 2021
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_14" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">d)</td><td style="text-align: left">As of December 31, 2022 and 2021, the exercise prices of share options outstanding was $<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="glspu:ExercisePricesOfShareOptionsOutstanding" scale="0" unitRef="usdPershares">1.17</ix:nonFraction>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Blank)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_15" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">e)</td><td style="text-align: left">The fair value of share options granted on grant date is measured using the Black-Scholes option-pricing
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_16" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_17" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note 1:</td><td style="text-align: left">Expected price volatility rate was estimated by using the
share prices of the most recent period with length of this period approximate to the length of the share options&#8217; expected life,
and the standard deviation of return on the share during this period.</td>
</tr><tr style="vertical-align: top; text-align: left">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td></tr> <tr style="vertical-align: top; text-align: left">
<td>&#160;</td><td style="text-align: left">Note 2:</td><td style="text-align: left">The exercise price of share options is adjusted to $<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="glspu:ExercisePriceOfShareOptions" scale="0" unitRef="usdPershares">1.17</ix:nonFraction> with the conversion ratio approximately of <ix:nonFraction contextRef="c348" decimals="2" format="ixt:num-dot-decimal" name="glspu:ConversionRatioShareOptions" scale="0" unitRef="pure">4.82</ix:nonFraction> on the Closing Date due to capital
recapitalization. Refer to Note 23 for more information on the capital recapitalization.</td></tr> </table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_18" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note 3:</td><td style="text-align: left">Share-based payment expenses are recorded over each vesting
period based on the fair value of share options granted. Relevant information is as follows:</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_19" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfSharebasedPaymentExpensesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: center">2022.2.23</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c382" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExercisePriceShareOptionsGranted2019" scale="0" unitRef="usdPershares">5.62</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c382" decimals="2" format="ixt:num-dot-decimal" name="glspu:ExercisePriceFairValueOfSecondYear" scale="0" unitRef="usdPershares">2.50</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: left">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_20" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">f)</td><td style="text-align: left">Expenses incurred on share-based payment transactions are shown below:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_20"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfExpensesIncurredOnSharebasedPaymentTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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 December&#160;31,<br/>
 2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/>
 December&#160;31,<br/>
 2021</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/>
 December&#160;31,<br/>
 2020</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; padding-bottom: 4pt">Equity-settled</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" scale="0" unitRef="usd">346,122</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left">&#160;</p><div>

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<td style="width: 0.25in; text-align: left">21.</td><td style="text-align: left"><b>Provisions</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.9pt; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_2" id="_DisclosureOfProvisionsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:DisclosureOfWarrantyProvisionTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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 December&#160;31,<br/>
 2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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 December&#160;31,<br/>
 2021</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>
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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: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_3" id="_DisclosureOfProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.9pt; text-align: left">Analysis of total provisions:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.9pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_4" id="_DisclosureOfProvisionsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfAnalysisOfTotalProvisionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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 2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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</div><div>

</div><ix:continuation id="_DisclosureOfProvisionsExplanatory-c0_cont_4"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">The Group&#8217;s warranty
provisions were associated with the sales of information, software and data processing services, and were estimated in accordance with
the historical warranty data of products.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="glspu_WarrantLiabilities-c0_cont_1" escape="true" name="glspu:WarrantLiabilities"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">22.</td><td style="text-align: left"><b>Warrant liabilities</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="glspu_WarrantLiabilities-c0_cont_2" id="glspu_WarrantLiabilities-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:DisclosureOfWarrantLiabilities"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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 December 31, 2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Change in fair value</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"><div style="-sec-ix-hidden: hidden-fact-247">-</div></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 style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">At December 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAssociatedWithRegulatoryDeferralAccountBalances" scale="0" unitRef="usd">9,962,974</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="glspu_WarrantLiabilities-c0_cont_3" id="glspu_WarrantLiabilities-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note:</td><td style="text-align: left">Information relating to capital reorganization is provided
in Note 23.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><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 -->45<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="glspu_WarrantLiabilities-c0_cont_4" id="glspu_WarrantLiabilities-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
may only be exercised for a whole number of shares. The warrants will expire <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="glspu:WarrantsOutstandingTerm">five years</ix:nonNumeric> from the consummation of the business combination
on the Closing Date or earlier upon redemption or liquidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_WarrantLiabilities-c0_cont_5" id="glspu_WarrantLiabilities-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
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of the ordinary share equals or exceeds $<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="glspu:OrdinarySharePerShare" scale="0" unitRef="usdPershares">18.00</ix:nonFraction> per share for any 20 trading days within a 30-trading day period ending on the third trading
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</div><div>

</div><ix:continuation id="glspu_WarrantLiabilities-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
warrant entitles the registered holder to purchase one share of ordinary share at a price of $<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="glspu:PricePerShare" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share. The exercise price and
number of ordinary share issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of issuances
of ordinary share at a price below its exercise price, share dividend, extraordinary dividend or capital recapitalization, capital reorganization,
merger, or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below their respective
exercise prices.</span></p></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_2" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_3" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movements
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_4" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfMovementsInTheNumberOfTheCompanysOrdinarySharesOutstandingTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Warrant exercised</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">-</div></td><td style="text-align: left">&#160;</td></tr>
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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 contextRef="c0" decimals="INF" format="ixt:num-dot-decimal" name="glspu:TreasurySharesPurchased" scale="0" sign="-" unitRef="shares">2,814,895</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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_5" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Closing Date, the business combination pursuant to the business combination agreement dated on May 18, 2022 was approved at an extraordinary
general meeting of Gorilla&#8217;s shareholders and an extraordinary general meeting of Global&#8217;s shareholders, with holders of
subunits of Global redeeming approximately <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="glspu:OutstandingPercentage" scale="-2" unitRef="pure">88.4</ix:nonFraction>% of the pre-merger outstanding subunits. As contemplated by the business combination
agreement, Gorilla Merger Sub, Inc. merged with and into Global, with Global surviving as a wholly-owned subsidiary of Gorilla (the &#8220;Merger&#8221;,
and together with the other transactions contemplated by the business combination agreement and certain ancillary documents, the &#8220;Transactions&#8221;).</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_6" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the business combination agreement, immediately prior to the Effective Time (as defined in the business combination agreement), the
Company effected a capital recapitalization and issued <ix:nonFraction contextRef="c389" decimals="0" format="ixt:num-dot-decimal" name="glspu:SharesOfOrdinaryShares" scale="0" unitRef="shares">65,000,000</ix:nonFraction> ordinary shares in total (the conversion ratio approximately of <ix:nonFraction contextRef="c390" decimals="2" format="ixt:num-dot-decimal" name="glspu:ConversionRatio" scale="0" unitRef="pure">4.82</ix:nonFraction>
on the shares of the Company&#8217;s ordinary share). Each eligible shareholder of record on the Closing Date, including <ix:nonFraction contextRef="c390" decimals="0" format="ixt:num-dot-decimal" name="glspu:PreferenceSharesConverted" scale="0" unitRef="shares">5,813,247</ix:nonFraction> preference
shares converted into <ix:nonFraction contextRef="c389" decimals="0" format="ixt:num-dot-decimal" name="glspu:ConvertedIntoOrdinaryShares" scale="0" unitRef="shares">6,627,412</ix:nonFraction> ordinary shares of the Company (the &#8220;Gorilla Ordinary Shares&#8221;) in accordance with the Company&#8217;s
organizational documents and employees who holds granted share options, received approximately <ix:nonFraction contextRef="c389" decimals="2" format="ixt:num-dot-decimal" name="glspu:OrdinaryShareForEachShare" scale="0" unitRef="usdPershares">4.82</ix:nonFraction> shares of ordinary share for each
share of ordinary share then held or as converted.</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></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_7" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Closing Date, the following securities issuances were made by the Company to Global&#8217;s securityholders: (i) each outstanding
ordinary share of Global (including Global Class A ordinary shares and Global Class B ordinary shares, (the &#8220;Global Ordinary Shares&#8221;)
and including the Global Class A ordinary shares included as part of the PIPE Investment (as defined below)) was exchanged for (A) one
Gorilla Ordinary Share and (B) one Class A contingent value right of the Company (&#8220;Class A CVR&#8221;), and (ii) each outstanding
warrant of Global, <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:WarrantOutstandng" scale="0" unitRef="shares">10,025,081</ix:nonFraction> units in total, was converted into a warrant to purchase the same number of Gorilla Ordinary Shares at
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_8" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrently
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business combination and the Company and Global entered into subscription agreements (as amended, the &#8220;Subscription Agreements&#8221;)
with certain investors (the &#8220;PIPE Investors&#8221;). Net proceeds received from the PIPE Investors were $<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ShareOfContingentLiabilitiesOfAssociatesIncurredJointlyWithOtherInvestors" scale="6" unitRef="usd">30.3</ix:nonFraction> million (the &#8220;PIPE
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_9" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Gorilla Ordinary Shares and Gorilla Warrants commenced trading on The Nasdaq Capital Market on July 14, 2022 under the ticker symbols
&#8220;GRRR&#8221; and &#8220;GRRRW,&#8221; respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_10" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business combination is accounted for as a capital reorganization. The business combination, which is not within the scope of IFRS 3
as Global does not meet the definition of a business in accordance with IFRS 3, is accounted for within the scope of IFRS 2. As such,
the business combination is treated as the equivalent of the Company issuing shares at the closing of the business combination for the
net assets of Global as of the Closing Date, accompanied by a capital recapitalization. The net assets of Global are stated at historical
cost, with no goodwill or other intangible assets recorded. Any excess of the fair value of the Company&#8217;s shares issued considering
a fair value of the Gorilla Ordinary Shares of $<ix:nonFraction contextRef="c391" decimals="1" format="ixt:num-dot-decimal" name="glspu:OrdinarySharesParValue" scale="0" unitRef="usdPershares">10.6</ix:nonFraction> per share (price of Gorilla&#8217;s Ordinary Shares at the Closing Date) over the
fair value of Global&#8217;s identifiable net assets acquired represents compensation for the service of a share exchange listing for
its shares and is expensed as incurred and further details of share listing expense is provided in Note 30.</span></p><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><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 -->47<!-- Field: /Sequence --></td></tr></table></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_11" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Beginning of financial year</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c392" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">1,639,344</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Conversion of convertible preference&#160;shares to ordinary shares</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

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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></tr>
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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></tr>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c398" decimals="0" format="ixt:num-dot-decimal" name="glspu:IssuedCapitalOrdinaryShare" scale="0" unitRef="shares">1,182,926</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_14" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before the Closing Date, preference shares are embedded with conversion option. Preference shareholders are entitled to exercise their conversion option under the prescribed conditions at the prescribed exercise price. Preference shareholders are also entitled to convert any or all of their preference shares at any time at certain conversion price for each of Series A, Series B, Series C, and Series D. In addition, all preference shares should be converted into ordinary shares either before the date of Qualified IPO or with the acknowledgement of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="glspu:PreferredShareholdersPercentage" scale="-2" unitRef="pure">80</ix:nonFraction>% of the preference shareholders. When either condition stated above is met, the Company shall retract all outstanding preference shares in accordance with the decisions of the Board of Directors and preference shareholders&#8217; meeting at the price prescribed in the Company&#8217;s Articles of Incorporation.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>


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</div><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><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_15" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preference
shares are non-cumulative and non-participating and are classified as equity instrument as the following criteria are met: i) holders
of preference shares have no redemption right, and ii) the conversion option to the holders of preference shares are to be settled by
the Company by delivering a fixed number of the Company&#8217;s ordinary shares.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_16" id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the issuance of preference shares, the Company accounted for the preference shares as equity instrument. The portion of proceeds from
each preference share in excess of par value and the par value are recognized under &#8220;additional paid-in capital &#8211; preference
shares&#8221; and &#8220;preference shares.&#8221;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfClassesOfShareCapitalExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 5, 2022, the Company entered into the exchange agreement (the &#8220;Agreement&#8221;) with Koh Sih-Ping and Origin Rise Limited to purchase <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:PurchaseOfOrdinaryShares" scale="0" unitRef="shares">2,814,895</ix:nonFraction> ordinary shares held by Origin Rise Limited and further details of this transaction is provided in Note 37.</span></td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Retained
earnings</b></span></td>
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</div><div>

</div><ix:continuation continuedAt="glspu_RetainedEarningsTextBlock-c0_cont_2" id="glspu_RetainedEarningsTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 19.85pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                            to the Company&#8217;s Memorandum and Articles of Association and the statute except as otherwise
                                            provided by the rights attached to any shares, the Directors may resolve to pay dividends
                                            and other distributions on shares in issue and authorize payment of the dividends or other
                                            distributions out of the funds of the Company lawfully available therefor. A dividend shall
                                            be deemed to be an interim dividend unless the terms of the resolution pursuant to which
                                            the Directors resolve to pay such dividend specifically state that such dividend shall be
                                            a final dividend. No dividend or other distribution shall be paid except out of the realized
                                            or unrealized profits of the Company, out of the share premium account or as otherwise permitted
                                            by law.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_RetainedEarningsTextBlock-c0_cont_3" id="glspu_RetainedEarningsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided by the rights attached to any shares, all dividends and other distributions shall be paid according to the par
value of the shares that a holder holds. If any share is issued on terms providing that it shall rank for dividend as from a particular
date, that share shall rank for dividend accordingly.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

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Directors may deduct from any dividend or other distribution payable to any holder all sums of money (if any) then payable by him to
the Company on account of calls or otherwise.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_RetainedEarningsTextBlock-c0_cont_5" id="glspu_RetainedEarningsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors may resolve that any dividend or other distribution be paid wholly or partly by the distribution of specific assets and in
particular (but without limitation) by the distribution of shares, debentures, or securities of any other company or in any one or more
of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient
and in particular may issue fractional shares and may fix the value for distribution of such specific assets or any part thereof and
may determine that cash payments shall be made to any holders upon the basis of the value so fixed in order to adjust the rights of all
holders and may vest any such specific assets in trustees in such manner as may seem expedient to the Directors.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 154; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><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 -->49<!-- Field: /Sequence --></td></tr></table></div><div>
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</div><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><div>

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as otherwise provided by the rights attached to any shares, dividends and other distributions may be paid in any currency. The Directors
may determine the basis of conversion for any currency conversions that may be required and how any costs involved are to be met.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_RetainedEarningsTextBlock-c0_cont_7" id="glspu_RetainedEarningsTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Directors may, before resolving to pay any dividend or other distribution, set aside such sums as they think proper as a reserve or reserves
which shall, at the discretion of the Directors, be applicable for any purpose of the Company and pending such application may, at the
discretion of the Directors, be employed in the business of the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_RetainedEarningsTextBlock-c0_cont_8" id="glspu_RetainedEarningsTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
dividend, other distribution, interest or other monies payable in cash in respect of shares may be paid by wire transfer to the holder
or by cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the
registered address of the holder who is first named on the register of holders or to such person and to such address as such holder or
joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent.
Any one of two or more joint holders may give effectual receipts for any dividends, other distributions, bonuses, or other monies payable
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</div><div>

</div><ix:continuation continuedAt="glspu_RetainedEarningsTextBlock-c0_cont_9" id="glspu_RetainedEarningsTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
dividend or other distribution shall bear interest against the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_RetainedEarningsTextBlock-c0_cont_10" id="glspu_RetainedEarningsTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
dividend or other distribution which cannot be paid to a holder and/or which remains unclaimed after six months from the date on which
such dividend or other distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the Company&#8217;s
name, provided that the Company shall not be constituted as a trustee in respect of that account and the dividend or other distribution
shall remain as a debt due to the holder. Any dividend or other distribution which remains unclaimed after a period of six years from
the date on which such dividend or other distribution becomes payable shall be forfeited and shall revert to the Company.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="glspu_RetainedEarningsTextBlock-c0_cont_11" id="glspu_RetainedEarningsTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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of Directors.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="glspu_RetainedEarningsTextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_3" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disaggregation
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_4" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group derives revenue from the transfer of goods and services over time and at a point in time in the following major products lines
and all revenue took place mainly in Asia:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

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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: rgb(204,238,255)">
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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>
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  <tr style="vertical-align: bottom; ">
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</div><div>

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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_7" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_6"><ix:continuation id="_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Timing of revenue recognition</td><td>&#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; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 12pt">Over time</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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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><div>

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</div><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><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_8" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
assets and liabilities</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_9" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_10" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfRecognizedRevenuerelatedContractAssetsAndLiabilitiestableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_11" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_12" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
recognized that was included in the contract liability balance at the beginning of the year:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_13" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfOtherProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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December&#160;31,<br/>
2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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December&#160;31,<br/>
2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_14" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
changes in contract assets</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_15" id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease in contract assets during the year ended December 31, 2022 was attributed to progress of projects towards contract activities
and is close to the agreed payment schedule.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unfulfilled
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfInsurancePremiumRevenueExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
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to the unsatisfied contracts as of December 31, 2022 and December 31, 2021, will be recognized as revenue from 2023 to 2027 and from
year 2022 to 2027, respectively. Except for the abovementioned contracts, all other service contracts are for periods of one year or
less or are billed based on the amount of time incurred.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfAnalysisOfOtherComprehensiveIncomeByItemExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

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</div><div>

</div><ix:continuation continuedAt="glspu_OtherGainsLossesNetTextBlock-c0_cont_3" id="glspu_OtherGainsLossesNetTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note: The Group recognized impairment losses of $<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLoss" scale="0" unitRef="usd">1,238,548</ix:nonFraction> for the year ended December 31, 2020.&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="glspu_OtherGainsLossesNetTextBlock-c0_cont_4" id="glspu_OtherGainsLossesNetTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details of such losses are as follows:&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

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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: rgb(204,238,255)">
    <td style="text-align: left">The impairment loss reported by operating segments is as follows:</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation id="glspu_OtherGainsLossesNetTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-financial
assets are purchased, generated, and utilized by the subsidiary of the Company, Gorilla Shanghai, in prior years. In December 2020, management
of the Group decided to terminate business operations in Mainland China and considered that the assets of Gorilla Shanghai are no longer
recoverable, therefore, the Group recognized impairment losses amounting to $<ix:nonFraction contextRef="c460" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLoss" scale="0" unitRef="usd">1,238,548</ix:nonFraction> during the year ended December 31, 2020.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

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</div><ix:continuation id="_DisclosureOfInterestIncomeExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfInterestIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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2020</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Others</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance
costs</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinanceIncomeExpenseExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfFinanceCostsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td>&#160;</td>
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2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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2021</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"></p><div>

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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: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_3" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><b>Capital reorganization</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfExpensesByNatureExplanatory-c0_cont_4" id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Any excess of the fair value of the
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Shares at the Closing Date) over the fair value of Global&#8217;s identifiable net assets acquired represents compensation for the service
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</div><div>

</div><ix:continuation id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p><div>

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<td style="width: 0.25in; text-align: left">31.</td><td style="text-align: left"><b>Employee benefit expense</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

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</div><div>

</div><ix:continuation id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_3"><ix:continuation id="glspu_ScheduleEmployeeBenefitExpenseTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="glspu_EmployeesCompensationAndDirectorsRemunerationTextBlock-c0_cont_1" escape="true" name="glspu:EmployeesCompensationAndDirectorsRemunerationTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">32.</td><td style="text-align: left"><b>Employees&#8217; compensation and directors&#8217; remuneration</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="glspu_EmployeesCompensationAndDirectorsRemunerationTextBlock-c0_cont_2" id="glspu_EmployeesCompensationAndDirectorsRemunerationTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">a)</td><td style="text-align: left">According to the Articles of Incorporation of Gorilla Taiwan and NSGUARD Technology Inc., employees&#8217;
compensation and directors&#8217; remuneration are based on the current year&#8217;s earnings, which should first be used to cover accumulated
deficits, if any, and then a ratio of the remaining balance distributed as employees&#8217; compensation and directors&#8217; remuneration.
The ratio for employees&#8217; compensation shall be <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="glspu:EmployeesRatio" scale="-2" unitRef="pure">0.5</ix:nonFraction>% whereas the ratio for directors&#8217; remuneration is not specified.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="glspu_EmployeesCompensationAndDirectorsRemunerationTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">b)</td><td style="text-align: left">For each of the three years in the period ended December 31, 2022, Gorilla Taiwan and NSGUARD Technology
Inc. have incurred net loss before tax. Accordingly, employees&#8217; compensation was not accrued.</td></tr></table></ix:continuation><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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<td style="width: 0.25in; text-align: left">33.</td><td style="text-align: left"><b>Income tax</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">a)</td><td style="text-align: left">Taiwan taxation</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Taiwan profits tax
has been provided for at the rate of <ix:nonFraction contextRef="c468" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">20</ix:nonFraction>% on the estimated assessable profits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">b)</td><td style="text-align: left">Hong Kong taxation</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Hong Kong profits
tax has been provided for at the rate of <ix:nonFraction contextRef="c469" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">16.5</ix:nonFraction>% on the estimated assessable profits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">c)</td><td style="text-align: left">Japan taxation</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">Japan profits tax
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">d)</td><td style="text-align: left">United States taxation</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">United States profits
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">e)</td><td style="text-align: left">United Kingdom taxation</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">United Kingdom profits
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Blank)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in">f)</td><td style="text-align: left">Income tax expense (benefit)</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p></ix:continuation><div>

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</div><div>

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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">Deferred tax:</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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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-286">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 4pt">Income tax expense (benefit)</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfReconciliationBetweenIncomeTaxBenefitAndAccountingLossTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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 December&#160;31, <br/>
2021</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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 December&#160;31, <br/>
2020</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr style="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 0pt 47.05pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note:</td><td style="text-align: left">The basis for computing the applicable tax rate are the rates
applicable in the respective countries where the Group entities operate.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><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 -->59<!-- Field: /Sequence --></td></tr></table></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">h)</td><td style="text-align: left">Amounts of deferred tax assets or liabilities as a result of temporary differences and loss carryforwards
are as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.05pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" continuedAt="glspu_ScheduleOfDeferredTaxAssetsOrLiabilitiesAsAResultOfTemporaryDifferencesAndLossCarryforwardsTableTextBlock-c0_cont_1" escape="true" name="glspu:ScheduleOfDeferredTaxAssetsOrLiabilitiesAsAResultOfTemporaryDifferencesAndLossCarryforwardsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="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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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><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; padding-left: 0.125in">Tax losses carryforward</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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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 contextRef="c473" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="0" unitRef="usd">410,203</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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    <td style="text-align: left">- &#160;&#160;Deferred tax liabilities:</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>
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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">(<ix:nonFraction contextRef="c473" decimals="0" format="ixt:num-dot-decimal" name="glspu:DeferredTaxLiabilitiesPrepaymentOfPension" scale="0" sign="-" unitRef="usd">68,151</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">i)</td><td style="text-align: left">Expiration dates of unused tax losses and amounts of unrecognized deferred tax assets are as follows:</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.05pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_21"><ix:nonNumeric contextRef="c0" continuedAt="glspu_ScheduleOfExpirationDatesOfUnusedTaxLossesAndAmountsOfUnrecognizedDeferredTaxAssetsTableTextBlock-c0_cont_1" escape="true" name="glspu:ScheduleOfExpirationDatesOfUnusedTaxLossesAndAmountsOfUnrecognizedDeferredTaxAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_22"><ix:continuation id="glspu_ScheduleOfExpirationDatesOfUnusedTaxLossesAndAmountsOfUnrecognizedDeferredTaxAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <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: rgb(204,238,255)">
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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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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">j)</td><td style="text-align: left">The Group&#8217;s subsidiaries outside Taiwan have unrecognized tax losses of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="0" unitRef="usd">3,808,756</ix:nonFraction> and $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:TaxEffectOfTaxLosses" scale="0" unitRef="usd">3,171,974</ix:nonFraction> as of
December 31, 2022 and 2021, respectively, which have no expiry date and can be carried forward and used to offset against future taxable
income subject to meeting certain statutory requirements by those companies with unrecognized tax losses in their respective countries
of incorporation.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr> </table></ix:continuation><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in">k)</td><td style="text-align: left">Telmedia was incorporated in Hong Kong Special Administrative Region of the People&#8217;s Republic of
China. Therefore, Telmedia is only subject to Hong Kong income tax on Hong Kong source income in accordance with &#8220;Hong Kong Inland
Revenue Ordinance&#8221;.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
                                   </table></ix:continuation><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">l)</td><td style="text-align: left">Gorilla Taiwan&#8217;s and NSGUARD Technology Inc.&#8217;s income tax returns through 2020 have been assessed
and approved by the Tax Authority.</td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt">&#160;</p><div>

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</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in; text-align: left">Note 1:</td><td style="text-align: left"> On the Closing Date, pursuant to the business combination
agreement, the Company effected in the form of capital recapitalization and issued <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">65,000,000</ix:nonFraction> ordinary shares in total (the conversion
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Date, including preference shares converted into ordinary shares in accordance with the Company&#8217;s organizational documents and
employees who holds granted share options, received approximately <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="glspu:ConvertedOrdinaryShare" scale="0" unitRef="usdPershares">4.82</ix:nonFraction> shares of ordinary share for each share of ordinary share then
held or as converted. The increase in the number of ordinary shares outstanding due to the capital recapitalization are adjusted retrospectively
in the calculation of basic and diluted loss per share for all periods presented based on the new number of shares. Refer to Note 23
for more information on the capital recapitalization.</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.25pt; text-align: left; text-indent: -40.7pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.25pt; text-align: left; text-indent: -40.7pt">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in; text-align: left">Note 2:</td><td style="text-align: left">Warrant liabilities were excluded in the computation of
diluted loss per share for the year ended December 31, 2022. Employee share options were excluded in the computation of diluted loss
per share for each of the three years in the period ended December 31, 2022 and convertible preference shares were excluded in the computation
of diluted loss per share for years ended December 31, 2021 and 2020 since they were anti-dilutive. The number of shares that were excluded
from the loss per share calculation above for each of the three years in the period ended December 31, 2022 that could be dilutive in
the future were <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares" scale="0" unitRef="shares">12,514,617</ix:nonFraction> shares, <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares" scale="0" unitRef="shares">33,903,228</ix:nonFraction> shares and <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares" scale="0" unitRef="shares">32,964,816</ix:nonFraction> shares, respectively.</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 69.25pt; text-align: left; text-indent: -40.7pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">35.</td><td style="text-align: left"><b>Supplemental cash flow information</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.85pt; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory-c0_cont_2" id="_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left">Investing activities with partial
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory-c0_cont_3" id="_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfInvestingActivitiesWithPartialCashPaymentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

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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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:RetirementsIntangibleAssetsAndGoodwill" scale="0" unitRef="usd">727,060</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ContributionsToPlanNetDefinedBenefitLiabilityAsset" scale="0" unitRef="usd">73,093</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.85pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.85pt; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.85pt; text-align: left">&#160;</p><div>

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<td style="width: 0.25in; text-align: left">36.</td><td style="text-align: left"><b>Changes in liabilities from financing activities</b></td>
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    <td style="text-align: left">Changes in other non-cash items</td><td>&#160;</td>
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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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</div><div>

</div><ix:continuation continuedAt="glspu_ChangesInLiabilitiesFromFinancingActivitiesTextBlock-c0_cont_3" id="glspu_ChangesInLiabilitiesFromFinancingActivitiesTextBlock-c0_cont_2"><ix:continuation continuedAt="glspu_ScheduleOfChangesInLiabilitiesFromFinancingActivitiesTableTextBlock-c0_cont_2" id="glspu_ScheduleOfChangesInLiabilitiesFromFinancingActivitiesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">At December 31, 2021</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt"></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt"></p><div>

</div><ix:continuation id="glspu_ChangesInLiabilitiesFromFinancingActivitiesTextBlock-c0_cont_3"><ix:continuation id="glspu_ScheduleOfChangesInLiabilitiesFromFinancingActivitiesTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">At January 1, 2020</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Changes in other non-cash items</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-align: left">Impact of changes in foreign exchange rate</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"><ix:nonFraction contextRef="c514" decimals="0" format="ixt:num-dot-decimal" name="glspu:ImpactOfChangesInForeignExchangeRate" scale="0" sign="-" unitRef="usd">562,397</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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    <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 contextRef="c516" decimals="0" format="ixt:num-dot-decimal" name="glspu:ImpactOfChangesInForeignExchangeRate" scale="0" sign="-" unitRef="usd">1,403,846</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">At December 31, 2020</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt">&#160;</p><div>

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<td style="width: 0.25in; text-align: left">37.</td><td style="text-align: left"><b>Related party transactions</b></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_2" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">a)</td><td style="text-align: left">Names of related parties and relationship</td>
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</div><div>

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</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_3" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.65pt; text-align: left"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><p style="margin-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Note: Origin Rise Limited, one of major shareholders of the Company, is controlled by its sole director, Koh Sih-Ping, who retired as the Director and Chief Executive Officer of the Company on September 9, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.65pt; text-align: left"><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><b>&#160;</b></span></p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">b)</td><td style="text-align: left">The Group lists Koh Sih-Ping as the joint guarantor for its
short-term borrowings and long-term borrowings in 2022 and 2021. Please refer to Note 16 and Note 18 for further details.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_6" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in">The Company&#8217;s interest
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</div><div>

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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfInterestPayableTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-302">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div></td><td style="padding-bottom: 4pt; width: 1%; text-align: left">&#160;</td><td style="padding-bottom: 4pt; width: 1%">&#160;</td>
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</div><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in">c)</td><td style="text-align: left">Please refer to Note 16 for further details on shareholder loans.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
                                                                                                                                                                           </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_10" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">d)</td><td style="text-align: left">Purchase of treasury shares</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_11" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On December 5, 2022 (the &#8220;Effective
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purchased <ix:nonFraction contextRef="c517" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" scale="0" unitRef="usd">2,814,895</ix:nonFraction> ordinary shares held by Origin Rise Limited by transferring certain accounts receivables, property, plant and equipment,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_12" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December 31, 2022, the Company
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applicable law in same amount in relation to this transaction and this tax should be compensated by Koh Sih-Ping in accordance with the
Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><div>

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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Post-employment benefits</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">Share option expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.65pt; text-align: left">&#160;</p><div>

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</div><div>

</div><ix:continuation id="glspu_PledgedAssetsTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfGroupsAssetsPledgedAsCollateralTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_2" id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            significant contingent liabilities incurred after the reporting period are provided in Note
                                            40.</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: left">&#160;</td></tr>
                                                                </table></ix:continuation><div>

</div><ix:continuation continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_3" id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                                                            </table></ix:continuation><div>

</div><ix:continuation continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_4" id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_5" id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022 and December 31, 2021, the banker&#8217;s letter of guarantee issued by the bank at the request of Gorilla Technology Inc. amounted to $<ix:nonFraction contextRef="c529" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="0" unitRef="usd">1,739,982</ix:nonFraction> and $<ix:nonFraction contextRef="c530" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapital" scale="0" unitRef="usd">3,813,021</ix:nonFraction>, respectively.</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: left">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_6" id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022, the Company issued a promissory note of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="0" unitRef="usd">1,000,000</ix:nonFraction> under the shareholder loan agreement with Berwick Resources Limited.</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr> </table></ix:continuation><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_1" escape="true" name="ifrs-full:ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
events after the reporting period</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_2" id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2023 (the &#8220;Agreement Date&#8221;), the Group entered into an intellectual property purchase agreement effective on
January 16, 2023 (the &#8220;Effective Time&#8221;) with SeeQuestor Limited (&#8220;SeeQuestor&#8221;), a company providing of video
analytics technology incorporated and registered in England and Wales.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_3" id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group acquired all and/or any intellectual property rights, including but not limited to patents and trademarks, owned, used or held
for use by and/or on behalf of SeeQuestor, including without limitations, such rights as relate to SeeQuestor&#8217;s products.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_4" id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price for the intellectual property rights consists of fixed consideration amounting to $<ix:nonFraction contextRef="c532" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="0" unitRef="usd">6,000,000</ix:nonFraction> and contingent payment through
issuance of the Company&#8217;s shares of an amount equal to $<ix:nonFraction contextRef="c532" decimals="0" format="ixt:num-dot-decimal" name="glspu:AgreementAmount" scale="0" unitRef="usd">3,000,000</ix:nonFraction> which is conditional to certain financial performance through
intellectual property rights from Agreement Date up to and including December 31, 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_5" id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has made payments of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:PaymentsAmount" scale="0" unitRef="usd">600,000</ix:nonFraction> and $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:AgreementAmount" scale="0" unitRef="usd">2,400,000</ix:nonFraction> on Agreement Date and Effective Time, respectively and payment of a further $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:InstalmentsAmount" scale="0" unitRef="usd">3,000,000</ix:nonFraction>
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</div><div>

</div><ix:continuation id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">b)</td><td style="text-align: left">In March 2023, the Group entered into a shareholder loan
agreement in the amount of $<ix:nonFraction contextRef="c533" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TerminationLoans" scale="0" unitRef="usd">3,000,000</ix:nonFraction> with Asteria Corporation. The Group issued promissory note with an interest rate of <ix:nonFraction contextRef="c533" decimals="5" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">10.375</ix:nonFraction>% per
annum and maturity date of March 10, 2024 to the lender in the same amount as the loan made.</td>
</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt; text-indent: -12.2pt">&#160;</p><div>

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<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
management</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s objectives when managing capital are to safeguard the Group&#8217;s ability to continue as a going concern in order to
provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or
adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue
new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net
debt divided by total capital. Net debt is calculated as total borrowings (including &#8216;current and non-current borrowings&#8217;
as shown in the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as &#8216;equity&#8217; as shown
in the consolidated balance sheet plus net debt.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gearing ratios at December 31, 2022 and 2021 were as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.9pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfGearingRatiosTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
 2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Total borrowings</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NetDebt" scale="0" unitRef="usd">857,242</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Total equity</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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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Capital" scale="0" unitRef="usd">29,400,425</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Gearing ratio</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="glspu:GearingRatio" scale="-2" unitRef="pure">3</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.9pt; text-align: left">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><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><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
instruments</b></span></td>
</tr><tr style="vertical-align: top; text-align: left">
<td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td></tr>
     </table></ix:nonNumeric><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments by category</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_3" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="glspu_DisclosureOfFinancialInstrumentsByCategory-c0_cont_1" escape="true" name="glspu:DisclosureOfFinancialInstrumentsByCategory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: center">December&#160;31, <br/>
2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="text-decoration:underline">Financial assets</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table><p style="margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_4" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_3"><ix:continuation id="glspu_DisclosureOfFinancialInstrumentsByCategory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#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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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:FinancialLiabilitiesAtAmortisedCost" scale="0" unitRef="usd">34,149,747</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Warrant liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="glspu:FinancialWarrantLiabilities" scale="0" unitRef="usd">2,042,410</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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_5" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
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assets at amortized cost include cash and cash equivalents, financial assets at amortized cost, accounts receivable, other receivables
and guarantee deposits. Financial liabilities at amortized cost include short-term borrowings, notes and accounts payable, other payables
and long-term borrowings (including current portion).</span></td>
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<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: left">&#160;</td></tr>
     </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_6" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><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">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
                                                                                     </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_7" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group&#8217;s
                                            overall risk management programme focuses on the unpredictability of financial markets and
                                            seeks to minimize potential adverse effects on the Group&#8217;s financial condition and
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<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: left">&#160;</td></tr>
                                                                                   </table></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_8" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            approved by the Board of Directors. Group treasury identifies and evaluates financial risks
                                            in close cooperation with the Group&#8217;s operating units. The Board provides written principles
                                            for overall risk management, as well as written policies covering specific areas and matters,
                                            such as foreign exchange risk, interest rate risk, credit risk, use of non-derivative financial
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</div><div>


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</div><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><div>

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</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_10" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_12" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            and certain subsidiaries&#8217; functional currency: USD; other certain subsidiaries&#8217;
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                                            currencies whose values would be materially affected by the exchange rate fluctuations is
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</div><div>

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</div><div>

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</div><div>





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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_19" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Price
risk</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_20" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_22" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>


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</div><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><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_23" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_22"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
                                            risk</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_24" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
                                            risk refers to the risk of financial loss to the Group arising from default by the clients
                                            or counterparties of financial instruments on the contract obligations. The main factor is
                                            that counterparties could not repay in full the accounts receivable based on the agreed terms.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_25" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_24"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Group manages its credit risk taking into consideration the entire Group&#8217;s concern.
                                            For banks and financial institutions, only independently rated parties with at least BBB+
                                            credit rating determined by Standard &amp; Poor&#8217;s are accepted. According to the Group&#8217;s
                                            credit policy, each local entity in the Group is responsible for managing and analyzing the
                                            credit risk for each of their new clients before standard payment and delivery terms and
                                            conditions are offered. Internal risk control assesses the credit quality of the customers,
                                            taking into account their financial position, past experience and other factors. Individual
                                            risk limits are set based on internal or external ratings in accordance with limits set by
                                            the Board of Directors. The utilization of credit limits is regularly monitored.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_26" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Group adopts the following assumption under IFRS 9 to assess whether there has been a significant
                                            increase in credit risk on that instrument since initial recognition: If the domestic and
                                            foreign contract payments were past due over 180 days based on the terms, there has been
                                            a significant increase in credit risk on that instrument since initial recognition.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_27" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_26"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Group adopts the assumption under IFRS 9, that is, the default occurs when the contract payments
                                            are past due over one year. Longer payment terms are given to customers and default barely
                                            occurred even though the contract payments are past due within one year in the past because
                                            of the industry characteristics of the Group and positive long-term relationship with customers.
                                            Therefore, a more lagging default criterion is appropriate to determine the risk of default
                                            occurring.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_28" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_27"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Group classifies customer&#8217;s accounts receivable in accordance with customer types.
                                            The Group applies the modified approach using the provision matrix and loss rate methodology
                                            to estimate expected credit loss.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_29" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Group used the forecastability to adjust historical and timely information to assess the
                                            default possibility of accounts receivable. On December 31, 2022 and December 31, 2021, the
                                            provision matrix is as follows:</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_31" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_30"><ix:continuation id="glspu_DisclosureOfForecastabilityToAdjustTimelyInformationProvisionMatrix-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  </table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>


</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_32" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_31"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            in relation to the Group applying the modified approach to provide loss allowance for accounts
                                            receivable are as follows:</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_33" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_32"><ix:nonNumeric contextRef="c0" continuedAt="glspu_DisclosureOfAccountsReceivable-c0_cont_1" escape="true" name="glspu:DisclosureOfAccountsReceivable"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_34" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_33"><ix:continuation id="glspu_DisclosureOfAccountsReceivable-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_35" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_34"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            Group&#8217; s credit risk exposure in relation to contract assets under IFRS 9 as at December
                                            31,2022 and 2021 are immaterial.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_36" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_35"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_37" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_36"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_38" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_37"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
                                            risk</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_39" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_38"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            flow forecasting is performed in the operating entities of the Group and aggregated by Group
                                            treasury. Group treasury monitors rolling forecasts of the Group&#8217;s liquidity requirements
                                            to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom
                                            on its undrawn committed borrowing facilities at all times so that the Group does not breach
                                            borrowing limits or covenants on any of its borrowing facilities. Such forecasting takes
                                            into consideration the Group&#8217;s debt financing plans, covenant compliance, compliance
                                            with internal balance sheet ratio targets.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_40" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_39"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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">2.</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">Please
                                            refer to Note 16 for undrawn borrowing facilities as at December 31, 2022 and 2021.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_41" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_40"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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">3.</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">The
                                            table below analyzes the Group&#8217;s non-derivative financial liabilities into relevant
                                            maturity groupings based on the remaining period at the balance sheet date to the contractual
                                            maturity date for non-derivative financial liabilities. The amounts disclosed in the table
                                            are the contractual undiscounted cash flows.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_42" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_41"><ix:nonNumeric contextRef="c0" continuedAt="glspu_DisclosureOfNonderivativeFinancialLiabilities-c0_cont_1" escape="true" name="glspu:DisclosureOfNonderivativeFinancialLiabilities"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="text-decoration:underline">Non-derivative financial liabilities:</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="text-decoration:underline">December 31, 2022</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Less than<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 76%; text-align: left">Lease liabilities</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c555" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="0" unitRef="usd">17,183</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c555" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="0" unitRef="usd">2,365,972</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-left: 0.25in; text-align: left">(including current portion)</td><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_43" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_42"><ix:continuation id="glspu_DisclosureOfNonderivativeFinancialLiabilities-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="text-decoration:underline">Non-derivative financial liabilities:</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td><span style="text-decoration:underline">December 31, 2021</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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 1&#160;year</td><td style="padding-bottom: 1.5pt">&#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)">
    <td style="padding-left: 0.125in; width: 76%; text-align: left">Lease liabilities</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c557" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="0" unitRef="usd">56,214</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c558" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="0" unitRef="usd">70,461</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 0.125in; text-align: left">Long-term borrowings</td><td>&#160;</td>
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    <td style="padding-left: 0.25in; text-align: left">(including current portion)</td><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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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_44" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the above, the Group&#8217;s non-derivative financial liabilities are due less than 1 year.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.2pt; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_44"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></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">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">The
                                            Group does not expect the timing of occurrence of the cash flows estimated through the maturity
                                            date analysis will be significantly earlier, nor expect the actual cash flow amount will
                                            be significantly different.</span></td></tr></table></ix:continuation><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fair
value information</b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-indent: -12.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_2" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have
been defined as follows:</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_3" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
                              1:</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted
prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market
is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume
to provide pricing information on an ongoing basis.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_4" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
                              2:</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs
other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_5" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
                              3:</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unobservable
inputs for the asset or liability. The fair value of the Group&#8217;s investment in a rent-a-captive company without active market is
included in Level 3.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: left; text-indent: -43.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: left; text-indent: -43.4pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: left; text-indent: -43.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_6" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of the Group&#8217;s financial assets and financial liabilities not measured at fair value are approximate to their
fair values which are provided in Note 42.</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_7" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
related information of financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of
the assets and liabilities at December 31, 2022 is as follows:</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_8" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.6pt; text-align: left; text-indent: -3.95pt"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_9" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_8"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="font-weight: bold">Assets</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Financial assets at fair value through profit or loss</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; border-bottom: Black 4pt double; text-align: left">$</td><td style="width: 9%; border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-313">-</div></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
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    <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 style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Liabilities</td><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>
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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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Financial liabilities at fair value through profit or loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.6pt; text-align: left; text-indent: -3.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_10" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
methods and assumptions the Group used to measure fair value of warrant liabilities categorized within Level 1 are based on market quoted
closing price.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.6pt; text-align: left; text-indent: -18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_11" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
methods and assumptions the Group used to measure fair value of investment in a rent-a-captive company categorized within Level 3 are
based on net asset value.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.6pt; text-align: left; text-indent: -18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_12" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
output of valuation model is an estimated value and the valuation technique may not be able to capture all relevant factors of the Group&#8217;s
financial and non-financial instruments. Therefore, the estimated value derived using valuation model is adjusted accordingly with additional
inputs, for example, model risk or liquidity risk and etc. In accordance with the Group&#8217;s management policies and relevant control
procedures relating to the valuation models used for fair value measurement, management believes adjustment to valuation is necessary
in order to reasonably represent the fair value of financial and non-financial instruments at the consolidated balance sheet. The inputs
and pricing information used during valuation are carefully assessed and adjusted based on current market conditions.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.6pt; text-align: left; text-indent: -18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_13" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group takes into account adjustments for credit risks to measure the fair value of financial and non-financial instruments to reflect
credit risk of the counterparty and the Group&#8217;s credit quality.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.6pt; text-align: left; text-indent: -18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_14" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2022 and 2021, there was no transfer between Level 1 and Level 2.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.6pt; text-align: left; text-indent: -18.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 179; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><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 -->74<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><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><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_15" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table represents the changes in Level 3 instrument for the year ended December 31, 2022:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_16" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="glspu:ScheduleOfTheChangesInLevel3Instrument"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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">
    <td>Financial assets at fair value through profit or loss</td><td>&#160;</td>
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    <td>At January 1</td><td>&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="glspu:FinancialAssetsAtFairValueThroughProfitOrLossAcquired" scale="0" unitRef="usd">1,105,540</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_17" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is in charge of valuation procedures for fair value measurements being categorized within Level 3, which is to verify independent
fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information
to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with
other resources and represented as the exercisable price, and frequently calibrating valuation model, performing back-testing, updating
inputs used to the valuation model and making any other necessary adjustments to the fair value. Finance Department of the Group set
up valuation policies, valuation processes and rules for measuring fair value of financial instruments and ensure compliance with the
related requirements in IFRS.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_18" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable
inputs to valuation model used in Level 3 fair value measurement:</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: 13pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_19" id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfSignificantUnobservableInputsUsedInFairValueMeasurementOfAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 technique</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; border-bottom: Black 1.5pt solid">Significant<br/>
 unobservable<br/>
 input</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 24%; text-align: left">Investment in a rent-a-captive company</td><td style="width: 1%">&#160;</td>
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    <td style="width: 15%; text-align: center"><ix:nonNumeric contextRef="c0" name="glspu:DescriptionOfRangeWeightedAverage">Not applicable</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center"><ix:nonNumeric contextRef="c0" name="glspu:DescriptionOfRelationshipOfInputsToFairValue">Not applicable</ix:nonNumeric></td></tr>
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</div><div>

</div><ix:continuation id="_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has carefully assessed the valuation models and assumptions used to measure fair value, and the expected changes in fair value
are insignificant even if there are reasonably possible changes in inputs.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><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 -->75<!-- Field: /Sequence --></td></tr></table></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in; text-align: left">44.</td><td style="text-align: left"><b>Segment Information</b></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_2" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">a)</td><td style="text-align: left">General information</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_3" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in">The Group uses the
product line as basis for providing information to the chief operating decision-maker. The Group currently divides the sales order district
into three major product lines: video IoT, security convergence and other. The chief operating decision-maker makes decision concerning
financial management as well as evaluation of the business performance based on these three product lines; therefore, the reportable segments
are video IoT, security convergence and other.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_4" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">b)</td><td style="text-align: left">Measurement of segment information</td>
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</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_5" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in">The Group evaluates
the performance of the operating segments based on a measure of revenue and income before tax, in a manner consistent with that in the
statement of income. The accounting policies of the operating segments are in agreement with the significant accounting policies in the
consolidated financial statements for the year ended December 31, 2022. Sale transactions among segments are based on arms-length principle.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: center">(Blank)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: center">&#160;</p><div>

</div><!-- Field: Page; Sequence: 181; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_6" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 19.85pt"></td><td style="width: 17.85pt">c)</td><td style="text-align: left">Reconciliation of segment income, assets and liabilities</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_8" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="glspu_ChiefOperatingDecisionmakerForTheReportableSegmentsTableTextBlock-c0_cont_1" escape="true" name="glspu:ChiefOperatingDecisionmakerForTheReportableSegmentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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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</div><div>

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  <tr style="vertical-align: bottom">
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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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  <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; ">
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</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_10" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_9"><ix:continuation continuedAt="glspu_ChiefOperatingDecisionmakerForTheReportableSegmentsTableTextBlock-c0_cont_3" id="glspu_ChiefOperatingDecisionmakerForTheReportableSegmentsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_11" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_10"><ix:continuation continuedAt="glspu_ChiefOperatingDecisionmakerForTheReportableSegmentsTableTextBlock-c0_cont_4" id="glspu_ChiefOperatingDecisionmakerForTheReportableSegmentsTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">Note 1:</td><td style="text-align: left"> <ix:footnote id="ix_6_footnote" xml:lang="en-US">Other segment is composed of holding companies and oversea
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 75.15pt; text-align: left; text-indent: -39.7pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_12" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_11"><ix:continuation id="glspu_ChiefOperatingDecisionmakerForTheReportableSegmentsTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.5in; text-align: left">Note 2:</td><td style="text-align: left"> <ix:footnote id="ix_7_footnote" xml:lang="en-US">Adjustment and write-off represents elimination for intercompany
transactions for consolidation purpose.</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_13" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">d)</td><td style="text-align: left">Reconciliation for segment income (loss)</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_14" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">i)</td><td style="text-align: left">Sales between segments are carried out at arm&#8217;s length. The revenue from external customers reported
to the chief operating decision-maker is measured in a manner consistent with that in the statement of comprehensive income.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_15" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">ii)</td><td style="text-align: left">Please refer to Note 44 c) for information on total consolidated profit or loss after reconciliation and
reconciliation for profit after tax of reportable segments during the current period.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_16" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">e)</td><td style="text-align: left">Information on product and service</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_17" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in">The main businesses
of the Group are providing information, software and data processing services. Please refer to Note 44 for the disclosure information
by products and services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.7pt; text-align: left; text-indent: 0in">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">f)</td><td style="text-align: left">Geographical information</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_19" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: left; text-indent: 0in">Geographical information
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_22" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_25" id="_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory-c0_cont_24"><ix:continuation continuedAt="glspu_InformationofMajorCustomersTableTextBlock-c0_cont_2" id="glspu_InformationofMajorCustomersTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: left">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">Note 1: </td><td style="text-align: left"><ix:footnote id="ix_8_footnote" xml:lang="en-US">The Group sells products from both segments, Video IoT
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

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<ix:nonFraction contextRef="c196" id="hidden-fact-212" name="ifrs-full:ReserveOfChangeInValueOfForeignCurrencyBasisSpreads" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c211" id="hidden-fact-214" name="glspu:Additions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c4" id="hidden-fact-217" name="us-gaap:FinanceLeaseImpairmentLoss" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-218" name="us-gaap:FinanceLeaseImpairmentLoss" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c328" id="hidden-fact-228" name="ifrs-full:AdjustmentsForProvisions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c2" id="hidden-fact-232" name="glspu:FuturePensionPaymentWithin1Year" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-233" name="glspu:FuturePensionPayment1to2Years" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:footnote id="ix_4_footnote" xml:lang="en-US">On the Closing Date, with capital recapitalization as provided in Note 23, each outstanding share option was converted with the conversion ratio approximately of 4.82 share options.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of share-based payment-->
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<ix:nonFraction contextRef="c4" id="hidden-fact-237" name="glspu:WeightedAverageExercisePriceOptionsForfeitedPostIPO" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-238" name="ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-239" name="ifrs-full:WeightedAverageExercisePriceOfShareOptionsExercisedInSharebasedPaymentArrangement2019" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-240" name="glspu:NumberOfOptionsCapitalRecapitalizations" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-241" name="glspu:WeightedAverageExercisePriceCapitalRecapitalization" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:footnote id="ix_5_footnote" xml:lang="en-US">Information relating to capital recapitalization is provided in Note 23.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of share-based payment arrangements-->
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<ix:nonFraction contextRef="c368" id="hidden-fact-244" name="ifrs-full:ExpectedDividendShareOptionsGranted" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c371" id="hidden-fact-245" name="ifrs-full:ExpectedDividendShareOptionsGranted" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c374" id="hidden-fact-246" name="ifrs-full:ExpectedDividendShareOptionsGranted" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c4" id="hidden-fact-250" name="glspu:CapitalRecapitalizationShares" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-251" name="glspu:CapitalReorganizationShares" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-252" name="glspu:WarrantExercised" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-253" name="glspu:TreasurySharesPurchased" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c394" id="hidden-fact-254" name="glspu:CancellationOfTreasuryShare" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c394" id="hidden-fact-255" name="ifrs-full:CancellationOfTreasuryShares" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c396" id="hidden-fact-256" name="us-gaap:SharesIssued" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c396" id="hidden-fact-257" name="ifrs-full:IssuedCapital" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c397" id="hidden-fact-258" name="us-gaap:SharesIssued" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c397" id="hidden-fact-259" name="ifrs-full:IssuedCapital" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c402" id="hidden-fact-260" name="us-gaap:SharesIssued" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c402" id="hidden-fact-261" name="ifrs-full:IssuedCapital" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c403" id="hidden-fact-262" name="us-gaap:SharesIssued" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c403" id="hidden-fact-263" name="ifrs-full:IssuedCapital" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c417" id="hidden-fact-264" name="glspu:VideoIoT" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c418" id="hidden-fact-265" name="glspu:VideoIoT" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c421" id="hidden-fact-266" name="glspu:SecurityConvergence" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-267" name="glspu:ServiceRevenue" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-268" name="glspu:IndemnityIncome" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-269" name="glspu:Othersexpenses" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-270" name="glspu:GainsOnFinancialAssetsAndLiabilitiesAtFairValueThroughProfitOrLoss" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c4" id="hidden-fact-272" name="glspu:LossOnDisposalOfSubsidiaries" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-273" name="glspu:LossOnLeaseModification" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c37" id="hidden-fact-274" name="glspu:LossOnLeaseModification" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-275" name="glspu:ImpairmentLossesNote" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-276" name="glspu:ImpairmentLossesNote" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-277" name="ifrs-full:InvestmentsInAssociates" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c37" id="hidden-fact-278" name="ifrs-full:InvestmentsInAssociates" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c462" id="hidden-fact-279" name="ifrs-full:AdjustmentsForSharebasedPayments" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c462" id="hidden-fact-280" name="ifrs-full:OtherEmployeeExpense" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c464" id="hidden-fact-281" name="ifrs-full:AdjustmentsForSharebasedPayments" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c464" id="hidden-fact-282" name="ifrs-full:OtherEmployeeExpense" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c466" id="hidden-fact-283" name="ifrs-full:AdjustmentsForSharebasedPayments" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-284" name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-285" name="ifrs-full:DeferredTaxExpenseArisingFromWritedownOrReversalOfWritedownOfDeferredTaxAsset" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-286" name="ifrs-full:DeferredTaxExpenseArisingFromWritedownOrReversalOfWritedownOfDeferredTaxAsset" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-287" name="glspu:PriorYearIncomeTaxUnderestimation" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-288" name="glspu:EffectOfExchangeRates" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-289" name="glspu:EffectOfExchangeRates" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c475" id="hidden-fact-290" name="glspu:DeferredTaxAssetsEmployeeShareOptions" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c475" id="hidden-fact-292" name="glspu:DeferredTaxAssetsTaxLossesCarryforward" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c476" id="hidden-fact-293" name="glspu:DeferredTaxAssetsUnrealizedExchangeLoss" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c506" id="hidden-fact-298" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c5" id="hidden-fact-301" name="us-gaap:FinancingInterestExpense" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-302" name="ifrs-full:CurrentInterestPayable" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c3" id="hidden-fact-305" name="glspu:FinancialWarrantLiabilities" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c560" id="hidden-fact-315" name="ifrs-full:WarrantLiability" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c570" id="hidden-fact-319" name="ifrs-full:RevenueFromContractsWithCustomers" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c571" id="hidden-fact-321" name="ifrs-full:SubscriptionCirculationRevenue" unitRef="usd" xsi:nil="true"></ix:nonFraction>
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{"company-data": {"conformed-name": "Gorilla Technology Group Inc.", "cik": "0001903145", "assigned-sic": "7372", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41448", "film-number": "23859998"}, "business-address": {"street1": "GRAND PAVILION, HIBISCUS WAY", "street2": "802 WEST BAY ROAD", "city": "GRAND CAYMAN", "state": "E9", "zip": "KY1-1205", "phone": "886-2-2627-7996"}, "mail-address": {"street1": "GRAND PAVILION, HIBISCUS WAY", "street2": "802 WEST BAY ROAD", "city": "GRAND CAYMAN", "state": "E9", "zip": "KY1-1205"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
20-F
☐
REGISTRATION
STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31
,
2022
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
Commission File No.
001-41448
GORILLA TECHNOLOGY GROUP INC.
(Exact name of registrant as specified in its
charter)
Not applicable
(Translation of Registrant's name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
Meridien House
42 Upper Berkeley Street
Marble Arch
London
,
United Kingdom
W1H
5QJ
+442039880574
(Address of principal executive offices)
Daphne Huang
Chief Financial Officer
+442039880574
dhuang@gorilla-technology.com
Meridien House
42 Upper Berkeley Street
Marble Arch
London
,
United Kingdom
W1H
5QJ
(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
GRRR
The
Nasdaq Stock Market LLC
(Capital Market)
Warrants
GRRRW
The Nasdaq Stock Market LLC (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: Class A Contingent Value Rights
Indicate the number of outstanding shares
of each of the issuer's classes of capital or common stock as of the close of the period covered by the Annual Report:
68,542,842
ordinary shares, par value $0.0001 (not including 2,814,895 ordinary shares held by the company as treasury shares),
9,962,974 warrants
and 4,507,875 Class A Contingent Value Rights
(as of December 31, 2022).
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 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 "large accelerated filer," "accelerated
filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Emerging growth company
☒
If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard"
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on
and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
☐
If securities are registered pursuant to Section 12(b) of the Act,
indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements
that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during
the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate by check mark which basis of accounting the registrant has
used to prepare the financial statements included in this filing:
U.S. GAAP
☐
International Financial Reporting Standards as issued by the International Accounting Standards Board
☒
Other
☐
If "Other" has been checked in response to the previous
question, indicate by check mark which 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
☒
GORILLA TECHNOLOGY GROUP INC.
Form 20-F
For the Fiscal Year Ended
December 31, 2022
TABLE OF CONTENTS
FREQUENTLY USED TERMS
1
PRESENTATION OF FINANCIAL AND OTHER INFORMATION
3
TRADEMARKS
4
MARKET INFORMATION
4
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY
4
PART I
6
Item 1: IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
6
Item 2: OFFER STATISTICS AND EXPECTED TIMETABLE
6
Item 3: KEY INFORMATION
6
3.A. [RESERVED]
6
3.B. CAPITALIZATION AND INDEBTEDNESS
6
3.C. REASONS FOR THE OFFER AND USE OF PROCEEDS
6
3.D. RISK FACTORS
6
Item 4: INFORMATION ON THE COMPANY
37
4.A. HISTORY AND DEVELOPMENT OF THE COMPANY
37
4.B. BUSINESS OVERVIEW
37
4.C. ORGANIZATIONAL STRUCTURE
52
4.D. PROPERTY, PLANTS AND EQUIPMENT
52
Item 4A: UNRESOLVED STAFF COMMENTS
52
Item 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS
53
5.A. OPERATING RESULTS
53
5.B. LIQUIDITY AND CAPITAL RESOURCES
61
5.C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES
63
5.D. TREND INFORMATION
63
5.E. CRITICAL ACCOUNTING ESTIMATES
63
Item 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
64
6.A. DIRECTORS AND SENIOR MANAGEMENT
64
6.B. COMPENSATION
66
6.C. BOARD PRACTICES
70
6.D. EMPLOYEES
72
6.E. SHARE OWNERSHIP
72
6.F. DISCLOSURE OF REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
72
Item 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
73
7.A. MAJOR SHAREHOLDERS
73
7.B. RELATED PARTY TRANSACTIONS
74
7.C. INTERESTS OF EXPERTS AND COUNSEL
75
i
Item 8: FINANCIAL INFORMATION
75
8.A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
75
8.B. SIGNIFICANT CHANGES
75
Item 9: THE OFFER AND LISTING
75
9.A. OFFER AND LISTING DETAILS
75
9.B. PLAN OF DISTRIBUTION
75
9.C. MARKETS
75
9.D. SELLING SHAREHOLDERS
75
9.E. DILUTION
75
Item 10: ADDITIONAL INFORMATION
76
10.A. SHARE CAPITAL
76
10.B. MEMORANDUM AND ARTICLES OF ASSOCIATION
76
10.C. MATERIAL CONTRACTS
84
10.D. EXCHANGE CONTROLS
88
10.E. TAXATION
88
10.F. DIVIDENDS AND PAYING AGENTS
94
10.G. STATEMENT BY EXPERTS
94
10.H. DOCUMENTS ON DISPLAY
95
10.I. SUBSIDIARY INFORMATION
95
10.J. ANNUAL REPORT TO SECURITY HOLDERS
95
Item 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
95
Item 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
95
12.A. DEBT SECURITIES
95
12.B. WARRANTS AND RIGHTS
95
12.C. OTHER SECURITIES
95
12.D. AMERICAN DEPOSITARY SHARES
95
PART II
96
Item 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
96
Item 14: MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
96
Item 15: CONTROLS AND PROCEDURES
96
Item 16: [RESERVED]
97
Item 16A. AUDIT COMMITTEE AND FINANCIAL EXPERT
97
Item 16B. CODE OF ETHICS
97
Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
97
Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.
98
Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.
98
Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
99
Item 16G. CORPORATE GOVERNANCE
99
Item 16H. MINE SAFETY DISCLOSURE
99
Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
99
PART III
100
Item 17: FINANCIAL STATEMENTS
100
Item 18: FINANCIAL STATEMENTS
100
Item 19: EXHIBITS
100
ii
FREQUENTLY USED TERMS
Unless otherwise stated or unless the context otherwise requires, the
terms "Company," "the registrant," "our company," "the company," "we," "us,"
"our," "ours," and "Gorilla" refer to Gorilla Technology Group Inc., an exempted company incorporated
under the laws of the Cayman Islands. In this annual report:
"Ancillary Documents"
means the Lock-Up Agreement, the Gorilla Voting Agreement, Sponsor Voting Agreement, the Founders Registration Rights Agreement Amendment, the Gorilla Registration Rights Agreement and the Assignment, Assumption and Amendment to Warrant Agreement, the Surviving Company Memorandum and Articles of Association, the Amended Subscription Agreements and the other agreements, certificates and instruments to be executed or delivered by any of the Parties contemplated by the Business Combination Agreement executed or to be executed in connection with the transactions contemplated thereby.
"Average VWAP Price"
means the average 20 Trading Day VWAP of the Gorilla ordinary shares.
"Business Combination Agreement"
means the agreement entered into by and between Global SPAC Partners Co., a special purpose acquisition company incorporated as a Cayman Islands exempted company ("Global"), Gorilla, Gorilla Merger Sub, Inc., a Cayman Islands exempted company and a wholly-owned subsidiary of Gorilla ("Merger Sub"), Sponsor, in the capacity as the representative from and after the Effective Time (as defined in the Business Combination Agreement) for the shareholders of Global as of immediately prior to the Effective Time and their successors and assignees, and Tomoyuki Nii, in the capacity as the representative from and after the Effective Time for the Gorilla shareholders as of immediately prior to the Effective Time, dated as of December 21, 2021, as amended and restated on May 18, 2022.
"Class A Contingent Value Right" or "Class A CVR"
means a contractual contingent value right to be issued for each Class A ordinary share entitling the holder to receive (as a new reissuance by Gorilla of equivalent Gorilla ordinary shares or other securities or property forfeited as part of applicable Earnout Shares) (A) a pro rata portion, among holders of Class A CVRs, of the Earnout Shares that are forfeited by Gorilla shareholders under the Business Combination Agreement for failure to meet any of the price maintenance requirements for Gorilla ordinary shares (as referred to and defined in the Business Combination Agreement as Price Protection Shares, "Price Protection Shares") and (B) a pro rata portion, among holders of all CVRs, of the Earnout Shares that are forfeited by shareholders of Gorilla under the Business Combination Agreement for failure to meet any the financial performance and reporting metric performance requirements (as referred to and defined in the Business Combination Agreement as Revenue Protection Shares, "Revenue Protection Shares").
"Class B Contingent Value Right" or "Class B CVR"
means a contractual contingent value right to be issued for each PIPE Subunit purchased under the Amended Subscription Agreement entitling them to receive (as a new reissuance by Gorilla of equivalent ordinary shares of Gorilla or other securities or property forfeited as part of applicable Earnout Shares) a pro rata portion, among holders of all CVRs, of the Revenue Protection Shares (but not the Price Protection Shares).
"CVR"
means each of one whole Class A CVR or Class B CVR.
"Contingent Value Rights Agreement" or "CVR Agreement"
means the agreement contemplated to be entered into prior to or in connection with the Closing, by and between the SPAC Representative and the Rights Agent, which will govern the terms of the CVRs.
"Companies Act"
means the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time.
"Closing"
means the consummation of the Merger (as defined in the Business Combination Agreement).
1
"Earnout Shares"
means the fourteen million (14,000,000) of Gorilla ordinary shares held in escrow that were issued to the shareholders of Gorilla in the Recapitalization (subject to equitable adjustment for share sub-divisions, share capitalizations, combinations, recapitalizations and the like after the Closing, including to account for any equity securities into which such shares are exchanged or converted, and together with any dividends or distributions or other income paid or otherwise accruing to such securities during the time such securities are held in escrow), and make such Earnout Shares contingent and only vest and be earned by the shareholders of Gorilla if certain share price maintenance and financial performance and reporting metrics are achieved by Gorilla after the Closing, with such Earnout Shares forfeited if such metrics are not achieved.
"Exchange Act"
means the Securities Exchange Act of 1934, as amended.
"GAAP"
means accounting principles generally accepted in the United States of America.
"Global"
means Global SPAC Partners Co., a Cayman Islands exempted company.
"Global IPO"
means the initial public offering of Global, which was consummated on April 13, 2021.
"Gorilla warrants"
means the warrants to be received by warrant holders of Global in exchange for Global warrants pursuant to the Business Combination Agreement.
"I-Bankers"
means I-Bankers Securities, Inc., representative of the several underwriters in Global IPO.
"PCAOB"
means the Public Company Accounting Oversight Board.
"PIPE Investment"
means the purchases of PIPE Subunits pursuant to the Amended Subscription Agreements with the PIPE Investors, such purchases to be consummated immediately prior to the consummation of the Merger.
"PIPE Investors"
means certain accredited investors who executed Amended Subscription Agreements pursuant to which they agreed, in the aggregate, to purchase the PIPE Subunits.
"PIPE Subunits"
means up to 5 million subunits of Global (or, if the amount of the PIPE Investment is reduced in accordance with the Amended Subscription Agreements, such number of PIPE Subunits purchased under the Amended Subscription Agreements, subject to a minimum of 3 million subunits of Global), each subunit consisting of one Class A ordinary share and one-quarter of redeemable Global warrant, subscribed for and to be purchased by the PIPE Investors pursuant to the Amended Subscription Agreements; provided, however, that if a PIPE Investor acquires ownership of subunits of Global in the open market or in privately negotiated transactions with third parties (along with any related rights to redeem or convert such subunits in connection with any redemption conducted by Global in accordance with Global's organizational documents and the prospectus for Global's IPO in conjunction with the Closing or in conjunction with an amendment to Global's organizational documents to extend Global's deadline to consummate its business combination) at least prior to Global's meeting of shareholders to approve the Transactions and the PIPE Investor does not redeem or convert such PIPE Subunits in connection with any redemption (such subunits, "non-redeemed subunits"), the number of subunits for which the PIPE Investor is obligated to purchase under the Amended Subscription Agreement shall be reduced by the number of non-redeemed subunits.
"public shareholders"
means holders of public subunits.
"public subunits"
means subunits sold in the Global IPO as part of the units, whether they were purchased in the Global IPO or thereafter in the open market.
"public subunit warrants"
means the 376,969 public warrants underlying the public subunits, with each whole warrant exercisable to purchase one Class A ordinary share.
"Redemption Price"
means an amount equal to the price at which each Class A ordinary share is redeemed or converted pursuant to the Redemption.
"Redemption"
means each outstanding Global Class A Ordinary Share of as of the effective time of the Transactions that is not redeemed or converted in connection with the extraordinary general meeting of Global shareholders to approve the Transactions.
"representative shares"
means the 100,000 Class B ordinary shares of Global issued to I-Bankers upon the closing of Global IPO.
2
"Securities Act"
means the Securities Act of 1933, as amended.
"Sponsor"
means Global SPAC Sponsors LLC, a Delaware limited liability company. Members of Global SPAC Sponsors LLC include the anchor investors and SPAC Partners — Global LLC, whose members include certain officers and directors of Global. The sole manager of Global SPAC Sponsors LLC is Global's Chief Executive Officer and director, Bryant B. Edwards.
"Transactions"
means the Merger and the other transactions contemplated by the Business Combination Agreement and the Ancillary Documents.
PRESENTATION OF FINANCIAL
AND OTHER INFORMATION
We publish audited consolidated
financial statements expressed in U.S. dollars. Our audited consolidated financial statements responsive to Item 17 of this Annual Report
are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting
Standards Board (the "IASB"). We present our consolidated financial statements in U.S. dollars.
This Annual Report includes
the audited consolidated financial statements of the Company as of December 31, 2022 and 2021 and for each of the three years in the period
ended December 31, 2022 prepared in accordance with IFRS, as issued by the IASB, which can differ in certain significant respects from
U.S. GAAP.
Our fiscal year ends on December
31 of each year. References to fiscal year 2020 and 2020 are references to the fiscal year ended December 31, 2020, references to fiscal
year 2021 and 2021 are references to the fiscal year ended December 31, 2021, and references to fiscal year 2022 and 2022 are references
to the fiscal year ended December 31, 2022.
3
TRADEMARKS
We or our licensors have
proprietary rights to trademarks, copyrights, trade names or service marks used in this Annual Report that are important to our business,
many of which are registered under the applicable intellectual property laws. Solely for convenience, the trademarks, trade names and
service marks referred to in this Annual Report may appear without the "
®
" or "
™
"
symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable
law, our rights or the rights of the applicable licensor to these trademarks, trade names and service marks. This Annual Report also contains
trademarks, copyrights, tradenames and service marks of other companies, which are the property of their respective owners. We do not
intend our use or display of other companies' trademarks, copyrights, trade names or service marks to imply a relationship with,
or endorsement or sponsorship of us by, any other companies. Each trademark, copyright, trade name or service mark of any other company
appearing in this Annual Report is the property of its respective holder.
MARKET INFORMATION
Unless otherwise indicated,
information in this Annual Report concerning economic conditions, our industry, our markets and our competitive position is based on a
variety of sources, including information from independent industry analysts and publications, as well as our own estimates and research.
Our estimates are derived
from publicly available information released by third-party sources, as well as data from our internal research, which we believe to be
reasonable. None of the independent industry publications used in this Annual Report were prepared on our behalf.
Certain estimates of market
opportunity and forecasts of market growth included in this Annual Report may prove to be inaccurate. The estimates and forecasts in this
Annual Report relating to the size of our target market, market demand and adoption, capacity to address this demand and pricing may prove
to be inaccurate. The addressable market we estimate may not materialize for many years, if ever, and even if the markets in which we
compete meet the size estimates in this Annual Report, our business could fail to grow at similar rates, if at all.
Forecasts and other forward-looking
information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements
in this Annual Report. See "
Risk Factors
" and "
Special Note Regarding Forward-Looking Statements and Risk
Factor Summary
."
SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS AND RISK FACTOR SUMMARY
This Annual Report contains certain
estimates and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, the
provisions of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Exchange Act of 1934
(the "Exchange Act"). Forward-looking statements include financial projections, statements of plans and objectives for future
operations, statements of future economic performance, and statements of assumptions relating thereto, including, but not limited to
statements regarding: market opportunity; forecasts; market growth and growth strategy; demand; dependence on third parties such as advertisers,
publishers and third-party data providers; our technology investment decisions; industry conditions; changes in technology and regulation
and the impact thereof; plans with respect to our intellectual property rights; our competition; global and local economic and geopolitical
forces, including the COVID-19 pandemic; seasonality; dependence on our sales and support team; our positioning and strategy; digital
advertising trends overall; our solutions and platform; customers; our dividend policy and our buyback program; working capital and the
sufficiency thereof; financial metrics such as revenue, costs and expenses, including capital expenditures; legal proceedings and tax.
Forward-looking statements may appear throughout this report, including without limitation, in Item 3. "
Key Information –
3.D. Risk Factors
," Item 4. "
Information on the Company
," Item 5. "
Operating and Financial Review
and Prospects." In some cases, these forward-looking statements can be identified by words or phrases such as "may,"
"might," "will," "could," "would," "should," "expect," "plan,"
"anticipate," "intend," "seek," "believe," "estimate," "predict,"
"potential," "continue," "contemplate," "possible" or the negative of these terms or
similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future
events and financial trends that we believe may affect our business, financial condition and results of operations.
Forward-looking statements involve a number of
risks, uncertainties and assumptions, and actual results or events may differ materially from those projected or implied in those statements.
Important factors that could cause such differences include, but are not limited to:
●
Gorilla expects to invest substantially in research and development
for the purpose of developing and commercializing new services, and these investments could significantly reduce its profitability or
increase its losses and may not generate revenue for Gorilla;
●
If Gorilla does not develop enhancements to its services
and introduce new services that achieve market acceptance, its growth, business, results of operations and financial condition could
be adversely affected;
●
If Gorilla is unsuccessful at investing in growth opportunities,
its business could be materially and adversely affected;
4
●
Gorilla may need to raise additional funds in the future
in order to execute its business plan, and these funds may not be available to Gorilla when it needs them or on favorable terms. If Gorilla
cannot raise additional funds when it needs them, its business, financial condition and results of operations could be adversely affected;
●
Gorilla has generally experienced moderate growth in the
past five years (with the exception of the most recent fiscal year), and if Gorilla fails to effectively manage its growth, then
its business, results of operations and financial condition could be adversely affected;
●
Gorilla relies, in part, on partnerships to grow its business.
The partnerships may not produce the financial or operating results that Gorilla anticipates. In addition, if Gorilla is unable to enter
into partnerships, or successfully maintain them, its growth may be adversely impacted;
●
Historically, a single customer has accounted for a material
portion of Gorilla's revenues and another customer is anticipated to account for a material portion of Gorilla's future revenues,
and, therefore, the loss of either customer could materially and adversely affect its business, results of operations and financial condition;
●
Gorilla's business depends on expanding its base of
clients and its clients increasing their use of its services, and its inability to expand its base of, or lose any of, its clients or
decline in their use of its services could materially and adversely affect its business, results of operations and financial condition;
●
If Gorilla fails to adapt and respond effectively to rapidly
changing technology, evolving industry standards, changing regulations, and changing client needs, requirements or preferences, its products
and services may become less competitive;
●
The market for Gorilla's edge AI services and products
is relatively new, and may decline or experience limited growth, and its business is dependent on its clients' continuing adoption
and use its services and products;
●
The competitive position of Gorilla's platforms depends
in part on its ability to operate with third-party products and services, and if we are not successful in maintaining and expanding the
compatibility of its platforms with such third-party products and services, its business, financial condition, and results of operations
could be adversely impacted;
●
Gorilla partners with industry leading technology companies
to provide end-to-end solutions for different verticals. If Gorilla is unable to develop and expand its relationships with such companies,
then Gorilla's business financial condition and results of operations could be adversely affected; and
●
The other matters described in the section titled "
Risk
Factors
" of this Annual Report.
These risks factors are discussed
in more detail in this Annual Report, including under Item 3. "
Key Information
–
3.D.
Risk Factors
." The forward-looking statements in this Annual Report are only predictions. These statements are inherently uncertain,
subject to risks and uncertainties, some of which cannot be predicted or quantified, and investors are cautioned not to unduly rely upon
these statements. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results
could differ materially from those projected in the forward-looking statements.
In addition, statements that
"we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon
information available to us as of the date of this Annual Report, and while we believe such information forms a reasonable basis for such
statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an
exhaustive inquiry into, or review of, all potentially available relevant information.
You should read this Annual
Report and the documents that we reference in this Annual Report and have been filed as exhibits to this Annual Report with the understanding
that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify
all of our forward-looking statements by these cautionary statements.
The estimates and forward-looking
statements contained in this Annual Report speak only as of the date of this Annual Report. Except as required by applicable law, we undertake
no obligation to publicly update or revise any estimates or forward-looking statements whether as a result of new information, future
events or otherwise, or to reflect the occurrence of unanticipated events.
5
PART I
Item 1: IDENTITY
OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
Item 2: OFFER STATISTICS
AND EXPECTED TIMETABLE
Not applicable.
Item 3: KEY INFORMATION
3.A. [RESERVED]
3.B. CAPITALIZATION AND INDEBTEDNESS
Not applicable.
3.C. REASONS FOR THE OFFER AND USE OF PROCEEDS
Not applicable.
3.D. RISK FACTORS
An investment in our securities
involves a high degree of risk. You should carefully consider the risks described below, together with all of the other information included
in this Annual Report, in evaluating us and our securities, before making an investment decision. Our business, prospects, financial condition,
or operating results could be harmed by any of these risks, as well as other risks not known to us or that we consider immaterial as of
the date of this Annual Report. The trading price of our securities could decline due to any of these risks, and, you may lose all or
part of your investment. This Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the
risks faced by us described below and elsewhere in this Annual Report.
Additional risks not presently known to
us or that we currently deem immaterial may also impair our business operations.
Risks Related to Gorilla's Business and Industry
Gorilla expects to invest substantially in research and development
for the purpose of developing and commercializing new services, and these investments could significantly reduce its profitability or
increase its losses and may not generate revenue for Gorilla.
Gorilla's future growth depends on its ability to enhance its
existing services and introduce new services that achieve market acceptance and penetrate new markets. Therefore, Gorilla plans to incur
substantial research and development costs as part of its efforts to develop and commercialize new services and enhance existing services.
Gorilla's research and development expenses were approximately US$14.11 million and US$15.05 million during the years ended
December 31, 2022 and 2021, respectively, and are likely to grow in the future. Future research and development expenses will adversely
affect Gorilla's future results of operations. In addition, Gorilla's research and development program may not produce successful
results, and even if it does successfully produce new services, those services may not achieve market acceptance, create additional revenue
or become profitable.
If Gorilla does not develop enhancements to its services and
introduce new services that achieve market acceptance, its growth, business, results of operations and financial condition could be adversely
affected.
Gorilla's ability to attract new clients and increase revenue
from existing clients depends, in part, on its ability to enhance and improve its existing services, increase adoption and usage of its
services, and introduce new services. The success of any enhancements or new services depends on several factors, including timely completion,
adequate quality testing, actual performance quality, market accepted pricing levels and overall market acceptance.
Enhancements, such as additional technology features, and new services,
such as software licenses and data services, that Gorilla develops may not be introduced in a timely or cost-effective manner, may contain
errors or defects, may have interoperability difficulties with its platform or other services or may not achieve the broad market acceptance
necessary to generate significant revenue. Furthermore, Gorilla's ability to increase the usage of its services depends, in part,
on the development of new uses for its services, which may be outside of its control. Its ability to generate usage of additional services
by its data consumers may also require increasingly sophisticated and more costly sales efforts and result in a longer sales cycle. If
Gorilla is unable to successfully enhance its existing services to meet evolving data consumer requirements, increase adoption and usage
of its services, develop new services, or if its efforts to increase the usage of its services are more expensive than Gorilla expects,
then its business, results of operations and financial condition would be adversely affected.
6
If Gorilla is unsuccessful at investing in growth opportunities,
its business could be materially and adversely affected.
Gorilla continues to invest significantly in growth opportunities,
including the development of new technologies and services to meet its clients' needs. For example, Gorilla and ITOCHU Techno-Solutions
Corporation, are collaborating on project which aims to deliver edge AI computer vision solutions like IVAR
®
video analytics
to clients and customers in Japan. Gorilla also continues to invest significantly in growth opportunities outside the Asia-Pacific and
in particular the European Union and United States. Gorilla considers its presence in these markets to be an important component
of its growth strategy.
There is no assurance that Gorilla's growth strategy will be
successful or will produce a sufficient or any return on its investments. Further, if Gorilla is unable to develop new technologies and
services or its new technologies and services do not work as intended or there are delays in the availability or adoption of its new technologies
and services, then Gorilla may not be able to grow its business or growth may occur slower than anticipated.
Additionally, although Gorilla anticipates continued growth in the
video intelligence, IoT technologies and cybersecurity markets, such growth may occur more slowly or not at all, and Gorilla may not benefit
from its investments.
Gorilla plans to fund growth opportunities with cash from operations
or from future financings. There can be no assurance that those sources will be available in sufficient amounts to fund future growth
opportunities when needed.
Any of the foregoing could adversely affect our business, results of
operations and financial condition.
Seasonality may cause fluctuations in our results of operations
and position.
Historically, with the exception of the most recent fiscal year, the
first quarter of Gorilla's fiscal year generally has relatively lower sales, and sales generally increase in each subsequent quarter
with substantial increases during the fourth quarter ending December 31. Gorilla believes that this seasonality results from a number
of factors, including:
●
The fiscal year end procurement cycle of Gorilla's
government customers;
●
The fiscal year budgeting process for Gorilla's government
customers;
●
Seasonal reductions in business activity during the first
quarter of each fiscal year in Asia and certain other regions; and
●
Timing of projects and Gorilla's customers' evaluation
of our work progress.
This seasonality has historically impacted and may in the future continue
to impact the timing of collections and recognized revenue. Because a significant portion of Gorilla's customer contracts are typically
finalized near the end of the year, and Gorilla typically invoices customers upon delivery of our services and acceptance by Gorilla's
customers, Gorilla receives a significant portion of its customer payments near the end of the year and records an increase in contract
contingent liabilities. While Gorilla has historically billed and collected payments for multiple contract years from certain customers
in advance, it has and may continue to shift to collecting payments on an annual or other basis.
While this has been the historical seasonal pattern of Gorilla's
quarterly sales, Gorilla believes that its customers' required timing for certain new government or commercial programs requiring
new services may outweigh the nature or magnitude of seasonal factors that might have influenced our business to date. As a result, Gorilla
may experience future growth from additional government or commercial mandates that do not follow the seasonal purchasing and evaluation
decisions by its customers that Gorilla has historically observed.
For example, increased government spending on technology aimed at surveillance
or cybersecurity may drive customer demand at different times throughout Gorilla's fiscal year, the timing of which Gorilla may
not be able to anticipate and may cause fluctuations in its results of operations.
Gorilla's growth in recent years may obscure the extent
to which seasonality trends have affected its business and may continue to affect its business. We expect that seasonality will continue
to materially impact Gorilla's business in the future and may become more pronounced over time. The seasonality of Gorilla's
business may cause continued or increased fluctuations in its results of operations and cash flows, which may prevent Gorilla from achieving
its quarterly or annual forecasts or meeting or exceeding the expectations of research analysts or investors, which in turn may cause
a decline in the trading price of our ordinary shares.
Gorilla may need to raise additional funds in the future in order
to execute its business plan, and these funds may not be available to Gorilla when it needs them or on favorable terms. If Gorilla cannot
raise additional funds when it needs them, its business, financial condition and results of operations could be adversely affected.
Gorilla may require additional capital in the future in order to fund
its growth strategy or to respond to technological advancements, competitive dynamics or technologies, data consumer demands, business
opportunities, challenges, acquisitions or unforeseen circumstances. It may also determine there is a need to raise equity or debt financing
for other reasons. For example, in order to further enhance business relationships with current or potential customers or partners, Gorilla
may issue equity or equity-linked securities to such current or potential customers or partners.
7
Gorilla may not be able to timely secure debt or equity financing on
favorable terms, or at all. If Gorilla raises additional funds through the issuance of equity or convertible debt or other equity-linked
securities, its existing shareholders could experience significant dilution. In addition, any debt financing obtained by Gorilla in the
future, whether in the form of a credit facility or otherwise, could involve restrictive covenants relating to its capital raising activities
and other financial and operational matters, which may make it more difficult for Gorilla to obtain additional capital and to pursue business
opportunities, including potential acquisitions. If Gorilla is unable to obtain adequate financing or financing on terms satisfactory
to Gorilla when Gorilla requires it, Gorilla's ability to continue to grow or support its business and to respond to business challenges
could be significantly limited. In addition, because Gorilla's decision to issue debt or equity in the future will depend on market
conditions and other factors beyond its control, it cannot predict or estimate the amount, timing, nature or success of its future capital
raising efforts.
Gorilla has generally experienced moderate growth in the past
five years (with the exception of the most recent fiscal year), and if Gorilla fails to effectively manage its growth, then its business,
results of operations and financial condition could be adversely affected.
Gorilla has generally experienced moderate growth in its business since
2016 when Gorilla developed its edge AI capabilities in video analytics and cyber analytics. For example, Gorilla has also experienced
significant growth in the number of data consumers, usage and amount of data that its platform and associated infrastructure support.
This growth has placed, and may continue to place, significant demands on its corporate culture, operational infrastructure and management.
Any failure to manage Gorilla's anticipated growth and organizational changes in a manner that preserves the key aspects of its
culture and services could adversely affect Gorilla's overall chance for future success, including its ability to recruit and retain
personnel, and effectively focus on and pursue its corporate objectives. This, in turn, could adversely affect its business, financial
condition and results of operations.
In addition, Gorilla's ability to manage its operations and future
growth will require Gorilla to continue to improve its operational, financial and management controls, compliance programs with multiple
and changing foreign laws and regulations and reporting systems. Gorilla is currently in the process of strengthening its compliance programs,
including its compliance programs related to data protection, privacy and cybersecurity and anti-corruption. Gorilla may not be able to
implement improvements in an efficient or timely manner and may discover deficiencies in existing controls, programs, systems and procedures,
which could have an adverse effect on its business, reputation, results of operations and financial condition.
Gorilla relies, in part, on partnerships to grow its business.
The partnerships may not produce the financial or operating results that Gorilla anticipates. In addition, if Gorilla is unable to enter
into partnerships, or successfully maintain them, its growth may be adversely impacted.
Historically, Gorilla has relied, in part, on a variety of partnerships
to grow its business, including partnering with leading technology companies and government agencies. The majority of the partnerships
allow Gorilla to provide data services as part of services provided by the partners, thereby increasing Gorilla's customer base
without the need to address the customers directly.
Any partnerships Gorilla enters into may not be on favorable terms,
and the expected benefits and growth from these partnerships may not materialize as planned. Gorilla may have difficulty assimilating
new partnerships and their services, technologies, IT systems and personnel into its operations. IT and data security profiles of partners
may not meet its technological standards and may take longer to integrate and remediate than planned. This may result in significantly
greater transaction and integration costs for future partnerships than Gorilla has experienced historically, or it could mean that Gorilla
will not pursue certain partnerships where the costs of integration and remediation are too significant. These difficulties could disrupt
its ongoing business, increase its expenses and adversely affect its business, results of operations and financial condition.
Despite its past experience, opportunities to grow its business through
partnerships may not be available to Gorilla in the future.
We may not succeed in managing or expanding
our business across the expansive and diverse markets in which we operate.
Our business has become increasingly complex
given the scale of our operations, product offerings and the diverse markets in which we operate. It is costly to establish, develop
and maintain international operations, adapt our business model to new or diverse regulatory environments and to promote our brand internationally.
Our international operations may not become profitable on a sustainable basis, if at all. As our operations continue to expand, our
technology infrastructure systems and corporate, legal and compliance functions will need to be scaled to support our operations, and
if they fail to do so, our business, financial condition and results of operations may be negatively affected.
The markets where we operate or expand to
are diverse and unique, with varying levels of economic and infrastructure development and distinct legal and regulatory systems, and
do not operate seamlessly across borders as a single or common market. Managing our businesses across these markets requires considerable
management attention and resources. Operating across multiple distinct markets also requires certain additional costs, including costs
relating to staffing, logistics, intellectual property protection, regulatory and legal compliance, tariffs and other trade barriers and
higher tax rates in certain markets, where applicable. We may be less well-known or have fewer local resources and we may be unsuccessful
in adapting our business practices, culture and operations. From time to time, we may test the waters for certain businesses in new markets where
we believe there may be an opportunity to use our experience in highly diverse environments to reach underserved buyers and sellers. We
may also exit from certain markets or cease certain operations in certain markets due to a variety of factors.
8
Our operations and expansions in new markets may
become subject to risks associated with:
●
lack of experience operating in these new markets, including our ability to understand different user behaviors and/or culture in
new markets and roll-out relevant products and services localized to each market's needs or preferences;
●
challenges in adapting our approach and strategies in existing markets to new markets;
●
recruiting and retaining talented and capable management and employees in various markets;
●
our ability to appropriately deploy resources and management attention that otherwise would be focused on the development of our existing
markets and businesses;
●
our ability to integrate our product offering in markets with limited technological infrastructure;
●
challenges caused by distance, language and cultural differences, and local and regional competitive landscapes;
●
providing content and services that appeal to the tastes and preferences of users in a larger number of markets;
●
implementing our businesses in a manner that complies with local laws and practices, which may differ significantly from market to
market, including laws regarding data protection, privacy, network security, cybersecurity, encryption and payments;
●
maintaining adequate internal and accounting control across various markets;
●
compliance with privacy laws and data security laws and compliance costs across different legal systems;
●
currency exchange rate fluctuations;
●
protectionist laws and business practices that could, among other things, hinder our ability to execute our business strategies and
put us at a competitive disadvantage relative to domestic companies, including restrictions on foreign ownership or foreign currency exchange;
●
actions by governments or others to restrict access to our products and services, whether these actions are taken for political, security
or other reasons, or that may cause us to discontinue our operations in a particular market;
●
complex local tax regimes;
●
differing, complex and potentially adverse customs, import/export laws, tax rules and regulations or other trade barriers or restrictions
which may be applicable to cross-border transactions, related compliance obligations and consequences of non-compliance, and any new developments
in these areas;
●
establishing strategic partnerships, as well as maintaining our relationships with any of our existing or future strategic partners;
●
potential political, economic and social instability, including the current tension between Russia and Ukraine and other future major
geopolitical events, and related actions taken by other countries in response, or perceived, threatened or actual security concerns; and
●
higher costs associated with doing business in a larger number of markets.
Any of the foregoing could negatively affect
our business, financial condition and results of operations.
As the security convergence and Video IoT
businesses may be relatively new in certain markets, the relevant regulations are evolving and expanding. We may be regularly subject
to formal and informal reviews, inquiries and investigations by governments and regulatory authorities. Unfavorable regulations, laws,
decisions or enforcement actions could cause us to incur substantial costs, expose us to unanticipated civil and criminal liability or
penalties (including substantial monetary fines), diminish the demand for, or availability of, our products and services, increase our
cost of doing business, require us to change our business practices in a manner materially adverse to our business, damage our reputation,
impede our growth or monetization strategy, or otherwise have a material adverse effect on our operations.
9
Existing or future investments or acquisitions
may not be successful.
We have invested in or acquired, and may in
the future invest in or acquire, teams, businesses, services, assets or technologies from time to time. We may fail to select appropriate
investment or acquisition targets, or we may not be able to negotiate optimal arrangements, including arrangements to finance such investments
or acquisitions. Investments and acquisitions entail uncertainties and risks, such as:
●
we may fail to successfully achieve the intended objectives;
●
our investments or acquisitions may be viewed negatively by customers, financial markets or investors;
●
the costs of identifying and consummating these transactions may be significant;
●
acquisitions and the subsequent integration of new assets and businesses into our own could require significant management attention
and could divert resources from our existing businesses;
●
we may have difficulty in transitioning and integrating the business, technologies, products, personnel or operations of the acquired
businesses;
●
we may face unforeseen operating challenges;
●
our relationships with existing employees, customers and business partners of our group, or those of the target, may be impaired;
●
we may assume pre-existing contractual relationships of an acquired company that we would not have otherwise entered into, the termination
or modification of which may be costly or disruptive to our business;
●
an acquisition may result in a delay or reduction of customer purchases for both us and the company acquired due to customer uncertainty
about continuity and effectiveness of service from either company;
●
we may face challenges associated with managing additional and/or geographically remote businesses;
●
investments and acquisitions could result in the use of substantial amounts of cash or significant capital contributions, which could
limit other potential uses for our cash;
●
investments and acquisitions could result in increased leverage, dilutive issuances of equity securities, adverse tax consequences,
goodwill impairment charges or write-offs, amortization expenses for other intangible assets;
●
if we incur debt to fund any investments or acquisitions, such debt may subject us to material restrictions on our ability to conduct
our business, including financial maintenance covenants;
●
we may need to issue new shares as acquisition consideration or to raise additional capital to fund the acquisition consideration,
which may dilute our existing investors' interest in us;
●
we may assume unknown material liabilities of acquired companies, or may be exposed to claims and disputes by shareholders and third
parties, including intellectual property claims and disputes;
●
we may be unsuccessful in accurately projecting revenue, cost or other metrics of the invested or acquired entity in the due diligence
process;
●
the invested or acquired assets or businesses may not generate the financial results we expect; and
●
the market value of our investments or acquisitions may fluctuate, particularly in volatile markets, or they may become obsolete.
These factors could adversely affect our financial
results. In addition, we may fail to obtain any required approvals and licenses from relevant government authorities. We may become subject
to new governmental regulations in connection with our investments and acquisitions, which could result in increased costs and new strategic
risks. Any of these risks may materially and adversely affect our business, financial condition and results of operations.
10
Historically, a single customer has accounted for a material
portion of Gorilla's revenues and another customer is anticipated to account for a material portion of Gorilla's future revenues,
and, therefore, the loss of either customer could materially and adversely affect its business, results of operations and financial condition.
Gorilla's products and services are widely used by organizations
of all sizes across a broad range of industries, including public sector. In 2022, we had 97 total customers. One of Gorilla's customers,
a privately owned supplier of networking equipment based out of Asia, accounted for approximately 24% of our revenue in fiscal year 2022.
Separately, the Criminal Investigation Bureau of Taiwan ("CIB") and another governmental entity in Taiwan accounted for approximately
10% and 16% of our revenue, respectively, in fiscal year 2022. Gorilla's relationship with these entities was built largely upon
winning bids, of which these entities set out the specifications and the requirements of services or products, pursuant to Taiwan's
Government Procurement Act, which strictly governs the bidding process and the performance of the relevant obligations and agreements.
Failure to (1) meet or maintain the qualifications specified in the tender documentations; (2) provide a competitive pricing
with respect to certain project; or (3) perform obligations under the tender documentations or agreements with governmental agencies
(such as CIB) would lead to loss of bid and loss of customer or termination or cancellation of existing agreements with governmental agencies.
The loss of any of these customers could result in a significant reduction of Gorilla's anticipated revenues, which could materially
and adversely affect our business, results of operations and financial condition.
In Gorilla's ordinary course of business, it has entered into
multiple agreements with the two governmental entities pursuant to which revenue was generated during fiscal year 2022. The agreements
between Gorilla and these entities govern the establishment of facilities and/or utilization of Gorilla's technologies by these
entities, the contents of which are in some or all cases subject to confidentiality provided in those agreements. The contents of the
process of entering into and the conditions of performance of those agreements are strictly governed by Taiwan's Government Procurement
Act.
Gorilla anticipates that its largest customer in 2023 will be a governmental
entity in the MENA region. The loss of this customer could result in a significant reduction of Gorilla's anticipated revenues,
which could materially and adversely affect our business, results of operations and financial condition.
Gorilla's business depends on expanding our base of clients
and our clients increasing their use of our services, and our inability to expand our base of, or lose any of, our clients or decline
in their use of our services could materially and adversely affect its business, results of operations and financial condition.
Gorilla's ability to grow as a business and generate revenue
growth depends, in part, on our ability to expand our base of clients, maintain and grow our relationships with existing clients and that
our clients increase their use of our services. If Gorilla is not successful in attracting new clients or its existing clients do not
increase their use of our services, then our revenue growth may decline, and our financial condition and results of operations may be
adversely affected. Clients are charged based on the use of our services. Many of Gorilla's clients do not have long-term contractual
financial commitments to Gorilla and, therefore, most of our clients may reduce or cease their use of its services at any time without
penalty or termination charges. Clients may terminate or reduce their use of its services for any number of reasons, including if they
are not satisfied with its services, the value proposition of its services or its ability to meet their needs and expectations.
Gorilla cannot accurately predict our clients' usage levels and
our inability to attract new clients or the loss of clients or reductions in their use levels of our services may each have a negative
impact on our business, financial condition and results of operations, and may slow our growth in the future if clients are not satisfied
with our services, the value proposition of our products and services, or our ability to meet the needs of our clients and their expectations.
If a significant number of clients cease using, or reduce their use of our services, then Gorilla may be required to spend significantly
more on sales and marketing than we currently spend in order to maintain or increase revenue from our clients, which could adversely affect
its business, results of operations and financial condition.
If Gorilla fails to adapt and respond effectively to rapidly
changing technology, evolving industry standards, changing regulations, and changing client needs, requirements or preferences, our products
and services may become less competitive.
The markets for video intelligence, IoT technologies, and cybersecurity
are subject to rapid technological change, evolving industry standards, changing regulations, as well as changing customer needs, requirements
and preferences. The success of Gorilla's business will depend, in part, on its ability to adapt and respond effectively to these
changes on a timely basis. If Gorilla is unable to develop new services that satisfy our clients' needs and provide enhancements
and new features to our existing services that keep pace with rapid technological and industry changes, our business, financial condition
and results of operations could be adversely affected. If new technologies emerge and we are not able to deliver services at competitive
prices, more efficiently, more conveniently or more securely, such technologies could adversely impact our ability to compete effectively.
Our platform must integrate with a variety of networks, hardware, mobile
and software platforms and technologies, and Gorilla needs to continuously modify and enhance our services and products to adapt to changes
and innovation in our markets. If data providers, partners or clients adopt new software platforms or infrastructures, Gorilla may be
required to develop new or enhanced versions of our services or products to work with those new platforms or infrastructures. This development
effort may require significant resources, which would adversely affect its business, financial condition and results of operations. Any
failure of its services and products to operate effectively with evolving or new platforms and technologies could reduce the demand for
our services. If Gorilla is unable to respond to these changes in a cost-effective manner, our services may become less marketable and
less competitive or obsolete, and our business, results of operations and financial condition could be adversely affected.
11
The market for Gorilla's edge AI services and products
is relatively new, and may decline or experience limited growth, and our business is dependent on our clients' continuing adoption
and use our services and products.
The edge AI market is relatively new and is subject to a number of
risks and uncertainties. Gorilla has developed an edge AI and video management system, IVAR
®
(Intelligent Video Analytics
Recorder), which is an edge AI based platform. Through IVAR
®
, we deliver our edge AI services to our clients, which include
managed service providers, distributors, system integrators and hardware manufacturers in the healthcare, transportation, manufacturing
or retail sectors, among others. Gorilla believes that our future success will significantly depend on the growth, if any, of this market
and the use of our services and products, including our IVAR
®
real-time analytics technology.
The use of edge AI is still relatively new, and consumers may not recognize
the need for or benefits of our services and products. If consumers do not recognize the need for and benefits of our services and products,
then they may decide to adopt alternative services to satisfy some portion of their business needs. In order to grow our business and
extend our market position, Gorilla intends to focus on educating potential customers about the benefits of our services and products,
expanding the range of Gorilla's services and bringing new technologies to market to increase market acceptance and use of our platform.
Gorilla's ability to expand the market that our services and products address depends upon a number of factors, including the cost,
performance and perceived value associated with our services and products. The market for our services and products could fail to grow
significantly or there could be a reduction in demand for our services and/or products as a result of a lack of acceptance, technological
challenges, competing services, a decrease in spending by current and prospective customers, weakening economic conditions and other causes.
If the edge AI market does not experience significant growth, or demand for its services and/or products decreases, then our business,
financial condition and results of operations could be adversely affected.
The competitive position of our platforms depends, in part, on
its ability to operate with third-party products and services, and if we are not successful in maintaining and expanding the compatibility
of our platforms with such third-party products and services, our business, financial condition, and results of operations could be adversely
impacted.
The competitive position of our platforms depends, in part, on their
ability to operate with products and services of third parties, software services, and infrastructure, including but not limited to, in
connection with our sales relationships, platform partnerships, strategic alliances, and other similar arrangements, where applicable.
As such, we must continuously modify and enhance our platforms to adapt to changes in, or to be integrated or otherwise compatible with,
hardware, software, networking, browser, and database technologies. In the future, one or more technology companies may choose not to
support the operation of their hardware, software or infrastructure, or our platforms may not support the capabilities needed to operate
with such hardware, software or infrastructure. In addition, to the extent that a third-party was to develop software or services that
compete with ours, that provider may choose not to support one or more of our platforms. We intend to facilitate the compatibility of
our platforms with various third-party hardware, software and infrastructure by maintaining and expanding our business and technical relationships.
If we are not successful in achieving this goal, our business, financial condition and results of operations could be adversely impacted.
Gorilla partners with industry leading technology companies to
provide end-to-end solutions for different verticals. If Gorilla is unable to develop and expand its relationships with such companies,
then Gorilla's business financial condition and results of operations could be adversely affected.
Gorilla believes that our continued growth depends, in part, upon developing
and expanding strategic relationships with technology companies from cloud infrastructure providers, telecoms, chipset vendors and storage
manufacturers. An important aspect of our business is that our edge AI harmonizes with a potential client's existing IT infrastructure,
which often utilizes hardware manufactured or software created by other technology companies.
If Gorilla fails to develop or expand relationships with other technology
companies, Gorilla will be unable to grow its business and meet its customers' needs, which would adversely affect its business,
results of operations and financial condition.
Our platforms are complex and may have a lengthy implementation
process, and any failure of our platforms to satisfy our customers or perform as desired could harm our business, results of operations,
and financial condition.
Our platforms and services are complex and are deployed in a wide variety
of network environments. Implementing our platforms can be a complex and lengthy process since we often configure our existing platforms
for a customer's unique environment. Inability to meet the unique needs of our customers may result in customer dissatisfaction
and/or damage to our reputation, which could materially harm our business. Further, the proper use of our platforms may require training
of the customer and the initial or ongoing services of our technical personnel as well as operations and maintenance services over the
contract term. If training and/or ongoing services require more of our expenditures than we originally estimated, our margins will be
lower than projected.
12
In addition, if our customers do not use our platforms correctly or
as intended, inadequate performance or outcomes may result. It is possible that our platforms may also be intentionally misused or abused
by customers or their employees or third parties who obtain access and use of our platforms. Similarly, our platforms sometimes used by
customers with smaller or less sophisticated IT departments, potentially resulting in sub-optimal performance at a level lower than anticipated
by the customer. Because our customers rely on our platforms and services to address important business goals and challenges, the incorrect
or improper use or configuration of our platforms and operations and maintenance services, failure to properly train customers on how
to efficiently and effectively use our platforms, or failure to properly provide implementation or analytical or maintenance services
to our customers may result in contract terminations or non-renewals, reduced customer payments, negative publicity or legal claims against
us. For example, as we continue to expand our customer base, any failure by us to properly provide these services may result in lost opportunities
for follow-on expansion sales of our platforms and services.
Furthermore, if customer personnel are not well trained in the use
of our platforms, customers may defer the deployment of our platforms and services, may deploy them in a more limited manner than originally
anticipated, or may not deploy them at all. If there is substantial turnover of Gorilla or customer personnel responsible for procurement
and use of our platforms, our platforms may go unused or be adopted less broadly, and our ability to make additional sales may be substantially
limited, which could negatively impact our business, results of operations and growth prospects.
Any failure to offer high quality customer support to our clients
may adversely affect Gorilla's relationships with its clients and prospective clients, and adversely affect its business, results
of operations and financial condition.
Many of Gorilla's clients depend on our customer support team
to assist them with implementing our services effectively, resolving post-implementation issues quickly and providing ongoing technology
support. If Gorilla does not devote sufficient resources to customer support services, or is otherwise unsuccessful in assisting its clients
effectively, it could adversely affect our ability to retain existing clients and our reputation, which could prevent prospective clients
from adopting our services and products.
Gorilla may be unable to respond quickly enough to accommodate short-term
increases in demand for customer support. We also may be unable to modify the nature, scope and delivery of its customer support to compete
with changes in the support services provided by our competitors. Increased demand for customer support could increase costs, and without
corresponding revenue, could adversely affect our business, results of operations and financial condition. Gorilla's revenues are
highly dependent on its business reputation. Any failure to maintain high quality customer support, or a market perception that it does
not maintain high quality customer support, could erode customer trust and adversely affect its reputation, business, results of operations
and financial condition.
We face intense competition in our markets, and we may lack sufficient
financial or other resources to maintain or improve our competitive position.
The markets for our platforms are very competitive, and we expect such
competition to continue or increase in the future. A significant number of companies are developing products that currently, or in the
future may, compete with some or all aspects of our proprietary platforms. We may not be successful in convincing the management teams
of our potential customers to deploy our platforms in lieu of existing software solutions or in-house software development projects often
favored by internal IT departments or other competitive products and services. In addition, our competitors include large enterprise software
companies, government contractors and system integrators, and we may face competition from emerging companies as well as established companies
who have not previously entered this market. Additionally, we may be required to make substantial additional investments in our research,
development, services, marketing and sales functions in order to respond to competition, and there can be no assurance that we will be
able to compete successfully in the future.
Many of our existing competitors have, and some of our potential competitors
could have, substantial competitive advantages such as:
●
Greater name recognition, longer operating histories, and
larger customer bases;
●
Larger sales and marketing budgets and resources and the
capacity to leverage their sales efforts and marketing expenditures across a broader portfolio of products;
●
Broader, deeper, or otherwise more established relationships
with technology, channel and distribution partners, and customers;
●
Wider geographic presence or greater access to larger potential
customer bases;
●
Greater focus in specific geographies;
●
Lower labor and research and development costs;
●
Larger and more mature intellectual property portfolios;
and
●
Substantially greater financial, technical and other resources
to provide services, to make acquisitions and to develop and introduce new products and capabilities.
13
In addition, some of our larger competitors have substantially broader
and more diverse product and service offerings and may be able to leverage their relationships with distribution partners and customers
based on other products or incorporate functionality into existing products to gain business in a manner that discourages customers from
purchasing our platforms, including by selling at zero or negative margins, product bundling or offering closed technology platforms.
Potential customers may also prefer to purchase from their existing provider rather than a new provider regardless of platform performance
or features. As a result, even if the features of our platforms offer advantages that others do not, customers may not purchase our platforms.
These larger competitors often have broader product lines and market focus or greater resources and may therefore not be as susceptible
to economic downturns or other significant reductions in capital spending by customers. If we are unable to sufficiently differentiate
our platforms from the integrated or bundled products of our competitors, such as by offering enhanced functionality, performance, or
value, we may see a decrease in demand for those platforms, which could adversely affect our business, financial condition, and results
of operations.
In addition, new, innovative start-up companies and larger companies
that are making significant investments in research and development may introduce products that have greater performance or functionality,
are easier to implement or use, incorporate technological advances that we have not yet developed, or implemented or may invent similar
or superior platforms and technologies that compete with our platforms. Our current and potential competitors may also establish cooperative
relationships among themselves or with third parties that may further enhance their resources.
Some of our competitors have made or could make acquisitions of businesses
that allow them to offer more competitive and comprehensive solutions. As a result of such acquisitions, our current or potential competitors
may be able to accelerate the adoption of new technologies that better address customer needs, devote greater resources to bring these
products and services to market, initiate or withstand substantial price competition, or develop and expand their product and service
offerings more quickly than we do. These competitive pressures in our market, or our failure to compete effectively, may result in fewer
orders, reduced revenue and margins, and loss of market share. In addition, it is possible that industry consolidation may impact customers'
perceptions of the viability of smaller or even mid-size software firms and consequently customers' willingness to purchase from
such firms.
We may not compete successfully against our current or potential competitors.
If we are unable to compete successfully, or if competing successfully requires us to take costly actions in response to the actions of
our competitors, our business, financial condition and results of operations could be adversely affected. In addition, companies competing
with us may have an entirely different pricing or distribution model. Increased competition could result in fewer customer orders, price
reductions, reduced margins, and loss of market share, any of which could harm our business and results of operations.
Our reputation and business may be harmed by news or social media
coverage of Gorilla, including, but not limited to, coverage that presents, or relies on, inaccurate, misleading, incomplete, or otherwise
damaging information.
Publicly available information regarding Gorilla has historically been
limited, in part due to the sensitivity of our work with customers or contractual requirements limiting or preventing public disclosure
of certain aspects of our work or relationships with certain customers. As our business has grown and as interest in Gorilla and the technology
industry overall has increased, we may attract significant attention from news and social media outlets, including unfavorable coverage
and coverage, that is not directly attributable to statements authorized by our leadership, that incorrectly reports on statements made
by our leadership or employees and the nature of our work, perpetuates unfounded speculation about company involvements, or that is otherwise
misleading. If such news or social media coverage presents, or relies on, inaccurate, misleading, incomplete or otherwise damaging information
regarding Gorilla, such coverage could damage our reputation in the industry and with current and potential customers, employees, and
investors, and our business, financial condition, results of operations, and growth prospects could be adversely affected. Due to the
sensitive nature of our work and our confidentiality obligations and despite our ongoing efforts to provide increased transparency into
our business, operations, and product capabilities, we may be unable to or limited in our ability to respond to such harmful coverage,
which could have a negative impact on our business.
Our relationships with government customers and customers that are
engaged in certain sensitive industries, including organizations whose products or activities are or are perceived to be harmful, could
result in public criticism, including from political and social activists, and unfavorable coverage in the media. Activist criticism of
our relationships with customers could potentially engender dissatisfaction among potential and existing customers, investors and employees
with how we address political and social concerns in our business activities. Conversely, being perceived as yielding to activism targeted
at certain customers could damage our relationships with certain customers, including governments and government agencies with which we
do business, whose views may or may not be aligned with those of political and social activists. Actions we take in response to the activities
of our customers, up to and including terminating our contracts or refusing a particular product use case could harm our brand and reputation.
In either case, the resulting harm to our reputation could:
●
cause certain customers to cease doing business with us;
●
impair our ability to attract new customers, or to expand
our relationships with existing customers;
●
diminish our ability to hire or retain employees;
14
●
undermine our standing in professional communities to which
we contribute and from which we receive expert knowledge; or
●
prompt us to cease doing business with certain customers.
Any of these factors could adversely impact our business, financial
condition, and results of operations.
We may not enter into relationships with potential customers
if we consider their activities to be inconsistent with our organizational mission or values.
We generally do not enter into business with customers or governments
whose positions or actions we consider inconsistent with our mission to support Western liberal democracy and its strategic allies. Our
decisions to not enter into these relationships may not produce the long-term financial benefits and results that we expect, in which
case our growth prospects, business and results of operations could be harmed. Although we endeavor to do business with customers and
governments that are aligned with our mission and values, we cannot predict how the activities and values of our government and private
sector customers will evolve over time, and they may evolve in a manner inconsistent with our mission.
We do not work with the Chinese communist party and have chosen
not to host our platforms in China, which may limit our growth prospects.
Our leadership believes that working with the Chinese communist party
is inconsistent with our culture and mission. We do not consider any sales opportunities with the Chinese communist party, do not host
our platforms in China, and impose limitations on access to our platforms in China in order to protect our intellectual property, to promote
respect for and defend privacy and civil liberties protections and to promote data security. Our decision to avoid this large potential
market may limit our growth prospects and could adversely impact our business, results of operations, and financial condition, and we
may not compete successfully against our current or potential competitors who choose to work in China.
Gorilla expects its results of operations to fluctuate on a quarterly
and annual basis, which could cause the share price of the combined company to fluctuate or decline.
Gorilla's quarterly results of operations have fluctuated in
the past and may vary significantly in the future. As such, historical comparisons of its operating results may not be meaningful. Accordingly,
the results of any one quarter should not be relied upon as an indication of future performance. Gorilla's quarterly financial results
may fluctuate as a result of a variety of factors, many of which are outside of its control and may not fully reflect the underlying performance
of Gorilla's business. These fluctuations could adversely affect Gorilla's ability to meet its expectations or those of securities
analysts or investors. If Gorilla does not meet these expectations for any period, the value of its business and its securities, or those
of the combined company, could decline significantly. Factors that may cause these quarterly fluctuations include, without limitation,
those listed below:
●
The timing of revenues generated in any quarter;
●
Pricing changes Gorilla may adopt to drive market adoption
or in response to competitive pressure; Gorilla's ability to retain its existing customers and attract new customers;
●
Gorilla's ability to develop, introduce and sell services
and products in a timely manner that meet customer requirements;
●
Disruptions in Gorilla's sales channels or termination
of its relationship with partners;
●
Delays in customers' purchasing cycles or deferments
of customers' purchases in anticipation of new services or updates from Gorilla or its competitors;
●
Fluctuations in demand pressures for Gorilla's products;
●
The mix of services sold in any quarter;
●
The duration of the global COVID-19 pandemic and the time
it takes for economic recovery;
●
Political and economic instability, including instabilities
associated with the armed conflict in Ukraine and any conflict or threat of conflict that may affect Taiwan;
●
The timing and rate of broader market adoption of Gorilla's
data service platform;
●
Market acceptance of Gorilla's services and further
technological advancements by Gorilla's competitors and other market participants;
●
Any change in the competitive dynamics of Gorilla's
markets, including consolidation of competitors, regulatory developments and new market entrants;
15
●
Changes in the source, cost, availability of and regulations
pertaining to materials Gorilla uses;
●
Adverse litigation, judgments, settlements or other litigation-related
costs, or claims that may give rise to such costs; and
●
General economic, industry and market conditions, including
trade disputes.
The ongoing global COVID-19 outbreak has significantly affected
the growth of our business and operations.
The outbreak of the novel coronavirus and the COVID-19 disease that
it causes has evolved into a global pandemic. In light of the uncertain and rapidly evolving situation relating to the spread of COVID-19,
we have taken precautionary measures intended to minimize the risk of the virus to our employees, our customers and the communities in
which we operate, including temporarily closing our offices worldwide and virtualizing, postponing, or cancelling customer, employee or
industry events, which may negatively impact our business. While the COVID-19 pandemic has provided certain new opportunities for our
business to expand, it has also created many negative headwinds that present risks to our business and results of operations. For example,
the COVID-19 pandemic has generally disrupted the operations of our customers and prospective customers, and may continue to disrupt their
operations, including as a result of travel restrictions and/or business shutdowns, uncertainty in the financial markets or other harm
to their business and financial results, which could result in a reduction to information technology budgets, delayed purchasing decisions,
longer sales cycles, extended payment terms, the timing of payments and postponed or cancelled projects, all of which would negatively
impact our business and operating results, including sales and cash flows. We do not yet know the net impact of the COVID-19 pandemic
on our business and cannot guarantee that it will not be materially negative. Although we continue to monitor the situation and may adjust
our current policies as more information and public health guidance become available, the ongoing effects of the COVID-19 pandemic and/or
the precautionary measures that we have adopted may create operational and other challenges, any of which could harm our business and
results of operations.
Historically, a significant portion of our field sales, operations
and maintenance, and professional services have been conducted in person. Currently, as a result of the work and travel restrictions related
to the COVID-19 pandemic, and the precautionary measures that we have adopted, substantially all of our field sales and professional services
activities are being conducted remotely, which has resulted in a decrease in our travel and office expenditures. However, we expect our
travel expenditures to increase in the future, which could negatively impact our financial condition and results of operations. We do
not yet know the extent of the negative impact of such restrictions and precautionary measures on our ability to attract new customers
or retain and expand our relationships with existing customers.
In addition, COVID-19 may disrupt the operations of our customers and
partners for an indefinite period of time, including as a result of travel restrictions and/or business shutdowns, all of which could
negatively impact our business, financial condition and results of operations.
Furthermore, as a result of the COVID-19 pandemic, we did not require
employees who are able to work remotely to come into the office from May 17, 2021 to July 27, 2021. It is possible that widespread
remote work arrangements may continue in the future and could have a negative impact on our operations; the execution of our business
plans; our ability to recruit, train, manage, and retain employees; the productivity and availability of key personnel and other employees
necessary to conduct our business; and on third-party service providers who perform critical services for us, or otherwise cause operational
failures due to changes in our normal business practices necessitated by the outbreak and related governmental actions. If a natural disaster,
power outage, connectivity issue, or other event occurred that impacted our employees' ability to work remotely, it may be difficult
or, in certain cases, impossible, for us to continue our business for a substantial period of time. The increase in remote working may
also result in increased consumer privacy, data security, and fraud risks, and our understanding of applicable legal and regulatory requirements,
as well as the latest guidance from regulatory authorities in connection with the COVID-19 pandemic, may be subject to legal or regulatory
challenge, particularly as regulatory guidance evolves in response to future developments.
More generally, the COVID-19 pandemic has and is expected to continue
to adversely affect economies and financial markets globally, leading to a continued economic downturn, which is expected to decrease
technology spending generally and could adversely affect demand for our platforms and services. It is not possible at this time to estimate
the full impact that COVID-19 will have on our business, as the impact will depend on future developments, which are highly uncertain
and cannot be predicted.
Moreover, to the extent the COVID-19 pandemic adversely affects our
business, financial condition, and results of operations, it may also have the effect of heightening many of the other risks described
in this "
Risk Factors
" section, including but not limited to, those related to our ability to increase sales to existing
and new customers, continue to perform on existing contracts, develop and deploy new technologies, expand our marketing capabilities and
sales organization, generate sufficient cash flow to service our indebtedness, and comply with the covenants in the agreements that govern
our indebtedness.
16
Adverse global economic conditions, geopolitical issues and other
conditions that impact our increasingly global operations could have a negative effect on our business, results of operations and financial
condition and liquidity.
As a global company, our performance is affected by global economic
conditions as well as geopolitical issues and other conditions with global reach. Macroeconomic weakness and uncertainty, including inflation,
slower growth or recession, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy, tighter credit,
higher interest rates, high unemployment and currency fluctuations make it more difficult for us to manage our operations and accurately
forecast financial results. Tensions between China and Taiwan remain ongoing and have recently escalated. Further, as a result of the
recent movement of Russian military units into provinces in Ukraine, the United States, the European Union, the United Kingdom and
other jurisdictions have imposed sanctions on certain Russian and Ukrainian persons and entities, including certain Russian banks, energy
companies and defense companies, and have imposed restrictions on exports of various items to Russian and certain regions of Ukraine (including
the self-proclaimed Donetsk People's Republic and Luhansk People's Republic and Crimea). Moreover, on February 22, 2022,
the Office of Foreign Assets Control of the United States issued sanctions aimed at limiting Russia's ability to raise funds
through sovereign debt. Such ongoing events between Ukraine and Russia could also increase China/Taiwan political tensions and U.S./China
trade and other relations. These geopolitical issues have resulted in increasing global tensions and create uncertainty for global commerce.
Any or all of these factors could negatively affect demand for our products and our business, financial condition and result of operations.
In addition, new requirements or restrictions could come into effect which might increase the scrutiny on our business or result in one
or more of our business activities being deemed to have violated sanctions. Our business and reputation could be adversely affected if
the authorities of United States, the European Union, the United Nations, Taiwan or other jurisdictions were to determine that any
of our activities constitutes a violation of the sanctions they impose or provides a basis for a sanctions designation of us.
Adverse
developments affecting the financial services industry could adversely affect our current and projected business
operations and our financial condition and results of operations.
Adverse developments that affect financial institutions, such as events
involving liquidity that are rumored or actual, have in the past and may in the future lead to bank failures and market-wide liquidity
problems. For example, on March 10, 2023, Silicon Valley Bank ("SVB") was closed by the California Department of Financial
Protection and Innovation, which appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver. Similarly, on March
12, 2023, Signature Bank and Silvergate Capital Corp. were each swept into receivership. The Department of the Treasury, the Federal Reserve
and the FDIC released a statement that indicated that all depositors of SVB and Signature Bank would have access to all of their funds,
including funds held in uninsured deposit accounts, after only one business day of closure.
We do not hold cash deposits at SVB or Signature Bank. Also, we do
not hold securities at SVB or Signature Bank and have not experienced any adverse impact to our liquidity or to our current and projected
business operations, financial condition or results of operations. However, uncertainty remains over liquidity concerns in the broader
financial services industry, and our business, our business partners, or industry as a whole may be adversely impacted in ways that we
cannot predict at this time.
Although we assess our banking relationships as we believe necessary
or appropriate, our access to cash in amounts adequate to finance or capitalize our current and projected future business operations could
be significantly impaired by factors that affect the financial institutions with which we have banking relationships, and in turn, us.
These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under
various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry
or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These
factors could also include factors involving financial markets or the financial services industry generally. The results of events or
concerns that involve one or more of these factors could include a variety of material and adverse impacts on our current and projected
business operations and our financial condition and results of operations. These could include, but may not be limited to, delayed access
to deposits or other financial assets or the uninsured loss of deposits or other financial assets; or termination of cash management arrangements
and/or delays in accessing or actual loss of funds subject to cash management arrangements.
In addition, widespread investor concerns regarding the U.S. or international
financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial
and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to
acquire financing on acceptable terms or at all. Any decline in available funding or access to our cash and liquidity resources could,
among other risks, adversely impact our ability to meet our operating expenses, financial obligations or fulfill our other obligations,
result in breaches of our financial and/or contractual obligations or result in violations of federal or state wage and hour laws. Any
of these impacts, or any other impacts resulting from the factors described above or other related or similar factors not described above,
could have material adverse impacts on our liquidity and our current and/or projected business operations and financial condition and
results of operations.
In addition, our business partners could be adversely affected by any
of the liquidity or other risks that are described above as factors, which in turn, could have a material adverse effect on our current
and/or projected business operations and results of operations and financial condition. Any business partner bankruptcy or insolvency,
or any breach or default by a business partner, or the loss of any significant business partner relationships, could result in material
adverse impacts on our current and/or projected business operations and financial condition.
17
We are dependent on our senior management team and other highly
skilled personnel, and if we are not successful in attracting or retaining highly qualified personnel, we may not be able to successfully
implement our business strategy.
Our success depends, in significant part, on the continued services
of our senior management team and on our ability to attract, motivate, develop and retain a sufficient number of other highly skilled
personnel, including engineering, finance, marketing, sales, and technology and support personnel. The loss of any one or more members
of our senior management team, for any reason, including resignation or retirement, could impair our ability to execute our business strategy
and harm our business, financial condition and results of operations. Additionally, our financial condition and results of operations
may be adversely affected if we are unable to attract and retain skilled employees to support our operations and growth.
Inability to attract and retain other highly skilled employees
could harm our business.
To execute our growth plan, Gorilla must attract and retain highly
qualified personnel. Competition where Gorilla maintain offices is intense, especially for engineers experienced in designing and developing
software and experienced sales professionals. Gorilla has from time to time experienced, and expects to continue to experience, difficulty
in hiring and retaining employees with appropriate qualifications. Many of the companies with which Gorilla competes for experienced personnel
have greater resources than Gorilla may attempt to recruit our highly skilled employees. In addition, certain domestic immigration laws
restrict or limit Gorilla's ability to recruit internationally. Any changes to Taiwan, United Kingdom or the U.S. immigration policies
that restrain the flow of technical key and professional talent may inhibit Gorilla's ability to recruit and retain highly qualified
employees. In addition, job candidates and existing employees often consider the value of the equity awards they receive in connection
with their employment. If the perceived value of Gorilla's equity awards declines, it may harm Gorilla's ability to recruit
and retain highly skilled employees.
Risks Related to Gorilla's Intellectual Property, Information
Technology, Data Privacy and Security
Gorilla may not be able to adequately protect or enforce its
intellectual property rights or prevent unauthorized parties from copying or reverse engineering its solutions. Gorilla's efforts
to protect and enforce its intellectual property rights and prevent third parties from violating its rights may be costly.
The success of Gorilla's services and its business depends, in
part, on Gorilla's ability to obtain patents and other intellectual property rights and maintain adequate legal protection for its
products in the United States and other international jurisdictions. Gorilla relies on a combination of patent, copyright, service
mark, and trade secret laws, as well as confidentiality procedures and contractual obligations, to establish and protect its proprietary
rights, all of which provide only limited protection. Gorilla cannot assure you that any patents will be issued with respect to its currently
pending patent applications, including in a manner that gives Gorilla adequate defensive protection or competitive advantages, if at all,
or that any of Gorilla's patents will not be challenged, invalidated or circumvented. Gorilla has filed for patents in the United States
and in certain international jurisdictions, but such protections may not be available or applied for in all countries in which it operates
or in which Gorilla seeks to enforce its intellectual property rights or may be difficult to enforce in practice. Gorilla cannot be certain
that the steps it has taken will prevent unauthorized use of its technology or the reverse engineering of its technology. Moreover, others
may independently develop technologies that are competitive to Gorilla or infringe Gorilla's intellectual property.
Protecting against the unauthorized use of Gorilla's intellectual
property, products and other proprietary rights is expensive and can be difficult, particularly with respect to international jurisdictions.
Unauthorized parties may attempt to copy or reverse engineer Gorilla's solutions or certain aspects of Gorilla's solutions
that are considered proprietary. Litigation may be necessary in the future to enforce or defend Gorilla's intellectual property
rights, to prevent unauthorized parties from copying or reverse engineering its solutions, to determine the validity and scope of the
proprietary rights of others or to block the importation of infringing products into the U.S. Any such litigation, regardless of
merit, could be costly, divert the attention of management and may not ultimately be resolved in Gorilla's favor.
Effective patent, trademark, service mark, copyright and trade secret
protection may not be available or applied for in every country in which Gorilla's products are available and competitors based
in other countries may sell infringing products in one or more markets. An inability to adequately protect and enforce Gorilla's
intellectual property and other proprietary rights or an inability to prevent authorized parties from copying or reverse engineering its
smart vision solutions or certain aspects of its solutions that Gorilla considers proprietary could adversely affect its business, operating
results, financial condition and prospects.
In addition to patented technology, Gorilla relies on its unpatented
proprietary technology, trade secrets, processes and know-how.
Gorilla relies on proprietary information (such as trade secrets, know-how
and confidential information) to protect intellectual property that may not be patentable or subject to copyright, trademark, trade dress
or service mark protection, or that Gorilla believes is best protected by means that do not require public disclosure.
18
Gorilla generally seeks to protect this proprietary information by
entering into confidentiality agreements, or consulting, services or employment agreements that contain non-disclosure and non-use provisions
with its employees, consultants, contractors and third parties. However, Gorilla may fail to enter into the necessary agreements, and
even if entered into, these agreements may be breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation
of its proprietary information, may be limited as to their term and may not provide an adequate remedy in the event of unauthorized disclosure
or use of proprietary information. Gorilla has limited control over the protection of trade secrets used by its current or future manufacturing
partners and suppliers and could lose future trade secret protection if any unauthorized disclosure of such information occurs. In addition,
Gorilla's proprietary information may otherwise become known or be independently developed by its competitors or other third parties.
To the extent that its employees, consultants, contractors, advisors and other third parties use intellectual property owned by others
in their work for Gorilla, disputes may arise as to the rights in related or resulting know-how and inventions. Costly and time-consuming
litigation could be necessary to enforce and determine the scope of Gorilla's proprietary rights, and failure to obtain or maintain
protection for its proprietary information could adversely affect its competitive business position. Furthermore, laws regarding trade
secret rights in certain markets where Gorilla operates may afford limited or no protection for its trade secrets.
Gorilla also relies on physical and electronic security measures to
protect its proprietary information, but it cannot provide assurance that these security measures will not be breached or that these measures
will provide adequate protection. There is a risk that third parties may obtain and improperly utilize Gorilla's proprietary information
to its competitive disadvantage. Gorilla may not be able to detect or prevent the unauthorized use of such information or take appropriate
and timely steps to enforce its intellectual property rights.
Third-party claims that Gorilla is infringing intellectual property,
whether successful or not, could subject it to costly and time-consuming litigation or expensive licenses, and its business could be adversely
affected.
Although Gorilla has pending patents related to its products, a number
of companies, both within and outside of Gorilla's industry, hold other patents covering systems and methods. In addition to
these patents, participants in this industry typically also protect their technology, especially embedded software, through copyrights
and trade secrets. As a result, there is frequent litigation based on allegations of infringement, misappropriation or other violations
of intellectual property rights. Gorilla may receive, in the future, inquiries from other intellectual property holders and may become
subject to claims that it infringes their intellectual property rights, particularly as Gorilla expands its presence in the market. In
addition, third parties may claim that the names and branding of Gorilla's products infringe their trademark rights in certain countries
or territories. If such a claim were to prevail, Gorilla may be liable for damages, be forced to change the branding of its products in
the affected territories, or may be required to pay royalties for a license (if a license is available at all).
Gorilla currently has a number of agreements in effect pursuant to
which it has agreed to defend, indemnify and hold harmless its customers, suppliers, and partners from damages and costs which may arise
from the infringement by Gorilla's products of third-party patents or other intellectual property rights. The scope of these indemnity
obligations varies, but may, in some instances, include indemnification for damages and expenses, including attorneys' fees. Gorilla's
insurance may not cover all intellectual property infringement claims. A claim that its products infringe a third party's intellectual
property rights, even if without merit, could adversely affect Gorilla's relationships with its customers, may deter future customers
from purchasing its products and could expose Gorilla to costly litigation and settlement expenses. Even if Gorilla is not a party to
any litigation between a customer and a third party relating to infringement by its products, an adverse outcome in any such litigation
could make it more difficult for Gorilla to defend its products against intellectual property infringement claims in any subsequent litigation
in which it is a named party. Any of these results could adversely affect Gorilla's brand and operating results.
Gorilla's defense of intellectual property rights claims brought
against it or its customers, suppliers and channel partners, with or without merit, could be time-consuming, expensive to litigate or
settle, divert management resources and attention and force Gorilla to acquire intellectual property rights or licenses, which may involve
substantial royalty or other payments and may not be available on acceptable terms or at all. Further, a party making such a claim, if
successful, could secure a judgment that requires Gorilla to pay substantial damages or obtain an injunction. An adverse determination
also could invalidate Gorilla's intellectual property rights and adversely affect its ability to offer its products to its customers
and may require that Gorilla procure or develop substitute products that do not infringe, which could require significant effort and expense.
Any of these events could adversely affect Gorilla's business, operating results, financial condition and prospects.
If any of the systems of any third parties upon which we rely, our
customers' cloud or on-premises environments, or our internal systems, are breached or if unauthorized access to customer or third-party
data is otherwise obtained, public perception of our platforms and operations and maintenance services may be harmed, and we may lose
business and incur losses or liabilities.
Our success depends, in part, on our ability to provide effective data
security protection in connection with our platforms and services, and we rely on information technology networks and systems to securely
store, transmit, index, and otherwise process electronic information. Because our platforms and services are used by our customers to
store, transmit, index or otherwise process and analyze large data sets that often contain proprietary, confidential and/or sensitive
information (including in some instances personal or identifying information), our software is perceived as an attractive target for attacks
by computer hackers or others seeking unauthorized access, and our software faces threats of unintended exposure, exfiltration, alteration,
deletion or loss of data. Additionally, because many of our customers use our platforms to store, transmit, and otherwise process proprietary,
confidential, or sensitive information, and complete mission critical tasks, they have a lower risk tolerance for security vulnerabilities
in our platforms and services than for vulnerabilities in other, less critical, software products and services.
19
We, and the third-party vendors upon which we rely, have experienced,
and may in the future experience, cybersecurity threats, including threats or attempts to disrupt our information technology infrastructure
and unauthorized attempts to gain access to sensitive or confidential information. Our and our third-party vendors' technology systems
may be damaged or compromised by malicious events, such as cyberattacks (including computer viruses, malicious and destructive code, phishing
attacks and denial of service attacks), physical or electronic security breaches, natural disasters, fire, power loss, telecommunications
failures, personnel misconduct and human error. Such attacks or security breaches may be perpetrated by internal bad actors, such as employees
or contractors, or by third parties (including traditional computer hackers, persons involved with organized crime or foreign state or
foreign state-supported actors). Cybersecurity threats can employ a wide variety of methods and techniques, which may include the use
of social engineering techniques, are constantly evolving, and have become increasingly complex and sophisticated; all of which increase
the difficulty of detecting and successfully defending against them. Furthermore, because the techniques used to obtain unauthorized access
or sabotage systems change frequently and generally are not identified until after they are launched against a target, we and our third-party
vendors may be unable to anticipate these techniques or implement adequate preventative measures. Although prior cyberattacks directed
at us have not had a material impact on our financial results, and we are continuing to bolster our threat detection and mitigation processes
and procedures, we cannot guarantee that future cyberattacks, if successful, will not have a material impact on our business or financial
results. While we have security measures in place to protect our information and our customers' information and to prevent data
loss and other security breaches, we have not always been able to do so and there can be no assurance that in the future we will be able
to anticipate or prevent security breaches or unauthorized access of our information technology systems or the information technology
systems of the third-party vendors upon which we rely. Despite our implementation of network security measures and internal information
security policies, data stored on personnel computer systems is also vulnerable to similar security breaches, unauthorized tampering or
human error.
Many governments have enacted laws requiring companies to provide notice
of data security incidents involving certain types of data, including personal data. In addition, most of our customers, including U.S. government
customers, contractually require us to notify them of data security breaches. If an actual or perceived breach of security measures, unauthorized
access to our system or the systems of the third-party vendors that we rely upon, or any other cybersecurity threat occurs, we may face
direct or indirect liability, costs, or damages, contract termination, our reputation in the industry and with current and potential customers
may be compromised, our ability to attract new customers could be negatively affected, and our business, financial condition and results
of operations could be materially and adversely affected.
Further, unauthorized access to our or our third-party vendors'
information technology systems or data or other security breaches could result in the loss of information; significant remediation costs;
litigation, disputes, regulatory action or investigations that could result in damages, material fines and penalties; indemnity obligations;
interruptions in the operation of our business, including our ability to provide new product features, new platforms or services to our
customers; damage to our operation technology networks and information technology systems; and other liabilities. Moreover, our remediation
efforts may not be successful. Any or all of these issues, or the perception that any of them have occurred, could negatively affect our
ability to attract new customers, cause existing customers to terminate or not renew their agreements, hinder our ability to obtain and
maintain required or desirable cybersecurity certifications, and result in reputational damage, any of which could materially adversely
affect our results of operations, financial condition, and future prospects. There can be no assurance that any limitations of liability
provisions in our license arrangements with customers or in our agreements with vendors, partners, or others would be enforceable, applicable,
or adequate or would otherwise protect us from any such liabilities or damages with respect to any particular claim.
We maintain cybersecurity insurance and other types of insurance, subject
to applicable deductibles and policy limits, but our insurance may not be sufficient to cover all costs associated with a potential data
security incident. We also cannot be sure that our existing general liability insurance coverage and coverage for cyber liability or errors
or omissions will continue to be available on acceptable terms or will be available in sufficient amounts to cover one or more large claims
or that the insurer will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that
exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition
of large deductible or co-insurance requirements, could harm our financial condition.
Issues in the use of artificial intelligence (including machine
learning) in our platforms may result in reputational harm or liability.
AI is enabled by or integrated into many of our platforms and is a
significant and potentially growing element of our business. As with many developing technologies, AI presents risks and challenges that
could affect its further development, adoption, and use, and therefore our business. AI algorithms may be flawed. Datasets may be insufficient,
of poor quality, or contain biased information. Inappropriate or controversial data practices by data scientists, engineers, and end-users
of our systems could impair the acceptance of AI solutions. If the recommendations, forecasts, or analyses that AI applications assist
in producing are deficient or inaccurate, we could be subjected to competitive harm, potential legal liability, and brand or reputational
harm. For example, Article 22 of the EU/UK General Data Protection Regulation (further described later in this document) states that
data subjects "shall have the right not to be subject to a decision based solely on automated processing, including profiling, which
produces legal effects concerning him or her or similarly significantly affects him or her." The use of AI can be categorized as
automated individual decision-making. Further, some AI scenarios present ethical issues. Though our technologies and business practices
are designed to mitigate many of these risks, if we enable or offer AI solutions that are controversial because of their purported or
real impact on human rights, privacy, employment, or other social issues, we may experience brand or reputational harm.
20
We depend on computing infrastructure operated by Amazon Web
Services ("AWS"), and other third parties to support some of our customers and any errors, disruption, performance problems,
or failure in their or our operational infrastructure could adversely affect our business, financial condition, and results of operations.
We rely on the technology, infrastructure, and software applications,
including software-as-a-service offerings, of certain third parties, such as AWS, in order to host or operate some or all of certain key
platform features or functions of our business, including our cloud-based services (including IVAR
®
), customer relationship
management activities, billing and order management, and financial accounting services. Additionally, we rely on computer hardware purchased
in order to deliver our platforms and services. We do not have control over the operations of the facilities of the third parties that
we use. If any of these third-party services experience errors, disruptions, security issues or other performance deficiencies; if they
are updated such that our platforms become incompatible; if these services, software or hardware fail or become unavailable due to extended
outages, interruptions, defects, or otherwise; or if they are no longer available on commercially reasonable terms or prices (or at all),
these issues could result in errors or defects in our platforms, cause our platforms to fail, our revenue and margins could decline, or
our reputation and brand to be damaged, we could be exposed to legal or contractual liability, our expenses could increase, our ability
to manage our operations could be interrupted and our processes for managing our sales and servicing our customers could be impaired until
equivalent services or technology, if available, are identified, procured and implemented, all of which may take significant time and
resources, increase our costs, and could adversely affect our business. Many of these third-party providers attempt to impose limitations
on their liability for such errors, disruptions, defects, performance deficiencies, or failures, and if enforceable, we may have additional
liability to our customers or third-party providers.
We have experienced, and may in the future experience, disruptions,
failures, data loss, outages, and other performance problems with our infrastructure and cloud-based offerings due to a variety of factors,
including infrastructure changes, introductions of new functionality, human or software errors, employee misconduct, capacity constraints,
denial of service attacks, phishing attacks, computer viruses, malicious or destructive code, or other security-related incidents, and
our disaster recovery planning may not be sufficient for all situations. If we experience disruptions, failures, data loss, outages, or
other performance problems, our business, financial condition, and results of operations could be adversely affected.
Our systems and the third-party systems upon which we and our customers
rely are also vulnerable to damage or interruption from catastrophic occurrences such as earthquakes, floods, fires, power loss, telecommunication
failures, cybersecurity threats, terrorist attacks, natural disasters, public health crises such as the COVID-19 pandemic, geopolitical
and similar events, or acts of misconduct. Despite any precautions we may take, the occurrence of a catastrophic disaster or other unanticipated
problems at our or our third-party vendors' hosting facilities, or within our systems or the systems of third parties upon which
we rely, could result in interruptions, performance problems, or failure of our infrastructure, technology, or platforms, which may adversely
impact our business. In addition, our ability to conduct normal business operations could be severely affected. In the event of significant
physical damage to one of these facilities, it may take a significant period of time to achieve full resumption of our services, and our
disaster recovery planning may not account for all eventualities. In addition, any negative publicity arising from these disruptions could
harm our reputation and brand and adversely affect our business.
Furthermore, our platforms are in many cases important or essential
to our customers' operations, including in some cases, their cybersecurity or oversight and compliance programs, and subject to
service level agreements ("SLAs"). Any interruption in our service, whether as a result of an internal or third-party issue,
could damage our brand and reputation, cause our customers to terminate or not renew their contracts with us or decrease use of our platforms
and services, require us to indemnify our customers against certain losses, result in our issuing credit or paying penalties or fines,
subject us to other losses or liabilities, cause our platforms to be perceived as unreliable or unsecure, and prevent us from gaining
new or additional business from current or future customers, any of which could harm our business, financial condition, and results of
operations.
Moreover, to the extent that we do not effectively address capacity
constraints, upgrade our systems as needed, and continually develop our technology and network architecture to accommodate actual and
anticipated changes in technology, our business, financial condition, and results of operations could be adversely affected. The provisioning
of additional cloud hosting capacity requires lead time. AWS and other third parties have no obligation to renew their agreements with
us on commercially reasonable terms, or at all. If AWS or other third parties increase pricing terms, terminate or seek to terminate our
contractual relationship, establish more favorable relationships with our competitors, or change or interpret their terms of service or
policies in a manner that is unfavorable with respect to us, we may be required to transfer to other cloud providers or invest in a private
cloud. If we are required to transfer to other cloud providers or invest in a private cloud, we could incur significant costs and experience
possible service interruption in connection with doing so, or risk loss of customer contracts if they are unwilling to accept such a change.
A failure to maintain our relationships with our third-party providers
(or obtain adequate replacements), and to receive services from such providers that do not contain any material errors or defects, could
adversely affect our ability to deliver effective products and solutions to our customers and adversely affect our business and results
of operations.
21
Our policies regarding customer confidential information and
support for individual privacy and civil liberties could cause us to experience adverse business and reputational consequences.
We strive to protect our customers' confidential information
and individuals' privacy consistent with applicable laws, directives, and regulations. Consequently, we do not provide information
about our customers to third parties without legal process. From time to time, government entities may seek our assistance with obtaining
information about our customers or could request that we modify our platforms in a manner to permit access or monitoring. In light of
our confidentiality and privacy commitments, we may legally challenge law enforcement or other government requests to provide information,
to obtain encryption keys, or to modify or weaken encryption. To the extent that we do not provide assistance to or comply with requests
from government entities, or if we challenge those requests publicly or in court, we may experience adverse political, regulatory, legal,
business and reputational consequences, including among certain customers or portions of the public. Conversely, to the extent that we
do provide such assistance, or do not challenge those requests publicly in court, we may experience adverse political, business, and reputational
consequences from other customers or portions of the public arising from concerns over privacy or the government's activities.
Failure to adequately obtain, maintain, protect and enforce our
intellectual property and other proprietary rights could adversely affect our business.
Our success and ability to compete depends, in part, on our ability
to protect proprietary methods and technologies that we develop under a combination of patent and other intellectual property and proprietary
rights in Taiwan, the United States and other jurisdictions so that we can prevent others from using our inventions and proprietary
information and technology. Despite our efforts, third parties may attempt to disclose, obtain, copy or use our intellectual property
or other proprietary information or technology without our authorization, and our efforts to protect our intellectual property and other
proprietary rights may not prevent such unauthorized disclosure or use, misappropriation, infringement, reverse engineering or other violation
of our intellectual property or other proprietary rights. Effective protection of our rights may not be available to us or applied for
in every country in which our platforms or services are available. The laws of some countries may not be as protective of intellectual
property and other proprietary rights as those in Taiwan and the United States, and mechanisms for enforcement of intellectual property
and other proprietary rights may be inadequate. Also, our involvement in standard setting activity or the need to obtain licenses from
others may require us to license our intellectual property. Accordingly, despite our efforts, we may be unable to prevent third parties
from using our intellectual property or other proprietary information or technology.
In addition, we may be the subject of intellectual property infringement
or misappropriation claims, which could be very time-consuming and expensive to settle or litigate and could divert our management's
attention and other resources. These claims could also subject us to significant liability for damages if we are found to have infringed
patents, copyrights, trademarks or other intellectual property rights, or breached trademark co-existence agreements or other intellectual
property licenses and could require us to cease using or to rebrand all or portions of our platforms. Any of our patents, copyrights,
trademarks or other intellectual property rights may be challenged by others or invalidated through administrative process or litigation.
While we have issued patents and patent applications pending, we may
be unable to obtain patent protection for the technology covered in our patent applications or such patent protection may not be obtained
quickly enough to meet our business needs. Furthermore, the patent prosecution process is expensive, time-consuming and complex, and we
may not be able to prepare, file, prosecute, maintain and enforce all necessary or desirable patent applications at a reasonable cost
or in a timely manner. The scope of patent protection also can be reinterpreted after issuance and issued patents may be invalidated.
Even if our patent applications do issue as patents, they may not issue in a form that is sufficiently broad to protect our technology,
prevent competitors or other third parties form competing with us or otherwise provide us with any competitive advantage.
In addition, any of our patents, copyrights, trademarks, or other intellectual
property or proprietary rights may be challenged, narrowed, invalidated, held unenforceable, or circumvented in litigation or other proceedings,
including, where applicable, opposition, re-examination, inter partes review, post-grant review, interference, nullification and derivation
proceedings, and equivalent proceedings in foreign jurisdictions, and such intellectual property or other proprietary rights may be lost
or no longer provide us meaningful competitive advantages. Such proceedings may result in substantial cost and require significant time
from our management, even if the eventual outcome is favorable to us. Third parties also may legitimately and independently develop products,
services, and technology similar to or duplicative of our platforms. In addition to protection under intellectual property laws, we rely
on confidentiality or license agreements that we generally enter into with our corporate partners, employees, consultants, advisors, vendors,
and customers, and generally limit access to and distribution of our proprietary information. However, we cannot be certain that we have
entered into such agreements with all parties who may have or have had access to our confidential information or that the agreements we
have entered into will not be breached or challenged, or that such breaches will be detected. Furthermore, non-disclosure provisions can
be difficult to enforce, and even if successfully enforced, may not be entirely effective. We cannot guarantee that any of the measures
we have taken will prevent infringement, misappropriation, or other violation of our technology or other intellectual property or proprietary
rights. Because we may be an attractive target for cyberattacks, we also may have a heightened risk of unauthorized access to, and misappropriation
of, our proprietary and competitively sensitive information. We may be required to spend significant resources to monitor and protect
our intellectual property and other proprietary rights, and we may conclude that in at least some instances the benefits of protecting
our intellectual property or other proprietary rights may be outweighed by the expense or distraction to our management. We may initiate
claims or litigation against third parties for infringement, misappropriation, or other violation of our intellectual property or other
proprietary rights or to establish the validity of our intellectual property or other proprietary rights. Any such litigation, whether
or not it is resolved in our favor, could be time-consuming, result in significant expense to us and divert the efforts of our technical
and management personnel. Furthermore, attempts to enforce our intellectual property rights against third parties could also provoke these
third parties to assert their own intellectual property or other rights against us, or result in a holding that invalidates or narrows
the scope of our rights, in whole or in part.
22
We have been, and may in the future be, subject to intellectual property
rights claims, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain
technologies.
Our success and ability to compete also depends, in part, on our ability
to operate without infringing, misappropriating or otherwise violating the intellectual property or other proprietary rights of third
parties. Companies in the software and technology industries, including some of our current and potential competitors, own large numbers
of patents, copyrights, trademarks and trade secrets and frequently pursue litigation based on allegations of infringement, misappropriation
or other violations of intellectual property rights. In addition, many of these companies have the capability to dedicate substantial
resources to enforce their intellectual property rights and to defend claims that may be brought against them. Such litigation also may
involve non-practicing patent assertion entities or companies who use their patents as a means to extract license fees by threatening
costly litigation or that have minimal operations or relevant product revenue and against whom our patents may provide little or no deterrence
or protection. We have received notices, and may continue to receive notices in the future, that claim we have infringed, misappropriated,
misused or otherwise violated other parties' intellectual property rights, and, to the extent we become exposed to greater visibility,
we face a higher risk of being the subject of intellectual property infringement, misappropriation or other violation claims, which is
not uncommon with respect to software technologies in particular. There may be third-party intellectual property rights, including issued
patents or pending patent applications that cover significant aspects of our technologies, or business methods. There may also be third-party
intellectual property rights, including trademark registrations and pending applications that cover the goods and services that we offer
in certain regions. We may also be exposed to increased risk of being the subject of intellectual property infringement, misappropriation,
or other violation claims as a result of acquisitions and our incorporation of open source and other third-party software into, or new
branding for, our platforms, as, among other things, we have a lower level of visibility into the development process with respect to
such technology or the care taken to safeguard against infringement, misappropriation, or other violation risks. In addition, former employers
of our current, former, or future employees may assert claims that such employees have improperly disclosed to us confidential or proprietary
information of these former employers. Any intellectual property claims, with or without merit, are difficult to predict, could be very
time-consuming and expensive to settle or litigate, could divert our management's attention and other resources, and may not be
covered by the insurance that we carry. These claims could subject us to significant liability for damages, potentially including treble
damages if we are found to have willfully infringed a third party's intellectual property rights. These claims could also result
in our having to stop using technology, branding or marks found to be in violation of a third party's rights and any necessary rebranding
could result in the loss of goodwill. We could be required to seek a license for the intellectual property, which may not be available
on commercially reasonable terms or at all. Even if a license were available, we could be required to pay significant royalties, which
would increase our expenses. As a result, we could be required to develop alternative non-infringing technology, branding or marks, which
could require significant effort and expense. If we cannot license rights or develop technology for any infringing aspect of our business,
we would be forced to limit or stop sales of one or more of our platforms or features, we could lose existing customers, and we may be
unable to compete effectively. Any of these results would harm our business, financial condition, and results of operations.
Further, our agreements with customers and other third parties may
include indemnification provisions under which we agree to indemnify them for losses suffered or incurred as a result of third-party claims
of intellectual property infringement, misappropriation, or other violations of intellectual property rights, damages caused by us to
property or persons, or other liabilities relating to or arising from our platforms, services, or other contractual obligations. Large
indemnity payments could harm our business, financial condition, and results of operations. Any dispute with a customer with respect to
such obligations could have adverse effects on our relationship with that customer and other existing customers and new customers and
harm our business and results of operations.
Real or perceived errors, failures, defects or bugs in our platforms
could adversely affect our results of operations and growth prospects.
Because we offer very complex platforms, undetected errors, defects,
failures or bugs may occur, especially when platforms or capabilities are first introduced or when new versions or other product or infrastructure
updates are released. Our platforms are often installed and used in large-scale computing environments with different operating systems,
software products and equipment, and data source and network configurations, which may cause errors or failures in our platforms or may
expose undetected errors, failures, or bugs in our platforms. Despite testing by us, errors, failures, or bugs may not be found in new
software or releases until after commencement of commercial shipments. In the past, errors have affected the performance of our platforms
and can also delay the development or release of new platforms or capabilities or new versions of platforms, adversely affect our reputation
and our customers' willingness to buy platforms from us, and adversely affect market acceptance or perception of our platforms.
Many of our customers use our platforms in applications that are critical to their businesses or missions and may have a lower risk tolerance
to defects in our platforms than to defects in other, less critical, software products. Any errors or delays in releasing new software
or new versions of platforms or allegations of unsatisfactory performance or errors, defects or failures in released software could cause
us to lose revenue or market share, increase our service costs, cause us to incur substantial costs in redesigning the software, cause
us to lose significant customers, subject us to liability for damages and divert our resources from other tasks, any one of which could
materially and adversely affect our business, results of operations and financial condition. In addition, our platforms could be perceived
to be ineffective for a variety of reasons outside of our control. Hackers or other malicious parties could circumvent our or our customers'
security measures, and customers may misuse our platforms resulting in a security breach or perceived product failure.
23
Real or perceived errors, failures, or bugs in our platforms and services,
or dissatisfaction with our services and outcomes, could result in customer terminations and/or claims by customers for losses sustained
by them. In such an event, we may be required, or we may choose, for customer relations or other reasons, to expend additional resources
in order to help correct any such errors, failures, or bugs. Although we have limitation of liability provisions in our standard software
licensing and service agreement terms and conditions, these provisions may not be enforceable in some circumstances, may vary in levels
of protection across our agreements, or may not fully or effectively protect us from such claims and related liabilities and costs. We
generally provide a warranty for our software products and services and a service level agreement for our performance of software operations
via our operations and maintenance services to customers. In the event that there is a failure of warranties in such agreements, we are
generally obligated to correct the product or service to conform to the warranty provision as set forth in the applicable service level
agreement, or, if we are unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally
prorated over the contract term). The sale and support of our products also entail the risk of product liability claims. We maintain insurance
to protect against certain claims associated with the use of our products, but our insurance coverage may not adequately cover any claim
asserted against us. In addition, even claims that ultimately are unsuccessful could result in our expenditure of funds in litigation
and divert management's time and other resources.
In addition, our platforms integrate a wide variety of other elements,
and our platforms must successfully interoperate with products from other vendors and our customers' internally developed software.
As a result, when problems occur for a customer using our platforms, it may be difficult to identify the sources of these problems, and
we may receive blame for a security, access control, or other compliance breach that was the result of the failure of one of other elements
in a customer's or another vendor's IT, security or compliance infrastructure. The occurrence of software or errors in data,
whether or not caused by our platforms, could delay or reduce market acceptance of our platforms and have an adverse effect on our business
and financial performance, and any necessary revisions may cause us to incur significant expenses. The occurrence of any such problems
could harm our business, financial condition, and results of operations. If an actual or perceived breach of information correctness,
auditability, integrity, or availability occurs in one of our customers' systems, regardless of whether the breach is attributable
to our platforms, the market perception of the effectiveness of our platforms could be harmed. Alleviating any of these problems could
require additional significant expenditures of our capital and other resources and could cause interruptions, delays, or cessation of
our product licensing, which could cause us to lose existing or potential customers and could adversely affect our business, financial
condition, results of operations, and growth prospects.
The mishandling or even the perception of mishandling of sensitive
information could harm Gorilla's business.
Gorilla's products are in some cases used by customers to compile
and analyze highly sensitive or confidential information and data, including, in some cases, information or data used in intelligence
gathering or law enforcement activities. Gorilla or its partners may receive or come into contact with customer's sensitive or confidential
information or data, including personally identifiable information, when Gorilla is asked to perform services or support functions for
its customers. Gorilla or its partners may also receive or come into contact with such information in connection with Gorilla's
SaaS or other hosted or managed services offerings. Gorilla has implemented policies and procedures and use information technology systems
to help ensure the proper handling of such information and data, including background screening of certain services personnel, non-disclosure
agreements with employees and partners, access rules and controls on Gorilla's information technology systems. Customers are also
increasingly focused on the security of Gorilla's products and Gorilla works to ensure their security, including through the use
of encryption, access rights and other customary security features. However, these measures are designed to mitigate the risks associated
with handling or processing sensitive data and cannot safeguard against all risks at all times. The improper handling of sensitive data,
or even the perception of such mishandling (whether or not valid), or other security lapses by Gorilla or its partners or within Gorilla's
products, could reduce demand for Gorilla's products or otherwise expose it to financial or reputational harm or legal liability.
Legal and Regulatory Risks Related to Gorilla's Business
Gorilla's operations and platform are subject to a variety
of U.S. and international laws and regulations, including those regarding privacy, data protection and information security, and
its data consumers may be subject to regulations related to the handling and transfer of certain types of sensitive and confidential information.
Any failure of Gorilla's platform and operations to comply with or enable data consumers to comply with applicable laws and regulations
would harm its business, results of operations and financial condition.
Privacy is at the core of Gorilla's technology. As a result,
the platform and marketplace were designed to take into consideration the requirements of the General Data Protection Regulation 2016/679
("GDPR") and California Consumer Privacy Act of 2018 ("CCPA"). Gorilla has and continues to invest time
and resources, including the review of its technology and systems to ensure its taking into consideration the requirements of applicable
data privacy laws.
24
Gorilla and its data providers and data consumers may be subject to
privacy and data protection-related laws and regulations that impose obligations in connection with the collection, processing and use
of personal data. The U.S. federal and various state and foreign governments have adopted or proposed limitations on, or requirements
regarding, the collection, distribution, use, security and storage of personal data of individuals. The U.S. Federal Trade Commission
and numerous state attorneys general are applying federal and state consumer protection laws to impose standards on the online collection,
use and dissemination of data, and to the security measures applied to such data.
Similarly, many foreign countries and governmental bodies, including
the EU member states, have laws and regulations concerning the collection and use of personal data obtained from EU residents or by businesses
operating within their jurisdiction. For example, as of January 1
st
, 2021, we are subject to the GDPR and also the UK
GDPR, which, together with the amended UK Data Protection Act 2018, retains the GDPR in UK national law. Laws and regulations in
these jurisdictions apply broadly to the collection, use, storage, disclosure and security of personal data that identifies or may be
used to identify an individual, such as names, telephone numbers, email addresses, vehicle identification number, GPS location and, in
some jurisdictions, IP addresses and other online identifiers.
For example, the GDPR, and national implementing legislation in the
European Economic Area ("EEA") member states and the United Kingdom, impose a strict data protection compliance regime including:
providing detailed disclosures about how personal data is collected and processed (in a concise, intelligible and easily accessible form);
demonstrating that an appropriate legal basis is in place or otherwise exists to justify data processing activities; granting new rights
for data subjects in regard to their personal data (including the right to be "forgotten" and the right to data portability),
as well as enhancing current rights (e.g., data subject access requests); introducing the obligation to notify data protection regulators
or supervisory authorities (and in certain cases, affected individuals) of significant data breaches; defining for the first time pseudonymized
(i.e., key-coded) data; imposing limitations on retention of personal data; maintaining a record of data processing; and complying with
the principal of accountability and the obligation to demonstrate compliance through policies, procedures, training and audit.
Noncompliance with GDPR and the UK GDPR can respectively trigger fines
equal to or greater of €20 million or 4% of global annual revenues. In addition to the foregoing, a breach of the GDPR or UK
GDPR could result in regulatory investigations, reputational damage, orders to cease/change our processing of our data, enforcement notices,
and/or assessment notices (for a compulsory audit). We may also face civil claims including representative actions and other class action
type litigation (where individuals have suffered harm), potentially amounting to significant compensation or damages liabilities, as well
as associated costs, diversion of internal resources, and reputational harm. Although Gorilla believes that its Gorilla Vehicle Data Platform
currently meets the material requirements of GDPR, to the extent the requirements of GDPR change or are expanded, Gorilla may need to
invest significant time and resources, including a review of its technology and systems currently in use against such changed or expanded
requirements of GDPR. There are also additional EU laws and regulations (and member states implementations thereof) which govern
the protection of consumers and of electronic communications. If Gorilla's efforts to comply with GDPR or other applicable EU laws
and regulations are not successful, Gorilla may be subject to penalties and fines, as well as the other action as noted above, that would
adversely impact Gorilla's business and results of operations, and its ability to conduct business in the EU could be significantly
impaired.
We are also subject to European Union rules with respect to cross-border
transfers of personal data out of the EEA and the United Kingdom. Recent legal developments in Europe have created complexity and compliance
uncertainty regarding certain transfers of information from the EU to the United States. On July 16, 2020, the Court of Justice
of the European Union (the "CJEU") invalidated the EU-US Privacy Shield Framework. The CJEU also imposed substantial requirements
upon the continued use of standard contractual clauses for data transfers from the EU to the United States. Further, the EU Commission
published revised standard contractual clauses in 2021, which went into effect on June 27, 2021. Companies are required to use the
revised standard contractual clauses after September 27, 2021, and were required to cease use of the legacy clauses by December 27,
2022. The terms of these revised standard contractual clauses may make the use of the clauses difficult or impossible to use under some
circumstances. These recent developments may require us to review and amend the legal mechanisms by which we make and/ or receive personal
data transfers to/ in the United States. As supervisory authorities issue further guidance on personal data export mechanisms, including
circumstances where the standard contractual clauses cannot be used, and/or start taking enforcement action, we could suffer additional
costs, complaints and/or regulatory investigations or fines, and/or if we are otherwise unable to transfer personal data between and among
countries and regions in which we operate, it could affect the manner in which we provide our services, the geographical location or segregation
of our relevant systems and operations, and could adversely affect our financial results. We and our customers are at risk of enforcement
actions taken by European regulators until such point in time that we are able to ensure that all data transfers to the United States
(and other countries deemed to be "third countries") from the EU are legitimized.
25
We are also subject to evolving EU and U.K. privacy laws on cookies
and e-marketing. In the EU and the U.K., regulators are increasingly focusing on compliance with requirements in the online behavioral
advertising ecosystem, and current national laws that implement the European Directive 2002/58/EC, (the "ePrivacy Directive")
are highly likely to be replaced by an EU regulation known as the ePrivacy Regulation which will significantly increase fines for non-compliance.
In the EU and the UK, informed consent is required for the placement of a cookie or similar technologies on a user's device and
for direct electronic marketing. The GDPR also imposes conditions on obtaining valid consent, such as a prohibition on pre-checked consents
and a requirement to ensure separate consents are sought for each type of cookie or similar technology. While the text of the ePrivacy
Regulation is still under development, a recent European court decision and regulators' recent guidance are driving increased attention
to cookies and tracking technologies. If regulators start to enforce the strict approach in recent guidance, this could lead to substantial
costs, require significant systems changes, limit the effectiveness of our marketing activities, divert the attention of our technology
personnel, adversely affect our margins, increase costs and subject us to additional liabilities. Regulation of cookies and similar technologies,
and any decline of cookies or similar online tracking technologies as a means to identify and potentially target users, may lead to broader
restrictions and impairments on our marketing and personalization activities and may negatively impact our efforts to understand users.
Furthermore, outside of the EU, Gorilla continues to see increased
regulation of data privacy and security, including the adoption of more stringent subject matter specific state laws in the United States.
For example, on July 8, 2019, Brazil enacted the General Data Protection Law (Lei Geral de Proteção de Dados Pessoais)
(Law No. 13,709/2018) ("LGPD") regulating the processing of personal data, which was enacted in August 2020. Also, on
June 28, 2018, California enacted the California Consumer Privacy Act ("CCPA"), which took effect on January 1,
2020. The CCPA gives California residents expanded rights to access and delete their personal information, opt out of certain personal
information sharing, and receive detailed information about how their personal information is used. The CCPA provides for civil penalties
for violations, as well as a private right of action for data breaches that is expected to increase data breach litigation. Although Gorilla
believes that its Gorilla Vehicle Data Platform currently meets the requirements of the CCPA, to the extent the requirements of CCPA change
or are expanded may increase Gorilla's compliance costs and potential liability. Some observers have noted that the CCPA could mark
the beginning of a trend toward more stringent state privacy legislation in the U.S., which could increase Gorilla's potential liability
and adversely affect its business. For example, the states of Virginia and Colorado also have passed data protection laws, similar to
the CCPA, which went into effect or will go into effect in 2023. Furthermore, California voters approved the California Privacy Rights
Act ("CPRA") on November 3, 2020, which will amend and expand the CCPA, including by providing consumers with additional
rights with respect to their personal data. The CPRA went into effect on January 1, 2023, applying to information collected by businesses
on or after January 1, 2022. Gorilla continues to invest time and resources in reviewing our technology and systems to meet the evolving
data privacy regulations, be they GDPR, CCPA or others. Restrictions on the collection, use, sharing or disclosure of personal data or
additional requirements and liability for security and data integrity may require us to modify our business practices, limit our ability
to develop new products and features and subject us to increased compliance obligations and regulatory scrutiny.
In addition, additional jurisdictions may impose data localization
laws, which require personal information, or certain subcategories of personal information to be stored in the jurisdiction of origin.
These regulations may inhibit Gorilla's ability to expand into those markets or prohibit Gorilla from continuing to offer its marketplace
in those markets without significant additional costs.
The uncertainty and changes in the requirements of multiple jurisdictions
may increase the cost of compliance, delay or reduce demand for Gorilla's platform, restrict its ability to offer its marketplace
in certain locations, limit its ability to transfer data between jurisdictions or subject Gorilla to sanctions, by national data protection
regulators, all of which could harm its business, financial condition and results of operations. Any such regulations may also restrict
OEMs or other data providers from collecting, processing and sharing vehicle data which may adversely impact Gorilla's business.
Additionally, although Gorilla endeavors to have its platform and operations comply with applicable laws and regulations, Gorilla expects
that there will continue to be new proposed laws, rules of self-regulatory bodies, regulations and industry standards concerning privacy,
data protection and information security in the United States, the European Union and other jurisdictions, and Gorilla cannot yet
determine the impact such future laws, rules, regulations and standards may have on its business or that of its data providers and data
consumers, which may indirectly impact Gorilla. Furthermore, these and other obligations may be modified, they may be interpreted and
applied in an inconsistent manner from one jurisdiction to another, and they may conflict with one another, other regulatory requirements,
contractual commitments or its internal practices. As a result, it is possible that Gorilla or its platform or operations or the businesses
of its data providers and data consumers, may not be, or may not have been, compliant with each such applicable law, regulation and industry
standard and compliance with such new laws or to changes to existing laws may impact Gorilla's business and practices, require Gorilla
to expend significant resources to adapt to these changes and modify its platform and business, or to stop offering its platform in certain
countries. These developments could adversely affect Gorilla's business, results of operations and financial condition.
Gorilla also may be bound by contractual obligations relating to its
collection, use and disclosure of personal and other data or may find it necessary or desirable to join industry or other self-regulatory
bodies or other privacy or data protection-related organizations that require compliance with their rules pertaining to privacy and data
protection.
Any failure or perceived failure by Gorilla, its platform or operations,
or Gorilla's data providers and data consumers, to comply with new or existing U.S., EU or other applicable privacy or data security
laws, regulations, policies, industry standards or legal obligations, or any security incident that results in the unauthorized access
to, or acquisition, share or transfer of, personal data or other customer data may result in governmental investigations, inquiries, enforcement
actions and prosecutions, private litigation, fines and penalties, adverse publicity or potential loss of business.
26
Gorilla is subject to complex, evolving regulatory requirements
that may be difficult and expensive to comply with and that could negatively impact its business.
Gorilla's business and operations are subject to a variety of
regulatory requirements in the United States and abroad, including, among other things, with respect to labor, tax, import and export,
anti-corruption, data privacy and protection and communications monitoring and interception. Compliance with these regulatory requirements
may be onerous and expensive, especially where these requirements are inconsistent from jurisdiction to jurisdiction or where the jurisdictional
reach of certain requirements is not clearly defined or seeks to reach across national borders. Regulatory requirements in one jurisdiction
may make it difficult or impossible to do business in another jurisdiction. Gorilla may also be unsuccessful in obtaining permits, licenses
or other authorizations required to operate its business, such as for the import or export of its products. While Gorilla has implemented
policies and procedures designed to achieve compliance with these laws and regulations, Gorilla also cannot assure you that it or its
personnel will not violate applicable laws and regulations or its policies regarding the same.
Regulatory requirements may also influence market demand for many of
Gorilla's products and/or customer requirements for specific functionality and performance or technical standards. The domestic
and international regulatory environment is subject to constant change, often based on factors beyond Gorilla's control or anticipation,
including political climate, budgets and current events, which could reduce demand for Gorilla's products or require Gorilla to
change or redesign products to maintain compliance or competitiveness.
Failure to comply with governmental laws and regulations could
harm our business, and we have been, and expect to be, the subject of legal and regulatory inquiries, which may result in monetary payments
or may otherwise negatively impact our reputation, business and results of operations.
As noted previously, our business is subject to regulation by various
federal, state, local, and foreign governments in which we operate. Noncompliance with applicable regulations or requirements could subject
us to investigations, administrative proceedings, sanctions, enforcement actions, disgorgement of profits, fines, damages, litigation,
civil and criminal penalties, termination of contracts, exclusion from sales channels or sales opportunities, injunctions or other consequences.
Such matters may include, but are not limited to, claims, disputes, allegations or investigations related to alleged violations of laws
or regulations relating to anticorruption requirements, lobbying or conflict-of-interest requirements, export or other trade controls,
data privacy or data protection requirements, or laws or regulations relating to employment, procurement, cybersecurity, securities, or
antitrust/competition requirements. We may be subject to government inquiries that drain our time and resources, tarnish our brand among
customers and potential customers, prevent us from doing business with certain customers or markets, including government customers, affect
our ability to hire, attract and maintain qualified employees, or require us to take remedial action or pay penalties. From time to time,
we receive formal and informal inquiries from governmental agencies and regulators regarding our compliance with laws and regulations
or otherwise relating to our business or transactions. Any negative outcome from such inquiries or investigations or failure to prevail
in any possible civil or criminal litigation could adversely affect our business, reputation, financial condition, results of operations,
and growth prospects.
As the regulatory framework for artificial intelligence and machine
learning technology evolves, our business, financial condition and results of operations may be adversely affected.
The regulatory framework for artificial intelligence and machine learning
technology is evolving and remains uncertain. It is possible that new laws and regulations will be adopted in the United States and
globally, or existing laws and regulations may be interpreted in new ways, that would affect the operation of our platform and the way
in which we use artificial intelligence and machine learning technology, including with respect to fair lending laws. Further, the cost
to comply with such laws or regulations could be significant and would increase our operating expenses, which could adversely affect our
business, financial condition and results of operations.
Changes to the current regulations and currency restrictions
in Hong Kong could materially and adversely affect Gorilla's business operations in Hong Kong and Gorilla's overall results
of operation.
Gorilla differentiates Hong Kong from People's Republic of China
("PRC" or "mainland China"). Apart from the sovereign issues relating to Hong Kong and PRC, Hong Kong is still
considered as an important portal for doing business and one of the global financial centers. Our operations in Hong Kong are our gateway
to business relationships with our clients in South East Asia. Generally, there are no restrictions on foreign ownership in companies
in Hong Kong, except for ownership in licenses in the broadcasting and cable industry, which we are not involved in such business operations.
Hong Kong has in place monetary policy objectives to maintain a stable external exchange value of Hong Kong dollars, in terms of its exchange
rate in the foreign exchange market against the US dollar. There are otherwise no foreign exchange controls in Hong Kong. There is generally
a free flow of capital into and out of Hong Kong. Lastly, Hong Kong has no official 'censorship' law. The national security
law ("NSL") was enacted in 2020 which criminalizes four types of acts: secession, subversion, terrorist activities and collusion
with a foreign country or with external elements to endanger national security. Whether and how the NSL may apply to Gorilla will depend
on the Gorilla's nature of business. If changes are made to the current restrictions on foreign ownership of companies in Hong Kong,
the foreign exchange controls or later amendments to NSL, our business operations in Hong Kong and the results of operation may be materially
and adversely affected.
27
The PRC government may intervene or influence our operations
in Hong Kong at any time, which could result in a material change in our Hong Kong operations and adversely impact our financial
condition and the value of our ordinary shares.
Hong Kong is a special administrative region of PRC. Therefore,
the PRC government has significant oversight and discretion over the conduct of our business and may intervene or influence our operations
in Hong Kong as the PRC government deems appropriate to further achieve its regulatory, political and societal goals. The PRC government
has recently published new policies that significantly affect certain industries such as the education and internet industries, and we
cannot rule out the possibility that it will in the future release regulations or policies regarding our industry that could require us
to seek permission from the relevant governmental authorities to commence or continue to operate our business in Hong Kong, which
may adversely affect our business, financial condition and results of operations. There is always a risk that the PRC government may,
in the future, seek to affect operations of any company with any level of operations in mainland China or Hong Kong. Any such action,
once taken by the PRC government, could adversely impact our financial condition and cause the value of our ordinary shares to significantly
decline. In addition, if we were to become subject to the direct or indirect intervention or influence of the PRC government at any time
due to changes in laws or other unforeseeable reasons, it may require a material change in our operations in Hong Kong and/or result
in increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply.
Uncertainties in the PRC's legal system could adversely
affect our business and result of operations.
Since 1979, many new laws and regulations covering general economic
matters have been promulgated in the PRC. However, since the laws and regulations are relatively new and the PRC's legal system
continues to evolve rapidly, interpretations of laws, regulations and rules are not always uniform, and enforcement involves uncertainties.
Despite the development of the legal system, the PRC's system of laws is not yet complete. Even where laws and regulations exist
in the PRC, there may be laws and regulations at the national level or local level, which are peculiar to the PRC and not commonly seen
in developed countries and may impose additional procedural or compliance requirements on those subject to such laws and regulations.
Furthermore, the recognition and enforcement of foreign judgments are provided for under the China Civil Procedural Law. PRC courts may
recognize and enforce foreign judgments in accordance with the requirements of the China Civil Procedural Law based either on a treaty
between the PRC and the country where the judgment is made or on reciprocity between jurisdictions.
Therefore, if a foreign judgment is rendered by a foreign court where
the country and the PRC do not have any treaties or other agreements that provide for the reciprocal recognition and enforcement of foreign
judgements, such a judgement may not be enforced by a PRC court. The relative inexperience of PRC's judiciary in many cases creates
additional uncertainty as to the outcome of any litigation. In addition, interpretation of laws and regulations of the PRC may be subject
to government policies reflecting domestic political changes.
If the PRC further intervenes in Hong Kong, our operations in
Hong Kong may be subject to administrative review and approval by various national and local agencies of the PRC government. Due
to the changes occurring in the legal and regulatory structure of the PRC, we may not be able to secure the required governmental approval
for such activities.
In addition, local government authorities may adopt their own policies
and practices. Failure to obtain the requisite governmental approval or to comply with the local government's policies or practices
for any of our business activities could adversely affect our business and operating results.
We cannot predict the effects of future developments relating to the
PRC's legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof,
the pre-emption of local regulations by national PRC laws or the overturning of local government's decisions by the central PRC
government. These uncertainties may limit the legal protections available to us. In addition, any litigation in the PRC may be protracted
and result in substantial costs and diversion of our resources and management's attention.
PRC laws and regulations are sometimes vague and uncertain. Rules
and regulations in the PRC can change quickly with little advance notice. Any changes in such laws and regulations may have a material
and adverse effect on our business.
There are substantial uncertainties regarding the interpretation and
application of PRC laws and regulations. Rules and regulations in the PRC can change quickly with little advance notice. We and our current
subsidiaries, and any future subsidiaries, may be considered foreign persons or foreign-invested enterprises under PRC laws, and as a
result, we may be required to comply with PRC laws and regulations applicable to foreign persons or foreign-invested enterprises. These
laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve
substantial uncertainty. Such changes, if implemented, may adversely affect our business operations and may reduce our profitability.
The effectiveness of newly enacted laws, regulations or amendments may be delayed, resulting in detrimental reliance by foreign investors.
New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what
effect the interpretation of existing or new PRC laws or regulations may have on our businesses.
28
Risks Related to Gorilla's Incorporation in the Cayman Islands
Because we are incorporated under the laws of the Cayman Islands,
you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may
be limited.
We are an exempted company incorporated under the laws of the Cayman
Islands. As a result, it may be difficult for investors to effect service of process within the United States upon our directors
or officers, or enforce judgments obtained in the United States courts against our directors or officers.
Our corporate affairs are governed by our amended and restated memorandum
and articles of association, the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against
the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are
to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively
limited judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority,
but are not binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors
under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United States.
In particular, the Cayman Islands has a different body of securities laws as compared to the United States, and certain states, such
as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies may
not have standing to initiate a shareholders derivative action in a Federal court of the United States.
The courts of the Cayman Islands are unlikely (i) to recognize
or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities
laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against
us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the
liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the
Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign
money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a
competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain
conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a
liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the
same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural
justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy).
A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
As a result of all of the above, public shareholders may have more
difficulty in protecting their interests in the face of actions taken by management, members of the Board of Directors or controlling
shareholders than they would as public shareholders of a United States company.
Recently introduced economic substance legislation of the Cayman
Islands may adversely impact us or our operations.
The Cayman Islands, together with several other non-European Union
jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore
structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019,
the International Tax Co-operation (Economic Substance) Act (As Revised) (the "Substance Act") came into force in the Cayman
Islands introducing certain economic substance requirements for in-scope Cayman Islands entities which are engaged in certain "relevant
activities," which in the case of exempted companies incorporated before January 1, 2019, will apply in respect of financial years
commencing July 1, 2019 onwards. As we are a Cayman Islands company, compliance obligations include filing annual notifications for
us, which need to state whether we are carrying out any relevant activities and if so, whether we have satisfied economic substance tests
to the extent required under the Substance Act. As it is a new regime, it is anticipated that the Substance Act will evolve and be subject
to further clarification and amendments. We may need to allocate additional resources to keep updated with these developments, and may
have to make changes to our operations in order to comply with all requirements under the Substance Act. Failure to satisfy these requirements
may subject us to penalties under the Substance Act.
We may re-domicile or continue out of the Cayman Islands into
another jurisdiction, and the laws of such jurisdiction will likely govern all of our material agreements and we may not be able to enforce
our legal rights.
We may relocate the home jurisdiction of our business or re-domicile
or continue out of the Cayman Islands to another jurisdiction. If we determine to do this, the laws of such jurisdiction would likely
govern all of our material agreements. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain
in implementation and interpretation as in the United States. The inability to enforce or obtain a remedy under any of our future
agreements could result in a significant loss of business, business opportunities or capital. Any such reincorporation and the international
nature of our business will likely subject us to foreign regulation.
29
Risks Related to Gorilla's Substantial Presence in Taiwan
Conditions in Taiwan could materially and adversely affect Gorilla's
business.
Many of Gorilla's employees, including certain management members
operate from its offices that are located in Neihu District of Taipei City, Taiwan. In addition, a number of Gorilla's officers
and directors are residents of Taiwan. Accordingly, political, economic and military conditions in Taiwan and the surrounding region,
including any escalation of tensions between China and Taiwan, may directly affect Gorilla's business and operations.
Because our Company is located outside of the U.S., Gorilla is
subject to the risks of doing business internationally, including periodic foreign economic downturns and political instability, which
may adversely affect Gorilla's revenue and cost of doing business in Taiwan.
Gorilla's offices and employees are located in Taiwan. Foreign
economic downturns may affect our results of operations in the future. Additionally, other facts relating to the operation of Gorilla's
business outside of the U.S. may have a material adverse effect on Gorilla's business, financial condition and results of operations,
including:
●
international economic and political changes;
●
the imposition of governmental controls or changes in government
regulations, including tax laws, regulations and treaties;
●
lack of familiarity and burdens of ongoing compliance with local
laws, legal standards, regulatory requirements, tariffs, customs formalities and other barriers, including restrictions on advertising
practices, regulations governing online services, restrictions on importation or shipping of specified or proscribed items, importation
quotas, shopper protection laws, enforcement of intellectual property rights, laws dealing with shopper and data protection, privacy,
encryption, denied parties and sanctions, and restrictions on pricing or discounts;
●
heightened exposure to fraud;
●
legal uncertainty in foreign countries with less developed
legal systems;
●
unexpected changes in regulatory requirements, taxes, trade
laws, tariffs, export quotas, custom duties or customs formalities, embargoes, exchange controls, government controls or other trade
restrictions;
●
compliance with U.S. and international laws involving
international operations, including the Foreign Corrupt Practices Act ("FCPA"), the U.K. Bribery Act 2010 (the "U.K.
Bribery Act"), which correlates with the scope of our sales and operations in foreign jurisdictions and operations in certain industries,
such that an increase in such operations would increase risk of non-compliance with the aforementioned laws, and export control laws;
●
fluctuations in exchange rates that may increase our foreign
exchange exposure;
●
potentially adverse tax consequences, including the complexities
of foreign tax laws (including with respect to value added taxes) and restrictions on the repatriation of earnings;
●
difficulties in achieving headcount reductions due to unionized
labor and works councils;
●
restrictions on transfers of funds and assets between jurisdictions;
and
●
China — Taiwan geo-political instability.
As Gorilla continues to operate its business, its success will depend
in part, on its ability to anticipate and effectively manage these risks. The impact of any one or more of these factors could materially
adversely affect Gorilla's business, financial condition and results of operations.
Gorilla may be exposed to liabilities under the U.S. Foreign
Corrupt Practices Act ("FCPA") and Chinese anti-corruption law.
Gorilla is subject to the FCPA, the U.K. Bribery Act, and other laws
that prohibit improper payments or offers of payments to foreign governments, foreign government officials and political parties by U.S. persons
as defined by the statute for purposes of obtaining or retaining businesses. Gorilla may have agreements with third parties who may make
sales in mainland China and the U.S., during the process of which Gorilla may be exposed to corruption. Activities in Taiwan create the
risk of unauthorized payments or offers of payments by an employee, consultant or agent of Gorilla, because these parties are not always
subject to Gorilla's control.
Although Gorilla believes to date it has complied in all material aspects
with the provisions of the FCPA, the U.K. Bribery Act and Chinese anti-corruption law, the existing safeguards and any future improvements
may prove to be less than effective and any of Gorilla's employees, consultants or agents may engage in corruptive conduct for which
Gorilla might be held responsible. Violations of the FCPA, the U.K. Bribery Act or Chinese anti-corruption law may result in severe criminal
or civil sanctions against Gorilla and individuals and therefore could negatively affect Gorilla's business, operating results and
financial condition. In addition, the Taiwanese government may seek to hold Gorilla liable as a successor for FCPA violations committed
by companies in which Gorilla invests or acquires.
30
International operations expose Gorilla to currency exchange
and repatriation risks, and Gorilla cannot predict the effect of future exchange rate fluctuations on its business and operating results.
Gorilla has business operations in Taiwan and collaborative activities
in the U.S. Substantial amounts of revenues are received and expenses are incurred in both New Taiwan Dollars and U.S. Dollars,
and going forward substantial amounts of revenues may be received and expenses may be incurred in different currencies. Thus, Gorilla
has exposure to currency fluctuations. Gorilla cannot assure you that the effect of currency exchange fluctuations will not materially
affect its revenues and net income in the future.
Exposure to foreign currency exchange rate fluctuations could
negatively impact our results of operations.
While some of the transactions through our platform are denominated
in U.S. dollars, Gorilla has transacted in foreign currencies and may transact in additional foreign currencies in the future. Gorilla
also has expenses denominated in currencies other than the U.S. dollar. Given our anticipated international growth, Gorilla expects the
number of transactions in a variety of foreign currencies to continue to grow in the future. Gorilla may need to convert the currencies
it receives through its operations into other currencies in order to fund its continued operations. Such conversions may create transaction
costs to Gorilla. In addition, although Gorilla tries to limit its exposure to foreign currency fluctuations, the use of hedging instruments
may not be available for all currencies or may not always offset losses resulting from foreign currency exchange rate fluctuations. Moreover,
the use of hedging instruments can itself result in losses if we are unable to structure effective hedges with such instruments.
Exchange controls and other restrictions on the movement of capital
out of certain jurisdictions or otherwise affecting our settlement transactions or our subsidiaries' ability to pay dividends or
make other payments to us may have a material adverse effect on our results of operations and financial condition.
We are subject in certain jurisdictions where we have operations, such
as certain countries in Asia and the MENA region, to the risk that regulatory authorities in or outside such jurisdictions may impose
exchange controls or restrictions on the movement of capital, including on transactions involving transfers of funds from such jurisdictions,
as well as restrictions on repatriation of funds or repatriation of profits on subsidiaries from such jurisdictions, which may restrict
the amount of funds that can be transferred or dividends that can be paid upstream to us from such jurisdictions. For example, in certain
jurisdictions, we may need to obtain regulatory approval prior to the repatriation of funds from these jurisdictions. If needed, we will
attempt to obtain applicable approvals in these jurisdictions, though there can be no assurance that such approvals will be obtained in
a timely manner, or at all, or that we will timely obtain approvals in jurisdictions where we may seek to operate in the future. Central
banks may restrict the ability of companies to convert local currencies into foreign currencies and impose other exchange controls. We
may not be unable to adequately address such restrictions. If we are unable to transfer such amounts from such jurisdictions when and
as needed, we will remain subject to foreign exchange risk relating to such retained funds denominated in local currencies (including
merchant funds held by us), to the extent we cannot convert such funds into other currencies (whether as a result of foreign exchange
restrictions in such jurisdictions, or any restrictions on transferring funds out of such jurisdictions), which may adversely impact our
ability to settle such transactions and subject us to significant foreign exchange risk, which could have a material adverse effect on
our results of operations, liquidity and financial condition.
In addition, repatriations of cash from our subsidiaries may be subject
to withholding, income and other taxes in various applicable jurisdictions. If our subsidiaries are unable to pay dividends and make other
payments or transfers of funds to us when needed, we may be unable to satisfy our obligations, which would have a material adverse effect
on our business, financial condition and operating results.
It may be difficult to enforce a U.S. judgment against Gorilla,
its officers and directors and the Taiwanese experts named in this Annual Report in Taiwan or the United States, or to assert U.S. securities
laws claims in Taiwan or serve process on Gorilla's officers and directors and these experts.
Many of Gorilla's directors or officers are not residents of
the United States and most of their and Gorilla's assets are located outside the United States. Service of process upon
Gorilla or its non-U.S. resident directors and officers and enforcement of judgments obtained in the United States against Gorilla
or its non-U.S. directors and executive officers may be difficult to obtain within the United States. Gorilla have been informed
by its legal counsel in Taiwan that it may be difficult to assert claims under U.S. securities laws in original actions instituted
in Taiwan or obtain a judgment based on the civil liability provisions of U.S. federal securities laws. Taiwanese courts may refuse
to hear a claim based on a violation of U.S. securities laws against Gorilla or its non-U.S. officers and directors because
Taiwan may not be the most appropriate forum to bring such a claim. In addition, even if a Taiwanese court agrees to hear a claim, it
may determine that Taiwanese law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content
of applicable U.S. law must be proved as a fact, which can be a time-consuming and costly process. Certain matters of procedure will
also be governed by Taiwanese law. Taiwanese courts might not enforce judgments rendered outside Taiwan, which may make it difficult to
collect on judgments rendered against Gorilla or its non-U.S. officers and directors.
31
Moreover, among other reasons, including but not limited to, fraud
or absence of due process, or the existence of a judgment which is at variance with another judgment that was given in the same matter
if a suit in the same matter between the same parties was pending before a court or tribunal in Taiwan, a Taiwanese court will not enforce
a non-Taiwanese judgment if it was given in a state whose laws do not provide for the enforcement of judgments of Taiwanese courts (subject
to exceptional cases) or if its enforcement is likely to prejudice its sovereignty or security.
Risks Related to the Gorilla Financial Statements and Internal Control
Over Financial Reporting
If we fail to implement and maintain an effective system of internal
controls or fail to remediate the material weaknesses in our internal control over financial reporting that have been identified, we may
be unable to accurately report our results of operations or prevent fraud or fail to meet our reporting obligations, and investor confidence
and the market price of our shares may be materially and adversely affected.
Prior to the Merger, Gorilla had been 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. In connection with the preparation of our
consolidated financial statements as of and for the years ended December 31, 2022 and 2021, we identified material weaknesses
in our internal control over financial reporting, as defined in the standards established by the PCAOB. The material weaknesses identified
arose from: (i) lack of sufficient number of professionals with an appropriate level of accounting and regulatory knowledge, training,
and experience to appropriately analyze, record and disclose accounting matters timely and accurately with respect to Gorilla's
financial reporting and internal control over financial reporting framework; and (ii) lack of policies and procedures over evaluation
of significant complex transactions and evaluation of certain general ledger accounts. Following the identification of the material weaknesses,
we have taken and plan to continue to take remedial measures to remedy the weaknesses. However, the implementation of these measures may
not fully address the material weaknesses in our internal control over financial reporting, and we cannot conclude that they have been
fully remedied. 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. As a result, our business, financial condition, results
of operations and prospects, as well as the trading price of our shares may be materially and adversely affected. Moreover, ineffective
internal control over financial reporting significantly hinders our ability to prevent fraud. Furthermore, it is possible that, had our
independent registered public accounting firm conducted an audit of our internal control over financial reporting, such firm might have
identified additional material weaknesses and deficiencies.
Our management is responsible for establishing and maintaining adequate
internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements in accordance with the applicable accounting
standards, which for us, is IFRS. We are a public company in the United States subject to the Sarbanes-Oxley Act of 2002.
Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, requires that we include a report of management on
our internal control over financial reporting in our annual report on Form 20-F beginning with our second annual report on Form 20-F. This
assessment will need to include disclosures of any material weaknesses identified by our management in our internal control over financial
reporting. The SEC defines a "material weakness" 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.
In addition, once we cease to be an "emerging growth company"
as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness
of our internal control over financial reporting. Our remediation efforts may not enable us to avoid material weaknesses in our internal
control over financial reporting in the future. Our management may conclude that our internal control over financial reporting is not
effective. In addition, after we become a public company, our reporting obligations may place a significant strain on our management,
operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing
and any required remediation. During the course of documenting and testing our internal control procedures, in order to satisfy the requirements
of Section 404, we may identify other material weaknesses and deficiencies in our internal control over financial reporting. In addition,
if we fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or
amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting
in accordance with Section 404. At such time, our independent registered public accounting firm may issue a report that is adverse
in the event it is not able to obtain sufficient appropriate evidence with the level at which our controls are documented, designed or
operating.
If we fail to achieve and maintain an effective internal control environment,
we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause
investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results
of operations and lead to a decline in the trading price of our shares. Additionally, ineffective internal control over financial reporting
could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange
on which we list, regulatory investigations and civil or criminal sanctions. We may also be required to restate our financial statements
from prior periods.
32
Risks Related to Being a Public Company
Gorilla incurs increased costs as a result of operating as a
public company, and its management devotes substantial time to new compliance initiatives.
Gorilla is a new public company subject to reporting requirements in
the United States, and it incurs significant legal, accounting and other expenses that it did not incur as a private company, and
these expenses may increase even more after Gorilla is no longer an emerging growth company, as defined in Section 2(a) of the
Securities Act. As a public company, Gorilla is subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act,
the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules adopted, and to be adopted, by the SEC and Nasdaq. Gorilla's
management and other personnel devote a substantial amount of time to these compliance initiatives. Moreover, Gorilla expects these rules
and regulations to substantially increase its legal and financial compliance costs and to make some activities more time-consuming and
costly. The increased costs will increase Gorilla's net loss. For example, Gorilla expects these rules and regulations to make it
more difficult and more expensive for it to obtain director and officer liability insurance and it may be forced to accept reduced policy
limits or incur substantially higher costs to maintain the same or similar coverage. Gorilla cannot predict or estimate the amount or
timing of additional costs it may incur to respond to these requirements. The impact of these requirements could also make it more difficult
for Gorilla to attract and retain qualified persons to serve on its board of directors, its board committees or as executive officers.
A market for Gorilla's securities may not be sustained,
which would adversely affect the liquidity and price of Gorilla's securities.
The price of Gorilla's securities may fluctuate significantly
due to, among other things, general market and economic conditions. An active trading market for Gorilla's securities may not be
sustained. In addition, the price of Gorilla's securities can vary due to general economic conditions and forecasts, Gorilla's
general business condition and the release of Gorilla's financial reports. Additionally, if Gorilla's securities become delisted
from Nasdaq and are quoted on the OTC Bulletin Board (an inter-dealer automated quotation system for equity securities that is not a national
securities exchange), the liquidity and price of Gorilla's securities may be more limited than if Gorilla was quoted or listed on
the New York Stock Exchange, Nasdaq or another national securities exchange. You may be unable to sell your securities unless a market
can be established or sustained.
Risks Related to Ownership of Our Ordinary Shares
Our forecasted operating and financial results rely in large
part upon assumptions and analyses developed by us. If these assumptions and analyses prove to be incorrect, our actual operating and
financial results may be significantly below our forecasts.
The projected financial and operating information appearing elsewhere
in this proxy statement reflects current estimates of future performance. Whether actual operating and financial results and business
developments will be consistent with our expectations and assumptions as reflected in its forecast depends on a number of factors, many
of which are outside of our control, including, but not limited to:
●
whether we can obtain sufficient capital to begin production
and grow our business;
●
our ability to manage our growth;
●
whether we can manage relationships with our partners and
suppliers;
●
whether we can rapidly deploy our facilities and successfully
execute our production methodologies in such facilities;
●
the ability to obtain necessary regulatory approvals and
certifications;
●
demand for our products and services;
●
the timing and costs of new and existing marketing and promotional
efforts;
●
inflationary pressures in labor markets and for other resources
●
competition, including from established and future competitors;
●
our ability to retain existing key management, to integrate
recent hires and to attract, retain and motivate qualified personnel;
33
●
the overall strength and stability of the economies in the
markets in which we operate or intend to operate in the future; and
●
regulatory, legislative and political changes.
Unfavorable changes in any of these or other factors, most of which
are beyond our control, could materially and adversely affect our business, results of operations and financial results.
Gorilla is a foreign private issuer and, as a result, it is not
subject to U.S. proxy rules and is subject to Exchange Act reporting obligations that, to some extent, are more lenient and
less frequent than those of a U.S. domestic public company.
Gorilla reports under the Exchange Act as a non-U.S. company
with foreign private issuer status. Because Gorilla qualifies as a foreign private issuer under the Exchange Act, it is exempt from
certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (1) the sections
of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under
the Exchange Act, (2) the sections of the Exchange Act requiring insiders to file public reports of their share ownership
and trading activities and liability for insiders who profit from trades made in a short period of time and (3) the rules under the
Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified
information. In addition, foreign private issuers are not required to file their annual report on Form 20-F until 120 days
after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report
on Form 10-K within 75 days after the end of each fiscal year and U.S. domestic issuers that are large accelerated filers
are required to file their annual report on Form 10-K within 60 days after the end of each fiscal year. Foreign private issuers
are also exempt from Regulation FD, which is intended to prevent issuers from making selective disclosures of material information.
As a result of all of the above, you may not have the same protections afforded to shareholders of a company that is not a foreign private
issuer.
Gorilla may lose its foreign private issuer status in the future,
which could result in significant additional costs and expenses.
As discussed above, Gorilla is a foreign private issuer and, therefore,
is not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination
of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal
quarter, and, accordingly, the next determination will be made with respect to Gorilla on June 30, 2023. In the future, Gorilla would
lose its foreign private issuer status if (1) more than 50% of its outstanding voting securities are owned by U.S. residents
and (2) a majority of its directors or executive officers are U.S. citizens or residents, or it fails to meet additional requirements
necessary to avoid loss of foreign private issuer status. If Gorilla loses its foreign private issuer status, it will be required to file
with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than
the forms available to a foreign private issuer. Gorilla would also have to mandatorily comply with U.S. federal proxy requirements,
commence reporting its financials in accordance with U.S. GAAP and its officers, directors and principal shareholders will become subject
to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, it would lose its
ability to rely upon exemptions from certain corporate governance requirements under the listing rules of Nasdaq. As a U.S. listed
public company that is not a foreign private issuer, Gorilla would incur significant additional legal, accounting and other expenses that
it will not incur as a foreign private issuer.
As Gorilla is a "foreign private issuer" and intends
to follow certain home country corporate governance practices, its shareholders may not have the same protections afforded to shareholders
of companies that are subject to all Nasdaq corporate governance requirements.
As a foreign private issuer, Gorilla has the option to follow certain
home country corporate governance practices rather than those of Nasdaq, provided that it discloses the requirements it is not following
and describes the home country practices it is following. Gorilla may in the future elect to follow home country practices with regard
to certain matters. As a result, its shareholders may not have the same protections afforded to shareholders of companies that are subject
to all Nasdaq corporate governance requirements.
The market price and trading volume of the ordinary shares may
be volatile.
The stock markets, including Nasdaq on which Gorilla lists the ordinary
shares and warrants under the symbols "GRRR," and "GRRRW," respectively, have from time to time experienced significant
price and volume fluctuations. Even if an active, liquid and orderly trading market is sustained for the ordinary shares and warrants,
the market price of the ordinary shares and warrants may be volatile and could decline significantly. In addition, the trading volume
in the ordinary shares and warrants may fluctuate and cause significant price variations to occur. If the market price of the ordinary
shares and warrants declines significantly, you may be unable to resell your shares or warrants at or above the market price of the ordinary
shares and warrants. Gorilla cannot assure you that the market price of the ordinary shares and warrants will not fluctuate widely or
decline significantly in the future in response to a number of factors, including, among others, the following:
●
the realization of any of the risk factors presented in this
Annual Report;
34
●
actual or anticipated differences in Gorilla's estimates,
or in the estimates of analysts, for Gorilla's revenues, results of operations, level of indebtedness, liquidity or financial condition;
●
additions and departures of key personnel;
●
failure to comply with the requirements of Nasdaq;
●
failure to comply with the Sarbanes-Oxley Act or other laws
or regulations;
●
future issuances, sales, resales or repurchases or anticipated
issuances, sales, resales or repurchases, of Gorilla's securities including due to the expiration of contractual lock-up agreements;
●
publication of research reports about Gorilla;
●
the performance and market valuations of other similar companies;
●
failure of securities analysts to initiate or maintain coverage
of Gorilla, changes in financial estimates by any securities analysts who follow Gorilla or Gorilla's failure to meet these estimates
or the expectations of investors;
●
new laws, regulations, subsidies, or credits or new interpretations
of existing laws applicable to Gorilla;
●
commencement of, or involvement in, litigation involving
Gorilla;
●
broad disruptions in the financial markets, including sudden
disruptions in the credit markets;
●
speculation in the press or investment community;
●
actual, potential or perceived control, accounting or reporting
problems;
●
changes in accounting principles, policies and guidelines;
and
●
other events or factors, including those resulting from infectious
diseases, health epidemics and pandemics (including the ongoing COVID-19 public health emergency), natural disasters, war,
acts of terrorism or responses to these events.
In the past, securities class-action litigation has often been instituted
against companies following periods of volatility in the market price of their shares. This type of litigation could result in substantial
costs and divert Gorilla's management's attention and resources, which could have a material adverse effect on us.
Gorilla's quarterly operating results may fluctuate significantly
and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond
its control, resulting in a decline in its stock price.
Gorilla's quarterly operating results may fluctuate significantly
because of several factors, including:
●
labor availability and costs for hourly and management personnel;
●
profitability of Gorilla's products, especially in
new markets and due to seasonal fluctuations;
●
changes in interest rates;
●
impairment of long-lived assets;
●
macroeconomic conditions, both internationally and locally;
●
changes in consumer preferences and competitive conditions;
●
expansion to new markets; and
●
fluctuations in commodity prices.
35
If securities or industry analysts do not publish or cease publishing
research or reports about Gorilla, its business, or its market, or if they change their recommendations regarding the ordinary shares
adversely, then the price and trading volume of Gorilla's securities could decline.
The trading market for Gorilla's securities is and will be influenced
by the research and reports that industry or financial analysts publish about its business. Gorilla does not control these analysts, or
the content and opinions included in their reports. As a new public company, Gorilla may be slow to attract research coverage and the
analysts who publish information about Gorilla's securities will have had relatively little experience with Gorilla, which could
affect their ability to accurately forecast Gorilla's results and make it more likely that Gorilla fails to meet their estimates.
In the event Gorilla obtains industry or financial analyst coverage, if any of the analysts who cover Gorilla issues an inaccurate or
unfavorable opinion regarding it, the price of Gorilla's securities would likely decline. In addition, the share prices of many
companies in the technology industry have declined significantly after those companies have failed to meet, or significantly exceed, the
financial guidance publicly announced by the companies or the expectations of analysts. If Gorilla's financial results fail to meet,
or significantly exceed, its announced guidance or the expectations of analysts or public investors, analysts could downgrade Gorilla's
securities or publish unfavorable research about it. If one or more of these analysts cease coverage of Gorilla or fail to publish reports
on it regularly, Gorilla's visibility in the financial markets could decrease, which in turn could cause the price of its securities
or trading volume to decline.
Gorilla's failure to meet the continued listing requirements
of Nasdaq could result in a delisting of its securities.
If Gorilla fails to satisfy the continued listing requirements of Nasdaq
such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to delist its securities.
Such a delisting would likely have a negative effect on the price of the securities and would impair your ability to sell or purchase
the securities when you wish to do so. In the event of a delisting, Gorilla can provide no assurance that any action taken by it to restore
compliance with listing requirements would allow its securities to become listed again, stabilize the market price or improve the liquidity
of its securities, prevent its securities from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliance
with Nasdaq's listing requirements. Additionally, if Gorilla's securities become delisted from Nasdaq, for any reason, and
are quoted on the OTC Bulletin Board, an inter-dealer automated quotation system for equity securities that is not a national securities
exchange, the liquidity and price of Gorilla's securities may be more limited than if it were quoted or listed on Nasdaq or another
national securities exchange. You may be unable to sell your securities unless a market can be established or sustained.
Gorilla qualifies as an emerging growth company within the meaning
of the Securities Act, and Gorilla takes advantage of certain exemptions from disclosure requirements available to emerging growth companies,
which makes Gorilla's securities less attractive to investors.
Gorilla is eligible to be treated as an emerging growth company, as
defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. For as long as Gorilla continues to be an emerging
growth company, it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies
that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404
of the Sarbanes-Oxley Act. As a result, its shareholders may not have access to certain information that they may deem important. Gorilla
could be an emerging growth company for up to five years, although circumstances could cause it to lose that status earlier, including
if its total annual gross revenue exceeds $1.235 billion, if it issues more than $1.0 billion in non-convertible debt securities
during any three-year period, or if before that time it is a "large accelerated filer" under U.S. securities laws.
Gorilla cannot predict if investors find its securities less attractive
because it relies on these exemptions. If some investors find its securities less attractive as a result, there may be a less active trading
market for its securities and the price of Gorilla's securities may be more volatile. Further, there is no guarantee that the exemptions
available to Gorilla under the JOBS Act will result in significant savings. To the extent that Gorilla chooses not to use exemptions from
various reporting requirements under the JOBS Act, it will incur additional compliance costs, which may impact Gorilla's financial
condition.
36
Item 4: INFORMATION
ON THE COMPANY
4.A. HISTORY AND DEVELOPMENT OF THE COMPANY
General Corporate Information
Gorilla was incorporated in 2001 as a Cayman Islands exempted company,
and our principal executive office is located at Meridien House, 42 Upper Berkeley Street, Marble Arch, London, United Kingdom W1H 5QJ. Our
legal and commercial name is Gorilla Technology Group Inc. Our company incorporation number is 110283. Our registered office address
in the Cayman Islands is located at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Our website address is
https://www.gorilla-technology.com
,
and our telephone number is +442039880574. The effective date of the registration statement (Commission File No. 333-262069) registering
certain ordinary shares offered pursuant to the Business Combination Agreement upon which Gorilla's ordinary shares were listed
on the Nasdaq Capital Market was July 7, 2022. The Transactions closed on July 13, 2022. Information contained on, or that can be accessed
through, our website does not constitute a part of this annual report and is not incorporated by reference herein. We have included our
website address in this Annual Report solely for informational purposes. The SEC maintains an Internet site that contains reports, proxy
and information statements, and other information regarding issuers, such as we, that file electronically, with the SEC at
www.sec.gov
.
Our agent for service of process in the United States is Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19715.
4.B. BUSINESS OVERVIEW
Gorilla is a provider of video intelligence, Internet of Things ("IoT")
security, edge AI data analytics and operational technology ("OT") security solutions and services in Asia Pacific with operations
and established distribution and sales channels in other key regions around the world, including the United States, Europe, the Middle
East and Latin America.
We have been working in the field of video analytics since our incorporation
in 2001. We have used this core competence to produce revolutionary and transformational technology using artificial intelligence ("AI")
and edge AI computing as video technologies transitioned from analog to digital formats.
Our established technologies in edge AI computing, video analytics,
and OT security solutions and services form the foundation of our line of product and service offerings for a wide range of commercial,
industrial, municipal and government customers. To provide end-to-end solutions for various sectors, we partner with industry-leading
firms such as cloud infrastructure providers, telecoms, chipset vendors and storage manufacturers.
Our proprietary machine learning and deep learning algorithms are foundational
to our products and services, which enable our customers to securely move, store and analyze data for use in biometric authentication,
account management, device management, business intelligence, and other applications. We divided our products and services into two segments,
namely Video IoT and Security Convergence, each containing the video intelligence and Internet of Things (IoT) and convergence of information
technology (IT) and operational technology (OT) security solutions, respectively.
History
Gorilla was incorporated in 2001 as a Cayman Islands exempted company.
Our initial operations focused on supporting broadcasting firms with video content for storage, labeling, processing and retrieval. Gorilla's
video analysis and AI capabilities were built on this foundation. We invested in research and development to enhance our platform to deploy
facial recognition technology in 2010 as Gorilla's expertise developed. Since then, we have grown our expertise in IoT, video intelligence,
edge AI computing and cybersecurity, with product and service offerings spanning a wide range of sectors and customers.
As of December 31, 2022, we have been deploying our products and solutions
in over 300 retail stores, 50 offices, 50 construction sites (pending completion of our pilot program), 6 highways, several train stations
in 6 metro city areas, 107 parking buildings, 2 international airports, 9 ports, 25 city traffic, 6 logistics of air-freight and container
ships, 7 city police departments, 5 national law enforcement agencies, one national weather bureau, one national ocean affairs council,
and 15 correctional facilities, among many other vertical entities to collect, process, and analyze raw data in order to create actionable
data points for our customers, among many other vertical businesses.
An Overview of Our Business
Edge AI significantly underlies Gorilla's business offering.
When data is processed at a network's "edge" (or where the data is generated and consumed) on devices where it was originally
created it lessens the need for additional computation or power requirements or traditional hardware and software, not to mention the
bandwidth needed in constantly pushing video data from edge to server. There are four primary advantages to moving AI processing to the
edge:
●
Highly economical and cost-effective.
Moving
AI processing to the edge reduces the quantity of data processed by larger devices, which have become computationally more powerful,
and reduces the volume of data being transferred to the cloud.
37
●
Faster speeds for processing and storage.
Latency
for real-time processing is minimized by keeping and processing data closer to the edge.
●
Ensures security and reduces disruption.
Keeping
data on the local device and dispersing storage, processing and applications across a variety of devices and data centers ensures security
and prevents the entire network from being brought down by a single outage.
●
Reliable connections and workflows.
Our
proprietary
edge AI virtualization technology enables a highly dependable mesh architecture for distributed computing and
storage, especially inside the low latency of a 5G Private Network, and minimizes workflow interruptions due to network outages.
A significant portion of our customers are governmental agencies. To
meet the accounting, invoicing and budgeting procedures applicable to those customers, our income generated by particular governmental
agency customers will be recognized upon the customers' acceptance of our invoice. For example, a project with governmental agency
was won by the end of previous fiscal year or at the beginning of the current fiscal year, the customer will accept our billing upon the
completion of such project, which could be by the end of the current fiscal year or potentially, the next fiscal year. Seasonality may
cause fluctuations in our results of operations and position. See the sections of this Annual Report titled "
Risk Factors —
 Seasonality may cause fluctuations in our results of operations and position
" and Item 5.A
. "Operating Results
— Quarterly Revenue Trends
" for more information.
AI Lifecycle Framework: Turning Video & Network Intelligence
into Actionable Insights Using a Big Data Platform
Edge AI Computing
By boosting accuracy and minimizing human error through automation,
edge AI and edge computing devices help numerous sectors become more efficient and safer. Machine learning intelligent camera systems
can gather raw data, process it, and analyze it using facial recognition to identify persons of interest and questionable actions that
may be occurring immediately at the edge, due to the emergence of edge AI.
Numerous industries across the board are already seeing the potential
of these edge computing devices to benefit people's daily life. Transportation/driverless cars, education, medical/healthcare, agriculture,
manufacturing/factories, retail/shopping and video surveillance are all early users of edge AI and edge computing technologies.
As edge AI and video analytics grow more entwined, Fortune Business
Insights forecasts a 23.8% compound annual growth rate ("CAGR") for the worldwide video analytics market to 2029. Additionally,
increased usage of video analysis solutions in retail, healthcare, building and construction, and other sectors is offering attractive
prospects for market participants.
To make the most of these new trends, Gorilla is increasingly turning
to AI at the edge. Gorilla's technology in edge AI computing makes up a comprehensive video surveillance system that is designed
for CPU efficiency. Recognizing the high computing demand it needs, Gorilla's edge AI and deep learning technology can "piggyback"
on big data at the edge, and with better algorithms, a new generation of video analytics is created. The result is increased accuracy
with optimized video processing.
Gorilla IVAR
®
has edge AI technology that may
be used to enable real-time responses to events from edge and IoT devices and security equipment. Users obtain advanced insights about
people, vehicles and moving objects in the form of information for unique use-cases in surveillance and security, retail and customer
service, traffic and parking, staff and visitor management, and other areas. As a certified computer vision MRS partner of Intel®
to optimize their solution with OpenVINO™, Gorilla's IVAR
®
is on the pulse of the market, enabling clients
to benefit from the Open Visual Inference & Neural Network Optimization toolkit in new and unexpected ways. We believe Gorilla's
AI technology is helping fast-track the deployment of computer vision for edge computing involving cameras and IoT devices, and it is
being used to help develop solutions that emulate human sight, useful for addressing the growing markets in deep learning and computer
vision. We believe it has been used successfully in edge implementations, useful for single, stand-alone device locations like when pointed
at a point-of-sale system, in an edge/gateway configuration, used in larger areas encompassing multiple moving pieces like for large train
stations, and in server configurations, which may ensure expansive areas like hospitals, airports and smart cities can keep their citizens
safe.
Gorilla OT Security uses AI technology to deliver endpoint and network
security in the OT environment. Gorilla OT Security may be used in a wide range of OT fields, including ports, airports, power, medical
care, factory automation, intelligent traffic management, retail, financial, entertainment, logistics and smart cities, among others and
easily converges with existing IT security.
By boosting accuracy and minimizing human error through automation,
Gorilla's edge AI system is assisting industries in becoming more efficient and safer. Gorilla offers high-performance video analysis
to bring edge and IoT data and business intelligence into the age of machine learning while ensuring operational security. This solution
delivers advanced dataset services for cloud servers and enables value-added applications in numerous sectors such as retail, industrial
markets, banking, education and public safety. Interest in the solution is expected to continue to rise as industries understand the potential
of these devices to improve their day-to-day lives, as well as their businesses and overall safety.
38
AI Big Data Platform
Edge AI devices not only process various types of structured data but
can also analyze and transform the unstructured video and image data into structured data via deep learning, a form of AI technology.
Once processed, the data is encrypted and sent with the time of collection
as an event for analysis in vertical application services built on top of Gorilla's AI Big Data Platform, which is a distributed
system that can be easily scaled out by adding more nodes to improve its capacity and computation power. It can accommodate structured
data, such as relational database, CSV/Excel/JSON/XML files and OpenAPI, and unstructured data such as video, images and text from edge
AI devices and various other heterogeneous data sources. The data can be pre-processed according to the characteristics of the data source
to ensure consistency and availability during the import process.
After data is imported into the AI Big Data Platform, it will be indexed
according to its time, location information, and the characteristics of each data field to form a temporal-spatial database, so that we
can build various vertical applications and services to process, correlate and analyze data on top of the platform.
The core of the Gorilla AI Big Data Platform is AI Hyper Learning.
After the data is collected by the edge device being sent to the Big Data Platform, in addition to analyzing with pre-trained analysis
models, you can also use the AI Hyper Learning core to train a more accurate AI algorithm based on the field-specific data and then apply
the new AI model to the edge AI device to form a complete AI Lifecycle. Integrating the features of 5G multi-access edge computing ("MEC"),
data can stay in the field and the AI Hyper Learning core can be deployed to the MEC Server on the field side. In this way, data privacy
and real-time and in-field training can be taken into account at the same time.
Vertical AI Application Services
We are building Vertical AI Application on the rapidly evolving Hybrid
Edge-Cloud environment, which will eventually overlap with our core technology. Multiple vertical applications will be built on top of
the AI Big Data Platform to provide real-time and statistics AI data and visualization dashboard, which will support both video analytics
data and cybersecurity analytics AI data.
Gorilla provides a variety of AI solutions and services that combines
video analytics and IoT technology to deliver business intelligence insights for improving performance in sales, operations and understanding
of customer needs. Smart cities, commercial and major enterprise settings, in retail and hospitality, and academia are just a few of the
key industries where this technology is already implemented. While security and safety are at the root of these solutions, governments
and enterprises are using Gorilla's vertical solutions and services in new and innovative ways, like to ease traffic congestion
or better manage customers in a busy retail environment.
Enterprises, small business and smart cities are increasingly seeing
the advantage of implementing AI. Gorilla's vertical solutions are a real-time video analytics solution that creates many benefits
in the business and security intelligence fields by being an Intel certified Market Ready Solution (MRS), performance-driven edge AI and
computer vision software. Gorilla's vertical solutions are fueled by the need to make sense of large data sets from video applications
and the need for AI optimization.
Gorilla's solutions and services have already been implemented
in the following key vertical markets:
●
Smart City
— For public safety, driverless
cars and to monitor changes in the environment;
●
Transportation
— Traffic monitoring,
parking management and more;
●
Business and Enterprise
— In building
safety and security, as well as employer/employee turnout;
●
Retail and Hospitality
— For targeted
marketing, customer management and loss prevention; and
●
Education
— For campus security and
professor/student course engagement.
Business for Major Verticals
Smart City & Transportation
●
Stadium and Public Spaces
●
Airports, Ports & Stations
●
Traffic & Parking Management
●
Highway, Street & Intersection
●
Power Plants & Key Infrastructure Projects
●
Environmental Monitoring
39
Government, smart parking, campus and arena administrators can use
Gorilla Smart City and Safe City solutions to better monitor, manage and make large-scale decisions. Gorilla's comprehensive Smart
Municipal solution, which is based on IVAR
®
's cutting-edge AI technology, has been used in a number of city projects
and excels at traffic control, public safety, and central management. Our edge computing technologies like IVAR
®
are influencing
how people use intelligent video analytics around the world.
Scenarios
Benefits
●
●
●
●
Enhanced
Post-pandemics management (ID & temperature checking, AI social distancing)
Public space customers
entrance control
Traffic violation &
abnormal situation notification
Intelligent Transportation
System connected with road site unit (includes traffic light signal)
●
●
●
●
Best
    Cost & Performance:
-
    Improve predictive maintenance & performance operation management
Low Latency:
-
    Edge AI & data analytics to shorten data transform latency & response time (detect dangerous situations and respond
    on time)
Advanced Security:
-
    On-site big data collection & analytics for instant response & decision making
High Reliability:
-
Vertical certificated AI appliance & SaaS, and provide AI training/machine learning eco-system
Industrial
●
Automobiles
●
Energy & Oil
●
Manufacturing & Robotics
●
Architecture & Construction
●
Medical Instruments
●
Defense
To efficiently manage people and spaces, Gorilla Industrial Solutions
delivers AI-based video surveillance and OT security. Integrating access control, attendance, scheduling and intrusion detection can easily
be integrated with current departments or company-wide systems. It merges traditional processes with IoT, facial recognition, and temperature
and mask detection technologies, which allows businesses to access, control and manage employee and visitor records in a single location.
Scenarios
Benefits
AI
                                       plug-in instrument for vertical based scenario (production line, operation/medical process)
Automatically
    vehicle/people access control & management
Risk
    prediction and real-time alerting
●
●
●
●
Best
                                       Cost & Performance:
-
    Improve predictive maintenance & provide performance operation management
Low
    Latency:
-
    Edge AI & data analytics to shorten data transform latency & response time (detect dangerous/abnormal situations
    on time)
Advanced
    Security
-
    Big data collection & analytics for prediction and instant response & decision making
High
    Reliability
-
    AI Appliance & SaaS for easy plug & play, and provide AI training/machine learning eco-system
40
Commercial
●
Retail
●
Healthcare
●
Education
●
Financial &
                                            Banking
●
Telecommunication
●
Data
                                            Center & ISP
Scenarios
Benefits
●   Shopper
    Behavior Analysis
-
    Shopper Demographics
-
    Number of Passers/Visitors
-
    Shopper Path
●   Heatmap
-
    Customer Stay Time
-
    Best Sellers
●   Membership/VIP
-
    Loyal customer target based special service
-
    Watch list
●   POS/Merchandise
-
    Customer type/behavior and shopping item connection & analytics
●   Loss
    Prevention
-
    Prevent money loss from improper operation & robbery
●   Best
    Cost & Performance
-
    Increase customer loyalty
-
    Precise marketing and promotion
-
    Less human resource since customer self-service POS/Kiosk
●   Low
    Latency
-
    Interactive & real time response for customer service
-
    Real-time alert when abnormal physical/cyber behavior occurs
●   Advanced
    Security
-
    Lost prevention: prevent money loss and intrusion
-
    Prevent malware/ransomware attack
●   High
    Reliability
-
    Easy Plug & play AI Appliance with high stability
-
    Multi-tenancy AI SaaS with data backup mechanism
Intelligent
video analytics are used by Gorilla's Commercial Solutions to safely manage personnel. Access control, attendance, scheduling and
performance monitoring are all easily integrated into current departments or corporate systems. It combines traditional processes with
IoT, facial recognition and temperature and mask detection technologies to enable enterprises to access, regulate and manage employee
and visitor records in a single location.
Government &
Public Services
●
Criminal
                                            Investigation Agencies
●
Prosecutors'
                                            Offices
●
State &
                                            City Police
●
Correction
                                            Agencies
●
Border &
                                            Coast Guards
●
Intelligence
                                            Agencies
●
National
                                            Security Agencies
Intelligent
video analytics are used by Government and Public Service Solutions to help people and traffic flow more safely. Access control, attendance,
scheduling and behavior tracking may all be simply linked into current departmental or corporate systems. Organizations can effectively
control and monitor traffic in crucial locations by using license plate recognition and vehicle detection analytics.
41
Scenarios
Benefits
Target
        vehicle/people search & tracking
Watch
    list target monitoring & alerting
Abnormal
    behavior detection
Criminal
    investigation big data analytics
National
    level cyber security
●
●
●
●
Best
        Cost & Performance:
-
    Easy integration with existing device/Infrastructure — provide performance operation management
Low
    Latency:
-
    Edge AI & data analytics to shorten data transform latency & response time (detect dangerous target/situations
    on time)
Advanced
    Security:
-
    Big data collection for criminal investigation & public safety analytics
-
    Intelligent data/device/network/s cyber security
High
    Reliability:
-
    AI Appliance & SaaS for easy plug & play
-
Stable E2E solution with AI training/machine learning eco-system
Gorilla's
Suite of Products and Services
By
creating and modifying our unique technology to meet industry standards, we hope to distinguish ourselves from our competition. We believe
our edge AI platform was one of the first to use Intel's OpenVINO toolkit to bring edge computing, IoT data and business intelligence
into the machine-learning era.
To
provide various and highly accurate insights in edge computing, we use a combination of machine learning and deep learning. All of the
data is encrypted, and the service is protected by our endpoints and network security solution. Edge AI is the corner stone of our product
and service offerings, and it underlies our entire array of solutions.
AI
Models, AI Appliances and AI SaaS Platforms are among our products and services we offer to our customers.
AI
Models and Platform Independent Offerings
OT
security and video analytics AI Models can be easily incorporated into AI Boards, AI Appliances, OEM hardware, and third party platforms
to enable AI functionality and address business and operational needs.
Video
Analytics
Intelligent
video analytics ("IVAs") are AI models that can scan video for patterns and distinguish specific items using AI algorithms
and metadata. The video data can then be queried and searched for various/specific outcomes after it has been processed.
Gorilla
is combining video analytic specialization of over 40 IVAs with leading industrial PCs, network appliances, car PCs and servers from
various partners. Given the digital transformations that COVID-19 has prompted, the delivery and quick deployment of cutting-edge AI
appliances that focus on physical, data, and network security has proven invaluable.
Based
on the categories below, video is processed to generate analytic data. Video analytics for various verticals will be launched in tandem
with the launch of vertical applications on a well-defined timeline:
●
Behavioral
                                            Analytics
●
People/Face
                                            Recognition
●
Vehicle
                                            Analysis
●
Object
                                            Recognition
●
Business
                                            Intelligence
Behavioral
Analytics
Algorithms
are used in these analytics to look for specific behavior. A behavior might be characterized as action over time. As a result, each behavior
analytics algorithm requires more than one frame from the video to identify whether or not an event or behavior has occurred. Behavior
analytics algorithms search for changes from frame to frame over time in frames to detect a very particular and predefined event or activity.
42
The
following behavior analytics algorithms are used in our solutions:
●
The
People
                                            Counting IVA
detects and counts people for a specified amount of time as they enter a
                                            zone and/or cross a line that users define in the software.
●
The
Line
                                            Crossing IVA
detects when people cross a line (or lines) of user-defined length and position.
●
The
Intrusion Detection IVA
monitors user-created zones to detect any activity or entries
                                            by moving objects (like people).
●
The
Direction
                                            Detection IVA
monitors a user-created zone for people moving within the zone and in the
                                            marked direction. Movements in the opposite direction do not trigger an alert.
●
The
Direction
                                            Violation Detection IVA
operates the same as the Direction Detection IVA but also detects
                                            and alerts to movements in the opposite direction. Security checks at airports and other
                                            transportation hubs benefit from this type of IVA.
●
The
Loitering Detection IVA
monitors figures or people entering and then remaining in
                                            a user-created zone for a specified period.
People/Face
Recognition
We
categorize People/Face Recognition IVAs into two core groups:
●
The
Human Detection IVA
detects human figures within the video. Once detected,
                                            features like clothing color, gender, eyewear, masks and age group can be detected as well.
●
The
Face Recognition IVA,
which is subject to the privacy regulation applied to each region,
                                            recognizes and identifies faces and is used in conjunction with our Business Automation Platform
                                            (BAP) software and its facial recognition database. While there are a myriad of uses for
                                            this, Face Recognition IVAs are often used for watch lists, VIP identification, attendance
                                            systems and black lists.
Vehicle
Analysis
Vehicle
analysis IVAs have been widely deployed by transportation authorities to keep traffic flowing smoothly, reduce traffic violations and
assist with criminal investigations. These IVAs generate real-time events and statistical data that can be used to make quick decisions
and deploy fewer workers.
●
The
Vehicle
                                            Classification IVA
detects vehicle types, e.g. motorbikes, cars and buses.
●
The
Vehicle
                                            Direction Detection & Counting IVA
counts the number of vehicles moving in a
                                            specific direction.
●
The
Traffic Violation Detection IVA
recognizes the vehicles that violate traffic regulations
                                            or enter into prohibited areas.
●
The
License
                                            Plate Recognition IVA
recognizes license plates on static or moving vehicles under the
                                            privacy regulation applied to each region.
Object
Recognition
Similar
to the People/Face Recognition IVAs, the Object Recognition IVAs utilize algorithms to train software to detect and recognize specific
objects. Once trained, the IVAs generate real-time recognition and identification of objects within the parameters set by the end-user
for a number of uses — most notably, the identification of weapons for immediate security response.
Business
Intelligence
Gorilla's
business intelligence analytics models provide visual overviews of top-performing traffic, people count, gender, and ages for single
and multi-store environments to assist clients in better target product marketing strategies, especially when combined with POS data,
conversion rate, and consumer preference analysis. Additionally, clients utilize Gorilla's business intelligence analytics models
to further optimize shop layout, product promotion, and marketing/advertising strategy and compare analytics data from one period of
time to another and across multiple data sources.
Smart
Retail also offers targeted marketing management solutions such as tailored content delivery and smart signage. It provides a comprehensive,
real-time, portable analytical tool for single to multi-store operational managers and retail marketers, incorporating camera and IoT
correlation analytical data to store operation overviews of top-performing traffic, shopper, revenue count and conversion rates to deliver
actionable insight for better advertising strategy, staffing management and drive business outcomes. In almost every retail or commercial
scenario, business intelligence dashboards that present data about numerous business activities are a valuable asset.
43
IT-OT
Security Convergence
Industrial
systems are becoming increasingly connected in order to create powerful, networked businesses, but they are also becoming more vulnerable
to cyber assaults. When an OT network is connected to an IT network, the OT network and any connected OT devices are instantaneously
exposed to the dangerous landscape. Malicious attacks are always developing and other risk factors such as the fact that certain endpoints
are running old software make them more vulnerable to hackers. Furthermore, the growing use of third-party suppliers to gain remote access
to OT networks widens the attack surface and introduces new vulnerabilities.
The
enormous cost of industrial equipment, as well as the potential for a cyber-attack to destroy businesses and communities, are important
considerations for companies trying to define their industrial networks.
The
blending of various IT and OT technologies into an integrated system, fueled by digital transformation, is known as security convergence.
Having a strong security convergence plan in place and providing endpoint protection would secure processes, people and profits while
lowering security vulnerabilities and incidents dramatically. Security convergence provides businesses with a unified picture of industrial
systems, as well as process management solutions that ensure accurate data is supplied to people, machines, switches, sensors and devices.
AI
algorithms for anomaly detection applied to both network and endpoints are at the heart of Gorilla IT-OT Security Convergence, allowing
system administrators and security engineers to detect suspicious behaviors in real time and respond quickly to reduce security risk
and damage caused by hackers or malware. These algorithms can be used to offer AI features to third-party software and hardware platforms,
in addition to Gorilla's own products and solutions.
Network
Anomaly Detection
A
network anomaly is a state or condition in which network operation deviates from normal. Many network security devices compare network
packets for known anomalies using rules or signatures. We employ AI to learn diverse anomalous in network behaviors in order to create
AI models for network anomaly detection. These AI models can detect a variety of anomalous network behaviors, including denial of service,
network topology abnormality, abnormal network traffic, abnormal communication protocol, network intrusion, and so on.
Endpoint
Malware and Suspicious Behavior Detection
Traditional
antivirus software detects harmful programs in the endpoint environment mostly through signatures or rules. The advantage of this strategy
is that it can detect malware rapidly and effectively, but the disadvantage is that it has a very poor detection rate for unknown malware.
We
collect a huge number of harmful programs and footprints created by various malicious behaviors in the endpoint environment and train
AI models to detect malicious programs and behaviors using Deep Learning technology. The key benefit of employing these AI models is
that they still have a high detection rate when confronted with unknown dangerous programs or behaviors; therefore, there is no need
to update virus patterns or detection criteria on a regular basis.
AI
Appliances
Intelligent
Video Analytics (IVA) Appliances
Our
edge AI IVA Appliances install Gorilla software on hardware bundles, resulting in all-in-one solutions. IVA Appliances use deep learning
to analyze and turn unstructured video and picture data into structured data. Once processed, the encrypted data is delivered to in public,
private, or hybrid servers as an event with the time of capture for analysis. The data is then transformed into useful, real-time insights
by our numerous AI algorithms, which include people, vehicle and object detection capabilities.
IVAR
®
Appliance
IVAR
®
by Gorilla is a comprehensive all-in-one surveillance solution that combines video management and intelligent video analytics (IVAs).
The real-time analytics solution from IVAR
®
provides insight into business and operations in a single, easy-to-read
statistics dashboard. People and face recognition, vehicle detection and recognition, object detection and classification, behavior analysis,
business intelligence and COVID-19 management and prevention are among the platform's primary capabilities.
IVAR
®
allows government, transportation, business and retail administrators to better monitor, manage and make decisions on a large scale.
Many projects throughout the world have used IVAR
®
, including traffic control, public safety, enterprise security and
retail analytics. Our edge computing solutions, such as IVAR
®
are having an impact on how society employs intelligent
video analytics around the world.
Smart
Attendance
We
offer a complete workforce management solution with our Smart Attendance. Smart Attendance makes use of IVAs to allow businesses to track
employee health and safety, work hours, clock-ins/outs, absenteeism and HR management departments in a secure environment, ensuring
the protection of company assets and intellectual property.
44
Smart
Attendance's primary features include:
●
contactless
                                            access via facial recognition and RFID/card recognition;
●
biometric
                                            security temperature detection; and
●
two-factor
                                            authentication.
Smart
Attendance automatically logs employee timestamps directly to a database, minimizing manual data input costs and payroll processing.
Smart Attendance works with existing systems such as clock-in machines, iPads and computers with webcams. Clients can install clock-in/out
devices anywhere within a facility, and attendance records will be synchronized over the network. Our product enables accurate facial
recognition, even when staff wear masks, and is combined with temperature detection to empower organizations to create the safest work
environments possible.
Event &
Video Management System Appliances
Gorilla
Event & Video Management System (EVMS) is an advanced VMS with AI-based event search and management system to store event/object
attributes in temporal-spatial big data database from Gorilla, which delivers comprehensive operational management and business insights.
The
primary benefits of EVMS are:
●
Cost
                                            Efficiency —
AI-based video analytics are embedded to replace manual
                                            video monitoring, save human resource costs and increase efficiency.
●
Event
                                            Alert —
Real-time abnormal event alerts provide management efficiency
                                            and perform effective and near instant event handling and event searches.
●
Interoperable —
Interoperability
                                            to work with standard camera and NVR in one VMS platform, manage video and events from any
                                            number of Gorilla or third party VMS/NVR and IVA systems.
●
At-a-Glance
                                            Awareness —
The visualized and customizable event dashboard gives at-a-glance
                                            situational and system awareness.
Operation
Technology (OT) Security Appliance
OT
is a type of hardware and software used to monitor and control physical devices, processes, and infrastructure. OT Security is a common
form of cybersecurity used to protect industrial systems and networks from various threats.
Gorilla
offers robust cybersecurity solutions leveraging AI and machine learning for OT networks to protect customer's data and devices.
To defend against attacks, we offer a wide-range of data, network, and endpoint security solutions to ward off attacks, along with AI-based
forensic tools and comprehensive data monitoring and alert systems.
Security
convergence is a guiding philosophy for Gorilla's cybersecurity products. We see how digital transformation is enabling businesses
to become more resilient and strong in their networks, but we also see the potential for cyber threats and endpoint protection. Malicious
attacks are always developing and other risk factors such as the fact that certain endpoints are running obsolete software make them
to be more vulnerable to hackers, highlighting the significance of solid endpoint protection and other advanced network security measures.
Our
OT Security Appliance includes the following:
●
NetProbe
is an AI-based intrusion detection and prevention system that learns localized cyber-attack
                                            patterns and blocks threats from outside of your network, ensuring the safety and security
                                            of your data.
●
NetTrap
imitates many network services and HW devices to broaden the breadth of threat detection.
                                            It adopts AI-based technology detects suspicious activities in your networks. It can also
                                            isolate and control cyber risks before they occur, preventing internal users or devices from
                                            connecting to hostile IPs with or without their awareness. By utilizing automated methods
                                            and deep learning to identify harmful websites, network administrators can save time.
●
EdgeGuard
recognizes threat patterns and prevents attacks from outside the network. EdgeGuard is
                                            a cybersecurity system designed for tough industrial OT environments. It leverages edge AI
                                            to identify cyber threats and offers a comprehensive protection system.
●
FR-MOTP
strengthens
                                            authentication processes by combining facial recognition with a one-time password sent to
                                            a mobile device. The additional stages of verification protect IT and OT systems from identity
                                            theft and brute force attacks.
45
AI
SaaS Platform
Smart
Retail SaaS
Smart
Retail is a comprehensive, real-time, analytical tool for single/multi-store operations and retail marketers, incorporating camera and
IoT-gathered data to store information relating to traffic, shopper identification, revenue and conversion rates to deliver insights
for more targeted advertising and efficient staffing management.
The
core capabilities of Smart Retail are:
●
Shopper
                                            Demographics.
Smart Retail provides detailed information on customer traffic, gender
                                            and age. This data, when combined with point-of-sale data, conversion rates and shopper preferences,
                                            allows companies to create more targeted promotional campaigns to increase sales.
●
Visualized
                                            Shopper Behavior.
Smart Retail leverages IoT devices and cameras to gather data relating
                                            to a shopper's location and their time spent in certain areas to visualize behaviors
                                            and help clients understand product attractiveness.
●
Advanced
                                            Data Analytics.
Smart Retail's analytics dashboard provides clients with real-time,
                                            actionable data so they can take advantage of market momentum or avoid potential losses.
                                            It provides high-priority items that are integrated with external databases, such as point-of-sale
                                            devices, to produce comprehensive and in-depth and insights.
Smart
City and Transportation SaaS
Through
our Smart City SaaS, we provide superior traffic management, public safety and planning data for governments, transportation entities,
campus and arena managers. Smart City can provide IVAs for the management of large-scale areas with considerable traffic volumes using
camera and IoT data.
The
core capabilities of Smart City are:
●
People
                                            tracking and experience reporting.
Smart City gives clients actionable items to manage
                                            services within defined zones by giving real-time data on foot traffic and congestion in
                                            defined locations.
●
Access
                                            control.
Face recognition is used in Smart City to improve security by authenticating
                                            access to specific areas.
●
Vehicle
                                            management.
Smart City improves traffic management by diverting traffic to less congested
                                            regions using license plate recognition and vehicle location searches.
●
Public
                                            safety.
Smart City employs video analytics to detect and warn clients to area intrusions
                                            into restricted areas, suspicious loiterers and black-listed individuals. It can also monitor
                                            and identify traffic violations in real time, allowing for increased enforcement while lowering
                                            the number of officers on the street.
Endpoint
Security SaaS
Endpoint
Security SaaS, as the name suggests, is a service that protects endpoints against security threats. Malware and suspicious activities
detection, vulnerability warning, policy conformance and Biometric Multi-factor Authentication are all part of the solution. The endpoint's
safety factor may be assessed, and information security risks and threats can be reduced, due to different protective measures.
●
AI-based
                                            malware and behavior detection can supplement the endpoint's existing antivirus software,
                                            detect unknown malware, and lower the risk of APT assaults on endpoints.
●
Examine
                                            whether the endpoint adheres to the organization's security policies. Many government
                                            organizations, for example, have established a government configuration baseline (GCB) that
                                            sets the organization's standard security setup for each endpoint. When an endpoint's
                                            configuration does not match the GCB, it may indicate that there is a risk.
●
Check
                                            for the presence of software with known vulnerabilities on the endpoint to prevent hackers
                                            or malware from exploring these flaws to compromise the system.
●
When
                                            logging or executing high-privilege commands, the user must pass biometric multi-factor authentication.
                                            It can prevent a hacker from gaining access to the endpoint's high privileges and causing
                                            significant damage.
The
global edge AI software market size is forecasted to grow from $0.8 billion in 2022 to $3.1 billion by 2027, at a Compound
Annual Growth Rate (CAGR) of 28.9% during the forecast period. As edge AI and video analytics grow more entwined, Fortune Business Insights
forecasts a 23.8% CAGR for the worldwide video analytics market to 2029. Additionally, increased usage of video analysis solutions in
retail, healthcare, building & construction, and other sectors is offering attractive prospects for market participants.
46
Despite the rising cloud computing market, the demand for more efficient
and responsive systems has grown significantly. Moving AI and computation closer to the network edge reduces bandwidth requirements, provides
for more agile transfer and response times, and ensures secure and private data protection by allowing close physical proximity to the
end-user.
Gorilla believes it has a distinct advantage over its competitors in
terms of end-to-end solutions and a diverse variety of vertical solutions.
Edge AI Computing, AI Big Data Platforms, and Vertical AI Application
Services are all part of Gorilla AI lifecycle framework. Gorilla also offers a wide range of vertical solutions for edge computing in
Government & Public Service, Smart City and Safe City, Industrial, and Commercial, whereas cloud-based solutions providers such
as Alphabet, Microsoft, and Amazon Web Services mostly provide cloud-based AI services for general use. As a result, clients would have
to customize solutions to meet their specific needs while also being willing to accept privacy concerns and the risk of network latency.
Gorilla has advanced edge AI technology that allows for real-time responses
to events from edge and IoT devices, as well as security equipment. Users obtain advanced insights about people, cars, and moving objects
in the form of information for unique use-cases in surveillance and security, retail and customer service, traffic and parking, employee
and visitor management, and other areas. As a certified computer vision MRS (Market Ready Solution) partner of Intel®, Gorilla's
AI technology is helping fast-track the deployment of computer vision for edge computing involving cameras and IoT devices.
Gorilla is engaging with a variety of cross-platform edge device makers
for SoC to provide optimized AI capabilities on various edge devices.
Avigilon, Axis, and Genetec, for instance, are three leading video
surveillance system providers that specialize in video surveillance equipment and video management systems. However, they have recently
shifted their focus to video analytics as well. In addition to video analytics, Gorilla provides comprehensive end-to-end solutions including
OT security and Big Data, which are ideal for solving complex issues that customers face in a range of circumstances.
Nozomi Networks, Claroty, and Dragos are OT security companies that
provide solutions for network visualization and threat detection in the OT environment. With our AI-based threat detection and comprehensive
data monitoring and alerting systems, Gorilla also provides a wide range of data, network, and endpoint security solutions to defend against
cyberattacks, all of which can work alone or seamlessly with Vision AI Appliance and SaaS.
Gorilla is building Vertical AI Applications on the rapidly evolving
Hybrid Edge-Cloud environment, which will converge with our core technology. On top of the AI Big Data platform, multiple vertical applications
will be developed to provide a real-time and statistical AI data and visualization dashboard that would integrate both video analytics
and cybersecurity analytics AI data.
Gorilla offers a wide range of AI solutions and services that integrate
video analytics and IoT technology to provide business intelligence insights for improving sales, operations, and customer experience.
Smart cities, commercial and major enterprise settings, retail, and hospitality are just a few of the key industries that have already
implemented this technology. Governments and businesses are using Gorilla's vertical solutions and services in innovative ways,
such as easing traffic congestion or better managing customers in a busy retail setting.
Key Industry Drivers
Acceleration of Digital Transformation
The rise of the Internet of Things, referred to as IoT, is a sign of
global digital change. The COVID-19 epidemic, as well as the increasing acceptance of remote learning and working, have promoted businesses
and individuals throughout the world to use a wide range of technology solutions and tools to achieve their potential and become more
productive with data. The market for IoT devices has grown considerably and can bridge the gap between devices and networks.
Cloud-based Data and Computing Solutions
We anticipate that customers will continue to seek open, cloud-based
solutions that facilitate the sharing of data across enterprise functions in an agile and convenient manner. Accordingly, the need for
off-site servers along with the increased bandwidth required to share data between devices in the cloud is expected to generate additional
demand for efficient computing technology.
Further, as the market transitions to more cloud-based solutions, operators
will require agile, efficient and robust solutions to deal with increased data, computational capacity and security requirements.
5G Networks
Fifth Generation, or "5G," technology enables mobile devices
to process data at faster speeds, which, in turn, improves functionality and connectivity. The improvement in the capabilities of mobile
networks with the growing adoption of 5G will increase the volume of data being generated, processed and shared from IoT devices exponentially.
The faster and more reliable data flows will lead to improved connection density. The IoT market will continue to grow as more devices
become equipped to handle the bandwidth capabilities provided by 5G networks.
47
The adoption of 5G networks and the increased bandwidth provided is
expected to transform industries from all business sectors, exponentially increasing the agility of such companies to process and share
data. The increase in the volume of data being shared will require technology capable of securely processing, storing and analyzing data
from end-to-end and from cloud-to-edge.
Proliferation of AI and Machine Learning
The value of AI and machine learning in driving innovation in technology
has grown considerably over the last decade. The automation of processing vast amounts of data is a key concern of many businesses, organizations
and individuals globally and helps stakeholders make sense of data to realize potential.
This growing market has expanded the range of solutions required by
end-users from edge to cloud. With machine learning and AI no longer limited to the realm of supercomputers and prohibitively expensive
technology, businesses and individuals are increasingly exposed to, and have increased access to, the capabilities of these technologies.
The Intelligent Edge
Despite the aforementioned growing cloud computing market, the need
for more efficient and responsive systems has increased considerably. The movement of AI and computing closer to the network edge ensures
lower bandwidth requirements, enables more agile transfer and response times and allows close physical proximity to the end-user to ensure
secure and private data retention.
Cybersecurity Issues and Ransomware
Cybersecurity threats and the entry of hostile attackers have increased
as a result of digital transformation and the adoption of cloud solutions. Industrial systems and OT devices have become more networked
and interwoven with IT systems, making them more vulnerable to cyberattacks. For commercial and government entities, this is becoming
an increasingly serious operational and reputational challenge.
Malware, ransomware and malicious attackers have increased in recent years,
attempting to gain access to networks or data centers, disrupt systems and services or demand ransom to return control of data and services.
Cybersecurity threats are continually growing and becoming more complex and sophisticated, which makes detecting and properly protecting
against them more difficult. These considerations have prompted businesses and governments to look for ways to protect their IT, OT and
data, necessitating the development of more complex and comprehensive cybersecurity solutions.
Key Strengths
Visionary leadership with a strong track record in video analytics
and technology development
Gorilla's basis is built on the digitization and archiving of
large volume of video for the purpose of storage, retrieval and analysis by broadcasting industry clients. Based on their breadth of experience,
Gorilla's leadership group has built a strong track record in video analytics and has extended this knowledge to developing advanced
AI and machine learning solutions for a variety of digital applications.
With over 20 years of tech development and video processing experience,
as well as the vision and expertise of our leadership group and robust research and development team, we believe we have been at the forefront
of high-performance video analysis optimized by Intel's OpenVINO toolkit. We believe that the marketplace has recognized us for
our innovative design, best-in-class edge computing products and our consistent performance in creating facial recognition technology.
Diverse product portfolio which easily integrates with existing
system infrastructure of clients
Gorilla has strong, market-exclusive technology that may be applied
across a wide range of industries and sectors. Gorilla's extensive product offering can meet a wide range of customer objectives
and provide solutions to satisfy all video analysis needs, including retail, education, government and law enforcement.
Gorilla's product offerings and solutions are compatible with
the existing architecture of leading CPU manufacturers. As a result, Gorilla's products are readily accepted and incorporated into
existing system infrastructures.
Gorilla has integrated our video analytics and IoT technology on edge
gateways, which are compatible with most of the enterprise level servers in the market. Softbank's AI analytics platform is a global
IoT partner. In its AI engine for retail industry applications, Softbank's AI analytics platform uses Gorilla's technology.
Gorilla's technology is deployed by market leaders thanks to strategic collaborations with other important companies in several
fields.
48
Diverse customer base including government (from state to municipal
level), transportation, enterprise and retail administrators
Gorilla engages with both private and public sector customers. Retail,
construction, manufacturing, medical and office administration are among our private sector customers, while state and local governments,
transportation entities, correctional facilities, educational institutions and law enforcement agencies are among our public sector customers.
This broad customer base helps ensure the proliferation and general
acceptance of our technology, as well as a diversified source of revenue.
Pursue geographic diversity to capitalize on the global opportunity
While some competitors are focused on specific regions, Gorilla offers
global coverage and a large ecosystem of partners across the world that pr
ovides
our product and service offerings and help customers integrate these offerings.
●
Gorilla's
                                            solutions meet a variety of market needs without the need to engage additional partners,
                                            allowing for faster scaling and lower costs.
●
In
                                            geographic regions where Gorilla does not have an operating subsidiary, we provide our product
                                            and service solutions through a suite of non-exclusive agreements that appoint sales representatives,
                                            resellers and distributors to engage with end customers.
●
Sales
                                            representatives are granted rights to use our products and services to market, promote and
                                            solicit orders of products on a non-transferable, non-sub-licensable and limited basis in
                                            designated regions. Sales representatives earn sales commission and contracts are not automatically
                                            renewed.
●
Resellers
                                            purchase our products and services for resale to end customers and provide maintenance services
                                            in their areas of operation. They are permitted to use our software for demonstration, training
                                            and maintenance services. The contracts are automatically renewed unless prior notice is
                                            otherwise provided.
●
Distributors
                                            purchase our products at a discount and are permitted to market, distribute, sell, bundle,
                                            promote and advertise the products directly to end customers in their region of operation.
                                            The contracts are automatically renewed unless prior notice otherwise is provided.
●
Our
                                            agreements provide us with the flexibility to enter markets without an established presence
                                            in a cost effective and efficient manner.
Core
Strategies
Gorilla's core strategies revolve around the growth of our business,
which requires continuous refinement and development of our product and service offerings, expansion of our customer base and geographic
reach, scaling of our sales and marketing efforts and the pursuit of key partnerships to ensure that our technology is the foremost choice
in the market.
Gorilla provides edge AI appliances and smart edge devices with embedded
Gorilla AI models to generate actionable insights across the edge to the edge datacenter using our AI Lifecycle eco-growth recurring business
model. AI data analytics SaaS and new scenario-based AI inference educated by AI training SaaS can be dispatched to edge AI appliance
to generate a new set of AI data analytics forming an eco-growth AI Lifecycle for the public sectors, Fortune 500 enterprises, and small
and media size companies.
We will continue to innovate across all areas that are key to
product leadership as we pursue end-to-end solutions for our customers' rapidly evolving needs, while leveraging existing core competencies.
We have been investing in continuous research and development, or "R&D,"
to help develop new solutions to market problems as they arise as well as improve our current offerings. Gorilla is committed to introducing
new product features, capabilities and solutions in response to our customers' requirements and preferences. We plan to utilize
a strong intellectual property framework to secure the valuable, unique technology we develop.
We are committed to thoughtfully deploying capital and scaling
investment as we seek market penetration in new geographies.
Gorilla will seek reseller partnerships for AI SaaS services and AI
Appliances in regions without operating subsidiaries in order to expand into new markets while avoiding regulatory hurdles and overhead
expenditures. We intend to execute this strategy in order to enter and establish a foothold in such markets, after which we plan to use
additional capital to grow our operations in successful markets.
Gorilla is recruiting key salesforce in the United States to allow
cross-ecosystem relationships that are reshaping sectors and introducing new business models. We are strategically hiring key sales heads
in important regions in Europe and the Middle East, with a focus on backend infrastructure. As a part of Gorilla's anticipated international
expansion strategy, Gorilla recently moved its headquarters to United Kingdom. In Asia, we are growing market access and promoting innovation
by building on existing ties in the Asia Pacific region.
49
Our sales and marketing expenditures have begun to grow, with a significant
increase in staff specializing in such operations, increasing from 82 to 92 employees from 2020 to 2021. We intend to engage with new
customer segments, expand existing customer segments and continue to leverage sales and lead generation activities.
We are pursuing collaborative partnerships with other key players
in sectors relating to chipset production, cloud services, telecommunications and consumer devices.
To ensure uptake and easy integration of our products, Gorilla will
seek to pair our video analysis expertise with leading industrial IT and OT infrastructures. We anticipate that Gorilla's product
and service offerings will be able to operate with third-party products and services, as well as pre-existing infrastructure, due to these
strategic alliances, partnerships and other similar arrangements.
This strategy is designed to help Gorilla increase the likely that
its potential future innovations are adopted in a timely and cost-effective manner, avoiding resistance from the market due to incompatibilities
with their respective systems.
Marketing and Sales
Within Asia, Gorilla believes it has established a strong brand and
is recognized as one of the leading companies in edge AI technology, IoT technologies and cybersecurity products and services. Gorilla
believes that its reputation as a reliable and proven partner in Asia, as well as its well-publicized ties with top firms like Intel and
Telstra, will allow for further worldwide brand recognition.
Gorilla is developing new AI models for all verticals in Asia's
rising economies, leveraging its extensive manufacturing supply chain to produce AI Appliances and AI SaaS that can be delivered and implemented
quickly in the United States and European markets. Gorilla is accelerating cooperative growth by utilizing hybrid cloud business
infrastructure, which comprises Edge, Private Cloud and Public Cloud.
In each location, Gorilla has sales, pre-sales and after-sales teams
that provide around the clock service. Gorilla regional sales and support teams educate and collaborate with all reseller and deployment
partners to discover the right customers and deliver quality service under reseller and/or memorandum of understanding agreements.
The majority of Gorilla's global sales forces are based in Taiwan,
Tokyo, Japan and Bangkok, Thailand (covering Thailand, Indonesia, Philippines, Vietnam, Singapore and Malaysia). We plan to expand our
sales force in United Kingdom to cover European business opportunities, as well as in certain regions of the United States to expand
our business into North America.
Research and Development
Gorilla has invested a significant amount of time and resources into
research and development in order to expand our product line, improve our current product and service offerings and further drive our
efficiency.
Our development process takes place in Taipei, Taiwan and, as of December 31,
2022, our expenses for R&D activities constitute approximately 63.0% of our revenue. As we reach the maturity of our product offerings,
R&D expenses will likely decrease, but will continually constitute a large portion of our use of proceeds in order to maintain our
innovative approach to the market.
As of December 31, 2022, we had more than 99 employees within
our R&D department, and approximately 65% of the R&D employees hold master degrees or philosophy doctor degrees in ICT, Physics
or Math. Approximately 46% of our R&D employees have over 10 years of professional experience in the relevant vertical fields.
Intellectual Property
The ability of Gorilla to develop and maintain proprietary IT and OT
is crucial to our success.
Gorilla currently holds 21 patents. Of the total 21 patents, 12 are
located in Taiwan (expiring between 2028 and 2038), 6 are located in PRC (expiring between 2029 and 2035) and 3 are located in the United States
(expiring between 2031 and 2035). Our application in Europe is still pending. Our patents relate to hardware platforms, AI models, AI
appliances and AI SaaS modules.
In addition to our patents, Gorilla relies on copyright and trademarks
to protect our software and marketing materials. Gorilla currently holds 18 trademarks, all of which are granted. Out of the total 18
trademarks, 11 are located in Taiwan, 3 in the United States, 1 in China, 2 in Australia, 1 in Japan and 1 in Europe. Gorilla currently
holds 5 software copyrights in China. Also, Gorilla currently holds 11 different domain names covering our business operations, 8 of which
are currently not in use.
50
Regulation
Data Privacy
Gorilla primarily deals with significant amounts of data, including
vehicle data and personal identifiable information ("PII"), which are subject to emerging regulatory federal, state, national
and international frameworks that are prone to constant change.
To operate its business, Gorilla's devices receive, process and
share video data and depending on the natural of such data, may be subject to the EU and UK GDPR, the EU Directive on Privacy and Electronic
Communications, California's CCPA promoting open access to data and neutrality. Neither any data received by Gorilla's devices
nor any PII contained therein is transmitted to, or stored in Gorilla's servers.
Currently, in certain markets such as the U.K. and the U.S., Gorilla's
services only deal with images and videos without PII. For example, the edge AI computing detects the number of people walking by
a certain area during a period of time to control the brightness of street lamps for the energy saving purpose. However, the edge AI computing
applied in such markets does not catch clear facial images of such pedestrians so no PII is collected, processed or shared accordingly.
If in the future other applications of the edge AI computing involving PII are desired by the U.K. or the U.S. customers, local data
privacy regulations will apply.
In Taiwan, the major market where Gorilla's revenues come from,
the facial recognition technology is comprehensively used by Gorilla's customers to collect and process PII, therefore Gorilla and
its customers are subject to Taiwan's Personal Data Protection Act and the Enforcement Rules thereof.
In other markets where Gorilla only supplies hardware devices to local
service integrators, except that such hardware devices will be in compliance with EU ETSI Standards, it is local integrators' sole
discretion whether to activate any function to collect, process or share PII, and if yes, it is local integrators' responsibility
to obtain sufficient assurances from data providers that the subject of the date has been provided with clear and appropriate notice and
explicitly consented to provide such data, or with sufficient authorization under applicable laws and regulations.
Criminal Investigation and Security Surveillance
Gorilla's services are utilized by its customers who are regulatory
authorities empowered to conduct criminal investigations and transportation/public facilities (airports, seaports, railway stations and
hospitals) authorized to conduct security surveillance for the protection of public safety. Gorilla's processing and sharing of
data with such customers are subject to local laws and regulations regarding human right protection. Gorilla ensures that all services
and data provided to its customers are authorized by applicable laws and/or court writs. For example, Gorilla has entered into multiple
agreements with CIB, a criminal investigation agency in Taiwan, during fiscal year 2022. Such agreements were either for the provision
of integrated systems which the duration were ranging from 1 to 2 years or system maintenance projects which were mostly on a one-year
basis. As to the provision of integrated systems, Gorilla established certain integrated systems (including AI algorithm, big data analysis,
other software and hardware) for CIB's criminal investigation works, including, among others, mobile telecommunication surveillance,
suspected vehicle image data analysis, internet hacking investigation, internet-based crime information analysis, AI criminal investigation
and tracking, etc.
Government Procurement Laws
Many customers of Gorilla are government agencies or state-owned companies
in Taiwan. The procurement of Gorilla's services and/or products by such customers is subject to the Government Procurement Act of Taiwan
and public tender processes. Subject to the tendering agencies' discretion and the rules set forth in the tender documents, ownership
of 30% or above of the equity interests or controlling power in Gorilla by ultimate beneficiaries who are nationals or corporations of
the People's Republic of China may disqualify Gorilla from tendering such bids, or constitute a termination cause of the awarded
contracts.
Radio Frequency Regulation
Radio frequency devices Gorilla imports, exports, installs and uses
are subject to local radio frequency regulations, approvals authorizations and/or certifications. Gorilla compliances with the standards,
criteria and procedures regarding radio frequency devices promulgated by various regulators including the Federal Communications Commission
of the U.S., European Commission and National Communications Commission of Taiwan.
Supply Chain Restrictions
As there are national security concerns that the hardware devices might
automatically collect, process and transmit data to People's Republic of China, in many service contracts with Taiwan government
agencies and state-owned companies, it is expressly stated that no hardware or equipment supplied by People's Republic of China's
manufacturers is allowed for the services.
51
Legal Proceedings
Gorilla may become involved in actions, claims, litigation, and other
legal proceedings occurring in the ordinary course of its business from time to time, including assertions by third parties relating to
intellectual property infringement, contract or warranty breaches, or employment-related matters. Gorilla is not currently a party to
any actions, claims, suits, or other legal procedures whose conclusion, if not determined in its favor, would have a major adverse effect
on Gorilla's business, financial condition, or results of operations, either individually or in the aggregate.
4.C. ORGANIZATIONAL STRUCTURE
The following diagram shows the current structure of Gorilla Technology
Group Inc. and all subsidiaries thereof.
4.D. PROPERTY, PLANTS AND EQUIPMENT
Facilities
Our headquarters are located in London, United Kingdom, with leased
office. Additionally, we own an office in Taipei, Taiwan, with approximately 1,910.4 square meters. Our headquarters houses our Chief
Executive Officer's office and Global HR, R&D and operations. We also have material business units in Taiwan, which include
Video IoT & Security Convergence, R&D, general administrative, human resources and finance & accounting.
We lease additional offices around the world, including in New Taipei
City, Taiwan, Hong Kong and Japan.
We lease part of our facilities and own real property in Taipei, Taiwan.
We intend to procure additional space as we add employees and expand geographically. We believe our facilities are adequate and suitable
for our current needs and that, if necessary, additional or alternative space will be available to accommodate any expansion of our business.
Item 4A: UNRESOLVED STAFF
COMMENTS
None
52
Item 5: OPERATING
AND FINANCIAL REVIEW AND PROSPECTS
The following discussion and analysis of Gorilla's
financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes
included elsewhere in this Form 20-F. Some of the information contained in this discussion and analysis, including information with respect
to Gorilla's planned investments in its research and development, sales and marketing, and general and administrative functions,
includes forward-looking statements that involve risks and uncertainties. You should review the sections titled "Special Note Regarding
Forward-Looking Statements and Risk Factor Summary" and "Risk Factors" for a discussion of forward-looking statements
and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking
statements contained in the following discussion and analysis. In this section "we," "us" and "our"
refer to Gorilla.
You should carefully review and consider the
information regarding our financial condition and results of operations set forth under the section titled "Gorilla's Management's
Discussion and Analysis of Financial Condition and Results of Operations" in our Form F-4 filed with the Securities and Exchange
Commission on June 27, 2022, for an understanding of our operating results and liquidity discussions and analysis comparing fiscal year
2021 to fiscal year 2020.
5.A. OPERATING RESULTS
Overview
Gorilla Technology Group Inc. (Gorilla, the "Company"
or the "Group") is a market-leading provider of video intelligence, Internet of Things (IoT) security and edge content management
in the Asia Pacific region with operations and established distribution and sales channels in other key regions across the globe.
We have operated in the field of video analytics
since our incorporation in 2001. As video moved from analog to digital formats, we leveraged this core competency to create innovative
and business transformative technology utilizing artificial intelligence (AI) and edge AI computing.
Our developed technologies in edge AI computing,
video analytics and operational technology (OT) security are the backbone of our suite of product and service solutions for our diversified
customer base of commercial, industrial, municipal and government entities. We partner with industry leading companies from cloud infrastructure
providers, telecoms, chipset vendors and storage manufacturers to provide end-to-end solutions for different verticals. Our machine learning
and deep learning proprietary algorithms underpin our product and service offerings which help our customers to securely move, store and
analyze data for actionable use in biometric authentication, account management, device management, business intelligence, and other applications.
We generate our revenue from the sale of hardware,
software and services to customers directly under sale contracts and through resellers and distributors under reseller agreements and
distribution agreements. Our two primary business segments include Video IoT and Security Convergence. For additional details see the
section titled "—
Sales and Marketing
" below.
Business Combination and Public Company Costs
On December 21, 2021, Gorilla entered into
the Business Combination Agreement with Global SPAC Partners Co. ("Global SPAC") Pursuant to the Business Combination Agreement,
Gorilla Merger Sub, Inc. a wholly owned subsidiary of Gorilla, merged with and into Global SPAC with Global SPAC surviving the merger.
As a result of the Merger, and upon consummation of the Marger and other transactions contemplated thereof, Global SPAC became a wholly
owned subsidiary of Gorilla, with the security holders of Global SPAC becoming security holders of Gorilla.
The Merger was accounted for as a capital reorganization.
Under this method of accounting, Global was treated as the "acquired" company for financial reporting purposes. Accordingly,
the Merger was treated as the equivalent of Gorilla issuing shares at the closing of the Merger for the net assets of Global as of the
closing date, accompanied by a recapitalization. The net assets of Global was stated at historical cost, with no goodwill or other intangible
assets recorded.
As a consequence of the Merger, the Gorilla ordinary
shares are registered under the Exchange Act and listed on Nasdaq, which require Gorilla to hire additional personnel and implement
procedures and processes to address public company regulatory requirements and customary practices. Gorilla expects to incur additional
annual expenses as a public company for, among other things, directors' and officers' liability insurance, director fees and
additional internal and external accounting and legal and administrative resources, including increased audit and legal fees.
Trends
and
Key Factors Affecting Gorilla's Performance
The performance of our business depends on a number
of factors, such as the following.
Adoption of Gorilla's product and service
offering
Gorilla's future success depends on a large
part on the market adoption of our product and services and the level to which they can be integrated into their pre-existing information
technology ("IT") and operational technology infrastructure. While Gorilla sees growing demand for our platform, particularly
from large enterprises, seeking access to our product and service offerings, it is difficult to predict customer adoption rates and future
demand. We believe that the benefits of our platform put it in a strong position to capture the significant market opportunity ahead.
53
Recurring revenue from existing customers
Gorilla's diverse base of customers represents
a significant opportunity for further adoption of our broad product and service offerings. While we have seen an increase in the number
of our customers, we believe that there is a substantial opportunity to expand the sale of our products and services among our existing
customers. We plan to continue investing in our direct sales force to encourage increased sales among our existing customers.
Once utilized, Gorilla's customers often
expand their use more broadly within the enterprise as they identify new cases and realize the benefits of our products and services.
In any given period, there is a risk that customer consumption of our products and services will be lower than we expect, which may cause
fluctuations in Gorilla's revenue and results of operations. Gorilla's ability to increase usage of our products and services
by existing customers, and, in particular, by large enterprise customers, will depend on a number of factors, including customers'
satisfaction, competition, pricing, overall changes in our customers' spending levels and the effectiveness of our sales and marketing
efforts.
In addition, changes in spending policies, budget
priorities and funding levels, including current and future stimulus packages, are key factors influencing the purchasing levels of Government
customers. As the duration and ongoing economic impacts of the COVID-19 pandemic remain uncertain, current and future budget priorities
and funding levels for Government customers may be adversely affected.
Expansion of Gorilla's geographic coverage
and customer base/Acquiring new customers
We believe there is a substantial opportunity
to further grow our customer base by continuing to make significant investments in sales, marketing and brand awareness. Gorilla's
ability to attract new customers will depend on a number of factors, including our success in recruiting and scaling our sales and marketing
organization and competitive dynamics in our targeted new geographical markets in Europe, the MENA region and Asia. We intend to expand
our direct sales force, with a focus on increasing sales in targeted geographies and customer segments. We may not achieve anticipated
revenue growth from expanding our sales force to focus on large enterprises if we are unable to hire, develop, integrate, and retain talented
and effective sales personnel; if our new and existing sales personnel are unable to achieve desired productivity levels in a reasonable
period of time; or if our sales and marketing programs are not effective.
Investing in growth and scaling our business
We are focused on our long-term revenue potential.
We believe that our market opportunity is large, and we will continue to invest significantly in scaling across all organizational functions
in order to grow our operations both domestically and internationally. We believe we have a history of introducing successful new features
and capabilities on our platform, and we intend to continue to invest heavily into research and development & sales and marketing
to grow our business to take advantage of our expansive market opportunity rather than optimize for profitability or cash flow in the
near future.
Key Business Metric(s)
Gorilla monitors a number of financial and non-financial
key business metric to measures on a regular basis in order to help it evaluate its business and growth trends, establish budgets, measure
the effectiveness of its sales and marketing efforts, and assess operational efficiencies. We believe that the most important of these
measures include gross margin, operating margin, net income (loss) as well as the non-financial key metric discussed below which may differ
from other similarly titled metrics used by other companies, securities analysts or investors.
Number of contracts of sale
Gorilla will continue to monitor the number of
direct and indirect agreements with customers for the provision of our suite of products and services. The number of agreements will directly
impact the results of operations, including revenues and gross margins for the foreseeable future.
Number of strategic partnerships with industry
leaders
Gorilla will monitor the number of partnerships
held with leading companies within the cloud infrastructure providers, telecoms, chipset vendors and storage manufacturers for the provision
of our technology. The number of partnerships will influence the dissemination of our product and service offering and will impact future
revenue and gross margins.
54
Overview
The results of certain key business metrics are
as follows:
Year Ended
December
    31
Items
2022
2021
(dollars in thousands)
Revenue
$
22,409
$
42,243
Cost of revenue
(14,072
)
(26,469
)
Gross margin
8,337
15,774
Operating expense
94,844
23,932
Operating loss
(86,507
)
(8,158
)
Net loss
$
(87,537
)
$
(8,548
)
Number of contracts of sales
254
297
Impact of COVID-19
Our financial performance has been affected by
the outbreak of COVID-19. The Group's significant operation is in Taiwan, which has been affected by the spread of COVID-19 since
2020. More broadly, the COVID-19 pandemic has affected almost all countries of the world, and resulted in border closures, production
stoppages, workplace closures, movement controls and other measures imposed by the various governments.
Resultantly, COVID-19 has disrupted our operations
and the operations of our suppliers, customers, and other business partners and may continue to do so for an indefinite period of time,
including as a result of travel restrictions and/or business shutdowns.
Gorilla has experienced, and may continue to experience,
an adverse impact on certain parts of its business following the implementation of shelter-in-place orders to mitigate the outbreak of
COVID-19, including a lengthening of the sales cycle for some prospective customers and delays in the delivery of professional services
and trainings to Gorilla's customers.
While a reduction in operating expenses may have
an immediate positive impact on our results of operations, we do not yet have visibility into the full impact this will have on our business.
We cannot predict how long we will continue to experience these impacts as shelter-in-place orders and other related measures are expected
to change over time. Our results of operations, cash flows, and financial condition have not been adversely impacted to date. However,
as certain of our customers or partners experience downturns or uncertainty in their own business operations or revenue resulting from
the spread of COVID-19, they may continue to decrease or delay their spending, request pricing discounts, or seek renegotiations of their
contracts, any of which may result in decreased revenue and cash receipts for Gorilla. In addition, we may experience customer losses,
including due to customer bankruptcies or customers ceasing operations, which may result in an inability to collect accounts receivable
from these customers. In addition, in response to the spread of COVID-19, we have required substantially all of our employees to work
remotely to minimize the risk of the virus to our employees and the communities in which we operate. We may take further actions as may
be required by government authorities or that we determine are in the best interests of our employees, customers, and business partners.
The global impact of COVID-19 continues to rapidly
evolve, and Gorilla will continue to monitor the situation and the effects on our business and operations closely. Gorilla has considered
the market conditions (including the impact of COVID-19) as of the balance sheet date, in making estimates and judgements on the recoverability
of assets and provisions for sales and service contracts as of December 31, 2022. However, we do not yet know the full extent of potential
impacts on our business or operations or on the global economy as a whole, particularly if the COVID-19 pandemic continues and persists
for an extended period of time. Given the uncertainty, we cannot reasonably estimate the impact on our future results of operations, cash
flows, or financial condition. For additional details, see the section of this proxy statement/prospectus titled "
Risk Factors
."
Components of Results of Operations
Revenue
Our primary sources of revenue are derived from
the sale of hardware, software and services to customers directly under sales contracts, through resellers and distributors under reseller
agreements and distribution and software license agreements, and through partnerships with system integrators under sales agreements.
Reseller
Under our typical reseller agreement, resellers
purchase Gorilla products and sets their own prices for the end customer's license of our product line. Resellers earn the difference
on the purchase price from Gorilla and the price they set to provide the products and services to end customers. Warranty coverage is
maintained by Gorilla. However, the reseller provides maintenance services to customers.
These contracts are automatically renewed for
an additional year unless prior notice otherwise is given.
55
Distributors
Under our typical distribution and software license
agreement, distributors purchase our products and are permitted to distribute, sell, bundle, promote and advertise our products directly
to end customers. Distributors receive a discount on the purchase price and earn an agreed margin on the resale price. These contracts
are automatically renewed for a year unless prior notice otherwise is given.
System integrators
Under our typical sales agreement, system integrators
purchase our products and data services and are permitted to integrate our products and services with theirs to sell directly to their
customers in their respective regions of operations.
As part of our sales contracts, system integrators
receive a discount on the purchase price of our products and services which are then on-sold by the system integrators to their customers.
These contracts are automatically renewed for a year unless prior 60-day notice is given by either party to terminate the agreement.
Cost of Revenue
Cost of revenue consists primarily of expenses
associated with salaries, labor, health insurance fees, benefits for personnel, outsourcing costs, warranties and hardware such as servers
and storage devices needed for total solutions. We expect that cost of revenue will increase in absolute dollars as our revenue grows
and will vary from year-to-year as a percentage of revenue.
Operating Expenses
Our operating expenses consist of research and
development, sales and marketing, and general and administrative expenses. Personnel costs are the most significant component of operating
expenses and consist of salaries, benefits, bonuses, share-based compensation, and sales commissions.
Research and Development
Research and development expenses consist primarily
of personnel-related expenses associated with Gorilla's research and development and product development teams, including salaries,
benefits, bonuses, and share-based compensation. Research and development expenses also include contractor or professional services fees,
third-party cloud infrastructure expenses incurred in developing Gorilla's platform, and computer equipment, software, and subscription
services dedicated for use by its research and development and organization. Gorilla expects that our research and development expenses
will increase as a percentage of our annual sales as our business grows and related labor cost increases due to the inflation and competitive
employment market demands for talented people and will continue to maintain a relatively large expenditure to maintain our innovative
approach to the market.
Sales and Marketing
Sales and marketing expenses consist primarily
of personnel-related expenses associated with Gorilla's sales and marketing staff, including salaries, benefits, bonuses, share-based
compensation and travel. Marketing expenses also include third-party software tools required for marketing automation and consultation
and advertising costs. Gorilla expects these costs to increase over time as our expansion into different markets continues and additional
tools and personnel are implemented.
In addition to the costs paid to our directly
employed sales and marketing staff, we contract with sales representatives to support marketing activities for Gorilla in specific regions
and territories. We license these representatives to use our software to market, promote and solicit orders of our product line on a non-transferable
and non-sub-licensable and limited basis. The contracts are not automatically renewed. We pay these sales representatives commission on
their sales, which are included in our sales and marketing expenses.
Gorilla expects increases in sales and marketing
expenses with:
●
the establishment of sales support operations for AI manufacturer
ecosystems in Taiwan, Indonesia, Thailand, Malaysia, Singapore, US, Europe and MENA; and
●
enhancement of technical support for AI models to device
manufacture, AI Appliances to distributors and system integrators, and AI SaaS to telecommunication and managing service providers in
US, Europe, Middle East and Africa, Latin America, India and expand the local support in Australia, Thailand, Indonesia, Singapore, Malaysia,
Vietnam and Japan.
Prior to the disruption of international travel
caused by the COVID-19 pandemic, sales and marketing expenses also included international travel of personnel and expenses related to
trade shows, demonstrations and other marketing events. Gorilla expects that our sales and marketing expenses will grow in absolute dollars
as well as a percentage of its revenue over time as Gorilla grows its business.
56
General and Administrative
General and administrative expenses consist primarily
of personnel-related expenses for Gorilla's finance, legal, human resources, facilities and administrative personnel, including
salaries, benefits, bonuses, and share-based compensation. General and administrative expenses also include external legal, accounting,
bookkeeping and other professional services fees, software and subscription services dedicated for use by Gorilla's general and
administrative functions, and other corporate expenses. General and administrative expenses also include allocated overhead costs.
Following the closing of this Merger, Gorilla
expects to incur additional expenses as a result of becoming 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, and increased
expenses for insurance, investor relations, and professional services. We expect that our general and administrative expenses will increase
in absolute dollars as our business grows.
Financial Income (Expense), Net
Financial income (expense), net consists primarily
of interest expenses relating to Gorilla's short-term and long-term borrowings and bank facilities, as well as interest income relating
to bank deposits.
Income Tax Benefit (Expense)
Income tax benefit (expense) consists primarily
of income taxes in certain foreign and state jurisdictions in which Gorilla conducts business. Valuation allowances are provided when
necessary to reduce deferred tax assets to the amount more likely than not to be realized.
Results of Operations
The results of operations presented below should
be reviewed in conjunction with the consolidated financial statements and notes included elsewhere in this Form 20-F. The following table
sets forth Gorilla's consolidated results of operations data for the years presented:
Year Ended December 31, 2022 Compared with
to Year Ended December 31, 2021
The following table summarizes our historical
results of operations for the years indicated:
Year Ended December 31
2022
2021
Dollars in
Thousands
Percentage of
Net Revenue
Dollars in
Thousands
Percentage of
Net Revenue
Change
$
Change
%
Revenue
$
22,409
100.0
%
$
42,243
100.0
%
$
(19,834
)
-47.0
%
Cost of revenue
(14,072
)
-62.8
%
(26,469
)
-62.7
%
12,397
-46.8
%
Gross profit
8,337
37.2
%
15,774
37.3
%
(7,437
)
-47.1
%
Operating expense
94,844
423.2
%
23,932
56.7
%
70,912
296.3
%
Financial income (expense), net
(599
)
-2.7
%
(628
)
-1.5
%
29
-4.6
%
Loss for the year
$
(87,537
)
-390.6
%
$
(8,548
)
-20.2
%
$
(78,989
)
924.1
%
Total comprehensive loss for the year
$
(89,202
)
-398.1
%
$
(8,082
)
-19.1
%
$
(81,120
)
1003.7
%
Net Revenue:
Net revenue by segment, in dollars and as a percentage
of total net revenue, and the year-over-year dollar and percentage change in net revenue are as follows:
Year Ended December 31
2022
2021
Dollars in
Thousands
Percentage of
Net Revenue
Dollars in
Thousands
Percentage of
Net Revenue
Change
$
Change
%
Security Convergence
$
12,711
56.7
%
$
12,055
28.5
%
$
656
5.4
%
Video IoT
$
9,698
43.3
%
$
30,188
71.5
%
$
(20,490
)
-67.9
%
Total
$
22,409
100.0
%
$
42,243
100.0
%
$
(19,834
)
-47.0
%
57
Our revenue decreased by $19.83 million,
or -47.0%, to $22.41 million for the year ended December 31, 2022 compared to approximately $42.24 million for the year ended
December 31, 2021. For segment disclosure, our revenue increased by $0.66 million, or 5.4% in security convergence and decreased
by $20.49 million, or -67.9% in Video IoT for the year ended December 31, 2022, compared to the year ended December 31, 2021. The
primary reasons for the increase in the revenue from the security convergence segment are increases in numbers of projects including hardware
revenue, while the primary reasons for the decrease in the revenue from the Video IoT segment are decreases in hardware, software and
services revenues. We have been trying to change in business focus to our security convergence segment starting from 2021 to pursue larger
projects with higher gross margins and to reduce hardware infrastructure and service for the Video IoT segment. The shifting of focus
to security convergence segment continues to grow in 2022.
Our revenue decreased as no new material services
were rendered to existing customers under the circumstances of the COVID-19 pandemic. Additionally, major components of a telecom 4G project
and a major sale of ecommerce equipment were completed and revenue was recognized in the year ended December 31, 2021. The revenue from
new customers increased by $1.16 million, or 16.69%, to $8.11million for the year ended December 31, 2022 compared to approximately
$6.95 million, for the year ended December 31, 2021. The revenue from existing customers decreased by $20.99 million, or -59.48%,
to $14.30 million for the year ended December 31, 2022 compared to approximately $35.29 million, for the year ended December 31,
2021. The primary reason for the decreased revenue from both new and existing customers was due to more revenues recognized during the
first two quarters of 2021 comparing to 2022 as the projects were near the completion stage with only small remaining amount to be recognized
in 2022. Another driver was that no new material services were rendered under the circumstances of the COVID-19 pandemic.
Cost of Revenue:
Cost of revenue by segment, in dollars and as
a percentage of total net revenue, and the year-over-year dollar and percentage change in cost of revenue are as follows:
Year Ended December 31
2022
2021
Dollars in
Thousands
Percentage of
Net Revenue
Dollars in
Thousands
Percentage of
Net Revenue
Change
$
Change
%
Security Convergence
$
8,997
70.8
%
$
5,534
45.9
%
$
3,463
62.6
%
Video IoT
$
5,075
52.3
%
$
20,935
69.3
%
$
(15,860
)
-75.8
%
Total
$
14,072
62.8
%
$
26,469
62.7
%
$
(12,397
)
-46.8
%
Our cost of revenue decreased by $12.4 million,
or -46.8%, to $14.07 million for the year ended December 31, 2022, compared to $26.47 million for the year ended December 31,
2021. For segment disclosure, our cost of revenue increased by $3.46 million, or 62.6% in security convergence and decreased by $15.86 million,
or -75.8% in Video IoT for the year ended December 31, 2022, compared to the year ended December 31, 2021. The primary reason for the
increase in the cost of revenue from the security convergence segment is an increase in hardware cost associated with a few oversea sales
which were requested by our customers to bundle the software integration service with the hardware equipment. The bundle of hardware equipment
drove the higher costs. The primary reason for the decrease in the cost of revenue from Video IoT segment is the decrease in hardware,
software and service costs associated with the overall decrease in the revenue in this segment. Although we have been trying to change
in business focus to our security convergence segment starting from 2021 to pursue larger projects with higher gross margins and to reduce
hardware infrastructure and service for the Video IoT segment, the increase in costs in security convergence segment and the decrease
in costs in the Video IoT segment in 2022 was not as expected but we continue to adjust our sales portfolios and price strategy.
Gross Margin:
Gross margin by segment, in dollars and as a percentage
of total net revenue, and the year-over-year dollar and percentage change in gross margin are as follows:
Year Ended December 31
2022
2021
Dollars in
Thousands
Percentage of
Net Revenue
Dollars in
Thousands
Percentage of
Net Revenue
Change
$
Change
%
Security Convergence
$
3,714
29.2
%
$
6,521
54.1
%
$
(2,807
)
-43.1
%
Video IoT
$
4,623
47.7
%
$
9,253
30.7
%
$
(4,630
)
-50.0
%
Total
$
8,337
37.2
%
$
15,774
37.3
%
$
(7,437
)
-47.2
%
58
Our gross margin decreased by $7.44 million
to $8.34 million for the year ended December 31, 2022, compared to $15.77 million for the year ended December 31, 2021. As a percentage
of net revenue, gross margin decreased 14 basis points to 37.2% for the year ended December 31, 2022. The decrease in revenue was outpaced
by the decrease in cost of revenue leading to an increase in gross margin.
For segment disclosure, as a percentage of net
revenue, gross margin of our security convergence segment decreased 2,487 basis points to 29.2% for the year ended December 31, 2022.
The decrease in gross margin was primarily driven by higher hardware costs from vendors due to shortage of supplies in the markets, leading
to decreased gross margin.
As a percentage of net revenue, gross margin of
our video IoT segment increased 1,702 basis points to 47.7% for the year ended December 31, 2022. The increase in gross margin was primarily
driven by the composition of more software and less hardware and service demanded by the customers.
Operating Expenses:
Year Ended December 31
2022
2021
Change
Change
Dollars in Thousands
$
%
Research and development
$
14,110
$
15,053
$
(943
)
-6.3
%
Sales and marketing
$
3,644
$
4,962
$
(1,318
)
-26.6
%
General and administrative
$
9,192
$
3,430
$
5,762
168.0
%
Share listing expenses
$
70,105
$
-
$
70,105
$
-
Expected credit losses
$
-
$
404
$
(404
)
-100.0
%
Other (income) loss, net
$
(984
)
$
(44
)
$
(940
)
2136.4
%
Other (gain) loss, net
$
(1,223
)
$
127
$
(1,350
)
-1063.0
%
Operating expense
$
94,844
$
23,932
$
70,912
296.3
%
Financial income (expense), net
$
(599
)
$
(628
)
$
29
-4.6
%
Loss for the year
$
(87,537
)
$
(8,548
)
$
(78,989
)
924.1
%
Total comprehensive loss for the year
$
(89,202
)
$
(8,082
)
$
(81,120
)
1003.7
%
Research and Development
Research and development expenses decreased by
$0.94 million, or 6.3%, to $14.11 million for the year ended December 31, 2022, compared to $15.05 million, for the year ended
December 31, 2021. The slight decrease was primarily due to no new material expenditures for additional research and development relating
to our new service offerings in our Video IoT segment.
Sales and Marketing
Sales and marketing expenses decreased by $1.32 million,
or -26.6%, to $3.64 million for the year ended December 31, 2022, compared to $4.96 million, for the year ended December 31, 2021.
The decrease was primarily due to no new material services being rendered and less marketing efforts in promoting our AI appliances due
to the COVID-19 pandemic.
General and Administrative
General and administrative expenses increased
by $5.76 million, or 168%, to $9.19 million for the year ended December 31, 2022, compared to $3.43 million, for the year
ended December 31, 2021. The increase was primarily due to additional professional expenses incurred to service provider for business
combination project and incurred additional annual expenses as a public company for, among other things, directors' and officers'
liability insurance, director fees and additional internal and external accounting and legal and administrative resources, including increased
audit and legal fees..
Share listing expenses
Share listing expenses totaled $70.11 million
for the year ended December 31, 2022, compared to $0 for the year ended December 31, 2021. Share listing expense represents non-cash IFRS
2 charges recorded in connection with the consummation of the SPAC merger.
Financial Income (Expense), Net
Year Ended December 31
2022
2021
Change
Change
Dollars in Thousands
$
%
Financial income (expense), net
$
(599
)
$
(628
)
$
29
-4.6
%
Financial expense decreased by $0.03 million,
or 4.6%, to $0.60 million for the year ended December 31, 2022, compared to $0.63 million, for the year ended December 31, 2021.
The decrease was primarily due to less short-term and long-term borrowing facilities.
59
Income Tax Benefit (Expense)
Year Ended December 31
2022
2021
Change
Change
Dollars in Thousands
$
%
Income tax benefit (expenses)
$
(430
)
$
238
$
(668
)
280.7
%
Income tax expense increased by $0.67 million,
or 280.7%, to $0.43 million for the year ended December 31, 2022, compared to $0.24 million of income tax benefit, for the year ended
December 31, 2021. The increase was primarily due to temporary tax difference for deferred assets or liabilities.
Quarterly Revenue Trends
Gorilla's revenue generally increased sequentially
in each of the quarterly periods presented due to the fiscal year and procurement cycle of our customers. We generally experience seasonality
in the timing of the execution of our contracts as we typically execute many of our contracts in the fourth quarter due to the fiscal
year ends and procurement cycles of our customers. In certain instances, we have experienced a decline in revenue in the six months ended
December 31 followed by sequential increases in revenue throughout the year as a result of the timing of when contracts are executed and
the period of performance begins. Because we recognize the majority of our revenue ratably over the contractual term with respect to the
multi-year contracts, a substantial portion of revenue recognized each period is from agreements that we entered into during previous
periods. As such, increases or decreases in such multi-year contracts with new or existing customers may not immediately be reflected
as revenue for that period.
Recent Accounting Pronouncements
For information on recently issued accounting
pronouncements, refer to Note 3 to our consolidated financial statements included elsewhere in this Form 20-F.
EBIT, EBITDA and adjusted EBITDA
Although EBIT, EBITDA and adjusted EBITDA are
not measures of performance that are recognized under GAAP, the management of Gorilla believes that the non-GAAP information, when taken
collectively, may be helpful to investors because they provide consistency and comparability with past financial performance and may assist
in comparisons with other companies to the extent that such other companies may use similar non-GAAP measures to supplement their IFRS
or GAAP results. The management of Gorilla has presented adjusted EBITDA because it provides investors with greater comparability of Gorilla's
operating performance without the effects of unusual, non-repeating or non-cash adjustments. EBIT, EBITDA and adjusted EBITDA do not purport
to represent operating income (loss), net income (loss) or cash flow from operating activities and should not be considered in isolation
or as a substitute for measures of performance in accordance with GAAP. In addition, because EBIT, EBITDA or adjusted EBITDA are not calculated
identically by all companies, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures
of other companies.
The following table shows our EBIT, EBITDA and
adjusted EBITDA, together reconciled to the loss for the year ended December 31, 2022 and 2021 (net of operating expenses and non-operating
income and expenses and excluding other comprehensive income).
Year Ended
December 31
2022
2021
(dollars in thousands)
Loss for the year
$
(87,537
)
$
(8,548
)
Income tax expense (benefit)
430
(238
)
Financial expense, net
599
628
EBIT
$
(86,508
)
(8,158
)
Depreciation expense
5,938
6,386
Amortization expense
1,688
2,361
EBITDA
$
(78,882
)
$
589
Transaction costs
(1)
2,814
-
Share Listing Expense
2)
70,105
-
Adjusted EBITDA
$
(5,963
)
$
589
(1)
Transaction costs are one-off expenses for professional services related to the Merger, asset acquisition
and SOX 404 implementation project which are considered as one-off corporate development events and added back for calculation of adjusted
EBITDA.
(2)
Share listing expense represents non-cash IFRS 2 charges recorded in connection with the consummation
of the SPAC merger.
60
5.B. LIQUIDITY AND CAPITAL RESOURCES
Liquidity and Capital Resources
Our capital requirements have primarily been for
capital expenditures related to the research and development, debt service, and operating expenses. Historically, we have generated negative
cash flows from operations and have financed our operations through the borrowings under our credit facilities, equity contributions and
payments received from our customers. We anticipate funding our future capital requirements and debt service payments with cash generated
from our operations, funds received through capital markets and future borrowings. To the extent we choose to seek additional financing
in the future (whether for development, acquisition opportunities as they arise or the refinancing of the financing facilities when due
at more favorable terms), we expect to fund such activities through cash generated from operations and through securing further debt financing
from banks and the capital markets.
Our cash, cash equivalents
as of December 31, 2022 was $23.00 million. Restricted cash and time deposits with maturity over three months were $6.87 million. 
We had $7.50 million of availability for borrowings under our revolving loan facility.  Our short-term bank borrowings as of December
31, 2022 was $12.49 million. In addition, as of December 31, 2022, our shareholders' loans were $1.00 million and our long-term
bank borrowings, including current portion, was $10.36 million.
Our management minimizes
liquidity risk through credit facilities and ongoing future cash flow management and planning. Our treasury monitors rolling forecasts
of our liquidity requirements to ensure it has sufficient cash to meet operational needs while maintain sufficient headroom on its undrawn
committed borrowing facilities at all times so that the Company does not breach borrowing limits or covenants on any of its borrowing
facilities. The forecasting takes into consideration the Company's debt financing plans, covenant compliance and compliance with
internal balance sheet ratio targets.
We believe that we will
have sufficient cash flows, after taking into the amount of cash and cash equivalent, time deposits recognized under financial assets
at amortized cost (restricted cash), current, unused credit lines from bank loans and shareholder loans to meet our obligations on a timely
basis for the next 12 months from the date our financial statements as of and for the year ended December 31, 2022 was authorized for
issuance. However, there are a number of factors that may negatively impact our available sources of funds. The amount of cash generated
from operations will be dependent upon factors such as the successful execution of our business plan, general economic conditions and
working capital management.
The following table shows a summary of Gorilla's
cash flows for the years presented (dollars in thousands):
Year Ended
December 31
2022
2021
Net cash used in operating activities
$
(8,774
)
$
1,623
Net cash used in investing activities
$
(1,926
)
$
(9,910
)
Net cash provided by financing activities
$
23,607
$
5,988
Net decrease in cash and cash equivalents
$
13,052
*
$
(2,209
)*
*
The amounts included the effect of foreign exchange rate changes.
Working Capital
Year Ended December 31, 2022
As of December 31, 2022, we had a working capital
of $19.50 million. This was due to the following:
●
Our cash and cash equivalents and our current account of
financial assets at amortized cost were $16.37 million more than short-term borrowings, and
●
Our accounts receivable of $14.04 million was $7.37 million
more than the accounts and notes payable.
61
Year Ended December 31, 2021
As of December 31, 2021, we had a working capital
of $17.83 million. This was due to the following:
●
Our cash and cash equivalents and our current account of
financial assets at amortized cost were $4.01 million lower than short-term borrowings, and
●
Our accounts receivable of $34.82 million was $26.76 million
more than the accounts and notes payable.
Capital Expenditures
Gorilla books its capital expenditures of $3.01
million and $8.40 million for the year ended December 31, 2022 and 2021, respectively, on acquisition of property, plants and equipment
as well as intangible assets. The acquired equipment and intangible assets are mainly for the purpose of research and development of new
technology and services.
Operating Activities
Gorilla's primary uses of cash from operating
activities are for personnel-related expenses, sales and marketing expenses and overhead expenses. Gorilla has generated negative cash
flows and has supplemented working capital through short- and long-term bank borrowings during the year ended December 31, 2022.
During the year ended December 31, 2022 and 2021,
net cash used in (provided by) operating activities was approximately $(8.77) and $1.62 million, respectively. The primary factors affecting
operating cash flows between these years were from our accounts receivable collection efforts and timing of payments for the vendors,
and transaction costs for business combination and additional annual expenses as a public company.
Investing Activities
Cash used in investing activities for the year
ended December 31, 2022 was $1.93 million. The primary factors affecting the investing cash flows were purchases of property, plant and
equipment, acquisition of financial assets at fair value through profit or loss and disposal of financial assets at amortized cost. The
significant portion of the equipment we purchased was the equipment for research and development activities, which were for the purposes
of developing products and services to meet our new customers' needs. As to the acquisition of financial assets at fair value through
profit or loss, it was entered into a protected cell rent-a-captive arrangement with an insurance company by investing certain capital
and retaining the premium to insure itself against future losses and the premium will be kept in the rent-a-captive company for future
claims payments. Disposal of financial assets at amortized cost is the decrease in the time deposits as collateral to secure the provision
of the performance guarantee and deposit letter of credit issued by the relevant banks as bid bond or performance bond.
Cash used in investing activities for the year
ended December 31, 2021 was $9.91 million. The primary factors affecting the investing cash flows were purchases of property, plant
and equipment, the acquisition of intangible assets and the investment in financial assets at amortized cost. The significant portion
of the equipment we purchased was the equipment for research and development activities and the intangible assets we acquired was software,
which were for the purposes of developing products and services that meet our new customers' needs. As to the investment in financial
assets at amortized cost, it was invested in the time deposits as collateral to secure the provision of the performance guarantee and
deposit letter of credit issued by the relevant banks as bid bond or performance bond.
Financing Activities
Cash provided by financing activities for the
year ended December 31, 2022 and 2021 was $23.61 million and $5.99 million, respectively, primarily as a result of proceeds from PIPE
investment and capital reorganization related to the Merger, repayment or proceeds from short term and long term borrowings for the purpose
of supporting the working capital needs.
Credit Facilities
As of December 31, 2022, we had total unsecured
and secured indebtedness of $23.85 million. At December 31, 2022, we were in compliance with the covenants under our credit agreements
and indentures.
For additional information
regarding our debt and refinancing activities, see Note 16 (Short-term borrowings), Note 18 (Long-term borrowings) and Note 41 (Capital
management) to the accompanying consolidated Financial Statements.
62
5.C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES
As of December 31, 2022, we had more than 99 employees within
our R&D department, and approximately 65% of the R&D employees hold master degrees or philosophy doctor degrees in ICT, Physics
or Math. Approximately 46% of our R&D employees have over 10 years of professional experience in the relevant vertical fields.
Research and development expenses were $14.1 million, $15.1 million
and $14.3 million in 2022, 2021 and 2020, respectively, and accounted for 14.9%, 62.9%, and 59.2% of our operating expenses in 2022, 2021
and 2020 respectively.
Our success depends, in part, on our ability to protect the proprietary
methods and technologies that we develop or otherwise acquire. We rely on copyright, trade secret laws, confidentiality procedures and
contractual provisions to protect our proprietary methods and technologies and own more than 20 patents.
We generally enter into confidentiality and/or license
agreements with our employees, consultants, vendors and advertisers, and we generally limit access to, and distribution of, our proprietary
information. We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost
effective.
5.D. TREND INFORMATION
As of 2023, Gorilla has been engaged by a governmental entity in the
MENA region to provide security convergence services. We anticipate that this entity will be our largest customer in 2023 and possibly
beyond. Among other things, uncertainties related to our capital requirements, our ability to meet our obligations under the engagement,
our ability to navigate the legal, macroeconomic and political landscape in the MENA region and otherwise manage our anticipated growth
in connection with this customer may materially impact Gorilla's financial condition and results of operations.
5.E. CRITICAL ACCOUNTING ESTIMATES
Our consolidated financial statements for the year
ended December 31, 2022 and 2021 have been prepared in accordance with IFRS as issued by the IASB. The preparation of these consolidated
financial statements requires management to make critical judgements in applying the Group's accounting policies and make critical
assumptions and estimates concerning future events. Assumptions and estimates may differ from the actual results and are continually evaluated
and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year. For more information on critical accounting
estimates, refer to Note 4 to our consolidated financial statements included elsewhere in this Form 20-F.
63
Item 6: DIRECTORS,
SENIOR MANAGEMENT AND EMPLOYEES
6.A. DIRECTORS AND SENIOR MANAGEMENT
Board of Directors and Senior
Management
The following table sets forth
information regarding our executive officers and directors, including their ages as of the date of this Annual Report:
Name
Age
Position
Jayesh Chandan
49
Chief Executive Officer/Executive Chairman
Daphne Huang
51
Chief Financial Officer
Dr. Rajesh "Raj" Natarajan
49
Chief Innovation Officer
Dr. Evan Medeiros
51
Director
Yoichiro Hirano
59
Director
Rt. Hon. Ruth Kelly
53
Director
Gregg Walker
51
Director
Jayesh "Jay" Chandan
is the Executive Chairman
of the Board as of the date of the Closing, and he became Chairman and Chief Executive Officer of the Company in September 2022, following
the concurrent retirement of Dr. Sih-Ping "Spincer" Koh, the founder of Gorilla. Since April 2021, Mr. Chandan has
been the Chairman of Global SPAC Partners Co., a blank check company which completed a $168 million IPO in April 2021, and which
announced in December 2021, its intention to merge with Gorilla. Since 2019, Mr. Chandan has been the Founder & Managing
Partner of KASS Capital, an investment advisory firm that invests globally in the technology industry and provide alternative liquidity
solutions to equity investors, debt holders, founders and management teams. Since 2017, Mr. Chandan has also been the Co-Founder and
a Partner of Shackleton-Victoria, an investment firm where Mr. Chandan led the firm's investment in FinLeap, a financial technology
accelerator and incubator. Since 2014, Mr. Chandan has also been the Co-Founder and a Director of Mathern Ltd., an investment
firm focused on investing in UK companies. From 2010 to 2012, Mr. Chandan was a Co-Founder and Partner at Cortis Capital LLP,
a transformation and project management firm focused on global mergers & acquisitions, where he worked on the Minna Airport City,
an urban regeneration project in Nigeria. From 2007 to 2008, Mr. Chandan served as the CEO of Invensis (UK) Ltd., a business process
outsourcing company. From 2005 to 2007, Mr. Chandan served as Director of Business Development of EXLservice (UK) Ltd., a data analytics
company that is now publicly traded on the Nasdaq with approximately $1 billion in revenues and approximately $3 billion in
market cap. From 2004 to 2005, Mr. Chandan served as Director of Sales & Strategic Accounts at Exevo (UK) Ltd., a global
market research & outsourcing firm that was later acquired by Copal Partners and is now part of Moody's Corporation. From
1995 to 2004, Mr. Chandan served as the Co-Founder and Executive Director of NPL, an IT services business in Southeast Asia.
Mr. Chandan serves as an Advisory Board Member of ConsolFreight LLC, a Fintech FreightTech ecosystem. Mr. Chandan graduated
from Madras University, India, with an Engineering Degree, majoring in Computer Sciences. We believe Mr. Chandan is well qualified
to serve as a director of our company given his extensive investment and operational experience in emerging markets.
Daphne Huang
has served as the Chief Financial Officer of the
Company since July 2022. Ms. Huang has over 20 years of senior executive experience in finance within which more than ten years as chief
financial officer of global manufacturing, pharmaceutical, and technology sector companies. Ms. Huang most recently served as Chief Financial
Officer of Go-For Industries Inc., a technology platform-based logistics company, and prior to that, as Chief Financial Officer and Chief
Accounting Officer of Taro Pharmaceutical Industries Ltd., a NYSE listed global pharmaceutical company.
Prior to her career as a chief financial officer, Ms. Huang held positions
of increasing responsibilities in the financial service and debt capital markets sectors working for such companies as PriceWaterhouseCoopers,
FleetBoston, GE Capital and HSBC.
Dr. Rajesh "Raj" Natarajan
has served as Chief Innovation
Officer of Gorilla since March 2022. Since 2005, Dr. Natarajan has been leading multiple efforts inside of Microsoft in various
roles ranging from Engineering to Product Management. Prior to joining Gorilla, Dr. Natarajan served as a Senior Director of Product Management
at Microsoft, when he was developing a new product portfolio within Dynamics focused on helping contact centers realize their Digital
Transformation goals. Prior to that, he has built and managed various products like Data Analytics for Windows Phone, Microsoft Push Notification
Service, Windows Media enablement for Streaming and mobile Digital Rights Management, Zune to name a few. Prior to joining Microsoft in
2005, Dr. Natarajan ran the professional services division at Loudeye Corporation where he oversaw the commercialization of Loudeye's
B2B music and video infrastructure, launching notable music stores like O2 Germany, MSN Music, Wurlitzer Jukebox etc. Much of his work
there translated into the foundation for Nokia's own music service infrastructure. From 2004 to 2005, Dr. Natarajan served
as the VP of Mobile solutions at Vidiator Technologies, a fully owned subsidiary of Hutchison. Dr. Natarajan helped create industry
leading solutions for Video streaming based on H.264 with dynamic bandwidth adaptation, which powered the network operators 3's
core multimedia delivery system across Europe. He also launched services in Hong Kong and the UK based on real-time 3D rendering
for mobile delivering news snippets and horoscopes on 3's platform. From 2001 to 2004, Dr. Natarajan was instrumental in establishing
and running engineering for LockStream Corporation who specialized in Digital Rights Management for mobile multimedia devices. He helped
create a Content Management system that was central to rights protecting content and delivering the requisite content and licenses to
mobile devices on the fly. This was accompanied by SDK's and applications that were developed and embedded into Motorola devices
and Ti Chipsets. Commercialization of this technology was witnessed by Emma.FM and widely deployed across the network operator 3's
European subsidiaries. Dr. Natarajan is an alumnus of Seattle University where in he completed his Management of Business Administration
(2010) and his Doctoral dissertation in Education and Leadership (2018). Dr. Natarajan serves as an Adjunct Faculty at Seattle
University's Albers School of Management since 2016, teaching Information Systems, Advanced Python Programming for Data Analytics
and courses on Teams Creativity and Decision Making. He has a Bachelor of Engineering (1995) from the University of Madras in Computer
Science.
64
Dr. Evan Medeiros
is a renowned expert in international politics
and business. A former White House senior advisor to President Obama, he has been the Penner Family Chair in Asia Studies at Georgetown
University's School of Foreign Service since 2018. His research and teaching focuses on the international politics of East Asia,
U.S.-China relations and China's foreign and national security policies. Since 2020, he has served on the board of Blackberry Government
Solutions, a wholly owned subsidiary of Blackberry Corporation. From 2015 to 2018, Dr. Medeiros was Managing Director and Asia Practice
Head of Eurasia Group. Dr. Medeiros has also served for six years on the staff of the National Security Council as Director for China,
Taiwan and Mongolia before serving as Special Assistant to the President and Senior Director for Asia. He was President Obama's
top advisor on Asia-Pacific and was responsible for coordinating U.S. policy toward the region across diplomacy, defense, economics and
intelligence, including all aspects of U.S.-China relations. Prior to joining the White House, he served as a senior political scientist
at the RAND Corporation and also served in the US Treasury Department as a policy advisor to Secretary of the Treasury Henry Paulson.
He holds master's degrees from the University of Cambridge (International Relations) and SOAS London (China Studies) and a Ph.D.
in International Relations from the London School of Economics and Political Science.
Yoichiro Hirano
served as a director prior to the closing of
the Merger, and continued in the same capacity after the Merger in July 2022. Mr. Hirano is the founder of Asteria Corporation (TSE:3853)
and has been the Chief Executive Officer since 1998. He also serves as a director and Chairman of the Board of the company. Mr. Hirano
has over thirty (30) years of experience in the software industry, beginning in 1998 when he founded the Infoteria Corporation,
the predecessor to Asteria. He has served as a Visiting Professor at Aoyama Gakuin University, Graduate School of Social Informatics from
2008 to 2011. Prior to founding Asteria, he led the Marketing and Strategic Planning team for ten (10) years at Lotus Development
Corporation, which was acquired by IBM. Mr. Hirano attended Kumamoto University where he studied Applied Chemistry.
Rt. Hon. Ruth Kelly
has been a director since the closing of
the Merger on July 13, 2022. Since March 2023, Ms. Kelly has been non-executive Chair of Water UK, a trade body representing water
companies in England, Wales and Scotland. Since November 2021, Ms. Kelly has been non-executive Chair of Thames Freeport, a private-sector
led, UK government sponsored regeneration initiative, north of the Thames Estuary. Since September 2020, Ms. Kelly has been a member
of the Vatican's Council for the Economy, which oversees the Holy See's finances. Since April 2019, Ms Kelly has also
been a non-executive Director of Heathrow Airport and a member of the airport's Audit and Finance committees. From April 2016
to March 2019, Ms. Kelly served as a non-executive director of the Financial Conduct Authority, the regulator of the conduct of financial
services in the UK; throughout that time, she also served as Chair of the regulator's Audit Committee and member of its Risk Committee.
Between October 2011 and July 2017, Ms. Kelly was a non-executive director of National Grid, one of the world's largest
publicly listed utilities focused on transmission and distribution of electricity and gas across the UK and US, serving on its finance,
audit and nomination committees. From September 2015 to August 2019, Ms. Kelly served as Pro Vice Chancellor of St Mary's
University, Twickenham, London, overseeing the development, enterprise and research agendas. From May 2010-August 2015, Ms.
Kelly worked as a Managing Director at HSBC Bank, during which time she became Global Head of Client Strategy in HSBC Global Asset Management,
overseeing global marketing and managing global relationships across the banking group. From May 1997 to April 2010, Ms. Kelly
was a UK politician, serving in various ministerial capacities including as Economic Secretary to the Treasury, Financial Secretary to
the Treasury, Minister of State in the Cabinet Office, Secretary of State for Education, Secretary of State for Communities and Local
Government and Secretary of State for Transport. From September 1994 to April 1997, Ms. Kelly worked as an economist at the
Bank of England. From August 1990 to September 1994, Ms. Kelly was an economics journalist on The Guardian newspaper. In 1992,
Ms. Kelly received a Master of Science from the London School of Economics. Ms. Kelly graduated from The Queen's College, Oxford,
in 1989 in Philosophy, Politics and Economics.
65
Gregg Walker
has been a director since the closing of the Merger
on July 13, 2022. Mr. Walker joined Muller & Monroe Asset Management as a Partner and Managing Director in July 2021
and leads the co-investment efforts of the firm as well as the firm's New York City office. Mr. Walker founded G.A. Walker,
LLC in July 2016 when he left his position as the Senior Vice President for Corporate Development at Sony Corporation of America
(Sony), a position he had held since March 2009, and he has been the Managing Member of G.A. Walker, LLC since its inception.
Mr. Walker is currently a member of the Board of Vewd Software A/S and of Blue Whale Acquisition Corp I (a SPAC sponsored by
Mubadala Capital). While serving as the Managing Member of G.A. Walker, LLC, Mr. Walker also served as the President and COO
of Remarkable, LLC, a live entertainment company based in New York City, from 2017 until January 2021. When Remarkable, LLC
invested in the Big Apple Circus in 2017, Mr. Walker added the role of CEO of the Big Apple Circus to his list of responsibilities
and served as the CEO of the Big Apple Circus until January 2021. During Mr. Walker's tenure as CEO, the Big Apple Circus
achieved record levels of revenues. At Sony, Mr. Walker worked across all of Sony's business units including PlayStation, Sony
Pictures, Sony Music, and Sony Electronics, and Mr. Walker had helped lead many major transactions and strategic efforts, including
Sony's purchase of the 50% of Sony/ATV Music Publishing previously owned by the Michael Jackson Estate. Mr. Walker served on
the Board of Directors of movie studio Metro-Goldwyn-Mayer (MGM) as well as on the Boards of EMI Music Publishing and Sony/ATV Music Publishing.
In 2010, he was chosen by Crain's New York Business as one of New York City's 40 Under 40 Rising Stars. Prior to
joining Sony, Mr. Walker was Vice President of Mergers and Acquisitions at Viacom for three years. Before, Viacom, Mr. Walker
was a Vice President at Goldman Sachs in the investment banking division. Mr. Walker was at Goldman Sachs for nearly a decade. Mr. Walker
earned an undergraduate degree from Washington University in St. Louis and a law degree from Yale Law School. In 2012, Mr. Walker
was honored by Washington University as one of six alumni to receive a Distinguished Alumni Award, and Washington University honored him
again in 2016 with the Alumnus of the Year Award for the New York City metro area. Mr. Walker is the former President of the
Levitt Foundation, the former Chairman of the Harlem YMCA (where his leadership resulted in the Harlem YMCA achieving the Transformational
Leadership Award from the YMCA of New York City — an award that had only ever been awarded once before), and a member
of the Board of Harlem RBI (now called "Dream").
Arrangements Concerning
Election of Directors; Family Relationships
We are not a party to, and are
not aware of, any arrangements pursuant to which any of our senior management members or directors was selected as such. In addition,
there are no family relationships among our senior management members or directors.
6.B. COMPENSATION
Aggregate Compensation of
Office Holders
The aggregate compensation,
including share-based compensation, paid by us and our subsidiaries to our executive officers and directors for the year ended December
31, 2022 was approximately $8.78 million, none of which was accrued or set aside by the company to provide pension, retirement or similar
benefits or expenses. This amount does not include business travel, relocation, professional and business association dues and expenses
reimbursed to office holders, and other benefits commonly reimbursed or paid by companies in Taiwan or the UK.
Equity Incentive Plans
2023 Omnibus Incentive
Plan
On March 6, 2023, our
Board of Directors approved and adopted, subject to shareholder approval, the Gorilla Technology Group Inc. 2023 Omnibus Incentive Plan
(the "2023 Plan"). The 2023 Plan became effective on March 6, 2023. No further grants will be made under our prior equity
plan which we refer to as the ESOP. This summary is not a complete description of all provisions of the 2023 Plan and is qualified in
its entirety by reference to the 2023 Plan, which will be filed as an exhibit to this Annual Report.
Share Awards.
The
2023 Plan provides for incentive stock options, or ISOs, non-qualified stock options, or NSOs, restricted share awards, share unit awards,
share appreciation rights, other share-based awards, performance-based share awards, (collectively, "share awards") and cash-based
awards (share awards and cash-based awards are collectively referred to as "awards"). ISOs may be granted only to our employees,
including officers, and the employees of our parent or subsidiaries. All other awards may be granted to our employees, officers, our non-employee
directors, and consultants and the employees and consultants of our subsidiaries and affiliates.
Share Reserve.
The
aggregate number of ordinary shares that may be issued pursuant to share awards under the 2023 Plan will not exceed the sum of (i) 10,000,000
ordinary shares (as adjusted for share splits, share dividends, combinations, and the like), plus (ii) an annual increase on the first
day of each fiscal year, for a period of not more than ten years, beginning on January 1, 2024 and ending on (and including) January 1,
2033, in an amount equal to the lesser of (x) 5% of our outstanding ordinary shares on the last day of the immediately preceding
fiscal year or (y) such lesser amount (including zero) that the compensation committee (as defined below) determines for purposes
of the annual increase for that fiscal year.
If restricted shares
or ordinary shares issued upon the exercise of options are forfeited, then such shares will again become available for awards under the
2023 Plan. If share units, options, or share appreciation rights are forfeited or terminate for any reason before being exercised or settled,
or an award is settled in cash without the delivery of shares to the holder, then the corresponding shares will again become available
for awards under the 2023 Plan. Any shares withheld to satisfy the exercise price or tax withholding obligation pursuant to any award
of options or share appreciation rights will again become available for awards under the 2023 Plan. If share units or share appreciation
rights are settled, then only the number of shares (if any) actually issued in settlement of such share units or share appreciation rights
will reduce the number of shares available under the 2023 Plan, and the balance (including any shares withheld to cover taxes) will again
become available for awards under the 2023 Plan.
66
Shares issued under the
2023 Plan will be authorized but unissued shares, treasury shares, or previously issued shares. As of the date hereof, no awards have
been granted and no ordinary shares have been issued under the 2023 Plan.
Incentive Stock Option
Limit.
The maximum number of shares that may be issued upon the exercise of ISOs under the 2023 Plan is equal to five (5)
times the number of shares specified under clause (i) of the 2023 Plan's share reserve formula as described above under the heading
"
—Share Reserve
", plus, to the extent allowable under Section 422 of the U.S. Internal Revenue Code (the "Code"),
any ordinary shares that become available for issuance under the 2023 Plan on account of (i) an award being forfeited before all underlying
shares have been issued or settled, or (ii) a portion of the shares underlying an award being withheld to satisfy the exercise price or
tax withholding of such award.
Grants to Outside
Directors.
The sum of (i) the grant date fair value for financial reporting purposes of any awards granted during any calendar year
under the 2023 Plan to an outside director as compensation for services as an outside director and (ii) any cash fees paid by us to such
outside director during such calendar year for service on our Board of Directors, may not exceed seven hundred fifty thousand dollars
($750,000), or, in the calendar year in which the outside director is first appointed or elect to our Board of Directors, one million
dollars ($1,000,000).
Administration.
The
2023 Plan will be administered by the compensation committee appointed by our Board of Directors, or by the Board of Directors acting
as the compensation committee. Subject to the limitations set forth in the 2023 Plan, the compensation committee will have the authority
to determine, among other things, to whom awards will be granted, the number of shares subject to awards, the term during which an option
or share appreciation right may be exercised and the rate at which the awards may vest or be earned, including any performance criteria
to which they may be subject. The compensation committee also will have the authority to determine the consideration and methodology of
payment for awards. Subject to applicable law, the Board of Directors or compensation committee may also authorize one or more of our
officers to designate employees, other than officers under Section 16 of the Exchange Act, to receive awards and/or to determine the number
of such awards to be received by such persons subject to a maximum total number of awards, to the extent applicable.
Repricing; Cancellation
and Re-Grant of Share Awards.
The compensation committee will have the authority to modify outstanding awards under the
2023 Plan. Subject to the terms of the 2023 Plan, the compensation committee will have the authority to cancel any outstanding share award
in exchange for new share awards, including awards having the same or a different exercise price cash, or other consideration, without
shareholder approval but with the consent of any adversely affected participant.
Share Options.
A
share option is the right to purchase a certain number of ordinary shares, at a certain exercise price, in the future. Under the 2023
Plan, ISOs and NSOs are granted pursuant to share option agreements adopted by the compensation committee. The compensation committee
determines the exercise price for a share option, within the terms and conditions of the 2023 Plan, provided that the exercise price of
a share option generally cannot be less than 100% of the fair market value of our ordinary shares on the date of grant. Options granted
under the 2023 Plan vest at the rate specified by the compensation committee.
Share options granted
under the 2023 Plan generally must be exercised by the optionee before the earlier of the expiration of such option or the expiration
of a specified period following the optionee's termination of employment. The compensation committee determines the term of the
share options up to a maximum of ten years. Each share option agreement will also set forth the extent to which the option recipient will
have the right to exercise the option following the termination of the recipient's service with us, and the right to exercise the
option of any executors or administrators of the award recipient's estate or any person who has acquired such options directly from
the award recipient by bequest or inheritance.
Payment of the exercise
price may be made in cash or, if provided for in the share option agreement evidencing the award, (1) by surrendering, or attesting
to the ownership of, shares which have already been owned by the optionee, (2) future services or services rendered to the company
or its affiliates prior to the award, (3) by delivery of an irrevocable direction to a securities broker to sell shares and to deliver
all or part of the sale proceeds to us in payment of the aggregate exercise price, (4) by delivery of an irrevocable direction to
a securities broker or lender to pledge shares and to deliver all or part of the loan proceeds to us in payment of the aggregate exercise
price, (5) by a "net exercise" arrangement, (6) by delivering a full-recourse promissory note, or (7) by any
other form that is consistent with applicable laws, regulations, and rules.
67
Tax Limitations on
Incentive Stock Options.
The aggregate fair market value, determined at the time of grant, of our ordinary shares with
respect to ISOs that are exercisable for the first time by an option holder during any calendar year under all of our share plans may
not exceed $100,000. Options or portions thereof that exceed such limit will generally be treated as NSOs. No ISO may be granted to any
person who, at the time of the grant, owns or is deemed to own share possessing more than 10% of our total combined voting power or that
of any of our affiliates unless (1) the option exercise price is at least one 110% of the fair market value of the ordinary shares
subject to the option on the date of grant, and (2) the term of the ISO does not exceed five years from the date of grant.
Restricted Share Awards.
The terms of any awards of restricted shares under the 2023 Plan will be set forth in a restricted share agreement to be entered into
between us and the recipient. The compensation committee will determine the terms and conditions of such restricted share agreements,
which need not be identical. A restricted share award may be subject to vesting requirements or transfer restrictions or both. Restricted
shares may be issued for such consideration as the compensation committee may determine, including cash, cash equivalents, full recourse
promissory notes, past services and future services. Award recipients who are granted restricted shares generally have all of the rights
of a shareholder with respect to those shares, provided that dividends and other distributions will not be paid in respect of unvested
shares unless otherwise determined by the compensation committee and, in such case, only once such unvested shares vest.
Share Unit Awards.
Share unit awards give recipients the right to acquire a specified number of ordinary shares (or cash amount) at a future date upon
the satisfaction of certain conditions, including any vesting arrangement, established by the compensation committee and as set
forth in a share unit award agreement. A share unit award may be settled by cash, delivery of shares, a combination of cash and
shares as deemed appropriate by the compensation committee. Recipients of share unit awards generally will have no voting or
dividend rights prior to the time the vesting conditions are satisfied and the award is settled. At the compensation
committee's discretion and as set forth in the share unit award agreement, share units may provide for the right to dividend
equivalents. Dividend equivalents may not be distributed prior to settlement of the share unit to which the dividend equivalents
pertain and the value of any dividend equivalents payable or distributable with respect to any unvested share units that do not vest
will be forfeited.
Share Appreciation Rights.
Share appreciation rights generally provide for payments to the recipient based upon increases in the price of our ordinary shares
over the exercise price of the share appreciation right. The compensation committee determines the exercise price for a share appreciation
right, which generally cannot be less than 100% of the fair market value of our ordinary shares on the date of grant. A share appreciation
right granted under the 2023 Plan vests at the rate specified in the share appreciation right agreement as determined by the compensation
committee. The compensation committee determines the term of share appreciation rights granted under the 2023 Plan, up to a maximum of
ten years. Upon the exercise of a share appreciation right, we will pay the participant an amount in shares, cash, or a combination of
shares and cash as determined by the compensation committee, equal to the product of (1) the excess of the per share fair market
value of our ordinary shares on the date of exercise over the exercise price, multiplied by (2) the number of ordinary shares with
respect to which the share appreciation right is exercised.
Other Shares
Awards.
The compensation committee may grant other awards based in whole or in part by reference to our ordinary shares. The
compensation committee will set the number of shares under the shares award and all other terms and conditions of such awards.
Cash-Based
Awards.
A cash-based award is denominated in cash. The compensation committee may grant cash-based awards in such number and
upon such terms as it will determine. Payment, if any, will be made in accordance with the terms of the award, and may be made in
cash or in ordinary shares, as determined by the compensation committee.
Performance-Based
Awards.
The number of shares or other benefits granted, issued, retainable and/or vested under a share or share
unit award may be made subject to the attainment of performance goals. The compensation committee may utilize any performance criteria
selected by it in its sole discretion to establish performance goals.
Changes to Capital
Structure.
In the event of a recapitalization, share split, or similar capital transaction, the compensation
committee will make appropriate and equitable adjustments to the number of shares reserved for issuance under the 2023 Plan, the number
of shares that can be issued as incentive stock options, the number of shares subject to outstanding awards and the exercise price under
each outstanding option or share appreciation right.
Transactions.
If
we are involved in a merger or other reorganization, outstanding awards will be subject to the agreement or merger or
reorganization. Subject to compliance with applicable tax laws, such agreement may provide, without limitation, for (1) the
continuation of the outstanding awards by us, if we are a surviving corporation, (2) the assumption or substitution of the
outstanding awards by the surviving corporation or its parent or subsidiary, (3) the immediate vesting, exercisability, and
settlement of the outstanding awards followed by their cancellation, (4) cancellation of the award, to the extent not vested or not
exercised prior to the effective time of the merger or reorganization, in exchange for such cash or equity consideration (including
no consideration) as the compensation committee, in its sole discretion, may consider appropriate, or (5) the settlement of the
intrinsic value of the outstanding awards (whether or not vested or exercisable) in cash, cash equivalents, or equity (including
cash or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such award or the
underlying shares) followed by cancellation of such awards, provided that any such amount may be delayed to the same extent that
payment of consideration to the holders of shares in connection with the merger or reorganization is delayed as a result of escrows,
earnouts, holdbacks or other contingencies.
68
Change of
Control.
The compensation committee may provide, in an individual award agreement or in any other written agreement between a
participant and us, that the share award will be subject to acceleration of vesting and exercisability in the event of a change of
control.
Transferability.
Unless the compensation committee provides otherwise, no award granted under the 2023 Plan may be transferred in any manner (prior
to the vesting and lapse of any and all restrictions applicable to shares issued under such award), except by will, the laws of
descent and distribution, or pursuant to a domestic relations order, provided that all ISOs may only be transferred or assigned only
to the extent consistent with Section 422 of the Code.
Amendment and Termination.
Our Board of Directors will have the authority to amend, suspend, or terminate the 2023 Plan, provided that such action does not materially
impair the existing rights of any participant without such participant's written consent.
No ISOs may be granted
more than ten years after years after the later of (i) the approval of the 2023 Plan by the Board of Directors (or if earlier, the shareholders)
and (ii) the approval by the Board of Directors (or if earlier, the shareholders) of any amendment to the 2023 Plan that constitutes the
adoption of a new plan for purposes of Section 422 of the Code.
Recoupment.
To
the extent permitted by applicable law, the compensation committee will have the authority to require that, in the event that we are required
to prepare restated financial results owing to an executive officer's intentional misconduct or grossly negligent conduct, such
executive officer will reimburse or forfeit to us the amount of any bonus or incentive compensation (whether cash-based or equity-based)
such executive officer received during a fixed period, as determined by the compensation committee, preceding the year the restatement
is determined to be required. That executive officer will forfeit or reimburse to us any bonus or incentive compensation to the extent
that such bonus or incentive compensation exceeds what the officer would have received in that period based on an applicable restated
performance measure or target. We will recoup incentive-based compensation from executive officers to the extent required under the Dodd-Frank
Wall Street Reform and Consumer Protection Act and any rules, regulations and listing standards that may be issued under that act
.
Non-Employee Director Compensation
Policy
Employee directors do not
receive any compensation with respect to service on our Board of Directors. We reimburse all of our non-employee directors for their reasonable
and customary out-of-pocket expenses in connection with their attendance at Board and committee meetings.
We
have adopted a non-employee director compensation policy that includes the following cash compensation for non-employee directors,
which is based on a review of director compensation at comparable companies in our industry, consisting of a $75,000 annual retainer,
an additional $15,000 annual retainer for the non-executive chair, and the following additional annual retainers for committee service:
Committee
Chair
Member
Compensation Committee
$
20,000
$
10,000
Nominating and Corporate Governance Committee
10,000
7,500
Audit Committee
20,000
12,500
The
non-employee director compensation policy also provides for the annual grant of restricted share units (each, an "Annual Award")
under the 2023 Plan following the conclusion of each regular annual meeting of our shareholders (the "Annual Meeting Date"),
commencing with the 2023 annual meeting, to each non-employee director who will continue serving as a member of the Board of Directors.
The Annual Award will be with respect to a number of ordinary shares with an aggregate fair market value as determined under the 2023
Plan equal to (i) $300,000 in the case of the non-executive chair and (ii) $230,000 in the case of the other non-employee directors.
The
number of shares underlying each Annual Award will be equal to the Annual Meeting Date fair market value of the Annual Award divided by
the Average VWAP Price (as such term is defined in the Amended and Restated Business Combination Agreement, dated as of May 18, 2022,
by and among Global SPAC Partners Co., Gorilla Merger Sub, Inc., Global SPAC Sponsors LLC, Tomoyuki Nii and the Company) for the period
ending on the day prior to the Annual Meeting Date
, rounded down to the nearest whole share.
69
If
a non-employee director is elected to our Board of Directors after the 2023 annual meeting and other than at an annual meeting
of shareholders (the date of such election, the "Election Date"), such non-employee director will receive an Annual
Award on the Election Date that will be prorated based on the number of calendar days remaining before (i) the next annual meeting of
shareholders, if scheduled, or (ii) the date of the first anniversary of the last annual meeting of shareholders, if the next annual meeting
is not yet scheduled. The number of shares of each prorated Annual Award will be equal to the Election Date fair value of the award divided
by the Average VWAP Price for the period ending on the day prior to the Election Date.
Each non-employee director
who (i) serves on our Board of Directors as a non-employee director as of the first business day following the filing of a registration
statement on Form S-8 with respect to the 2023 Plan (the "Initial Issuance Date") and (ii) will continue to serve as a non-employee
director immediately following the Initial Issuance Date will receive an initial grant of restricted share units (each, an "Initial
Award") under the 2023 Plan. The Initial Award will be with respect to a number of ordinary shares with an aggregate fair value
as determined under the 2023 Plan equal to (i) $300,000 in the case of the non-executive chair and (ii) $230,000 in the case of the other
non-employee directors.
The number of shares underlying each Initial Award will be equal to the grant date fair market value of
the Initial Award divided by $10.19, rounded down to the nearest whole share. Each non-employee director who is eligible for an Initial
Award will not receive the grant until the Initial Issuance Date, but, for purposes of determining the number of shares subject to such
Initial Award and the applicable vesting schedule, the date on which the non-employee director joins our Board of Directions will be treated
as the date of grant of the award. A non-employee director elected for the first time to our Board of Directors at an annual shareholder
meeting will receive only an Annual Award in connection with such election and will not also receive any Initial Award on the date of
such annual meeting.
Except
as otherwise approved by our Board of Directors, each Annual Award and Initial Award will become fully vested, subject to continued service
as a director,
on the earliest of the 12-month anniversary of the date of grant, the next annual meeting of shareholders following
the date of grant, and the consummation of a change in control (as defined in the 2023 Plan).
The aggregate value of all
compensation granted or paid, as applicable, to any non-employee director for service as a non-employee director, including awards granted
and cash fees we pay to such non-employee director, with respect to the 12-month period in which a non-employee director is first appointed
or elected to the Board of Directors, will not exceed one million dollars ($1,000,000) in total value, and during any 12-month period
following the initial 12-month period in which a non-employee director is first appointed or elected to our Board of Directors, will not
exceed seven hundred fifty thousand ($750,000) in total value, in each case calculating the value of any awards based on the grant date
fair value of such awards as determined for financial reporting purposes.
6.C. BOARD PRACTICES
Independence of Directors
As a result of Gorilla's ordinary shares being listed on Nasdaq,
Gorilla adheres to the rules of Nasdaq in determining whether a director is independent. The board of directors of Gorilla has consulted,
and will consult, with its counsel to ensure that the board's determinations are consistent with those rules and all relevant securities
and other laws and regulations regarding the independence of directors. The Nasdaq listing standards define an "independent director"
as a person, other than an executive officer of a company or any other individual having a relationship which, in the opinion of the issuer's
board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
Board Leadership Structure and Role in Risk Oversight
Mr. Jayesh "Jay" Chandan is our Chief Executive Officer
and Chairman of the Board. The Board does not anticipate implementing a policy requiring the positions of the Chairman of the Board and
Chief Executive Officer to be separate or held by the same individual. Any further determination to create such a policy is expected to
be based on circumstances existing from time to time, based on criteria that are in Gorilla's best interests and the best interests
of its shareholders, including the composition, skills and experience of the Board and its members, specific challenges faced by Gorilla
or the industry in which it operates, and governance efficiency. Combining the roles of Chairman and Chief Executive Officer will help
provide strong and consistent leadership for the management team and Board. However, the Board may decide in the future to separate the
roles of Chairman and Chief Executive Officers if it determines that such structure provides better and more effective oversight and management
of Gorilla. If the Board convenes for a meeting, it is expected that the non-management directors will meet in one or more executive sessions,
if the circumstances warrant it. The Board has appointed Ruth Kelly, an independent director, as Lead Director. Jay Chandan has signed
an employment contract providing that he shall be paid £225,000 as severance pay if he is terminated without cause, provided certain
conditions are met. No other director has a contract with Gorilla which provides for benefits upon termination of employment.
70
Gorilla also believes in the importance of independent oversight. Gorilla
will look to ensure that this oversight is truly independent and effective through a variety of means.
The Board has two classes of directors: Class I and Class II. Pursuant
to Gorilla's amended and restated memorandum and articles of association, the Class I Directors stand appointed for a term expiring
at the Company's second annual general meeting, and the Class II directors stand appointed for a term expiring at the Company's
third annual general meeting. Jayesh Chandan and Yoichiro Hirano are Class I directors. Evan Medeiros, Gregg Walker and Ruth Kelly are
Class II directors.
Meetings and Committees of the Board of Directors
Gorilla has established a separately standing audit committee, compensation
committee, and nominating and corporate governance committee (the "nominating committee").
Audit Committee Information
Gorilla has established an audit committee comprised of independent
directors. The audit committee consists of Ruth Kelly, Gregg Walker, and Evan Medeiros. Each of the members of the audit committee is
independent under the applicable Nasdaq listing standards. The audit committee has a written charter. The purpose of the audit committee
is, among other things, to appoint, retain, set compensation of, and supervise Gorilla's independent accountants, review the results
and scope of the audit and other accounting related services and review Gorilla's accounting practices and systems of internal accounting
and disclosure controls.
Financial Experts on Audit Committee
The audit committee is, will at all times be, composed exclusively
of "independent directors," as defined for audit committee members under the Nasdaq listing standards and the rules and regulations
of the SEC, who are "financially literate," as defined under Nasdaq's listing standards. Nasdaq's listing standards
define "financially literate" as being able to read and understand fundamental financial statements, including a company's
balance sheet, income statement and cash flow statement. In addition, Gorilla will be required to certify to Nasdaq that the committee
has, and will continue to have, at least one member who has past employment experience in finance or accounting, requisite professional
certification in accounting, or other comparable experience or background that results in the individual's financial sophistication.
Gregg Walker serves as a financial expert on the audit committee.
Compensation Committee Information
The board of directors of Gorilla has established a compensation committee.
The compensation committee consists of Ruth Kelly, Gregg Walker, and Evan Medeiros. The compensation committee has a written charter.
The purpose of the compensation committee is to review and approve compensation paid to Gorilla's officers and directors and to
administer Gorilla's incentive compensation plans, if any, including authority to make and modify awards under such plans.
The compensation committee assists the Board in determining its responsibilities
in relation to remuneration, including, amongst other matters, making recommendations to the Board on the Company's policy on executive
compensation, determining the individual remuneration and benefits package of each of the executive directors and recommending and monitoring
the remuneration of senior management below Board level.
Nominating Committee
Gorilla's nominating committee consists of Ruth Kelly, Gregg
Walker, and Yoichiro Hirano, and be responsible, among other things, for:
●        select
the director slate (or recommend the slate to the full board of directors);
●        oversee
board governance;
●        develop
board meeting procedures; and
●        evaluate
the effectiveness of board.
Corporate Governance Practices
As a foreign private issuer, Gorilla may generally follow home country
practice with respect to certain matters of corporate governance in lieu of the comparable governance provisions of the Nasdaq Listing
Rules, except for certain matters including the composition and responsibilities of the audit committee and the independence of its members
within the meaning of the rules and regulations of the SEC.
71
Gorilla intends to follow home country practice in lieu of Nasdaq corporate
governance requirements with respect to the following Nasdaq requirements:
●
Executive Sessions.
We will
not be required to and, in reliance on home country practice, we may not, comply with certain Nasdaq rules requiring Gorilla's
independent directors to meet in regularly scheduled executive sessions at which only independent directors are present. Gorilla will
follow Cayman Islands practice which does not require independent directors to meet regularly in executive sessions separate from the
full board of directors.
●
Proxy Statements.
We will not
be required to and, in reliance on home country practice, we may not, comply with certain Nasdaq rules regarding the provision
of proxy statements for general meetings of shareholders. Gorilla will follow Cayman Islands practice which does not impose a regulatory
regime for the solicitation of proxies.
●
Shareholder Approval.
Gorilla
will not be required to and, in reliance on home country practice, it does not intend to, comply with certain Nasdaq rules regarding
shareholder approval for certain issuances of securities under Nasdaq Rule 5635. In accordance with the provisions of
Gorilla's Amended and Restated Memorandum and Articles of Association, Gorilla's board of directors is authorized to issue
securities, including ordinary shares, preference shares, warrants and convertible notes.
Board Diversity Matrix (As of April 20, 2023)
Country of Principal Executive Offices
United Kingdom
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
3
-
1
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction
3
LGBTQ+
-
Did Not Disclose Demographic Background
1
6.D. EMPLOYEES
As of December 31, 2022, we
had 244 employees, including 3 in the UK, 2 in the US, 235 in Taiwan and 4 employees in other international locations. None of our employees
are represented by labor unions or covered by collective bargaining agreements. We consider our relationship with our employees to be
good.
6.E. SHARE OWNERSHIP
For information regarding
the share ownership of directors and officers, see Item 7. "
Major Shareholders and Related Party Transactions – 7.A. Major
Shareholders.
" For information as to our equity incentive plans, see Item 6.B. "
Director, Senior Management and Employees
– Compensation – Equity Incentive Plans.
"
6.F. DISCLOSURE OF REGISTRANT'S ACTION
TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
None.
72
Item 7: MAJOR SHAREHOLDERS
AND RELATED PARTY TRANSACTIONS
7.A. MAJOR SHAREHOLDERS
The following table shows the beneficial ownership of ordinary shares
as of April 13, 2023 by:
●
each person known by Gorilla to beneficially own more than
5% of the outstanding ordinary shares;
●
each of Gorilla named executive officers and directors; and
●
all of Gorilla named executive officers and directors as
a group.
Unless otherwise indicated, Gorilla believes that all persons named
in the table have sole voting and investment power with respect to all shares beneficially owned by them. Such shareholders do not have
voting rights which differ from the voting rights held by other holders of ordinary shares. Except as otherwise noted herein, the number
and percentage of ordinary shares beneficially owned is determined in accordance with Rule 13d-3 of the Exchange Act, and the
information is not necessarily indicative of beneficial ownership for any other purpose. Under such rule, beneficial ownership includes
any ordinary shares as to which the holder has sole or shared voting power or investment power and also any ordinary shares which the
holder has the right to acquire within 60 days of July 13, 2022 through the exercise of any option, conversion or any other
right. As of April 13, 2023, there were 68,923,092 ordinary shares issued and outstanding, not including 2,814,895 treasury shares held
by the company.
Unless otherwise noted, the business address of each beneficial owner
is c/o Gorilla Technology Group Inc., Meridien House, 42 Upper Berkeley Street, Marble Arch, London, United Kingdom W1H 5QJ.
Name and Address of Beneficial Owner
Number of
Shares
Beneficially
Owned
Percentage Outstanding
Named Executive Officers and Directors:
Yoichiro Hirano
—
—
Evan Medeiros
—
—
Jayesh Chandan, Chief Executive Officer and Chairman of the Board
738,282
1.1
%
Gregg Walker
—
—
Ruth Kelly
—
—
Daphne Huang, Chief Financial Officer
(1)
—
—
Dr. Rajesh "Raj" Natarajan, Chief Innovation Officer
—
—
All executive officers and directors as a group (7 individuals)
738,282
1.1
%
Five Percent or More Holders:
Rivetel Inv. Co., Ltd and affiliates
(2)
8,367,875
11.7
%
Asteria Vision Fund I, L.P.
(3)
9,152,995
12.8
%
Telstra Ventures Pty Ltd
(4)
4,527,383
6.3
%
SBI AB Fund and
affiliate
(5)
6,907,409
9.7
%
Berwick Resources Ltd.
(6)
3,725,439
5.4
%
*
Less than 1%.
(1)
In July 2022, Ms. Daphne Huang joined Gorilla as the Chief
Financial Officer.
(2)
The information reported is based on a Schedule 13G filed
on August 25, 2022. The number of shares represents (i) 1,662,539 ordinary shares held by Rivetel Inv. Co., Ltd ("Rivetel"),
(ii) 4,436,452 ordinary shares held by K-May Inv. Ltd. ("K-May"), and (iii) 2,268,884 ordinary shares held by Reich Holding
Co., Ltd ("Reich"). K-May is a wholly-owned subsidiary of April Dew Co., Ltd., which is a wholly-owned subsidiary of Sun
Finance International Inc. ("Sun") whose sole director controls the entity. Reich is a wholly-owned subsidiary of Rivetel.
Rivetel is controlled by its sole director/chairman, Mr. Chang-Yi Hsu. Sun's sole director entered into an arrangement with Mr.
Chang-Yi Hsu granting him exclusive voting and dispositive power over the 4,436,452 ordinary shares held by K-May. Reich is controlled
by its sole director, Rivetel. The registered address is 1F., No. 106, Ln. 737, Sec. 1, Neihu Rd., Neihu Dist., Taipei City, Taiwan (R.O.C.).
73
(3)
The information reported is based on a Schedule 13G filed
on August 12, 2022. Asteria Vision Fund Inc., as general partner for and on behalf of Asteria Vision Fund I, L.P. Asteria Vision
Fund Inc. is controlled by its board of directors. The business address of Asteria Vision Fund Inc. is c/o Asteria Vision Fund Inc.,
7300 Lone Star Drive, Suite C200, Plano, Texas 75024.
(4)
The information reported is based on a Schedule 13G filed
on August 23, 2022. T Ventures Fund II, GP, Ltd., as general partner for and on behalf of Telstra Ventures Fund II, L.P. T
Ventures Fund II, GP, Ltd. is controlled by its board of directors. The registered office of T Ventures Fund II, GP Ltd. is
Langham Hall (Guernsey) Limited North Suite 2, Town Mills Rue Du Pre, St Peter Port Guernsey, GY1 1LT.
(5)
The information reported is based on a Schedule 13G filed
on August 23, 2022. The number of shares represents 6,907,409 Gorilla ordinary shares held by SBI & Capital 22 JV Fund II,
L.P. and SBI AI & Blockchain Investment LPS. 920,988 Gorilla ordinary shares were issued to SBI & Capital 22 Management II
Co. Ltd., as general partner for and on behalf of SBI & Capital 22 JV Fund II, L.P. The business address is 4
th
Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. SBI & Capital 22
Management II Co. Ltd. is controlled by its directors. 5,986,421 Gorilla ordinary shares were issued to SBI Investment Co.,
Ltd., as general partner for and on behalf of SBI AI & Blockchain Investment LPS. The business address is 1-6-1, Roppongi,
Minato Ward, Tokyo 106-0032 Japan. SBI Investment Co., Ltd. is controlled by its directors.
(6)
The information reported is based on information from the
company's transfer agent as of April 13, 2023. Berwick Resources Limited is controlled by its sole director, Chen, Hsiu-Hsia. The
business address of Berwick Resources Limited is 7F, No. 320, Sec. 4, Chung Hsiao E Rd., Taipei, Taiwan, R.O.C..
7.B. RELATED PARTY TRANSACTIONS
Rights of Appointment
Gorilla's board of directors previously consisted of seven directors.
Pursuant to Gorilla's articles of association in effect immediately prior to the closing of the Merger, certain of Gorilla's
shareholders, including related parties, had rights to appoint directors.
Related Party Loans
On September 6, 2021, Gorilla entered into a loan and promissory
agreement with Asteria Corporation. Pursuant to the agreement, Asteria Corporation agreed to provide a loan to Gorilla for the principal
amount of $3,000,000 by subscribing the promissory note issued by Gorilla. The loan was guaranteed by a letter of guarantee made by Dr. Koh
on August 23, 2021. Gorilla has drawn down $3,000,000 under the loan with Asteria Corporation. The principal amount and accrued interest
under the loan have been repaid in full on or before the maturity date.
On March 13, 2023, Gorilla entered into a loan and promissory agreement
with Asteria Corporation. Pursuant to the agreement, Asteria Corporation agreed to provide a loan to Gorilla for the principal amount
of $3,000,000 by subscribing the promissory note issued by Gorilla. Gorilla has drawn down $3,000,000 under this loan with Asteria Corporation.
The principal amount and accrued interest under the loan remain outstanding.
On or about August 30, 2021, Gorilla entered into a loan and promissory
agreement with Dr. Koh. Pursuant to the agreement, Dr. Koh agreed to provide a loan to Gorilla for the principal amount of $1,000,000
by subscribing the promissory note issued by Gorilla. Gorilla has drawn down $1,000,000 under the loan with Koh, Sih-Ping. The principal
amount and accrued interest under the loan have been repaid in full on or before the maturity date.
Other Arrangements with Related Party
As of December 31, 2022, Gorilla has 15 credit facilities. Dr. Koh
acts as joint guarantor for eight credit facilities having entered into the relevant facility agreements or promissory notes, as applicable,
in the capacity as a joint guarantor. For the details of the credit facilities, please refer to the section titled "
Item 5.B.
Liquidity and Capital Resources — Credit Facilities.
"
Separation Agreement and Exchange Agreement
On September 8, 2022, Gorilla entered into a Separation Agreement with
Dr. Koh, pursuant to which Dr. Koh's employment as Gorilla's Chief Executive Officer and all positions he held with Gorilla
ceased. The Separation Agreement was approved by Gorilla's Board of Directors. On December 5, 2022, the parties agreed to amend
the Separation Agreement (the "Amended Separation Agreement"). Pursuant to the terms of the Amended Separation Agreement,
Gorilla paid Dr. Koh a lump sum equal to one month of his base salary and settled the outstanding obligations under a $1,000,000 loan
to the Company that had previously been advanced by Dr. Koh. On December 5, 2022, Gorilla and Dr. Koh also entered into an Exchange Agreement,
under which Dr. Koh agreed to deliver certain shares held by him to the Company in exchange for certain accounts receivable and assets
of Gorilla. For additional details related to the Exchange Agreement, please refer to the section titled "
Item 16.E. - Purchases
of Equity Securities by the Issuer and Affiliated Purchasers.
"
74
Exculpation, Indemnification and Insurance.
Our Amended and Restated Articles of Association permit Gorilla to
exculpate, indemnify and insure certain of its officers to the fullest extent permitted by the Companies Act. Gorilla has entered into
agreements with certain office holders, exculpating them from a breach of their duty of care to Gorilla to the fullest extent permitted
by law and undertaking to indemnify them to the fullest extent permitted by law, including with respect to liabilities resulting from
the Transactions to the extent that these liabilities are not covered by insurance.
7.C. INTERESTS OF EXPERTS AND COUNSEL
Not applicable.
Item 8: FINANCIAL
INFORMATION
8.A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL
INFORMATION
Consolidated Financial Statements
We have appended our audited
consolidated financial statements at the end of this Annual Report, starting at page F-3, as part of this Annual Report.
Legal Proceedings
Gorilla may become involved in actions, claims, litigation, and other
legal proceedings occurring in the ordinary course of its business from time to time, including assertions by third parties relating to
intellectual property infringement, contract or warranty breaches, or employment-related matters. Gorilla is not currently a party to
any actions, claims, suits, or other legal procedures whose conclusion, if not determined in its favor, would have a major adverse effect
on Gorilla's business, financial condition, or results of operations, either individually or in the aggregate.
Policy on Dividend Distributions
We have never declared or paid
any cash dividend on our ordinary shares. We currently intend to retain any future earnings and do not expect to pay any dividends in
the foreseeable future. Any further determination to pay dividends on our ordinary shares would be at the discretion of our board of directors,
subject to applicable laws, and would depend on our financial condition, results of operations, capital requirements, general business
conditions, and other factors that our board of directors may deem relevant. In addition, we may enter into financing arrangements with
third-parties which may contain covenants restricting Gorilla's ability to pay dividends in the future.
8.B. SIGNIFICANT CHANGES
No significant changes have
occurred since December 31, 2022, except as otherwise disclosed in this Annual Report.
Item 9: THE OFFER
AND LISTING
9.A. OFFER AND LISTING DETAILS
Our ordinary shares and warrants
began trading on Nasdaq under the symbols "GRRR" and "GRRRW," respectively, on July 14, 2022. Global's
units, subunits and warrants were previously listed on the Nasdaq under the symbols "GLSPU," "GLSPT," and "GLSPW,"
respectively. Global's securities each commenced separate public trading on April 13, 2021. Global's subunits and units
automatically separated into the component securities upon consummation of the Merger and, as a result, no longer trade as a separate
security. Upon the closing of the Merger, Global's ordinary shares were converted into our ordinary shares, and Global's warrants
were converted into our warrants. On April 26, 2023, the closing prices for our ordinary shares and warrants on the Nasdaq Stock Market
LLC were $1.76 per ordinary share and $0.17 per warrant.
9.B. PLAN OF DISTRIBUTION
Not applicable.
9.C. MARKETS
See Item 9.A. "
Offer
and Listing Details
."
9.D. SELLING SHAREHOLDERS
Not applicable.
9.E. DILUTION
Not applicable.
9.F. EXPENSES OF THE ISSUE
Not applicable.
75
Item 10: ADDITIONAL
INFORMATION
10.A. SHARE CAPITAL
Not applicable.
10.B. MEMORANDUM AND ARTICLES OF ASSOCIATION
Our authorized share capital consists of 245,000,000 ordinary shares
of a par value of US$0.0001 each and 5,000,000 preference shares of a par value of US$0.0001, of which 68,923,092 ordinary shares issued
and outstanding as of April 13, 2023.
The following is a description of our share capital and provisions
of our Amended and Restated Memorandum and Articles of Association, which became effective upon the closing of the Merger, a copy of which
is filed as an exhibit to this Annual Report.
Ordinary Shares
Dividends.
Subject to any rights and
restrictions of any other class or series of shares, our board of directors may, from time to time, declare dividends on the shares issued
and authorize payment of the dividends out of our lawfully available funds. No dividends shall be declared by our board except the following:
●
profits;
                                            or
●
"share
                                            premium account," which represents the excess of the price paid to us on the issue
                                            of our shares over the par or "nominal" value of those shares, which is similar
                                            to the U.S. concept of additional paid in capital.
However, no dividend shall
bear interest against us.
Voting Rights.
The holders of our ordinary shares are entitled
to one vote for each share held of record on all matters to be voted on by shareholders.
There is no cumulative voting with respect to the election of our directors,
with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors.
Holders of our ordinary shares do not have any conversion, preemptive
or other subscription rights and there will be no sinking fund or Redemption provisions applicable to our ordinary shares.
As a matter of Cayman Islands law, (i) an ordinary resolution requires
the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the Company; and (ii) a special resolution
requires the affirmative vote of a majority of at least two-thirds of the shareholders who attend and vote at a general meeting of the
Company.
Under Cayman Islands law, some matters, such as
amending the memorandum and articles of association, changing the name or resolving to be registered by way of continuation in a jurisdiction
outside the Cayman Islands, require the approval of shareholders by a special resolution.
There are no limitations on non-residents or foreign
shareholders to hold or exercise voting rights on our ordinary shares imposed by foreign law or by the charter or other of our constituent
documents. However, no person will be entitled to vote at any general meeting or at any separate meeting of the holders of our ordinary
shares unless the person is registered as of the record date for such meeting and unless all calls or other sums presently payable by
the person in respect of our ordinary shares have been paid.
Winding Up; Liquidation.
Upon our
winding up, after the full amount that holders of any issued shares ranking senior to our ordinary shares as to distribution on liquidation
or winding up are entitled to receive has been paid or set aside for payment, the holders of our ordinary shares are entitled to receive
any of our remaining assets available for distribution as determined by the liquidator. The assets received by the holders of our ordinary
shares in a liquidation may consist in whole or in part of a property, which is not required to be of the same kind for all shareholders.
Calls on Ordinary Shares and Forfeiture of
Ordinary Shares.
Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary
shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. Any ordinary shares
that have been called upon and remain unpaid are subject to forfeiture.
Redemption of Ordinary Shares.
We
may issue shares that are, or at our option or at the option of the holders are, subject to redemption on such terms and in such manner
as it may, before the issue of the shares, determine. Under the Companies Act, shares of a Cayman Islands company may be redeemed or repurchased
out of profits of the company, out of the proceeds of a fresh issue of shares made for that purpose or out of capital, provided our memorandum
and articles of association authorize this and we have the ability to pay our debts as they come due in the ordinary course of business.
76
No Preemptive Rights.
Holders of our
ordinary shares will have no preemptive or preferential right to purchase any of our securities.
Variation of Rights Attaching to Shares.
If
at any time the share capital is divided into different classes of shares, the rights attaching to any class (unless otherwise provided
by the terms of issue of the shares of that class) may, subject to our memorandum and articles of association, be varied or abrogated
with the consent in writing of the holders of two-thirds of the issued shares of that class or with the sanction of a special resolution
passed at a general meeting of the holders of the shares of that class. We may by ordinary resolution increase our authorized share capital.
Anti-Takeover Provisions.
Some provisions
of our amended and restated memorandum and articles of association may discourage, delay or prevent a change of control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without
any further vote or action by our shareholders.
Special Considerations for Exempted Companies.
We
are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies
and exempted companies. Any company that is registered
in the Cayman Islands
but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an
exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:
●
an
                                            exempted company does not have to file an annual return of its shareholders with the Registrar
                                            of Companies;
●
an
                                            exempted company's register of members is not open to inspection;
●
an
                                            exempted company does not have to hold an annual general meeting;
●
an
                                            exempted company may issue shares with no par value;
●
an
                                            exempted company may obtain an undertaking against the imposition of any future taxation
                                            (such undertakings are usually given for 20 years in the first instance);
●
an
                                            exempted company may register by way of continuation in another jurisdiction and be deregistered
                                            in the Cayman Islands;
●
an
                                            exempted company may register as a limited duration company; and
●
an
                                            exempted company may register as a segregated portfolio company.
Preference
Shares
The Amended
and Restated Memorandum and Articles of Association of Gorilla authorize the issuance of up to 5,000,000 blank check preference shares
with such designations, rights and preferences as may be determined from time to time by Gorilla's board of directors. Accordingly,
Gorilla's board of directors are empowered, without shareholder approval, to issue preference shares with dividend, liquidation,
conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of ordinary shares. In
addition, the preference shares could be utilized as a method of discouraging, delaying or preventing a change in control of Gorilla.
Contingent
Value Rights
In connection
with the Transactions, Gorilla issued one Class A CVR to the holders of the outstanding Global ordinary shares that were not redeemed
or converted in the Redemption, including PIPE Subunits purchased under the Amended Subscription Agreement (but not Class B ordinary
shares of Global or Global securities purchased in the IPO Private Placement). Following the Redemption, which almost 91% of Global public
shareholders redeemed their Global ordinary shares, and the issuance of Gorilla ordinary shares, there were 368,035 Gorilla ordinary
shares held by public holders and 4,139,840 Gorilla ordinary shares held by PIPE Investors. Therefore, the total number of Class A
CVRs issued is 4,507,875, which were issued to a concentrated number of public holders and the two PIPE Investors. Each Class A
CVR entitles the holder to receive (as a new reissuance by Gorilla of equivalent Gorilla ordinary shares or other securities or property
forfeited as part of applicable Earnout Shares) (A) a pro rata portion, among holders of Class A CVRs, of the Price Protection
Shares, and (B) a pro rata portion, among holders of all CVRs, of the Revenue Protection Shares.
Additionally,
under the Contin
gent Value Rights Agreement entered into around the time of the Closing, each of the PIPE Investors received,
for each PIPE Subunit purchased under the Amended Subscription Agreement, one-half (½) of one Class B CVR, entitling them
to receive (as a new reissuance by Gorilla of equivalent Gorilla ordinary shares or other securities or property forfeited as part of
applicable Earnout Shares) a pro rata portion, among holders of all CVRs, of the Revenue Protection Shares. The Class B CVRs shall
only be entitled to receive Revenue Protection Shares, and shall not have any rights with respect to any Price Protection Shares. Global
public holders were not be entitled to any Class B CVRs or the Revenue Protection Shares subject thereto. The effect of the separate
classification of Class A CVRs and Class B CVRs is to entitle the PIPE Investors to a proportionally larger amount of Revenue
Protection Shares than the Global public holders.
77
The holders of Class A CVRs and Class B CVRs are being provided
with a significant valuation protection through the opportunity to obtain additional contingent consideration in the form of additional
shares of Gorilla. Two types of valuation protection are offered: revenue protection, based on certain financial performance and reporting
milestones for Gorilla; and price protection, based on Gorilla's stock performance following the Closing.
2022 Price Protection
The Earnout Shares, as Price Protection Shares, may be forfeited by
the Gorilla shareholders and Gorilla ordinary shares will be issued to the holders of Class A CVRs if the 20-day volume weighted
average price ("VWAP") of Gorilla's ordinary shares is less than the Redemption Price, such price to be determined as
of (i) the end of the third quarter of 2022, (ii) the end of the fourth quarter of 2022, (iii) upon Gorilla's filing
of its fiscal year 2022 audited revenues with the SEC prior to March 31, 2023 and (iv) if the share price of the Gorilla ordinary
shares is below $5.00 for five consecutive trading days.
The share price of the Gorilla ordinary shares fell below $5.00 for
five consecutive trading days as of market close on December 21, 2022, which triggered a Price Protection Share forfeiture as described
above. Pursuant to the terms of the Business Combination Agreement, the SPAC Representative (as defined in the Business Combination Agreement)
furnished the following calculation supporting the forfeiture of 1,137,577 Price Protection Shares:
Variables
A
x
=
Number of Class A CVRs outstanding
A
y
=
Redemption Price
A
z
=
Average daily VWAP during the 20 trading days up to and including the test date
B
=
Number of Class A CVRs outstanding
C
=
Amount of Earnout Shares previously forfeited
Values as of December 21, 2022
A
x
=
4,507,875
A
y
=
$10.190
A
z
=
$8.137
B
=
4,507,875
C
=
0
Calculations
=
Number of forfeited Price Protection Shares
=
5,645,452 − 4,507,875 − 0
=
1,137,577
The Company Representative (as defined in the Business Combination
Agreement) did not object to this calculation. As a result, 1,137,577 Price Protection Shares were forfeited and each Class A CVR holder
became entitled to approximately 0.252 Gorilla ordinary shares per Class A CVR (calculated by dividing 1,137,577 by 4,507,875).
78
Additionally, the SPAC Representative determined that 20-day VWAP of
Gorilla's ordinary shares was less than the Redemption Price at the end of the fourth quarter of 2022. The SPAC Representative furnished
the following calculation supporting the forfeiture of an additional 1,384,951 Price Protection Shares:
Values as of December 30, 2022
A
x
=
4,507,875
A
y
=
$10.190
A
z
=
$6.534
B
=
4,507,875
C
=
1,137,577
Calculations
=
Number of forfeited Price Protection Shares
=
7,030,403 − 4,507,875 − 1,137,577
=
1,384,951
The Company Representative did not object to this calculation. As a
result, an additional 1,384,951 Price Protection Shares were cancelled and each Class A CVR holder became entitled to approximately
0.307 Gorilla ordinary shares per Class A CVR (calculated by dividing 1,384,951 by 4,507,875).
2022 Annual Report Test
8.4 million (60%) of the total Earnout Shares (the "2022
Earnout Shares") are eligible to be earned by the Gorilla shareholders, which amount will be reduced by the forfeiture of any Price
Protection Shares in 2022. As a result of the forfeitures described above, 5,877,472 of the 2022 Earnout Shares remained eligible to be
earned. Gorilla shareholders will forfeit such remaining 2022 Earnout Shares because this Annual Report was not filed with the SEC on
or before March 31, 2023. The Company anticipates delivering a Revenue Earnout Statement (as defined in the Business Combination Agreement)
within the timeframes outlined by the Business Combination Agreement.
2023 Price Protection
If the 20-day volume weighted average price of Gorilla's ordinary
shares is less than the Redemption Price upon the filing of Gorilla's fiscal year 2023 audited revenues of Gorilla, some or all
remaining Earnout Shares, after giving effect to any 2022 forfeitures or earnings described above (such remaining Earnout Shares, the
"2023 Earnout Shares") may be forfeited by Gorilla shareholders and Gorilla ordinary shares will be issued to the holders
of Class A CVRs.
2023 Consolidated Margin and 2023 Annual Report Test
After giving effect to any forfeiture of Price Protection Shares in
2023, if Gorilla fails to maintain its gross margin compared to the gross margin from the prior year, the Gorilla shareholders will forfeit
any remaining 2023 Earnout Shares. Additionally, the Gorilla shareholders will forfeit any remaining 2023 Earnout Shares if certain financial
reporting requirements are not met.
2023 Revenue Protection
Any remaining 2023 Earnout Shares, after giving effect to any of the
forfeitures described above, will be earned by Gorilla shareholders if the 2023 revenue is at least $90 million. If 2023 revenue
is less than $90 million, all remaining 2023 Earnout Shares will be forfeited and new Gorilla ordinary shares will be issued to the
Class A CVR holders and Class B CVR holders.
Under our Amended and Restated
Memorandum and Articles of Association, a general notice that a director is a shareholder, director, officer or employee of any specified
firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient disclosure for the
purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such general notice
it shall not be necessary to give special notice relating to any particular transaction.
Comparison of Cayman Islands Corporate Law and U.S. Corporate Law
Cayman Islands companies are governed by the Companies Act. The Companies
Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable to United
States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies
Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.
79
Mergers and Similar Arrangements
In certain circumstances the Cayman Islands Companies Act allows for
mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands company and a company incorporated in another
jurisdiction (provided that is facilitated by the laws of that other jurisdiction).
Where the merger or consolidation is between two Cayman Islands companies,
the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan
or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66 2/3 % in value) of the
shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company's articles
of association.
A shareholder has the right to vote on a merger or consolidation regardless
of whether the shares that he holds otherwise give him voting rights. No shareholder resolution is required for a merger between a parent
company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company.
The consent of each holder of a fixed or floating security interest
of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied
that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies
will register the plan of merger or consolidation.
Where the merger or consolidation involves a foreign company, the procedure
is similar, save that with respect to the foreign company, the director of the Cayman Islands company is required to make a declaration
to the effect that, having made due enquiry, he is of the opinion that the requirements set out below have been met: (i) that the merger
or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction
in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or
will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution
adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar
person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part
thereof; (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby
the rights of creditors of the foreign company are and continue to be suspended or restricted.
Where the surviving company is the Cayman Islands company, the director
of the Cayman Islands company is further required to make a declaration to the effect that, having made due enquiry, he is of the opinion
that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the
merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the
transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the
transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional
documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or
will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated,
registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against
the public interest to permit the merger or consolidation.
Where the above procedures are adopted, the Companies Act provides
for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation
if they follow a prescribed procedure. In essence, that procedure is as follows (a) the shareholder must give his written objection to
the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the
shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following
the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each
shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent
company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment
of the fair value of his shares; (d) within seven days following the date of the expiration of the period set out in paragraph (b) above
or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the
surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price
that the company determines is the fair value and if the company and the shareholder agree on the price within 30 days following the date
on which the offer was made, the company must pay the shareholder such amount; (e) if the company and the shareholder fail to agree on
a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting
shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied
by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not
been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together
with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder
whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is
reached. These rights of a dissenting shareholder are not be available in certain circumstances, for example, to dissenters holding shares
of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the
relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange
or shares of the surviving or consolidated company.
80
Moreover, Cayman Islands law also has separate statutory provisions
that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally be more
suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a "scheme
of arrangement" which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement
(the procedure of which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in
the United States), the arrangement in question must be approved by (a) 75% in value of the shareholders or class of shareholders, or
(b) a majority in number representing 75% in value of the creditors or class of creditors with whom the arrangement is to be made, as
the case may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening
of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting
shareholder would have the right to express to the court the
view that the transaction
should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:
●
we
                                            are not proposing to act illegally or beyond the scope of our corporate authority and the
                                            statutory provisions as to majority vote have been complied with;
●
the
                                            shareholders have been fairly represented at the meeting in question;
●
the
                                            arrangement is such that a business person would reasonably approve; and
●
the
                                            arrangement is not one that would more properly be sanctioned under some other provision
                                            of the Companies Act or that would amount to a "fraud on the minority"
If a scheme
of arrangement is approved and sanctioned, or if a tender offer (as described below) is made and accepted, any dissenting shareholder
would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of United
States corporations, providing rights to receive payment in cash for the judicially determined
value of the shares.
Squeeze-out Provisions
The Companies Act also contains a statutory power of compulsory acquisition,
which may facilitate the "squeeze out" of dissentient minority shareholders upon a tender offer. When a tender offer is made
and accepted by holders of 90% of the shares to whom the offer is made within four months, the offeror may, within a two-month period,
require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court
of the Cayman Islands but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment
of the shareholders.
Appointment of a Restructuring Officer
The Companies Act also contains statutory provisions which provide
that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds
that the company (a) is or is likely to become unable to pay its debts within the meaning of Section 93 of the Companies Act; and (b)
intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of
a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without
a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may,
among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit. During such time
as a petition is presented or an order appointing a restructuring officer remains on foot, Section 91G of the Companies Act prescribes
an automatic worldwide moratorium on any suits, action or other proceedings, other than criminal proceedings against the Company.
Further, transactions similar to a merger, reconstruction and/or an
amalgamation may in some circumstances be achieved through other means to these statutory provisions, such as a share capital exchange,
asset acquisition or control, through contractual arrangements, of an operating business.
Shareholders' Suits
Travers Thorp Alberga, our Cayman Islands legal counsel, is not aware
of any reported class action having been brought in a Cayman Islands court. Derivative actions have been brought in the Cayman Islands
courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff
in any claim based on a breach of duty owed t
o us, and a claim against (for
example) our officers or directors usually may not be brought by a shareholder. However, based on English authorities, which would in
all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply
in circumstances in which:
●
a
                                            company is acting, or proposing to act, illegally or beyond the scope of its authority;
81
●
the
                                            act complained of, although not beyond the scope of the authority, could be affected if duly
                                            authorized by more than the number of votes which have actually been obtained; or
●
those
                                            who control the company are perpetrating a "fraud on the minority."
A shareholder may have a direct right of action against us where the
individual rights of that shareholder have been infringed or are about to be infringed.
Indemnification of Directors and Executive Officers and Limitation
of Liability
Cayman Islands law does not limit the extent to which a company's
memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision
may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the
consequences of committing a crime.
Our amended and restated memorandum and articles of association permit
indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses
or damages arise from dishonesty or fraud of such directors or officers.
This standard of conduct is generally the same as permitted under the
Delaware General Corporation Law for a Delaware corporation. In addition, our offer letters to our independent directors and our employment
agreements with our executive officers provide such persons with additional indemnification beyond that provided in our amended and restated
memorandum and articles of association.
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to our directors, officers or persons controlling us under 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.
Directors' Fiduciary Duties
Under Delaware General Corporation Law, a director of a Delaware corporation
has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty.
The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar
circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available
regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the
best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing
by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed
by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are
presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests
of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence
be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the
transaction was of fair value to the corporation.
As a matter of Cayman Islands law, a director of a Cayman Islands company
is in the position of a fiduciary with respect to the company and therefore it is considered that he or she owes the following duties
to the company: a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position
as director (unless the company permits him or her to do so), and a duty not to put himself or herself in a position where the interests
of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company
owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance
of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However,
English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities
are likely to be followed in the Cayman Islands.
82
Shareholder Action by Written Consent
Under the Delaware General Corporation Law, a corporation may eliminate
the right of shareholders to act by written consent in its certificate of incorporation. Our amended and restated articles of association
provide that shareholders may not approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder
who would have been entitled to vote on such matter at a general meeting without a meeting being held.
Shareholder Proposals
Under the Delaware General Corporation Law, a shareholder has the right
to put any proposal before the annual general meeting, provided it complies with the notice provisions in the governing documents. An
extraordinary general meeting may be called by the board of directors or any other person authorized to do so in the governing documents,
but shareholders may be precluded from calling special meetings.
Cayman Islands law does not provide shareholders any right to put proposals
before a general meeting or requisition a general meeting. However, these rights may be provided in articles of association. As an exempted
Cayman Islands company, we are not obliged by law to call annual general meetings. However, should the board call choose to hold an annual
general meeting, our amended and restated articles of association allow our shareholders to bring business before the meeting provided
that the shareholder meets certain timing requirements provided for in our amended and restated articles of association. Our current articles
of association do not provide our shareholders other rights to put a proposal before a meeting.
Cumulative Voting
Under the Delaware General Corporation Law, cumulative voting for elections
of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting
potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder
to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power
with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands
but our amended and restated articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded
any fewer protections or rights on this issue than shareholders of a Delaware corporation.
Removal of Directors
Under the Delaware General Corporation Law, a director of a corporation
with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless
the certificate of incorporation provides otherwise. Under our amended and restated articles of association, directors may be removed
with or without cause, by an ordinary resolution as a matter of Cayman Islands law (which requires the affirmative vote of a majority
of the shareholders who attend and vote at a general meeting of the company).
Transactions with Interested Shareholders
The Delaware General Corporation Law contains a business combination
statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute
in its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder"
for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person
or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has
the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not
be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested
shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming
an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition
transaction with the target's board of directors.
Cayman Islands law has no comparable statute. As a result, we cannot
avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law
does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered
into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders. Our
amended and restated articles of association provide that a general notice that a director is a shareholder, director, officer or employee
of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient
disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such
general notice it shall not be necessary to give special notice relating to any particular transaction.
Dissolution; Winding up
Under the Delaware General Corporation Law, unless the board of directors
approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation.
Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding
shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in
connection with dissolutions initiated by the board.
Under Cayman Islands law, a company may be wound up by either an order
of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall
due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including
where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our amended and restated articles of
association, our company may be wound up, liquidated or dissolved by a special resolution of our shareholders.
83
Variation of Rights of Shares
Under the Delaware General Corporation Law, a corporation may vary
the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation
provides otherwise. Under our articles, if at any time our share capital is divided into different classes (and as otherwise determined
by our board of directors) the rights attached to any such class may, subject to any rights or restrictions for the time being attached
to any class only be materially adversely varied or abrogated with the consent in writing of the holders of not less than two-thirds of
the issued shares of the relevant class, or with the sanction of a resolution passed at a separate meeting of the holders of the shares
of such class by a majority of two-thirds of the votes cast at such a meeting. The board of directors may vary the rights attaching to
any class without the consent or approval of shareholders provided that the rights will not, in the determination of the board of directors,
be materially adversely varied or abrogated by such action.
Amendment of Governing Documents
Under the Delaware General Corporation Law, a corporation's governing
documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation
provides otherwise. As permitted by Cayman Islands law, our amended and restated memorandum and articles of association may only be amended
with a special resolution of our shareholders.
A copy of our amended and restated articles of association is attached as Exhibit 1.1 to this Annual Report on Form 20-F. Additional information
called for by this item is set forth in Exhibit 2.1 to this Annual Report on Form 20-F and is incorporated herein by reference.
10.C. MATERIAL CONTRACTS
Summaries of the following material
contracts and amendments to these contracts are included in this Annual Report in the places indicated.
Material Contract
Location in This Annual Report
Business Combination Agreement
Note 23 to our consolidated financial statements; Item 10.B Memorandum and Articles
of Association
Warrant Agreement (as amended and assigned)
Exhibit 2.1 Description of Registrant's Securities
Contingent Value Rights Agreement
Item 10.B Memorandum and Articles of Association – Contingent Value Rights.
2023 Equity Incentive Plan
Item 6.B. Directors, Senior Management and Employees – Compensation –
Equity Incentive Plans.
Form of Indemnification Agreement
Item 7.B. Related Party Transactions – Exculpation, Indemnification and
Insurance.
Non-Employee Director Compensation Policy
Item 6.C. Directors, Senior Management and Employees – Compensation –
Non-Employee Director Compensation Policy.
Exchange Agreement
Item 16.E. - Purchases of Equity Securities by the Issuer and Affiliated Purchasers.
In addition, summaries of additional
material contracts not described elsewhere in this Annual Report are provided below:
Lock-up Agreements
Certain Gorilla shareholders, including all of Gorilla's existing
equityholders owning more than one percent (1%) of Gorilla's equity prior to the Transactions, each entered into a Lock-Up Agreement
with Gorilla, as amended (collectively, the "Lock-Up Agreements"). Pursuant to the Lock-Up Agreements, each Gorilla shareholder
party thereto agreed not to, during the period commencing from the Closing and ending on the twelve (12) month anniversary of the
Closing (subject to early release if Gorilla consummates a liquidation, merger, share exchange, reorganization or other similar transaction
with an unaffiliated third party that results in all Gorilla shareholders having the right to exchange their equity holdings in Gorilla
for cash, securities or other property): (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell,
sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, establish
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position with respect to or decrease
of a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations of the SEC
promulgated thereunder, or otherwise transfer or dispose of, directly or indirectly, any restricted securities, (ii) enter into any
swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the restricted
securities, whether any such transaction is to be settled by delivery of such restricted securities, in cash or otherwise, or (iii) publicly
disclose the intention to do any of the foregoing, whether any such transaction described in clauses (i), (ii) or (iii) above
is to be settled by delivery of restricted securities or other securities, in cash or otherwise (in each case, subject to certain limited
permitted transfers where the recipient takes the shares subject to the restrictions in the Lock-Up Agreement). Notwithstanding the foregoing,
up to seventy-five percent (75%) of the restricted securities (pro rata among each type of restricted security owned by parties to the
Lock-Up Agreements) shall be subject to early release from the restrictions thereunder (and the lock-up period with respect to such Early
Release Securities shall be deemed to have expired) if and to the extent that the following occurs after the Closing: (i) one-third
(1/3
rd
) of the Early Release Securities shall be released on the date beginning from and after the six (6) month anniversary
of the Closing on which the closing price of Gorilla's Ordinary Shares exceeds $12.50 per share (as adjusted for share sub-divisions,
share capitalizations, share consolidations, subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for
any twenty (20) trading days within any thirty (30) trading day period; (ii) one-third (1/3
rd
) of the Early
Release Securities shall be released on the date beginning from and after the six (6) month anniversary of the Closing on which the
closing price of Gorilla's Ordinary Shares exceeds $15.00 per share (as adjusted for share sub-divisions, share capitalizations,
share consolidations, subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any twenty (20) trading
days within any thirty (30) trading day period; and (iii) one-third (1/3
rd
) of the Early Release Securities shall
be released on the date beginning from and after the six (6) month anniversary of the Closing on which the closing price of Gorilla's
Ordinary Shares exceeds $17.50 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, subdivisions,
share capitalizations, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading
day period.
84
Gorilla Registration Rights Agreement
In connection with the closing of the Merger, certain Gorilla shareholders
entered into a Registration Rights Agreement (the "Gorilla Registration Rights Agreement") pursuant to which Gorilla granted
certain registration rights to such Gorilla shareholders with respect to the Company's ordinary shares. The Gorilla Registration
Rights Agreement provided, among other things, certain Gorilla shareholders with certain demand rights in the event of an underwritten
offering, as well as piggyback rights in the event Gorilla or any holder of Gorilla's ordinary shares conducts a registered offering.
Global Registration Rights Agreement
The holders of the Class B ordinary shares of Global ("Founder
Shares"), representative shares, private units sold to the Sponsor and I-Bankers in connection with the Global IPO (including securities
contained therein) and units (including securities contained therein) that could have been issued upon conversion of loans made by the
Sponsor or one of its affiliates, and their permitted transferees, had registration rights to require the Company to register a sale of
any of the securities held by them (in the case of the Founder Shares, only after conversion to the Class A ordinary shares) pursuant
to a registration rights agreement signed on April 8, 2021 (as amended on December 21, 2021). These holders were entitled to make up to
three demands, excluding short form registration demands, that the Company registers such securities for sale under the Securities Act.
In addition, these holders had "piggy-back" registration rights to include such securities in other registration statements
filed by the Company and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities
Act.
Subscription Agreements
In connection with the business combination between Global and Gorilla,
Global and Gorilla entered into the Original Subscription Agreements with the investors named therein (the "PIPE Investors"),
pursuant to which the PIPE Investors agreed to purchase an aggregate of 5,000,000 units (the "Units") of Global, each
Unit consisting of one Global Class A ordinary share and one-quarter of redeemable Global warrant, at a price of $10.10 per Unit
in a private placement to be consummated concurrently with the Closing (the "PIPE Investment").
On May 18, 2022, Global, Gorilla, and PIPE Investors amended the
Subscription Agreements (the "Amended Subscription Agreements"), pursuant to which the PIPE Investors were given the right
to reduce their $50.5 million subscription amount to a minimum of $30.3 million for any reason whatsoever, in their sole discretion.
On July 13, 2022, immediately prior to the Closing of the Merger, the
PIPE Investment was closed. Gross proceeds from the PIPE Investment were $30.3 million.
Class A Contingent Value Rights
Upon the Closing, each PIPE Investor received one Class A CVR
for each PIPE Subunit. Each Class A CVR entitles the holder to receive, in the event that any Earnout Shares are forfeited by
Gorilla shareholders in accordance with the Business Combination Agreement, from Gorilla a pro rata portion (along with the holders of
Class B CVRs with respect to Revenue Protection Shares only) of newly issued ordinary shares and other securities or property in
the escrow account that are forfeited by Gorilla shareholders with respect to the Earnout Shares. The Class A CVRs were issued pursuant
to the Contingent Value Rights Agreement.
85
Class B Contingent Value Rights
Upon the Closing, each PIPE Investor received one-half (1/2) of a Class B
CVR for each PIPE Subunit. Each Class B CVR entitles the holder to receive, in the event that any Revenue Protection Shares are forfeited
by Gorilla shareholders in accordance with the Business Combination Agreement, from Gorilla a pro rata portion (along with the holders
of Class A CVRs) of newly issued Gorilla Ordinary Shares and other securities or property in the escrow account that are forfeited
by Gorilla shareholders with respect to such Revenue Protection Shares, provided, that a Class B CVR does not have any rights with
respect to any Price Protection Shares. The Class B CVRs were issued pursuant to the Contingent Value Rights Agreement.
Offer Letter with Dr. Rajesh "Raj" Natarajan
On March 2, 2022, we entered into an offer letter with Dr. Natarajan
to serve as our Chief Innovation Officer. The offer letter provides for an annual base salary of $180,000. Under the offer letter, Dr.
Natarajan is entitled to a lump sum cash severance payment in an amount equal to 12 months of his monthly salary if his employment is
terminated by the Company other than for fraud, willful misconduct, or gross negligence. The letter provided that Dr. Natarajan's
employment would continue until the closing of the Merger, after which the parties would enter into a more formal employment agreement.
Notwithstanding the foregoing, the Company makes no representation
that the terms of Dr. Natarajan's offer letter reflect or can be used to infer the compensation Dr. Natarajan has received in the
past or will reflect the compensation Dr. Natarajan will receive in the future. Adjustments to Dr. Natarajan's compensation may
have been approved by the Board (or a subcommittee thereof) in the past and additional changes may be approved in the future. For further
information regarding Gorilla's compensation of its Board and executive officers, we refer you to see Item 6.B. "
Director,
Senior Management and Employees – Compensation
" of this Annual Report.
Employment Agreements with Our Named Executive Officers
Below is a description
of the material terms of our employment agreements with our named executive officers. The employment agreements provide for at-will employment
and sets forth the named executive officer's base salary and eligibility for employee benefits.
Notwithstanding the foregoing, the Company makes no representation
that the terms of the employment agreements described below reflect or can be used to infer the compensation that such executive officer
has received in the past or will reflect the compensation such executive officer will receive in the future. Adjustments to such executive
officer's compensation may have been approved by the Board (or a subcommittee thereof) in the past and additional changes may be
approved in the future. For further information regarding Gorilla's compensation of its Board and executive officers, we refer you
to see Item 6.B. "
Director, Senior Management and Employees – Compensation
" of this Annual Report.
Employment Agreement
with Jayesh "Jay" Chandan
On April 22, 2023, we
entered into an employment agreement with Mr. Chandan to memorialize the terms of his continued employment with us which commenced on
July 14, 2022 (the "Effective Date"). The employment agreement has no fixed term and is terminable by either party following
a minimum notice period as required by applicable law.
The
employment agreement provides for an annual base salary of
£450,000.00. The employment agreement also provides for a one-time
sign-on award of restricted share units with a value upon grant of $3,000,000.00 based upon a price of $10.19 per share (rounded down
to the nearest whole share), provided Mr. Chandan is continuously employed through the date of grant. Commencing with the first anniversary
of the Effective Date in the 2023 calendar year, Mr. Chandan is also entitled to receive an annual award of restricted share units with
a value upon grant of $2,500,000.00 based upon a price of $10.19 per share (rounded down to the nearest whole share). To receive each
annual restricted shares unit award, Mr. Chandan must be continuously employed through the date of grant and must not have given us notice
of intention to resign or received notice from us of termination. If granted, both the one-time sign-on restricted share unit award and
the annual restricted share unit awards will be fully vested on the date of grant.
Under the employment agreement, upon termination
of his employment by us without "cause" or Mr. Chandan's resignation for "good reason" (as such terms are
defined in the employment agreement), and provided he signs and does not revoke our standard release of claims agreement, and complies
with all applicable restrictive covenants and contractual obligations contained in the employment agreement, Mr. Chandan will be
eligible to receive a lump sum payment equal to six months' base salary.
The employment agreement also contains customary
restrictions on competition, solicitation and disclosure of confidential information as well as provisions regarding the assignment of
intellectual property.
86
Employment Agreement
with Daphne Huang
On April 20, 2023, we
entered into an employment agreement with Ms. Huang to memorialize the terms of her continued employment with us which commenced on July
14, 2022 (the "Effective Date"). The employment agreement has no fixed term and is terminable by either party at any time
for any reason.
The
employment agreement provides for an annual base salary of
$450,000.00 and a one-time sign-on bonus of $200,000.00 payable in two
installments, subject to applicable tax withholding. Ms. Huang was paid the first installment of her sign-on bonus in the amount of $100,000.00
on August 16, 2022, and she will be paid the second installment in the amount of $100,000.00 on the first regularly scheduled payroll
date following July 14, 2023. Ms. Huang will not be entitled to the second installment of the sign-on bonus if her employment is terminated
prior to the payment of the second installment by the Company for "cause" or she resigns without "good reason"
(as such terms are defined in the employment agreement). Additionally, if the Company terminates her employment for "cause"
or she resigns without "good reason", in each case, at any time during the 12-month period following the applicable payment
date of the sign-on bonus installment, Ms. Huang will be required to repay a prorated amount of the applicable sign-on bonus installment
equal to (i) the amount of the applicable sign-on bonus installment multiplied by (ii) a fraction, the numerator of which is the number
of days from the applicable payment date through the date of her termination of employment and the denominator of which is 365, less any
applicable payroll deductions and tax withholding paid by her.
Commencing with the first
anniversary of the Effective Date in the 2023 calendar year, Ms. Huang is also entitled to receive an annual award of restricted share
units with a value upon grant of $1,000,000.00 based upon a price of $10.19 per share (rounded down to the nearest whole share). To receive
each annual restricted shares unit award, Ms. Huang must be continuously employed through the date of grant and must not have given us
notice of intention to resign or received notice from us of termination. If granted, the annual restricted share unit awards will be fully
vested on the date of grant.
Under the employment agreement, upon termination
of Ms. Huang's employment by us without "cause" or Ms. Huang's resignation for "good reason", and
provided she signs and does not revoke our standard release of claims agreement, and complies with all applicable restrictive covenants
and contractual obligations contained in the employment agreement, Ms. Huang will be eligible to receive:
●
any
                                            unpaid portion of the earned sign-on bonuses;
●
a
                                            lump sum payment equal to six months' base salary; and
●
health
                                            insurance premium reimbursement for six months.
The
emplo
yment agreement also contains customary restrictions on competition, solicitation and disclosure of confidential information
as well as provisions regarding the assignment of intellectual property.
Employment Agreement
with Dr.
Rajesh "Raj" Natarajan
On April 20, 2023, we
entered into an employment agreement with Dr. Natarajan to memorialize the terms of his continued employment with us which commenced on
July 14, 2022 (the "Effective Date"). The employment agreement has no fixed term and is terminable by either party at any
time for any reason.
The
employment agreement provides for an annual base salary of
$350,000.00 and a one-time sign-on bonus of $200,000.00 payable in two
installments, subject to applicable tax withholding. Dr. Natarajan was paid the first installment of his sign-on bonus in the amount of
$100,000.00 on August 16, 2022 (the "
First Sign-on Bonus
"), and he will be paid the second installment in the amount
of $100,000.00 on the first regularly scheduled payroll date following July 14, 2023. Dr. Natarajan will not be entitled to the second
installment of the sign-on bonus if his employment is terminated prior to the payment of the second installment by the Company for "cause",
or he resigns without "good reason" (as such terms are defined in the employment agreement). Additionally, if the Company
terminates his employment for "cause" or he resigns without "good reason", in each case, at any time during the
12-month period following the applicable payment date of the sign-on bonus installment, Dr. Natarajan will be required to repay a prorated
amount of the applicable sign-on bonus installment equal to (i) the amount of the applicable sign-on bonus installment multiplied by (ii)
a fraction, the numerator of which is the number of days from the applicable payment date through the date of his termination of employment
and the denominator of which is 365, less any applicable payroll deductions and tax withholding paid by him.
Commencing with the first
anniversary of the Effective Date in the 2023 calendar year, Dr. Natarajan is also entitled to receive an annual award of restricted share
units with a value upon grant of $1,650,000.00 based upon a price of $10.19 per share (rounded down to the nearest whole share). To receive
each annual restricted shares unit award, Dr. Natarajan must be continuously employed through the date of grant and must not have given
us notice of intention to resign or received notice from us of termination. If granted, the annual restricted share unit awards will be
fully vested on the date of grant.
87
Under the employme
nt
agreement, upon termination of Dr. Natarajan's employment by us without "cause" or Dr. Natarajan's resignation
for "good reason", and provided he signs and does not revoke our standard release of claims agreement, and complies with
all applicable restrictive covenants and contractual obligations contained in the employment agreement, Dr. Natarajan will be eligible
to receive:
●
any
                                            unpaid portion of the earned sign-on bonus;
●
a
                                            lump sum payment equal to six months' base salary; and
●
health
                                            insurance premium reimbursement for six months.
The
employment agreement also contains customary restrictions on competition, solicitation and disclosure of confidential information as
well as
provisions regarding the assignment of intellectual property.]
10.D. EXCHANGE CONTROLS
The Cayman Islands currently
has no exchange control regulations or currency restrictions.
10.E. TAXATION
The following description is not intended to constitute a complete
analysis of all tax consequences relating to the acquisition, ownership and disposition of the Gorilla ordinary shares and Gorilla warrants
and should not be construed as legal or professional tax advice. You should consult your own tax advisor concerning the tax consequences
of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing
jurisdiction.
Prospective investors should consult their advisors on the possible
tax consequences of investing in our securities under the laws of their country of citizenship, residence or domicile.
Cayman Islands Tax Considerations
The following is a discussion on certain Cayman Islands income tax
consequences of an investment in the securities of Gorilla. The discussion is a general summary of present law, which is subject to prospective
and retroactive change. It is not intended as tax advice, does not consider any investor's particular circumstances, and does not
consider tax consequences other than those arising under Cayman Islands law.
Under Existing Cayman Islands Laws
Payments of dividends and capital in respect of our securities will
not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder
of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporate tax. The
Cayman Islands currently has no income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax.
No stamp duty is payable in respect of the issue of the warrants. An
instrument of transfer in respect of a warrant is stampable if executed in or brought into the Cayman Islands.
No stamp duty is payable in respect of the issue of Gorilla ordinary
shares or on an instrument of transfer in respect of such shares.
The Company has been incorporated under the laws of the Cayman Islands
as an exempted company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of
the Cayman Islands in the following form:
The Tax Concessions Act
(As Revised)
Undertaking as to Tax Concessions
In accordance with the provision of Section 6 of The Tax Concessions
Act (As Revised), the Financial Secretary undertakes with Gorilla Technology Group Inc. (the "Company"):
1.
That no law which is hereafter enacted in the Islands imposing
any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and
2.
In addition, that no tax to be levied on profits, income, gains
or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:
2.1
On or in respect of the shares, debentures or other obligations
of the Company; or
2.2
by way of the withholding in whole or part, of any relevant
payment as defined in Section 6(3)of the Tax Concessions Act (As Revised).
88
These concessions shall be for a period of 20 years from the date
hereof.
U.S. Federal Income Tax Considerations
The following discussion is a summary of certain material U.S. federal
income tax considerations to U.S. Holders and Non-U.S. Holders (each as defined below) of the ownership and disposition of ordinary
shares and warrants. This discussion applies only to ordinary shares and warrants, as the case may be, that are held as "capital
assets" within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the "Code")
(generally, property held for investment).
The following does not purport to be a complete analysis of all potential
tax considerations arising in connection with the ownership and disposal of ordinary shares and warrants. The effects and considerations
of other U.S. federal tax laws, such as estate and gift tax laws, alternative minimum or Medicare contribution tax consequences and
any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury regulations promulgated
thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the
"IRS"), in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations.
Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect the tax consequences
discussed below. Gorilla has not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be
no assurance the IRS will not take or a court will not sustain a contrary position to that discussed below regarding the tax consequences
discussed below.
This discussion does not address all U.S. federal income tax consequences
relevant to a holder's particular circumstances. In addition, it does not address consequences relevant to holders subject to special
rules, including, without limitation:
●
regulated investment companies and real estate investment
trusts;
●
brokers, dealers or traders in securities;
●
traders in securities that elect to mark to market interested
party transactions that require shareholder approval;
●
tax-exempt organizations or governmental organizations;
●
U.S. expatriates and former citizens or long-term residents
of the United States;
●
persons holding ordinary shares and/or warrants, as the case
may be, as part of a hedge, straddle, constructive sale, or other risk reduction strategy or as part of a conversion transaction or other
integrated investment;
●
persons subject to special tax accounting rules as a result
of any item of gross income with respect to ordinary shares and/or warrants, as the case may be, being taken into account in an applicable
financial statement;
●
persons that actually or constructively own 5% or more (by
vote or value) of the ordinary shares;
●
"controlled foreign corporations," "passive
foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;
●
S corporations, partnerships or other entities or arrangements
treated as partnerships or other flow-through entities for U.S. federal income tax purposes (and investors therein);
●
U.S. Holders having a functional currency other than
the U.S. dollar;
●
persons who hold or received ordinary shares and/or warrants,
as the case may be, pursuant to the exercise of any employee stock option or otherwise as compensation; and
●
tax-qualified retirement plans.
For purposes of this discussion, a "U.S. Holder" is
any beneficial owner of ordinary shares and/or warrants, as the case may be, that is for U.S. federal income tax purposes:
●
an individual who is a citizen or resident of the United States;
●
a corporation (or other entity taxable as a corporation)
created or organized under the laws of the United States, any state thereof, or the District of Columbia;
●
an estate, the income of which is subject to U.S. federal
income tax regardless of its source; or;
●
a trust that (1) is subject to the primary supervision
of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of
the Code), or (2) has a valid election in effect to be treated as a "United States person" (within the meaning
of Section 7701(a)(30) of the Code) for U.S. federal income tax purposes.
89
If an entity or arrangement treated as a partnership for U.S. federal
income tax purposes holds ordinary shares and/or warrants, the tax treatment of an owner of such entity will depend on the status of the
owners, the activities of the entity or arrangement and certain determinations made at the owner level. Accordingly, entities or arrangements
treated as partnerships for U.S. federal income tax purposes and the partners in such partnerships should consult their tax advisors
regarding the U.S. federal income tax consequences to them.
THE U.S. FEDERAL INCOME TAX CONSEQUENCES APPLICABLE TO HOLDERS
OF ORDINARY SHARES AND WARRANTS WILL DEPEND ON EACH HOLDER'S PARTICULAR TAX CIRCUMSTANCES. YOU ARE URGED TO CONSULT YOUR TAX
ADVISOR REGARDING THE U.S. FEDERAL, STATE, AND LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR
PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF ACQUIRING, HOLDING, AND DISPOSING OF ORDINARY SHARES AND WARRANTS.
U.S. Holders
Distributions on ordinary shares
If Gorilla makes distributions of cash or property on the ordinary
shares, the gross amount of such distributions (including any amount of foreign taxes withheld) will be treated for U.S. federal
income tax purposes first as a dividend to the extent of Gorilla's current and accumulated earnings and profits (as determined for
U.S. federal income tax purposes), and then as a tax-free return of capital to the extent of the U.S. Holder's tax basis,
with any excess treated as capital gain from the sale or exchange of the shares. If Gorilla does not provide calculations of its earnings
and profits under U.S. federal income tax principles, a U.S. Holder should expect all cash distributions to be reported as dividends
for U.S. federal income tax purposes. Any dividend will not be eligible for the dividends received deduction allowed to corporations
in respect of dividends received from U.S. corporations.
Subject to the discussion below under "—
Passive Foreign
Investment Company Rules
," dividends received by certain non-corporate U.S. Holders (including individuals) may be "qualified
dividend income," which is taxed at the lower applicable capital gains rate, provided that:
●
either (a) the shares are readily tradable on an established
securities market in the United States, or (b) Gorilla is eligible for the benefits of a qualifying income tax treaty with
the United States that includes an exchange of information program;
●
Gorilla is neither a PFIC (as discussed below under below
under "—
Passive Foreign Investment Company Rules
") nor treated as such with respect to the U.S. Holder
for Gorilla's in any taxable year in which the dividend is paid or the preceding taxable year;
●
the U.S. Holder satisfies certain holding period requirements;
and
●
the U.S. Holder is not under an obligation to make related
payments with respect to positions in substantially similar or related property.
It is not expected that Gorilla will be eligible for benefits of an
applicable comprehensive income tax treaty with the United States. In addition, there also can be no assurance that ordinary shares
will be considered "readily tradable" on an established securities market in the United States in accordance with applicable
legal authorities. Furthermore, Gorilla will not constitute a "qualified foreign corporation" for purposes of these rules
if it is a PFIC for the taxable year in which it pays a dividend or for the preceding taxable year. See "—
Passive Foreign
Investment Company Rules
." U.S. Holders should consult their own tax advisors regarding the availability of the lower rate
for dividends paid with respect to ordinary shares. Subject to certain exceptions, dividends on ordinary shares will constitute foreign
source income for foreign tax credit limitation purposes. If such dividends are qualified dividend income (as discussed above), the amount
of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of
the dividend, multiplied by a fraction, the numerator of which is the reduced rate applicable to qualified dividend income and the denominator
of which is the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated
separately with respect to specific classes of income. For this purpose, dividends distributed by Gorilla with respect to the ordinary
shares generally will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute
"general category income."
Sale, Exchange, Redemption or Other Taxable Disposition of ordinary
shares and warrants.
Subject to the discussion below under "—
Passive Foreign
Investment Company Rules
," a U.S. Holder generally will recognize gain or loss on any sale, exchange, redemption or other
taxable disposition of ordinary shares or warrants in an amount equal to the difference between (i) the amount realized on the disposition
and (ii) such U.S. Holder's adjusted tax basis in such ordinary shares and/or warrants. Any gain or loss recognized by
a U.S. Holder on a taxable disposition of ordinary shares or warrants generally will be capital gain or loss. A non-corporate U.S. Holder,
including an individual, who has held the ordinary shares and/or warrants for more than one year generally will be eligible for reduced
tax rates for such long-term capital gains. The deductibility of capital losses is subject to limitations.
90
Exercise or Lapse of a Warrant
Except as discussed below with respect to the cashless exercise of
a warrant, a U.S. Holder generally will not recognize gain or loss upon the acquisition of an ordinary share on the exercise of a
warrant for cash. A U.S. Holder's tax basis in ordinary shares received upon exercise of the warrant generally should be an
amount equal to the sum of the U.S. Holder's tax basis in the warrant received therefore and the exercise price. The U.S. Holder's
holding period for an ordinary share received upon exercise of the warrant will begin on the date following the date of exercise (or possibly
the date of exercise) of the warrant and will not include the period during which the U.S. Holder held the warrant. If a warrant
is allowed to lapse unexercised, a U.S. Holder that has otherwise received no proceeds with respect to such warrant generally will
recognize a capital loss equal to such U.S. Holder's tax basis in the warrant.
The tax consequences of a cashless exercise of a warrant are not clear
under current U.S. federal income tax law. A cashless exercise may be tax-deferred, either because the exercise is not a realization
event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either situation, a U.S. Holder's
basis in the ordinary shares received would equal the U.S. Holder's basis in the warrants exercised therefore. If the cashless
exercise is not treated as a realization event, a U.S. Holder's holding period in the ordinary shares would be treated as commencing
on the date following the date of exercise (or possibly the date of exercise) of the warrants. If the cashless exercise were treated as
a recapitalization, the holding period of the ordinary shares would include the holding period of the warrants exercised therefor.
It is also possible that a cashless exercise of a warrant could be
treated in part as a taxable exchange in which gain or loss would be recognized in the manner set forth above under "—
Sale,
Exchange, Redemption or Other Taxable Disposition of ordinary shares and warrants
." In such event, a U.S. Holder could
be deemed to have surrendered warrants equal to the number of ordinary shares having an aggregate fair market value equal to the exercise
price for the total number of warrants to be exercised. The U.S. Holder would recognize capital gain or loss in an amount generally
equal to the difference between (i) the fair market value of the warrants deemed surrendered and (ii) the U.S. Holder's
tax basis in such warrants deemed surrendered. In this case, a U.S. Holder's tax basis in the ordinary shares received would
equal the sum of (i) U.S. Holder's tax basis in the warrants deemed exercised and (ii) the exercise price of such
warrants. A U.S. Holder's holding period for the ordinary shares received in such case generally would commence on the date
following the date of exercise (or possibly the date of exercise) of the warrants.
Due to the absence of authority on the U.S. federal income tax
treatment of a cashless exercise of warrants, there can be no assurance which, if any, of the alternative tax consequences and holding
periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their own tax advisors
regarding the tax consequences of a cashless exercise of warrants.
Possible Constructive Distributions
The terms of each warrant provide for an adjustment to the number of
ordinary shares for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in Exhibit
2.1 to this Annual Report on Form 20-F. An adjustment which has the effect of preventing dilution generally is not taxable. A U.S. Holder
of a warrant would, however, be treated as receiving a constructive distribution from Gorilla if, for example, the adjustment increases
the holder's proportionate interest in Gorilla's assets or earnings and profits (for instance, through an increase in the
number of ordinary shares that would be obtained upon exercise of such warrant) as a result of a distribution of cash or other property
such as other securities to the holders of the ordinary shares which is taxable to the holders of such shares as described under "—
Distributions on ordinary shares
" above. Such constructive distribution would be subject to tax as described under that section
in the same manner as if the U.S. Holder of such warrant received a cash distribution from Gorilla equal to the fair market value
of such increased interest.
Passive Foreign Investment Company Rules
The treatment of U.S. Holders of the ordinary shares could be
materially different from that described above, if Gorilla is treated as a PFIC for U.S. federal income tax purposes. A non-U.S. entity
treated as a corporation for U.S. federal income tax purposes generally will be a PFIC for U.S. federal income tax purposes
for any taxable year if either:
●
at least 75% of its gross income for such year is passive
income; or
●
at least 50% of the value of its assets (generally based
on an average of the quarterly values of the assets) during such year is attributable to assets that produce passive income or are held
for the production of passive income.
For this purpose, Gorilla will be treated as owning its proportionate
share of the assets and earning its proportionate share of the income of any other entity treated as a corporation for U.S. federal
income tax purposes in which Gorilla owns, directly or indirectly, 25% or more (by value) of the stock.
91
Based on the current and anticipated composition of the income, assets
and operations of Gorilla and its subsidiaries, there is a risk Gorilla may be treated as a PFIC for the current taxable year. However,
there can be no assurances in this regard, nor can there be any assurances that Gorilla will not be treated as a PFIC in any future taxable
year. Moreover, the application of the PFIC rules is subject to uncertainty in several respects, and Gorilla can make no assurances that
the IRS will not take a contrary position or that a court will not sustain such a challenge by the IRS.
Whether Gorilla or any of its subsidiaries is treated as a PFIC is
determined on an annual basis. The determination of whether Gorilla or any of its subsidiaries is a PFIC is a factual determination that
depends on, among other things, the composition of Gorilla's income and assets, and the market value of its and its subsidiaries'
shares and assets. Changes in the composition of Gorilla's or any of its subsidiaries' income or composition of Gorilla's
or any of its subsidiaries' assets may cause it to be or become a PFIC for the current or subsequent taxable years. Under the
PFIC rules, if Gorilla were considered a PFIC at any time that a U.S. Holder owns ordinary shares or warrants, Gorilla would continue
to be treated as a PFIC with respect to such investment unless (i) it ceased to be a PFIC and (ii) the U.S. Holder made
a "deemed sale" election under the PFIC rules. If such election is made, a U.S. Holder will be deemed to have sold its
ordinary shares or warrants at their fair market value on the last day of the last taxable year in which Gorilla is classified as
a PFIC, and any gain from such deemed sale would be subject to the consequences described below. After the deemed sale election, the ordinary
shares or warrants with respect to which the deemed sale election was made will not be treated as shares in a PFIC unless Gorilla subsequently
becomes a PFIC.
For each taxable year that Gorilla is treated as a PFIC with respect
to a U.S. Holder's ordinary shares or warrants, the U.S. Holder will be subject to special tax rules with respect to any
"excess distribution" (as defined below) received and any gain realized from a sale or disposition (including a pledge) of
its ordinary shares (collectively the "Excess Distribution Rules"), unless the U.S. Holder makes a valid QEF election
or mark-to-market election as discussed below. Distributions received by a U.S. Holder in a taxable year that are greater than 125%
of the average annual distributions received during the shorter of the three preceding taxable years or the U.S. Holder's
holding period for the ordinary shares will be treated as excess distributions. Under these special tax rules:
●
the excess distribution or gain will be allocated ratably
over the U.S. Holder's holding period for the ordinary shares;
●
the amount allocated to the current taxable year, and any
taxable years in the U.S. Holder's holding period prior to the first taxable year in which Gorilla is a PFIC, will be
treated as ordinary income; and
●
the amount allocated to each other taxable year will be subject
to the highest tax rate in effect for individuals or corporations, as applicable, for each such year and the interest charge generally
applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.
Under the Excess Distribution Rules, the tax liability for amounts
allocated to taxable years prior to the year of disposition or excess distribution cannot be offset by any net operating losses,
and gains (but not losses) realized on the sale of the ordinary shares or warrants cannot be treated as capital gains, even though the
U.S. Holder holds the ordinary shares or warrants as capital assets.
Certain of the PFIC rules may impact U.S. Holders with respect
to equity interests in subsidiaries and other entities which Gorilla may hold, directly or indirectly, that are PFICs (collectively, "Lower-Tier
PFICs"). There can be no assurance, however, that Gorilla does not own, or will not in the future acquire, an interest in a subsidiary
or other entity that is or would be treated as a Lower-Tier PFIC. U.S. Holders should consult their own tax advisors regarding
the application of the PFIC rules to any of Gorilla's subsidiaries.
If Gorilla is a PFIC, a U.S. Holder of ordinary shares (but not
warrants) may avoid taxation under the Excess Distribution Rules described above by making a "qualified electing fund" ("QEF")
election. However, a U.S. Holder may make a QEF election with respect to its ordinary shares only if Gorilla provides U.S. Holders
on an annual basis with certain financial information specified under applicable U.S. Treasury regulations. Gorilla will endeavor
to provide U.S. Holders with the required information on an annual basis to allow U.S. Holders to make a QEF election with respect
to the ordinary shares in the event Gorilla is treated as a PFIC for any taxable year. There can be no assurance, however, that Gorilla
will timely provide such information for the current year or subsequent years. The failure to provide such information on an annual
basis could prevent a U.S. Holder from making a QEF election or result in the invalidation or termination of a U.S. Holder's
prior QEF election. In addition, U.S. Holders of warrants will not be able to make a QEF election with respect to their warrants.
In the event Gorilla is a PFIC, a U.S. Holder that makes a QEF
election with respect to its ordinary shares would generally be required to include in income for each year that Gorilla is treated as
a PFIC the U.S. Holder's pro rata share of Gorilla's ordinary earnings for the year (which would be subject to tax as
ordinary income) and net capital gains for the year (which would be subject to tax at the rates applicable to long-term capital gains),
without regard to the amount of any distributions made in respect of the ordinary shares. Any net deficits or net capital losses of Gorilla
for a taxable year would not be passed through and included on the tax return of the U.S. Holder, however. A U.S. Holder's
basis in the ordinary shares would be increased by the amount of income inclusions under the qualified electing fund rules. Dividends
actually paid on the ordinary shares generally would not be subject to U.S. federal income tax to the extent of prior income inclusions
and would reduce the U.S. Holder's basis in the ordinary shares by a corresponding amount.
92
If Gorilla owns any interests in a Lower-Tier PFIC, a U.S. Holder
generally must make a separate QEF election for each Lower-Tier PFIC, subject to Gorilla's providing the relevant tax information
for each Lower-Tier PFIC on an annual basis.
If a U.S. Holder does not make a QEF election (or a mark-to-market
election, as discussed below) effective from the first taxable year of a U.S. Holder's holding period for the ordinary shares
in which Gorilla is a PFIC, then the ordinary shares will generally continue to be treated as an interest in a PFIC, and the U.S. Holder
generally will remain subject to the Excess Distribution Rules. A U.S. Holder that first makes a QEF election in a later year may
avoid the continued application of the Excess Distribution Rules to its ordinary shares by making a "deemed sale" election.
In that case, the U.S. Holder will be deemed to have sold the ordinary shares at their fair market value on the first day of
the taxable year in which the QEF election becomes effective, and any gain from such deemed sale would be subject to the Excess Distribution
Rules described above. A U.S. Holder that is eligible to make a QEF election with respect to its ordinary shares generally may do
so by providing the appropriate information to the IRS in the U.S. Holder's timely filed tax return for the year in which the
election becomes effective.
U.S. Holders should consult their own tax advisors as to the availability
and desirability of a QEF election.
Alternatively, a U.S. Holder of "marketable stock"
(as defined below) may make a mark-to-market election for its ordinary shares to elect out of the Excess Distribution Rules discussed
above if Gorilla is treated as a PFIC. If a U.S. Holder makes a mark-to-market election with respect to its ordinary shares,
such U.S. Holder will include in income for each year that Gorilla is treated as a PFIC with respect to such ordinary shares an amount
equal to the excess, if any, of the fair market value of the ordinary shares as of the close of the U.S. Holder's taxable year
over the adjusted basis in the ordinary shares. A U.S. Holder will be allowed a deduction for the excess, if any, of the adjusted
basis of the ordinary shares over their fair market value as of the close of the taxable year. However, deductions will be allowed only
to the extent of any net mark-to-market gains on the ordinary shares included in the U.S. Holder's income for prior taxable years.
Amounts included in income under a mark-to-market election, as well as gain on the actual sale or other disposition of the ordinary shares,
will be treated as ordinary income. Ordinary loss treatment will also apply to the deductible portion of any mark-to-market loss on the
ordinary shares, as well as to any loss realized on the actual sale or disposition of the ordinary shares, to the extent the amount of
such loss does not exceed the net mark-to-market gains for such ordinary shares previously included in income. A U.S. Holder's
basis in the ordinary shares will be adjusted to reflect any mark-to-market income or loss. If a U.S. Holder makes a mark-to-market
election, any distributions Gorilla makes would generally be subject to the rules discussed above under "—
Distributions
on ordinary shares
," except the lower rates applicable to qualified dividend income would not apply. U.S. Holders of warrants
will not be able to make a mark-to-market election with respect to their warrants.
The mark-to-market election is available only for "marketable
stock," which is stock that is regularly traded on a qualified exchange or other market, as defined in applicable U.S. Treasury
regulations. The ordinary shares, which are listed on Nasdaq, are expected to qualify as marketable stock for purposes of the PFIC rules,
but there can be no assurance that ordinary shares will be "regularly traded" for purposes of these rules. Because a mark-to-market
election cannot be made for equity interests in any Lower-Tier PFICs, a U.S. Holder that does not make the applicable QEF elections
generally will continue to be subject to the Excess Distribution Rules with respect to its indirect interest in any Lower-Tier PFICs as
described above, even if a mark-to-market election is made for Gorilla.
If a U.S. Holder does not make a mark-to-market election (or a
QEF election, as discussed above) effective from the first taxable year of a U.S. Holder's holding period for the ordinary
shares in which Gorilla is a PFIC, then the U.S. Holder generally will remain subject to the Excess Distribution Rules. A U.S. Holder
that first makes a mark-to-market election with respect to the ordinary shares in a later year will continue to be subject to the Excess
Distribution Rules during the taxable year for which the mark-to-market election becomes effective, including with respect to any mark-to-market
gain recognized at the end of that year. In subsequent years for which a valid mark-to-mark election remains in effect, the Excess
Distribution Rules generally will not apply. A U.S. Holder that is eligible to make a mark-to-market with respect to its ordinary
shares may do so by providing the appropriate information on IRS Form 8621 and timely filing that form with the U.S. Holder's
tax return for the year in which the election becomes effective. U.S. Holders should consult their own tax advisors as to the availability
and desirability of a mark-to-market election, as well as the impact of such election on interests in any Lower-Tier PFICs.
A U.S. Holder of a PFIC may be required to file an IRS Form 8621
on an annual basis. U.S. Holders should consult their own tax advisors regarding any reporting requirements that may apply to them
if Gorilla is a PFIC.
U.S. Holders are strongly encouraged to consult their tax advisors
regarding the application of the PFIC rules to their particular circumstances.
Non-U.S. Holders
This section applies to Non-U.S. Holders of ordinary shares and
warrants. For purposes of this discussion, a Non-U.S. Holder means a beneficial owner (other than a partnership or an entity or arrangement
so characterized for U.S. federal income tax purposes) of ordinary shares or warrants that is not a U.S. Holder, including:
●
a nonresident alien individual, other than certain former
citizens and residents of the United States;
●
a foreign corporation; or
●
a foreign estate or trust.
93
U.S. Federal Income Tax Consequences of the Ownership and
Disposition of ordinary shares and warrants to Non-U.S. Holders
Any (i) distributions of cash or property paid to a Non-U.S. Holders
in respect of ordinary shares or (ii) gain realized upon the sale or other taxable disposition of ordinary shares and/or warrants
generally will not be subject to U.S. federal income taxation unless:
●
the gain or distribution is effectively connected with the
Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax
treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable); or
●
in the case of any gain, the Non-U.S. Holder is a nonresident
alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other
requirements are met.
Gain or distributions described in the first bullet point above generally
will be subject to U.S. federal income tax on a net income basis at the regular rates. A Non-U.S. Holder that is a corporation
also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such
effectively connected gain, as adjusted for certain items.
Gain described in the second bullet point above will be subject to
U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which may be offset by
U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States),
provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.
The U.S. federal income tax treatment of a Non-U.S. Holder's
exercise of a warrant, or the lapse of a warrant held by a Non-U.S. Holder, generally will correspond to the U.S. federal income
tax treatment of the exercise or lapse of a warrant by a U.S. Holder, as described under "—
U.S. Holders-Exercise
or Lapse of a warrant
," above, although to the extent a cashless exercise or lapse results in a taxable exchange, the consequences
would be similar to those described in the preceding paragraphs above for a Non-U.S. Holder's gain on the sale or other disposition
of the ordinary shares and warrants.
Non-U.S. Holders should consult their own tax advisors regarding
potentially applicable income tax treaties that may provide for different rules.
Information Reporting and Backup Withholding
Information reporting requirements may apply to distributions received
by U.S. Holders of ordinary shares, and the proceeds received on sale or other taxable disposition of ordinary shares or warrants
effected within the United States (and, in certain cases, outside the United States), in each case other than U.S. Holders
that are exempt recipients (such as corporations). Backup withholding (currently at a rate of 24%) may apply to such amounts if the U.S. Holder
fails to provide an accurate taxpayer identification number (generally on an IRS Form W-9 provided to the paying agent of the U.S. Holder's
broker) or is otherwise subject to backup withholding. Any distributions with respect to ordinary shares and proceeds from the sale, exchange,
redemption or other disposition of ordinary shares or warrants may be subject to information reporting to the IRS and possible U.S. backup
withholding. U.S. Holders should consult their own tax advisors regarding the application of the U.S. information reporting
and backup withholding rules.
Information returns may be filed with the IRS in connection with, and
Non-U.S. Holders may be subject to backup withholding on amounts received in respect of, a Non-U.S. Holder's ordinary
shares or warrants, unless the Non-U.S. Holder furnishes to the applicable withholding agent the required certification as to its
non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as applicable,
or the Non-U.S. Holder otherwise establishes an exemption. Distributions paid with respect to ordinary shares and proceeds from the
sale of other disposition of ordinary shares or warrants received in the United States by a Non-U.S. Holder through certain
U.S.-related financial intermediaries may be subject to information reporting and backup withholding unless such Non-U.S. Holder
provides proof an applicable exemption or complies with certain certification procedures described above, and otherwise complies with
the applicable requirements of the backup withholding rules.
Backup withholding is not an additional tax. Amounts withheld as backup
withholding generally may be credited against the taxpayer's U.S. federal income tax liability, and a taxpayer may obtain a
refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for a refund with the
IRS and furnishing any required information.
10.F. DIVIDENDS AND PAYING AGENTS
Not applicable.
10.G. STATEMENT BY EXPERTS
Not applicable.
94
10.H. DOCUMENTS ON DISPLAY
Any statement in this Annual
Report about any of our contracts or other documents is not necessarily complete. If the contract or document is filed as an exhibit to
this Annual Report, the contract or document is deemed to modify the description contained in this Annual Report. You must review the
exhibits themselves for a complete description of the contract or document.
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 periodic reports on Form 6-K. The SEC maintains an Internet website that contains reports and other information about
issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov. In addition, copies of all information
and documents pertaining to press releases, media conferences, investor updates and presentations at analyst and investor presentation
conferences can be downloaded from our website www.gorilla-technology.com. The information contained on our website is not a part of this
Form 20-F.
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. However,
we furnish or make available to our shareholders certain reports including Annual Reports on Form 20-F, periodic reports on Form 6-K and
other information, with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers.
10.I. SUBSIDIARY INFORMATION
Not applicable.
10.J. ANNUAL REPORT TO SECURITY HOLDERS
Not applicable.
Item 11: QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to a variety of risks in the ordinary
course of our business, including, but not limited to, market risk (including foreign exchange risk and interest rate risk), credit risk
and liquidity risk. We regularly assess each of these risks to minimize any adverse effects on our business as a result of those factors.
For discussion and sensitivity analyses of our exposure to these risks, see note 42 to our audited consolidated financial statements for
the year ended December 31, 2022.
Item 12: DESCRIPTION
OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A. DEBT SECURITIES
Not applicable.
12.B. WARRANTS AND RIGHTS
Not applicable.
12.C. OTHER SECURITIES
Not applicable.
12.D. AMERICAN DEPOSITARY SHARES
Not applicable.
95
PART II
Item 13: DEFAULTS,
DIVIDEND ARREARAGES AND DELINQUENCIES
None.
Item 14: MATERIAL
MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Use of proceeds
We may receive up to an aggregate of $114.3 million from the exercise
of all of the Gorilla warrants issued and outstanding, assuming the exercise in full of all of the warrants for cash. If the warrants
are exercised pursuant to a cashless exercise feature, we will not receive any cash from these exercises. We expect to use the net proceeds
from the exercise of the warrants, if any, for general corporate purposes. Our management will have broad discretion over the use of proceeds
from the exercise of the warrants.
There is no assurance that the holders of the warrants will elect to
exercise any or all of the warrants. The exercise price of our warrants is $11.50 per share, subject to adjustment. We believe that the
likelihood that warrant holders determine to exercise their warrants, and therefore the amount of cash proceeds that we would receive,
is dependent upon the market price of our ordinary shares. If the market price for our ordinary shares is less than the exercise price
of the warrants (on a per share basis), we believe that warrant holders will be very unlikely to exercise any of their warrants, and accordingly,
we will not receive any such proceeds. There is no assurance that the warrants will be "in the money" prior to their expiration
or that the warrant holders will exercise their warrants. As of April 26, 2023, the closing price of our ordinary shares was $1.76 per share.
Holders of the private placement warrants have the option to exercise the private placement warrants on a cashless basis in accordance
with the warrant agreement. To the extent that the warrants are exercised on a "cashless basis," the amount of cash we would
receive from the exercise of the warrants will decrease.
Item 15: CONTROLS
AND PROCEDURES
Evaluation of Disclosure
Controls and Procedures
We maintain disclosure controls
and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that information required
to be disclosed in the Company's reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required
disclosures. Any controls and procedures can provide only reasonable assurance of achieving the desired objectives of the disclosure controls
and procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness
of the design and operation of our disclosure controls and procedures as of December 31, 2022. Based on the material weaknesses described
below, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of December 31, 2022, our disclosure controls
and procedures were not effective. Notwithstanding the identified material weaknesses, our Chief Executive Officer and Chief Financial
Officer have concluded that the consolidated financial statements included elsewhere in this Annual Report fairly present, in all material
respects, our financial condition, results of operations and cash flows for the periods presented.
Previously-Identified
Material Weaknesses
In connection with the preparation
of our consolidated financial statements as of and for the years ended December 31, 2022 and 2021, we identified material weaknesses
in our internal control over financial reporting, as defined in the standards established by the PCAOB. The material weaknesses identified
arose from: (i) lack of sufficient number of professionals with an appropriate level of accounting and regulatory knowledge, training,
and experience to appropriately analyze, record and disclose accounting matters timely and accurately with respect to Gorilla's
financial reporting and internal control over financial reporting framework; and (ii) lack of policies and procedures over evaluation
of significant complex transactions and evaluation of certain general ledger accounts.
Remediation Actions and Plans
Following the identification
of the material weaknesses, we have taken and plan to continue to take remedial measures to remedy the weakness. The remediation efforts
we have taken and plan to continue to take include hiring competent inhouse professionals, engaging external advisors to assist us evaluating
internal control processes, and establishing relevant policies and procedures.
Management's Annual
Report on Internal Control over Financial Reporting
This Annual Report does not
include a report of management's assessment regarding internal control over financial reporting due to a transition period established
by rules of the SEC for newly public companies.
96
Attestation Report of
the Registered Public Accounting Firm
This Annual Report also does
not include an attestation report of our independent registered public accounting firm due to a transition period established by rules
of the SEC for newly public companies. Additionally, our independent registered public accounting firm will not be required to opine on
the effectiveness of our internal control over financial reporting until we are no longer an emerging growth company.
Changes in Internal Control
over Financial Reporting
Except for the remediation
efforts described above taken to address the material weaknesses, there were no other changes in our internal control over financial reporting
(as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the year ended December 31, 2022 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
Item 16: [RESERVED]
Item 16A. AUDIT COMMITTEE
AND FINANCIAL EXPERT
Our board of directors has determined
that Gregg Walker qualifies as an audit committee financial expert, as defined by the rules of the SEC and has the requisite financial
experience defined by the Nasdaq rules. In addition, Mr. Walker is independent as such term is defined in Rule 10A-3(b)(1) under the Exchange
Act and under the listing standards of the Nasdaq Global Market. See Item 6. "
Directors, Senior Management and Employees
"
– 6.C.
"
Board Practices
" of this Annual Report.
Item 16B. CODE OF ETHICS
We have adopted a Code of Ethics
for Senior Financial Officers that applies to our principal executive, principal financial and principal accounting officers. Our Code
of Ethics for Senior Financial Officers addresses, among other things, financial matters and external reporting, company funds and assets,
and corporate opportunity requirements and the process for reporting violations of the Code of Ethics for Senior Financial Officers. A
copy of the Code of Ethics for Senior Financial Officers is attached as Exhibit 11.1 to this Annual Report. Our Code of Ethics for Senior
Financial Officers is intended to meet the definition of "code of ethics" under Item 16.B. of Form 20-F.
Item 16C. PRINCIPAL ACCOUNTANT
FEES AND SERVICES
Fees
PricewaterhouseCoopers,
Taiwan served as our independent auditor for the fiscal years ended December 31, 2021 and 2022. A description of the fees billed
to us by our principal accountants for professional services in each of the last two fiscal years is set forth below:
Year Ended
December 31
Items
2022
2021
(dollars in thousands)
Audit Fees
(1)
$
653
$
819
Audit Related Fees
-
-
Tax Fees
(2)
19
19
All Other Fees
-
-
Total
$
672
$
838
(1):
"Audit Fee" represents the aggregate fees billed for each of the fiscal years listed for professional services rendered
by our principal external accountants for the audit of our annual financial statements and assistance with and review of documents
filed with the SEC and other statutory and regulatory filings.
(2):
"Tax Fees" represents the aggregate fees billed in the fiscal period listed for professional services rendered by our principal
external accountants for tax compliance and transfer pricing services.
The
policy of our audit committee is to pre-approve all auditing and non-audit services provided by our principal external accountants, including
audit services, audit-related services, tax services and other services as described above.
Pre-Approval Policies
and Procedures
The advance approval of our
audit committee or members thereof, to whom approval authority has been delegated, is required for all audit and non-audit services provided
by our auditors.
97
Item 16D. EXEMPTIONS FROM
THE LISTING STANDARDS FOR AUDIT COMMITTEES.
Not applicable.
Item 16E. PURCHASES OF EQUITY
SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.
On
December 5, 2022, we entered into an Exchange Agreement with Dr. Sih-Ping Koh, our former CEO, pursuant to which he agreed to exchange
2,814,895 shares and forfeit 1,566,788 Earnout Shares (which were subject to certain vesting conditions) in exchange for certain accounts
receivable and assets of the Company which at the time had a book value of approximately $30.8 million. On the date of this agreement,
the closing price for the Company's ordinary shares on the Nasdaq Stock Market LLC was $10.23 per ordinary share. The Company is
holding the 2,814,895 shares as treasury shares, while some of the 1,566,788 Earnout Shares remain subject to certain vesting conditions.
Period
Total
    Number of Ordinary Shares Purchased (1)
Average
    Price Paid per Ordinary Share
Total
    Number of Ordinary Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum
    Number (or Approximate Dollar Value) of Ordinary Shares that May Yet be Purchased under the Plans or Programs
January 1 – January 31
—
—
—
—
February 1 – February 28
—
—
—
—
March 1 – March 31
—
—
—
—
April 1 – April 30
—
—
—
—
May 1 – May 31
—
—
—
—
June 1 – June 30
—
—
—
—
July 1 – July 31
—
—
—
—
August 1 – August 31
—
—
—
—
September 1 – September 30
—
—
—
—
October 1 – October 31
—
—
—
—
November 1 – November 30
—
—
—
—
December 1 – December 31
2,814,895
(2)
$
10.94
(3)
—
—
Total
2,814,895
$
10.94
—
—
(1)
No shares purchased were purchased as part of a publicly announced repurchase program.
(2)
Does not include 1,566,788 Earnout Shares forfeited by Dr. Koh, which at the time were and to a certain extent still remain subject to
vesting conditions which may cause these shares to be delivered to Gorilla. For illustrative purposes, if all 1,566,788 Earnout Shares
vested in accordance with the terms of the Business Combination Agreement, the execution of the Exchange Agreement would have effectively
caused Dr. Koh to deliver 4,381,683 ordinary shares for assets with a book value of $30.8 million, at a price of $7.03 per ordinary share.
(3)
Assumes that the value of the assets and accounts receivable delivered to Dr. Koh were equal to their book value.
98
Item
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
None.
Item
16G. CORPORATE GOVERNANCE
As
a foreign private issuer, we are permitted to comply with Cayman Islands corporate governance practices instead of the Nasdaq Stock Market
requirements,
provided
that we disclose those Nasdaq Stock Market requirements with which we do not comply and the equivalent
Cayman Islands requirement that we follow instead (if applicable).
Gorilla
intends to follow home country practice in lieu of Nasdaq corporate governance requirements with respect to the following Nasdaq requirements:
●
Executive
                                            Sessions.
We are not required to and, in reliance on home country
                                            practice, we may not, comply with certain Nasdaq rules requiring Gorilla's
                                            independent directors to meet in regularly scheduled executive sessions at which only independent
                                            directors are present. Gorilla will follow Cayman Islands practice which does not require
                                            independent directors to meet regularly in executive sessions separate from the full board
                                            of directors.
●
Proxy
                                            Statements.
We are not required to and, in reliance on home country
                                            practice, we may not, comply with certain Nasdaq rules regarding the provision
                                            of proxy statements for general meetings of shareholders. Gorilla will follow Cayman Islands
                                            practice which does not impose a regulatory regime for the solicitation of proxies.
●
Shareholder
                                            Approval.
Gorilla is not required to and, in reliance on home
                                            country practice, it does not intend to, comply with certain Nasdaq rules regarding
                                            shareholder approval for certain issuances of securities under Nasdaq Rule 5635.
                                            In accordance with the provisions of Gorilla's Amended and Restated Memorandum and
                                            Articles of Association, Gorilla's board of directors is authorized to issue securities,
                                            including ordinary shares, preference shares, warrants and convertible notes.
See
Item 6.C. "
Board Practices – Corporate Governance Requirements.
"
Item
16H. MINE SAFETY DISCLOSURE
Not
applicable.
Item
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
99
PART III
Item 17: FINANCIAL
STATEMENTS
We have provided the financial
statement information required by this Item 17 in, and pursuant to Item 18, such disclosure which is incorporated by reference herein.
Item 18: FINANCIAL
STATEMENTS
Please refer to the financial
statements filed as part of this Annual Report beginning on page F-1.
Item 19: EXHIBITS
See exhibit index incorporated
herein by reference.
Exhibit No.
Description
1.1
Memorandum and Articles of Association of Gorilla (incorporated by reference to Exhibit 3.1 of Gorilla's Form F-1 (File No. 333-267838) filed with the SEC on March 28, 2023).
2.1
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.
2.2
Warrant Agreement, dated as of April 8, 2021, between Continental Stock Transfer & Trust Company and Global (incorporated by reference to Exhibit 4.1 of Global's Form 8-K filed with the SEC on April 14, 2021).
2.3
Specimen Ordinary Share Certificate of Gorilla Technology Group Inc. (incorporated by reference to Exhibit 4.6 of Gorilla's Registration Statement on Form F-4 (File No. 333-262069) filed with the SEC on June 28, 2022).
2.4
Specimen Warrant Certificate of Gorilla Technology Group Inc. (incorporated by reference to Exhibit 4.7 of Gorilla's Registration Statement on Form F-4 (File No. 333-262069) filed with the SEC on June 28, 2022).
2.5
Registration Rights Agreement, dated as of April 8, 2021, by and among Global, the Sponsor and I-Bankers (incorporated by reference to Exhibit 10.3 of Global's Form 8-K filed with the SEC on April 14, 2021).
2.6
Form of Contingent Value Rights Agreement, by and among Gorilla, Global, Global SPAC Sponsors LLC, in the capacity as Gorilla Representative, Tomoyuki Nii in the capacity as Gorilla Representative, and Continental Stock Transfer & Trust Company, as rights agent (incorporated by reference to Exhibit 4.1 of Gorilla's Form 6-K filed with the SEC on July 19, 2022).
2.7
Form of First Amendment to Registration Rights Agreement, by and among Gorilla, Global and the Sponsor (incorporated by reference to Exhibit 10.4 of Global's Form 8-K filed with the SEC on December 28, 2021).
2.8
Form of Registration Rights Agreement, by and between Gorilla and the shareholders of Gorilla party thereto (incorporated by reference to Exhibit 10.2 of Gorilla's Form 6-K filed with the SEC on July 19, 2022)).
2.9
Form of Assignment, Assumption and Amendment to Warrant Agreement among Continental Stock Transfer & Trust Company, LLC, Gorilla and Global (incorporated by reference to Exhibit 10.3 of Gorilla's Form 6-K filed with the SEC on July 19, 2022)).
2.10
Form of Amended and Restated Subscription Agreement, dated as of May 18, 2022, by and among Global, Gorilla and the investors named therein (incorporated by reference to Exhibit 10.1 of Gorilla's Form 6-K filed with the SEC on July 19, 2022).
4.1*
Amended and Restated Business Combination Agreement, dated as of May 18, 2022, by and among Global, Gorilla, Global SPAC Sponsors LLC, as SPAC Representative, Tomoyuki Nii as Company Representative and Merger Sub (incorporated by reference to Exhibit 2.1 of Gorilla's Registration Statement on Form F-4 (File No. 333-262069) filed with the SEC on June 28, 2022).
100
4.2
Gorilla Technology Group Inc. 2023 Omnibus Incentive Plan.
4.3
Form of Lock-Up Agreement, dated as of December 21, 2021, by and between Gorilla and the shareholder of Gorilla party thereto (incorporated by reference to Exhibit 10.2 of Global's Form 8-K filed with the SEC on December 28, 2021).
4.4
Non-Employee Director Compensation Policy.
4.5
Form of First Amendment to Lock-Up Agreement, by and between Gorilla and the shareholder of Gorilla party thereto (incorporated by reference to Exhibit 10.1 of Global's Form 8-K filed with the SEC on February 11, 2022).
4.6
Offer of Employment Agreement, effective as of March 11, 2022, by and between Gorilla Technology Group Inc. and Rajesh Natarajan (incorporated by reference to Exhibit 10.14 of Gorilla's Registration Statement on Form F-4 (File No. 333-262069) filed with the SEC on June 28, 2022).
4.7
Employment Agreement, effective as of April 22, 2023, by and between the Registrant and Jayesh Chandan.
4.8
Employment Agreement, effective as of April 20, 2023, by and between the Registrant and Rajesh Natarajan.
4.9
Employment Agreement, effective as of April 20, 2023, by and between the Registrant and Daphne Huang.
4.10
Form of Indemnification Agreement.
4.11
Exchange Agreement, by and between the Registrant, Dr. Sih-Ping Koh and Origin Rise Limited, effective as of December 5, 2022.
8.1
List of subsidiaries of Gorilla.
11.1
Code of Ethics.
12.1
Certificate of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
12.2
Certificate of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to §302 of the Sarbanes-Oxley Act of 2002.
13.1
Certificate of Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
13.2
Certificate of Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
The schedules and exhibits to this agreement have been omitted
pursuant to Instructions as to Exhibits to Form 20-F. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon
request.
101
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.
GORILLA TECHNOLOGY GROUP INC.
By:
/s/ Jayesh Chandan
Jayesh Chandan
Chief Executive Officer
By:
/s/ Daphne Huang
Daphne Huang
Chief Financial Officer
Date:
April 28, 2023
102
GORILLA TECHNOLOGY GROUP INC.
AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022
TABLE OF CONTENTS
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID:
1345
)
F-3
Balance Sheets
F-4
Statements of Comprehensive Loss
F-6
Statements of Changes in Equity
F-7
Statements of Cash Flows
F-9
Notes to Consolidated Financial Statements
F-11
F-
1
GORILLA
    TECHNOLOGY GROUP INC. AND SUBSIDIARIES
CONSOLIDATED
    FINANCIAL STATEMENTS
FOR
    THE YEARS ENDED
DECEMBER
    31, 2022, 2021 AND 2020
F-
2
Report
of Independent Registered Public Accounting Firm
To
the Shareholders and the Board of Directors of Gorilla Technology Group Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Gorilla Technology Group Inc. and its subsidiaries (the "Company")
as of December 31, 2022 and 2021, and the related consolidated statements of comprehensive loss, of changes in equity and of cash flows
for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the "consolidated
financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2022 in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated 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 of these consolidated financial statements 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 consolidated financial statements are free of material
misstatement, whether due to error or fraud.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated 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 consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
/s/
PricewaterhouseCoopers, Taiwan
Taipei,
Taiwan
Republic
of China
April
28, 2023
We
have served as the Company's auditor since 2007.
F-
3
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
BALANCE SHEETS
DECEMBER 31, 2022 AND 2021
(Expressed in United States dollars)
Items
Notes
December 31, 2022
December 31, 2021
Assets
Current assets
Cash and cash equivalents
5
$
22,996,377
$
9,944,748
Financial assets at fair value through profit or loss - current
6
1,073,229
-
Financial assets at amortized cost - current
7 and 38
6,871,187
9,008,499
Contract assets
25
725,441
1,639,893
Accounts receivable
8 and 37
14,041,611
34,821,818
Inventories
9
68,629
152,227
Prepayments - current
10
1,266,442
231,531
Other receivables
11 and 37
648,617
19,930
Other current assets
61,803
5,971
Total current assets
47,753,336
55,824,617
Non-current assets
Financial assets at amortized cost - non-current
7 and 38
-
50,578
Property, plant and equipment
12, 37 and 38
16,132,567
34,395,070
Right-of-use assets
13
16,675
123,375
Intangible assets
14 and 37
56,342
3,419,469
Deferred income tax assets
33
29,905
410,203
Prepayments - non-current
10
612,982
-
Other non-current assets
15 and 19
659,071
707,391
Total non-current assets
17,507,542
39,106,086
Total assets
$
65,260,878
$
94,930,703
(Continued)
F-
4
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
BALANCE SHEETS
DECEMBER 31, 2022 AND 2021
(Expressed
in United States dollars)
Items
Notes
December 31, 2022
December 31, 2021
Liabilities and Equity
Liabilities
Current liabilities
Short-term borrowings
16, 37 and 38
$
13,492,935
$
22,968,092
Contract liabilities
25
58,475
20,194
Notes payable
602
668
Accounts payable
6,674,528
8,060,501
Other payables
17
3,620,998
4,532,628
Provisions - current
21
88,469
152,778
Lease liabilities - current
16,981
54,588
Warrant liabilities
22
2,042,410
-
Long-term borrowings, current portion
18, 37 and 38
2,108,896
2,077,634
Other current liabilities, others
152,373
129,356
Total current liabilities
28,256,667
37,996,439
Non-current liabilities
Long-term borrowings
18, 37 and 38
8,251,788
10,751,630
Provisions - non-current
21
61,057
105,542
Deferred income tax liabilities
33
148,183
78,402
Lease liabilities - non-current
-
69,587
Total non-current liabilities
8,461,028
11,005,161
Total liabilities
36,717,695
49,001,600
Equity
Equity attributable to owners of parent
Share capital
23
Ordinary share
7,136
6,191,100
Preference share
-
5,844,892
Advance receipts for share capital
-
33,720
Capital surplus
Capital surplus
154,730,389
41,301,738
Retained earnings
24
Accumulated deficit
(
96,984,380
)
(
9,454,565
)
Other equity interest
Financial statements translation differences of foreign operations
370,178
2,042,218
Treasury shares
23 and 37
(
29,580,140
)
(
30,000
)
Equity attributable to owners of the parent
28,543,183
45,929,103
Total equity
28,543,183
45,929,103
Significant contingent liabilities and unrecognized contract commitments
39
Total liabilities and equity
$
65,260,878
$
94,930,703
The accompanying notes are an integral part of these financial statements.
F-
5
GORILLA TECHNOLOGY GROUP
INC. AND SUBSIDIARIES
STATEMENTS OF COMPREHENSIVE
LOSS
YEARS ENDED DECEMBER 31,
2022, 2021 AND 2020
(Expressed in United States dollars)
Year ended December 31
Items
Notes
2022
2021
2020
Revenue
25
$
22,408,808
$
42,242,863
$
45,412,589
Cost of revenue
9, 30 and 31
(
14,071,902
)
(
26,468,662
)
(
26,857,201
)
Gross profit
8,336,906
15,774,201
18,555,388
Operating expenses
30, 31 and 37
Selling and marketing expenses
(
3,644,316
)
(
4,961,639
)
(
5,331,150
)
General and administrative expenses
(
9,191,505
)
(
3,430,230
)
(
2,932,144
)
Share listing expenses
(
70,104,989
)
-
-
Research and development expenses
(
14,110,408
)
(
15,053,175
)
(
14,342,826
)
Expected credit losses
-
(
404,210
)
-
Other income
26
983,932
43,819
59,198
Other gains (losses) – net
27
1,222,885
(
127,025
)
(
1,702,379
)
Total operating expenses
(
94,844,401
)
(
23,932,460
)
(
24,249,301
)
Operating loss
(
86,507,495
)
(
8,158,259
)
(
5,693,913
)
Non-operating income and expenses
Interest income
28
235,912
37,869
159,275
Finance costs
29 and 37
(
835,273
)
(
666,349
)
(
461,118
)
Total non-operating income and expenses
(
599,361
)
(
628,480
)
(
301,843
)
Loss before income tax
(
87,106,856
)
(
8,786,739
)
(
5,995,756
)
Income tax (expense) benefit
33
(
430,368
)
238,445
74,903
Loss for the year
$
(
87,537,224
)
$
(
8,548,294
)
$
(
5,920,853
)
Other comprehensive (loss) income
Components of other comprehensive income that may not be reclassified to profit or loss
Remeasurement of defined benefit plans
19
$
7,409
$
13,087
$
(
7,589
)
Components of other comprehensive (loss) income that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
(
1,672,040
)
453,007
778,758
Other comprehensive (loss) income for the year, net of tax
$
(
1,664,631
)
$
466,094
$
771,169
Total comprehensive loss for the year
$
(
89,201,855
)
$
(
8,082,200
)
$
(
5,149,684
)
Loss per share
Basic loss per share
34
$
(
1.78
)
$
(
0.29
)
$
(
0.20
)
Diluted loss per share
34
$
(
1.78
)
$
(
0.29
)
$
(
0.20
)
The accompanying notes are an integral part of these financial statements.
F-
6
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
STATEMENTS OF CHANGES IN EQUITY
YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(Expressed
in United States dollars)
Equity attributable to owners of the parent
Share Capital
Capital Surplus
Notes
Share capital - ordinary share
Share capital -
preference share
Advance receipts
for share capital
Additional paid in
capital in excess
of par value of
ordinary share
Additional paid  in
capital-treasury
share transactions
Employee share
options
Additional  paid in
capital in excess
of par value of
preference share
Accumulated deficit
Financial
statements
translation
differences  of
foreign operations
Treasury shares
Total
Year 2020
Balance at January 1, 2020
$
6,099,525
$
5,844,892
$
-
$
142,966
$
935,731
$
978,828
$
38,603,627
$
5,009,084
$
810,453
$
(
30,000
)
$
58,395,106
Loss for the year
-
-
-
-
-
-
-
(
5,920,853
)
-
-
(
5,920,853
)
Other comprehensive income
-
-
-
-
-
-
-
(
7,589
)
778,758
-
771,169
Total comprehensive loss for the year
-
-
-
-
-
-
-
(
5,928,442
)
778,758
-
(
5,149,684
)
Exercise of share options
53,775
-
-
79,678
-
(
21,449
)
-
-
-
-
112,004
Employee share option plans
20
-
-
-
-
-
142,416
-
-
-
-
142,416
Balance at December 31, 2020
$
6,153,300
$
5,844,892
$
-
$
222,644
$
935,731
$
1,099,795
$
38,603,627
$
(
919,358
)
$
1,589,211
$
(
30,000
)
$
53,499,842
Year 2021
Balance at January 1, 2021
$
6,153,300
$
5,844,892
$
-
$
222,644
$
935,731
$
1,099,795
$
38,603,627
$
(
919,358
)
$
1,589,211
$
(
30,000
)
$
53,499,842
Loss for the year
-
-
-
-
-
-
-
(
8,548,294
)
-
-
(
8,548,294
)
Other comprehensive income
-
-
-
-
-
-
-
13,087
453,007
-
466,094
Total comprehensive loss for the year
-
-
-
-
-
-
-
(
8,535,207
)
453,007
-
(
8,082,200
)
Exercise of share options
20
37,800
-
33,720
138,590
-
(
74,590
)
-
-
-
-
135,520
Expiration of share options
-
-
-
125,530
-
(
125,530
)
-
-
-
-
-
Employee share option plans
20
-
-
-
-
-
375,941
-
-
-
-
375,941
Balance at December 31, 2021
$
6,191,100
$
5,844,892
$
33,720
$
486,764
$
935,731
$
1,275,616
$
38,603,627
$
(
9,454,565
)
$
2,042,218
$
(
30,000
)
$
45,929,103
(Continued)
F-
7
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
STATEMENTS OF CHANGES IN EQUITY
YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(Expressed in United States dollars)
Equity attributable to owners of the parent
Share Capital
Capital Surplus
Notes
Share capital - ordinary share
Share capital -
preference share
Advance receipts
for share capital
Additional paid in
capital in excess
of par value of
ordinary share
Additional paid  in
capital-treasury
share transactions
Employee share
options
Additional  paid in
capital in excess
of par value of
preference share
Accumulated deficit
Financial
statements
translation
differences  of
foreign operations
Treasury shares
Total
Year 2022
Balance at January 1, 2022
$
6,191,100
$
5,844,892
$
33,720
$
486,764
$
935,731
$
1,275,616
$
38,603,627
$
(
9,454,565
)
$
2,042,218
$
(
30,000
)
$
45,929,103
Loss for the year
-
-
-
-
-
-
-
(
87,537,224
)
-
-
(
87,537,224
)
Other comprehensive loss
-
-
-
-
-
-
-
7,409
(
1,672,040
)
-
(
1,664,631
)
Total comprehensive loss for the year
-
-
-
-
-
-
-
(
87,529,815
)
(
1,672,040
)
-
(
89,201,855
)
Issuance of ordinary shares
23
6,000
-
(
33,720
)
26,470
-
-
-
-
-
-
(
1,250
)
Expiration of share options
-
-
-
179,392
-
(
179,392
)
-
-
-
-
-
Employee share option plans
20
-
-
-
-
-
346,122
-
-
-
-
346,122
Conversion of preference shares to ordinary shares
23
6,627,412
(
5,813,247
)
-
37,789,462
-
-
(
38,603,627
)
-
-
-
-
Capital recapitalization
23
(
12,812,331
)
-
-
12,812,331
-
-
-
-
-
-
-
Capital reorganization
23
949
-
-
101,268,486
(
937,376
)
-
-
-
-
-
100,332,059
Cancellation of ordinary shares
23
(
6,000
)
-
-
(
4,600
)
-
-
-
-
-
-
(
10,600
)
Cancellation of treasury shares
-
(
31,645
)
-
-
1,645
-
-
-
-
30,000
-
Exercise of warrants
23
6
-
-
729,738
-
-
-
-
-
-
729,744
Purchase of treasury shares
37
-
-
-
-
-
-
-
-
-
(
29,580,140
)
(
29,580,140
)
Balance at December 31, 2022
$
7,136
$
-
$
-
$
153,288,043
$
-
$
1,442,346
$
-
$
(
96,984,380
)
$
370,178
$
(
29,580,140
)
$
28,543,183
The accompanying notes are an integral part of these financial statements.
F-
8
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(Expressed
in United States dollars)
Year ended December 31
Notes
2022
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax
$
(
87,106,856
)
$
(
8,786,739
)
$
(
5,995,756
)
Adjustments
Adjustments to reconcile profit (loss)
Expected credit losses
42
-
404,210
-
Depreciation expenses
12, 13 and 30
5,938,167
6,385,999
5,307,581
Amortization expenses
14 and 30
1,687,618
2,361,009
2,897,975
Loss (gain) on disposal of property, plant and equipment
27
70,698
(
459
)
856
Impairment loss
27
-
-
1,238,548
Loss on lease modification
27
48,488
-
-
Share listing expenses
30
70,104,989
-
-
Share option expenses
20
346,122
375,941
142,416
Interest expense
29
835,273
666,349
461,118
Interest income
28
(
235,912
)
(
37,869
)
(
159,275
)
Gains on reversal of accounts and other payables
26
(
960,564
)
-
(
25,523
)
Loss on disposal of subsidiaries
27
69,335
-
124,441
Gains on financial assets and liabilities at fair value through profit or loss
27
(
405,008
)
-
-
Changes in operating assets and liabilities
Changes in operating assets
Contract assets
914,452
(
158,970
)
(
972,189
)
Notes receivable
-
-
3,074,266
Accounts receivable
3,580,932
(
1,579,304
)
(
5,060,026
)
Inventories
83,598
(
62,449
)
68,568
Prepayments
(
1,245,559
)
344,354
(
108,164
)
Other receivables
(
628,687
)
(
187,708
)
79,218
Other current assets
(
55,832
)
-
(
21,840
)
Other non-current assets
55,361
(
30,235
)
(
18,657
)
Changes in operating liabilities
Contract liabilities
38,281
20,194
-
Notes payable
(
66
)
(
35,835
)
(
5,850,712
)
Accounts payable
(
1,378,916
)
1,371,017
3,102,523
Other payables
9,129
1,163,036
31,344
Provisions
(
108,794
)
837
103,850
Other current liabilities
23,017
28,566
(
64,222
)
Cash (outflow) inflow generated from operations
(
8,320,734
)
2,241,944
(
1,643,660
)
Interest received
235,912
37,869
159,275
Interest paid
(
686,841
)
(
655,673
)
(
461,118
)
Tax paid
(
2,174
)
(
1,167
)
-
Net cash flows (used in) from operating activities
(
8,773,837
)
1,622,973
(
1,945,503
)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through profit or loss
43
(
1,105,540
)
-
-
Acquisition of property, plant and equipment
35
(
2,935,249
)
(
7,496,271
)
(
4,121,887
)
Proceeds from disposal of property, plant and equipment
-
459
6,180
Acquisition of intangible assets
35
(
73,093
)
(
899,005
)
(
1,404,192
)
Disposal in financial assets at amortized cost
2,187,890
135,937
26,483
Investment in financial assets at amortized cost
-
(
1,579,329
)
(
2,245,333
)
Decrease (increase) in guarantee deposits
368
(
72,142
)
5,087
Net cash flows used in investing activities
(
1,925,624
)
(
9,910,351
)
(
7,733,662
)
(Continued)
F-
9
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
(Expressed in United States dollars)
Year ended December 31
Notes
2022
2021
2020
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings
16, 36 and 37
12,492,935
5,000,000
3,508,961
Repayments of short-term borrowings
36
(
20,089,523
)
(
327,098
)
-
Proceeds from long-term borrowings
36
3,447,526
6,146,341
1,184,469
Repayments of long-term borrowings
36
(
4,899,022
)
(
4,933,134
)
(
900,682
)
Principal repayment of lease liabilities
36
(
90,549
)
(
33,864
)
(
29,716
)
Exercise of share options
-
135,520
112,004
Payment of transaction cost
(
292,416
)
-
-
Proceeds from capital reorganization
30
32,324,004
-
-
Exercise of warrants
714,230
-
-
Net cash flows from financing activities
23,607,185
5,987,765
3,875,036
Effect of foreign exchange rate changes
143,905
91,105
324,900
Net increase (decrease) in cash and cash equivalents
13,051,629
(
2,208,508
)
(
5,479,229
)
Cash and cash equivalents at beginning of year
5
9,944,748
12,153,256
17,632,485
Cash and cash equivalents at end of year
5
$
22,996,377
$
9,944,748
$
12,153,256
The accompanying notes are an integral part of these financial statements.
F-
10
GORILLA
TECHNOLOGY GROUP INC. AND SUBSIDIARIES
Notes
to the Consolidated Financial Statements
Years
Ended December 31, 2022, 2021 AND 2022
Expressed
in US dollars, except as otherwise indicated
1.
Corporate
                                            and group information
Gorilla
Technology Group Inc. (the "Company") was incorporated in the Cayman Islands in May 2001. The Company and its subsidiaries
(collectively referred herein as the "Group") are primarily engaged in providing information, software and data processing
services.
On
July 14, 2022, with consummation of capital recapitalization as provided in Note 23, the Company's shares and warrants commenced
trading on The Nasdaq Capital Markets under the ticker symbols "GRRR" and "GRRRW", respectively.
2.
The
authorization of the consolidated financial statements
The
accompanying consolidated financial statements were authorized for issuance by the Audit Committee on April 28, 2023.
3.
Application
of new and revised International Financial Reporting Standards ("IFRS"), International Accounting Standards ("IAS"),
International Financial Reporting Interpretations Committee ("IFRIC") Interpretations and Standing Interpretations Committee
("SIC") Interpretations issued by the International Accounting Standards Board ("IASB"), (collectively, "IFRSs")
a)
Amendments
to IFRSs and the new interpretation that are mandatorily effective for the current year
New Standards, Interpretations and Amendments
Effective date issued by IASB
Amendments to IFRS 3, 'Reference to the conceptual framework'
January 1, 2022
Amendments to IAS 16, 'Property, plant and equipment: proceeds before intended use'
January 1, 2022
Amendments to IAS 37, 'Onerous contracts – cost of fulfilling a contract'
January 1, 2022
Annual improvements to IFRS Standards 2018 – 2020
January 1, 2022
The
Group has adopted the above new standards, interpretations and amendments as of the effective date. Based on the Group's assessment,
the above standards and interpretations have no significant impact to the Group's financial condition and financial performance.
F-
11
b)
New
                                            standards, interpretations and amendments in issue but not yet effective
New
standards, interpretations and amendments in issue but not yet effective are as follows:
New Standards, Interpretations and Amendments
Effective date issued by IASB
Amendments to IAS 1, 'Disclosure of accounting policies'
January 1, 2023
Amendments to IAS 8, 'Definition of accounting estimates'
January 1, 2023
Amendments to IAS 12, 'Deferred tax related to assets and liabilities arising from a single transaction'
January 1, 2023
IFRS 17, 'Insurance contracts'
January 1, 2023
Amendments to IFRS 17, 'Insurance contracts'
January 1, 2023
Amendment to IFRS 17, 'Initial application of IFRS 17 and IFRS 9 – comparative information'
January 1, 2023
Amendments to IFRS 16, 'Lease liability in a sale and leaseback'
January 1, 2024
Amendments to IAS 1, 'Classification of liabilities as current or noncurrent'
January 1, 2024
Amendments to IAS 1, 'Non-current liabilities with covenants'
January 1, 2024
Amendments to IFRS 10 and IAS 28, 'Sale or contribution of assets between an investor and its associate or joint venture'
To be determined by
IASB
Based
on the Group's assessment, the above standards and interpretations have no significant impact to the Group's financial condition
and financial performance.
4.
Summary
of significant accounting policies
The
principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies
have been consistently applied to all the periods presented, unless otherwise stated.
a)
Statement of compliance
The
consolidated financial statements of the Group have been prepared in accordance with IFRSs that came into effective as issued by the
IASB.
b)
The capital reorganization
With
consummation of the business combination with Global SPAC Partners Co. ("Global") on July 13, 2022 (the "Closing Date")
as provided in Note 23, this transaction is accounted for as a capital reorganization. The business combination, which is not within
the scope of IFRS 3 as Global does not meet the definition of a business in accordance with IFRS 3, is accounted for within the scope
of IFRS 2. As such, the business combination is treated as the equivalent of the Company issuing shares at the closing of the business
combination for the net assets of Global as of the Closing Date, accompanied by a capital recapitalization. The net assets of Global
are stated at historical cost, with no goodwill or other intangible assets recorded. Any excess of the fair value of the Company's
shares issued considering a fair value of the Gorilla Ordinary Shares of $
10.6
per share (price of Gorilla's Ordinary Shares at
the Closing Date) over the fair value of Global's identifiable net assets acquired represents compensation for the service of a
share exchange listing for its shares and is expensed as incurred ("share listing expense") and further details of share
listing expense is provided in Note 30.
F-
12
c)
Basis of preparation
(a)
Except
                                            for the following items, the consolidated financial statements have been prepared under the
                                            historical cost convention:
i)
Defined
                                            benefit assets are recognized based on the net amount of pension fund assets less present
                                            value of defined benefit obligation.
ii)
Financial
                                            assets and liabilities at fair value through profit or loss.
(b)
The
                                            preparation of financial statements in conformity with IFRSs requires the use of certain
                                            critical accounting estimates. It also requires management to exercise its judgment in the
                                            process of applying the Group's accounting policies. The areas involving a higher degree
                                            of judgment or complexity, or areas where assumptions and estimates are significant to the
                                            consolidated financial statements are disclosed in Note 4 dd).
(c)
Certain
                                            amounts in the prior year financial statements have been reclassified to conform to the current
                                            year presentation.
d)
Basis of consolidation
(a)
Basis
                                            for preparation of consolidated financial statements:
i)
All
                                            subsidiaries are included in the Group's consolidated financial statements. Subsidiaries
                                            are all entities controlled by the Group. The Group controls an entity when the Group is
                                            exposed, or has rights, to variable returns from its involvement with the entity and has
                                            the ability to affect those returns through its power over the entity. Consolidation of subsidiaries
                                            begins from the date the Group obtains control of the subsidiaries and ceases when the Group
                                            loses control of the subsidiaries.
ii)
Inter-company
transactions, balances and unrealized gains or losses on transactions between companies within the Group are eliminated. Accounting policies
of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.
iii)
When
                                            the Group loses control of a subsidiary, the Group remeasures any investment retained in
                                            the former subsidiary at its fair value. That fair value is regarded as the fair value on
                                            initial recognition of a financial asset or the cost on initial recognition of the associate
                                            or joint venture. Any difference between fair value and carrying amount is recognized in
                                            profit or loss. All amounts previously recognized in other comprehensive income in relation
                                            to the subsidiary are reclassified to profit or loss on the same basis as would be required
                                            if the related assets or liabilities were disposed of. That is, when the Group loses control
                                            of a subsidiary, all gains or losses previously recognized in other comprehensive income
                                            in relation to the subsidiary should be reclassified from equity to profit or loss, if such
                                            gains or losses would be reclassified to profit or loss when the related assets or liabilities
                                            are disposed of.
F-
13
(b)
Subsidiaries
                                            included in the consolidated financial statements:
Ownership (%)
Name of
Investor
Name of
Subsidiary
Main Business
Activities
December 31, 2022
December 31, 2021
Note
The Company
Gorilla Science & Technology Holding, Inc. (Gorilla BVI)
Information, software and data processing services
100
%
100
%
The Company
Gorilla Intelligence Technology Co. Ltd. (Gorilla Shanghai)
Information, software and data processing services
N/A
100
%
Note 3
The Company
ISSCore Technology, Inc.
Information, software and data processing services
100
%
100
%
The Company
Telmedia Technology Limited (Telmedia)
Information, software and data processing services
100
%
100
%
The Company
Gorilla Merger Sub, Inc.
Investment holdings
N/A
100
%
Note 1
The Company
Global SPAC Partners Co. (Global)
Dormant corporation
100
%
0
%
Note 1
The Company
Gorilla Technology UK Limited (Gorilla UK)
Information, software and data processing services
100
%
0
%
Note 2
Gorilla
BVI
Gorilla Technology Inc. (Gorilla Taiwan)
Information, software and data processing services
100
%
100
%
Telmedia
NSGUARD Technology Inc.
Information, software and data processing services
100
%
100
%
Telmedia
Gorilla Technology Japan Inc.
Iinformation, software and data processing services
100
%
100
%
Note1:
Gorilla
Merger Sub, Inc. was established in December 2021 for a designated purpose as an acquirer to complete the de-SPAC merger deal with Global.
On the Closing Date, as contemplated by the business combination agreement, Gorilla Merger Sub, Inc. merged with and into Global, with
Global surviving as a wholly-owned subsidiary of the Company. Information relating to business combination is provided in Note 23.
Note
                              2:
Gorilla
UK was established in August 2022.
Note 3:
Gorilla Shanghai was dissolved in November 2022.
F-
14
(c)
Subsidiaries
                                            not included in the consolidated financial statements: None.
(d)
Adjustments
                                            for subsidiaries with different balance sheet dates: None.
(e)
Significant
                                            restrictions: None.
(f)
Subsidiaries
                                            that have non-controlling interests that are material to the Group: None.
e)
Foreign currency translation
Items
included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment
in which the entity operates (the "functional currency"). The consolidated financial statements are presented in United States
dollars, which is the Company's functional and the Group's presentation currency.
(a)
Foreign
                                            currency transactions and balances
i)
Foreign
                                            currency transactions are translated into the functional currency using the exchange rates
                                            prevailing at the dates of the transactions or valuation where items are remeasured. Foreign
                                            exchange gains and losses resulting from the settlement of such transactions are recognized
                                            in profit or loss in the period in which they arise.
ii)
Monetary
                                            assets and liabilities denominated in foreign currencies at the period end are retranslated
                                            at the exchange rates prevailing at the balance sheet date. Exchange differences arising
                                            upon re-translation at the balance sheet date are recognized in profit or loss.
iii)
Non-monetary
                                            assets and liabilities denominated in foreign currencies that are not measures at fair value
                                            are translated using the historical exchange rates at the dates of the initial transactions.
                                            All foreign exchange gains and losses are presented in the statement of comprehensive loss
                                            within 'other gains (losses) – net'.
(b)
Translation
                                            of foreign operations
i)
The
                                            operating results and financial position of all the group entities that have a functional
                                            currency different from the presentation currency are translated into the presentation currency
                                            as follows:
●
Assets
and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet;
●
Income
and expenses for each statement of comprehensive loss are translated at average exchange rates of that period; and
●
All
resulting exchange differences are recognized in other comprehensive income.
ii)
When
                                            the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange
                                            differences that were recorded in other comprehensive income are proportionately transferred
                                            to the non-controlling interest in this foreign operation. In addition, even when the Group
                                            retains partial interest in the former foreign subsidiary after losing control of the former
                                            foreign subsidiary, such transactions should be accounted for as disposal of all interest
                                            in the foreign operation.
f)
Classification of current and non-current items
(a)
Assets
                                            that meet one of the following criteria are classified as current assets; otherwise they
                                            are classified as non-current assets:
i)
Assets
                                            arising from operating activities that are expected to be realized, or are intended to be
                                            sold or consumed within the normal operating cycle;
ii)
Assets
                                            held mainly for trading purposes;
iii)
Assets
                                            that are expected to be realized within twelve months from the balance sheet date; and
iv)
Cash
                                            and cash equivalents, excluding restricted cash and cash equivalents.
(b)
Liabilities
                                            that meet one of the following criteria are classified as current liabilities; otherwise
                                            they are classified as non-current liabilities:
i)
Liabilities
                                            that are expected to be paid off within the normal operating cycle;
ii)
Liabilities
                                            arising mainly from trading activities;
F-
15
iii)
Liabilities
                                            that are to be paid off within twelve months from the balance sheet date; and
iv)
Liabilities
                                            for which the repayment date cannot be extended unconditionally to more than twelve months
                                            after the balance sheet date.
g)
Cash equivalents
Cash
equivalents refer to short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject
to an insignificant risk of changes in value. Time deposits that meet the definition above and are held for the purpose of meeting short-term
cash commitments in operations are classified as cash equivalents.
h)
Financial assets at fair value through profit or loss
(a)
Financial
                                            assets at fair value through profit or loss are financial assets that are not measured at
                                            amortized cost or fair value through other comprehensive income.
(b)
On
                                            a regular way purchase or sale basis, financial assets at fair value through profit or loss
                                            are recognized and derecognized using trade date accounting.
(c)
At
                                            initial recognition, the Group measures the financial assets at fair value and recognizes
                                            the transaction costs in profit or loss. The Group subsequently measures the financial assets
                                            at fair value, and recognizes the gain or loss in profit or loss.
i)
Financial assets at amortized cost
(a)
The
                                            Group classifies its financial assets as at amortized cost only if both of the following
                                            criteria are met:
i)
the
                                            asset is held within a business model whose objective is to collect the contractual cash
                                            flows, and
ii)
the
                                            contractual terms give rise to cash flows that are solely payments of principal and interest.
(b)
On
                                            a regular way purchase or sale basis, financial assets at amortized cost are recognized and
                                            derecognized using trade date accounting.
(c)
At
                                            initial recognition, the Group measures the financial assets at fair value plus transaction
                                            costs. Interest income from these financial assets is included in finance income using the
                                            effective interest method. A gain or loss is recognized in profit or loss when the asset
                                            is derecognized or impaired.
(d)
The
                                            Group's time deposit which do not fall under cash equivalents are those with a short
                                            maturity period and are measured at initial investment amount as the effect of discounting
                                            is immaterial.
j)
Accounts receivable
(a)
Accounts
                                            receivable represent the Group's contractual right to receive consideration in exchange
                                            for transferred goods or rendered services.
(b)
Non-interest
                                            bearing short-term accounts receivable are measured at the original invoice amount as the
                                            effect of discounting is immaterial.
k)
Impairment of financial assets
For
debt instruments measured at financial assets at amortized cost, at each reporting date, the Group recognizes the impairment provision
for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognizes
the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after
taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable
or contract assets that do not contain a significant financing component, the Group recognizes the impairment provision for lifetime
ECLs.
l)
Derecognition of financial assets
(a)
The
                                            Group derecognizes a financial asset when the contractual rights to receive the cash flows
                                            from the financial asset have expired.
(b)
The
                                            Group derecognizes a financial asset when the contractual rights to receive cash flows of
                                            the financial asset have been transferred and the Group has transferred substantially all
                                            risks and rewards of ownership of the financial asset.
F-
16
m)
Operating leases (lessor)
Lease
income from an operating lease (net of any incentives given to the lessee) is recognized in profit or loss on a straight-line basis over
the lease term.
n)
Inventories
Inventories
are stated at the lower of cost and net realizable value. Cost is determined using the weighted-average method. The item by item approach
is used in applying the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course
of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
o)
Property, plant and equipment
(a)
Property,
                                            plant and equipment are initially recorded at cost.
(b)
Subsequent
                                            costs are included in the asset's carrying amount or recognized as a separate asset,
                                            as appropriate, only when it is probable that future economic benefits associated with the
                                            item will flow to the Group and the cost of the item can be measured reliably. The carrying
                                            amount of the replaced part is derecognized. All other repairs and maintenance are charged
                                            to profit or loss during the financial period in which they are incurred.
(c)
Land
                                            is not depreciated. Property, plant and equipment apply cost model and are depreciated using
                                            the straight-line method over their estimated useful lives. Each part of an item of property,
                                            plant, and equipment with a cost that is significant in relation to the total cost of the
                                            item must be depreciated separately.
(d)
The
                                            assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
                                            if appropriate, at each financial year-end. If expectations for the assets' residual
                                            values and useful lives differ from previous estimates or the patterns of consumption of
                                            the assets' future economic benefits embodied in the assets have changed significantly,
                                            any change is accounted for as a change in estimate under IAS 8, 'Accounting Policies,
                                            Changes in Accounting Estimates and Errors', from the date of the change. The estimated
                                            useful lives of property, plant and equipment are as follows:
Buildings and structures
50
years
Transportation equipment
5
years
Office equipment
3
~
5
years
Leasehold equipment
3
~
5
years
Other equipment (Note)
5
years
Note:
Other equipment primarily includes big data platform for image analytics, data storage equipment and server equipment.
p)
Leasing arrangements (lessee)－right-of-use assets/ lease liabilities
(a)
Leases
                                            are recognized as a right-of-use asset and a corresponding lease liability at the date at
                                            which the leased asset is available for use by the Group. For short-term leases or leases
                                            of low-value assets, lease payments are recognized as an expense on a straight-line basis
                                            over the lease term.
(b)
Lease
                                            liabilities include the net present value of the remaining lease payments at the commencement
                                            date, discounted using the incremental borrowing interest rate. Lease payments are comprised
                                            of fixed payments, less any lease incentives receivable.
The
Group subsequently measures lease liabilities at amortized cost using the interest method and recognizes interest expense over the lease
term. The lease liability is remeasured and the amount of remeasurement is recognized as an adjustment to the right-of-use asset when
there are changes in the lease term or lease payments and such changes do not arise from contract modifications.
(c)
At
                                            the commencement date, the right-of-use asset is stated at cost comprising the amount of
                                            the initial measurement of lease liability. The right-of-use asset is measured subsequently
                                            using the cost model and is depreciated from the commencement date to the earlier of the
                                            end of the asset's useful life or the end of the lease term. When the lease liability
                                            is remeasured, the amount of remeasurement is recognized as an adjustment to the right-of-use
                                            asset.
F-
17
(d)
For
                                            lease modifications that decrease the scope of the lease, the lessee shall decrease the carrying
                                            amount of the right-of-use asset and remeasure the lease liability to reflect the partial
                                            or full termination of the lease, and recognize the difference in profit or loss.
q)
Intangible assets
Computer
software is stated at cost and amortized on a straight-line basis over its estimated useful life of
1
to
5
years.
r)
Impairment of non-financial assets
The
Group assesses at each balance sheet date the recoverable amounts of those assets where there is an indication that they are impaired.
An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset's fair value less costs to sell or value in use. The fair value less costs of disposal calculation
is based on available data from binding sales transactions, conducted at arm's length, for similar assets or observable market
prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow ('DCF')
model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group
is not yet committed to or significant future investments that will enhance the asset's performance of the cash generating unit
being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows
and the growth rate used for the extrapolation purposes. When the circumstances or reasons for recognizing impairment loss for an asset
in prior years no longer exist or diminish, the impairment loss is reversed. The increased carrying amount due to reversal should not
be more than what the depreciated or amortized historical cost would have been if the impairment had not been recognized. There was no
impairment of non-financial assets for the years ended December 31, 2022 and 2021.
s)
Loans
Loans
comprise long-term and short-term bank borrowings and other short-term loans. Loans are recognized initially at fair value, net of transaction
costs incurred. Loans are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method.
t)
Notes and accounts payable
(a)
Accounts
                                            payable are liabilities for purchases of goods or services and notes payable are those resulting
                                            from operating and non-operating activities.
F-
18
(b)
Non-interest
bearing short-term notes and accounts payable are measured at the original invoice amount as the effect of discounting is immaterial.
u)
Derecognition
of financial liabilities
A
financial liability is derecognized when the obligation under the liability specified in the contract is discharged, cancelled or expired.
v)
Provisions
Assurance-type
warranties are recognized when the Group has a present legal obligation as a result of past events, and it is probable that an
outflow of economic resources will be required to settle the obligation and the amount of the obligation can be reliably estimated.
Warranties are measured at the present value of the expenditures expected to be required to settle the obligation on the balance
sheet date.
w)
Employee
benefits
(a)
Short-term
employee benefits
Short-term
employee benefits are recognized when the employee has rendered the service and are measured at undiscounted amount of benefits expected
to be paid in exchange for that service.
(b)
Pensions
i)
Defined
contribution plans
Under
defined contribution plans, contributions are recognized as pension expenses when they are due on an accrual basis. Prepaid contributions
are recognized as an asset to the extent of a cash refund or a reduction in the future payments.
ii)
Defined
benefit plans
●
Net
obligation under a defined benefit plan is defined as the present value of an amount of pension benefits that employees will receive
on retirement for their services with the Group in current period or prior periods. The liability recognized in the balance sheet in
respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair
value of plan assets. The net defined benefit obligation is calculated annually by independent actuaries using the projected unit credit
method. The rate used to discount is determined by using interest rates of government bonds (at the balance sheet date) of a currency
and term consistent with the currency and term of the employment benefit obligations.
●
Remeasurements
arising on defined benefit plans are recognized in other comprehensive income in the period in which they arise and are recorded as retained
earnings.
F-
19
(c)
Employees'
compensation and directors' remuneration
Employees'
compensation and directors' remuneration are recognized as expenses and liabilities, provided that such recognition is required
under legal or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the
subsequently actual distributed amounts is accounted for as changes in estimates.
x)
Employee
share-based payment
Under
the equity-settled share-based payment arrangements, the employee services received are measured at the fair value of the equity instruments
granted at the grant date, and are recognized as compensation cost over the vesting period, with a corresponding adjustment to equity.
The fair value of the equity instruments granted shall reflect the impact of market vesting conditions and non-vesting conditions. Compensation
cost is subject to adjustment based on the service conditions that are expected to be satisfied and the estimates of the number of equity
instruments that are expected to vest under the non-market vesting conditions at each balance sheet date. Ultimately, the amount of compensation
cost recognized is based on the number of equity instruments that eventually vest.
Having
recognized the goods or services received and a corresponding increase in equity, the Company shall make no subsequent adjustment to
total equity after vesting date. However, this requirement does not preclude the Company from recognizing a transfer within equity.
y)
Income
tax
(a)
The
tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss.
(b)
The
current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the
countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken
in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions where appropriate
based on the amounts expected to be paid to the tax authorities.
(c)
Deferred
tax is recognized, using the balance sheet liability method, on temporary differences between the tax bases of assets and liabilities
and their carrying amounts in the consolidated balance sheet. Deferred tax is provided on temporary differences arising from investments
in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that
the temporary difference will not be reversed in the foreseeable future. Deferred tax assets and liabilities are measured based on the
tax rates and laws that are expected to apply when the assets and liabilities will be realized or settled.
F-
20
(d)
Deferred
tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary
differences can be utilized. At each balance sheet date, unrecognized and recognized deferred tax assets are reassessed.
(e)
Current
income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right
to offset the recognized amounts and an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
Deferred tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current
tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different
entities that intend to settle on a net basis or realize the asset and settle the liability simultaneously.
(f)
When
the Company has a history of recent losses, the Company recognizes a deferred tax asset arising from unused tax losses only to the extent
that the Company has sufficient taxable temporary differences or there is convincing other evidence that sufficient taxable profit will
be available against which the unused tax losses can be utilized by the Company.
z)
Share
capital
(a)
Ordinary
shares are classified as equity. The classification of preference shares is determined according to the special rights attached to preference
shares based on the substance of the contract and the definition of financial liabilities and equity instruments. Incremental costs directly
attributable to the issue of new shares or share options are shown in equity as a deduction from the proceeds.
(b)
Where
the Company repurchases the Company's equity share capital that has been issued, the consideration paid, including any directly
attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company's equity holders. Where
such shares are subsequently reissued, the difference between their book value and any consideration received, net of any directly attributable
incremental transaction costs and the related income tax effects, is included in equity attributable to the Company's equity holders.
aa)
Revenue
recognition
The
Group generates revenue from offering hardware and software products as well as professional services to its customers. Sales of hardware
consists of single performance obligation. Sales of software consists of both single or multiple performance obligations and transaction
price of which is allocated to each performance obligation on a relative stand-alone selling price basis. Major types of sales of services
offered are system integration service and maintenance service. The Group only offers one contract when a customer purchases more than
one offering at or near the same time. Such contract including more than one offering is only made in relation to system integration
service. For system integration service, services promised in the contract are highly dependent on and highly interrelated with each
other and is not separately identifiable from other promises in the contract. Therefore, all goods and services in the contract are exclusively
accounted for as a single performance obligation. For maintenance service project, the inputs of labor hours and resources are expended
evenly throughout the performance period. Therefore, the Group recognizes revenue on a straight-line basis.
F-
21
(a)
Sales
of goods-hardware
i)
The
Group's sales of goods-hardware are primarily selling of externally purchased server, solid state drive, hard drives, and computer
peripheral to the customer. Sales are recognized when control of the products has transferred, being when the products are delivered
to the customer, the customer has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation
that could affect the customer's acceptance of the products. Delivery occurs when the products have been shipped to the specific
location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products
in accordance with the sales contract, or the Group has objective evidence that all criteria for acceptance have been satisfied.
ii)
Revenue
is recognized based on the price specified in the contract, net of estimated business tax, sales return and discounts. Accumulated experience
is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognized to the extent that
it is highly probable that a significant reversal will not occur. The estimation is subject to an assessment at each reporting date.
iii)
A
receivable is recognized when the goods are delivered as the right to consideration is unconditional because only a passage of time is
required before the payment of that consideration is due.
(b)
Sales
of goods-software
i)
The
Group develops and sells video intelligence and security convergence products. Sales are from sell of software products such as system
software, database and platform by providing a right of use to customers which can be accounted for as a single or multiple performance
obligations, depending on whether or not the customer can benefit from the good on its own and the Group's promise to transfer
the goods to the customer is separately identifiable from other promises in the contract. The Group only offers one offering in sales
of software contract and it may offer several software products within the same contract and each software product is distinct and independent
from one another. Under such circumstance, a contract contains multiple performance obligations and revenue is recognized upon fulfilment
of each performance obligation.
F-
22
ii)
The
only post-sale obligation to customers is in respect of warranties that provide assurance that products will operate in accordance with
agreed-upon specifications and function as intended. These warranty provisions are only invoked when a customer makes requests relating
to flawed, malfunctional or defective products. Since customers do not have the option to purchase the warranty separately and the warranty
does not offer any technical support or the right to receive unspecified updates, upgrades or enhancements, the warranty is not considered
a separate performance obligation pursuant to IFRS 15. B28 through B33 and, accordingly, is accounted for as a liability in accordance
with IAS 37.
iii)
Transaction
prices are determined at contract inception based on the price specified in the contract, net of estimated business tax, sales return
and discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue
is only recognized to the extent that it is highly probable that a significant reversal will not occur. The estimation is subject to
an assessment at each reporting date. The Group allocates the transaction price to each performance obligation on a relative stand-alone
selling price basis. The Group sells each of its software products separately so that the relative stand-alone selling price can be determined
accordingly. Revenue is recognized as the control of each performance obligations is transferred at a point in time, being when the software
installed to the customer. The customer can direct the use of, and obtain substantially all of the remaining benefits from, the software
at the point in time at which the software is installed, and there is no unfulfilled obligation that could affect the customer's
acceptance of the products.
iv)
A
receivable is recognized when the goods are delivered as the right to consideration is unconditional because only a passage of time is
required before the payment of that consideration is due.
(c)
Sales
of services
i)
The
Group provides information, software and data processing services. Main types of services offered are system integration service contract
and maintenance service contract. System integration service includes information and communication systems, installation of software
and hardware equipment as well as implementation and integration of various systems whereas maintenance service is to provide maintenance
work for equipment at the performance location during the contractual period. The consideration promised in the most of service contracts
with customer of the Group are generally at fixed amount, and the amounts of variable consideration in certain service contracts which
also include fixed amount of consideration are insignificant.
F-
23
ii)
For
system integration service projects, the arrangements typically include sales of hardware, software, and services within the same contract.
However, since the goods and services promised in the contract are significantly affected by one or more of the other goods or services
in the contract to function as intended, they are highly dependent on and highly interrelated with each other and is not separately identifiable
from other promises in the contract. Therefore, all of the arrangements in the contract are deemed a single performance obligation and
allocation of transaction price is not required. Revenue is recognized based on the actual service provided to the end of the reporting
period as a proportion of the total services to be provided, because the customer receives and uses the benefits simultaneously. This
is determined based on the proportion of hardware, software and labor services that have been performed as of the financial reporting
date to the total labor services expected to be rendered.
iii)
For
maintenance service project, the Group regularly assigns employees to perform inspection and maintenance work at each performing location
and the inputs of labor hours and resources are expended evenly throughout the performance period. The Group recognizes revenue on a
straight-line basis.
iv)
The
customer pays at the time specified in the payment schedule. If the services rendered exceed the payment, a contract asset is recognized.
If the payments exceed the services rendered, a contract liability is recognized.
v)
Estimates
of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases
in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision
become known by management.
(d)
Sales
arrangement with system integrators
i)
The
Group has relied, in part, on a variety of partnerships with system integrators ("partners") to allow the Group to provide
data services as part of services provided by the partners, and they integrate the Group's products and services with theirs'
and sell directly to their customers in their region of operation.
ii)
In
such arrangement, the Group enters into sales agreement with the partners directly and is only responsible for delivering goods and services
to the partners. Revenue is recognized when the Group fulfils its performance obligations as stated in the executed contracts with the
partners in accordance with Group's revenue recognition policy as stated in the preceding paragraphs.
F-
24
(e)
Sales
arrangement with sales representatives, resellers and distributors
i)
In
geographic regions where the Group does not have an operating subsidiary, the Group provides its products and services solutions through
a suite of non-exclusive agreements that appoint sales representatives, resellers and distributors to engage with end customers. Revenue
recognition for each type of these arrangements is as follows:
ii)
Sales
representatives are granted rights to use the Group's products and services to market, promote and solicit orders of products on
a non-transferable, non-sub-licensable and limited basis in designated regions. Sales representatives earn sales commission and contracts
are not automatically renewed. In such arrangement, the Group enters into sales agreements with the customers directly. Goods and services
are provided directly by the Group to the customers in accordance with the executed contracts. Revenue is recognized when the Group fulfils
its performance obligations as stated in the executed contracts with customers in accordance with the Group's revenue recognition
policy as stated in the preceding paragraphs.
iii)
Resellers
purchase the Group's products and services for resale to end customers and provide maintenance services in their areas of operation.
They are permitted to use the Group's software for demonstration, training, and maintenance services. The contracts are automatically
renewed unless prior notice is otherwise provided. In such arrangement, the Group enters into sales agreements with resellers directly
and is only responsible for delivering its goods and services to resellers. Revenue is recognized when the Group fulfils its performance
obligations as stated in the executed contracts with resellers in accordance with Group's revenue recognition policy as stated
in the preceding paragraphs.
iv)
Distributors
purchase the Group's products at a discount and are permitted to market, distribute, sell, bundle, promote and advertise the products
directly to end customers in their region of operation. The contracts are automatically renewed unless prior notice otherwise is provided.
In such arrangement, the Group enters into sales agreements with distributors directly and is only responsible for delivering its goods
and services to distributors. Revenue is recognized when the Group fulfils its performance obligations as stated in the executed contracts
with distributors in accordance with Group's revenue recognition policy as stated in the preceding paragraphs.
F-
25
bb)
Operating
segments
Operating
segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed
by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources to an individual segment and in assessing
performance. The Company's Chief Executive Officer is the CODM. The Company's CODM reviews financial information provided
based on product lines and presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating
financial performance. As such, the Company currently has determined that it operates in three operating segments and has three reportable
segments which are Video IoT, Security Convergence and other segment.
cc)
Warrant
liabilities
Share
purchase warrants issued by the Group are accounted for as derivative liabilities. The warrants are initially recognized at fair value,
and in subsequent periods measured at fair value through profit or loss with any changes in fair value recognized in profit or loss until
the warrants are exercised, redeemed, or expired.
dd)
Critical
accounting judgments, estimates and key sources of assumption uncertainty
The
preparation of these consolidated financial statements requires management to make critical judgements in applying the Group's
accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates may differ from the
actual results and are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year; and the related information is addressed below:
(a)
Critical
judgements in applying the Group's accounting policies
None.
(b)
Critical
accounting estimates and assumptions
Revenue
recognition-sales of system integration services
The
Group recognizes revenue from providing system integration services based on the actual service provided to the end of the reporting
period as a proportion of the total services to be provided, because the customer receives and uses the benefits simultaneously. This
is determined based on the proportion of hardware, software and labor services that have been performed as of the financial reporting
date to the total labor services expected to be rendered.
F-
26
Recognition
of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet
date, such as engineering progress, material quantities, the achievement of milestones, labor productivity and cost estimates. Any significant
variances in estimations of the total costs will impact the measurement of progress which drives the revenue recognition of contract
works in an accounting period. Management continuously monitors factors that may affect the quality of its estimates and conducts periodic
review of the relevance of factors by reviewing the actual amounts incurred and comparing with previous estimated amounts in order to
mitigate the exposure to significant variances. For each of the three years in the period ended December 31, 2022, the Group recognized
service revenue of $
12,285,804
, $
15,910,023
and $
20,477,655
, respectively.
5.
Cash
and cash equivalents
December 31,
2022
December 31,
2021
Cash on hand and petty cash
$
7,957
$
9,549
Checking accounts
130,362
18,244
Demand deposits
22,858,058
6,416,955
Time deposits
6,871,187
12,559,077
29,867,564
19,003,825
Transferred to financial assets at amortized cost
(
6,871,187
)
(
9,059,077
)
$
22,996,377
$
9,944,748
a)
The
Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the
probability of counterparty default is remote.
b)
As
of December 31, 2022 and December 31, 2021, range of interest rate of time deposits was
0.22
%~
3.80
% and
0.18
%~
1.75
%, respectively. Some
of time deposits provided as guarantees and with maturity over three months were reclassified as "financial assets at amortized
cost" based on its nature. Details of the Group's time deposits transferred to investments in debt instruments without active
market are provided in Note 7.
c)
Details
of time deposits pledged to others as collaterals are provided in Note 38.
6.
Financial
assets at fair value through profit or loss
December 31,
2022
Current items:
Financial assets mandatorily measured at fair value through profit or loss
Investment in a rent-a-captive company
$
1,073,229
During
the year ended December 31, 2022, the Group entered into a protected cell rent-a-captive arrangement with an insurance company and made
investment of $
1,105,540
in a rent-a-captive company, which was established by the insurance company, and the Group recognized losses
on financial assets at fair value through profit or loss amounting to $
32,311
. In a rent-a-captive structure, an insurance company establishes
a rent-a-captive company and provides services related to insurance to the Group. The Group participates in the captive insurance agreement
by investing certain capital and retaining the premium to insure itself against future losses and the premium will be kept in the rent-a-captive
company for future claims payments. The insurance company agrees to cause dividends of the rent-a-captive company to be declared and
paid to the Group only as approved by Board of Directors of the insurance company.
F-
27
7.
Financial
assets at amortized cost
Items
December 31,
2022
December 31,
2021
Current items:
Time deposits
$
6,871,187
$
9,008,499
Non-current items:
Time deposits
$
-
$
50,578
a)
Amounts
recognized in profit or loss in relation to financial assets at amortized cost are listed below:
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
Interest income
$
31,604
$
12,810
$
20,603
b)
As
of December 31, 2022 and 2021, without taking into account any collateral held or other credit enhancements, the maximum exposure to
credit risk in respect of the amount that best represents the financial assets at amortized cost held by the Group was $
6,871,187
and
$
9,059,077
, respectively.
c)
As
of December 31, 2022 and 2021, the interest rate of time deposits was
0.22
%~
3.80
% and
0.18
%~
1.75
%, respectively.
d)
Information
relating to financial assets at amortized cost that were pledged to others as collaterals is provided in Note 38.
e)
The
Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the
probability of counterparty default is remote.
8.
Accounts
receivable
December 31,
2022
December 31,
2021
Accounts receivable
$
15,523,390
$
36,308,109
Less: Allowance for uncollectable accounts
(
1,481,779
)
(
1,486,291
)
$
14,041,611
$
34,821,818
F-
28
a)
The
aging analysis of accounts receivable is as follows:
December 31,
2022
December 31,
2021
Not past due
$
11,022,374
$
29,794,677
Up to 180 days
4,091,598
5,049,007
181 to 365 days
409,418
167,750
Over 366 days
-
1,296,675
$
15,523,390
$
36,308,109
The
above aging analysis was based on days overdue.
b)
As
of December 31, 2022 and December 31, 2021, accounts receivable were all from contracts with customers. As of January 1, 2021, the balance
of receivables from contracts with customers amounting to $
35,469,123
.
c)
As
of December 31, 2022 and 2021, without taking into account any collateral held or other credit enhancements, the maximum exposure to
credit risk in respect of the amount that best represents the Group's accounts receivable were $
14,041,611
and $
34,821,818
, respectively.
d)
Information
relating to credit risk of accounts receivable is provided in Note 42.
e)
Information
relating to purchase of treasury shares by transferring accounts receivable, as part of considerations, with Koh Sih-Ping, the former
Director and Chief Executive Officer ("CEO") of the Company, is provides in Note 37.
9.
Inventories
December 31, 2022
Allowance for
Cost
valuation loss
Book value
Finished goods
$
68,629
$
-
$
68,629
December 31, 2021
Allowance for
Cost
valuation loss
Book value
Finished goods
$
152,227
$
-
$
152,227
The
cost of inventories and services recognized as expense for the year:
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Cost of goods sold
$
7,266,283
$
16,790,457
$
14,977,217
Cost of services
6,805,619
9,678,205
11,879,984
$
14,071,902
$
26,468,662
$
26,857,201
F-
29
10.
Prepayments
Items
December 31,
2022
December 31,
2021
Current items:
Prepayment for insurance expenses
$
1,034,217
$
-
Prepayment for professional services expenses
227,000
-
Prepayments for transaction costs
-
194,272
Others
5,225
37,259
$
1,266,442
$
231,531
Non-current items:
Prepayment for insurance expenses
$
537,684
$
-
Others
75,298
-
$
612,982
$
-
11.
Other
receivables
December 31,
2022
December 31,
2021
Other receivables from a related party (Note)
$
521,852
$
-
Others
126,765
19,930
$
648,617
$
19,930
Note:
Information
relating to this transaction is provided in Note 37 (d).
(Blank)
F-
30
12.
Property,
plant and equipment
Buildings and
Other
Land
(Note 1)
structures
(Note 1)
Transportation
equipment
Office
equipment
equipment
(Note 2)
Total
At January 1, 2022
Cost
$
14,110,197
$
3,575,363
$
34,953
$
7,238,662
$
33,427,990
$
58,387,165
Accumulated depreciation
-
(
853,996
)
(
22,879
)
(
3,065,014
)
(
20,050,206
)
(
23,992,095
)
$
14,110,197
$
2,721,367
$
12,074
$
4,173,648
$
13,377,784
$
34,395,070
2022
January 1
$
14,110,197
$
2,721,367
$
12,074
$
4,173,648
$
13,377,784
$
34,395,070
Additions
-
24,368
-
653,628
2,208,757
2,886,753
Disposals (Note 3)
-
-
-
(
2,590,890
)
(
9,977,212
)
(
12,568,102
)
Depreciation expenses
-
(
78,172
)
(
5,343
)
(
1,329,350
)
(
4,484,888
)
(
5,897,753
)
Net exchange differences
(
1,392,182
)
(
266,917
)
(
1,034
)
(
64,686
)
(
958,582
)
(
2,683,401
)
December 31
$
12,718,015
$
2,400,646
$
5,697
$
842,350
$
165,859
$
16,132,567
At December 31, 2022
Cost
$
12,718,015
$
3,246,249
$
31,504
$
1,635,691
$
12,112,226
$
29,743,685
Accumulated depreciation
-
(
845,603
)
(
25,807
)
(
793,341
)
(
11,946,367
)
(
13,611,118
)
$
12,718,015
$
2,400,646
$
5,697
$
842,350
$
165,859
$
16,132,567
Buildings and
Other
Land
(Note 1)
structures
(Note 1)
Transportation
equipment
Office
equipment
equipment
(Note 2)
Total
At January 1, 2021
Cost
$
13,713,844
$
3,469,595
$
44,903
$
5,905,654
$
27,338,767
$
50,472,763
Accumulated depreciation
-
(
750,555
)
(
27,493
)
(
2,357,547
)
(
14,564,161
)
(
17,699,756
)
Accumulated impairment
-
-
-
(
381,395
)
-
(
381,395
)
$
13,713,844
$
2,719,040
$
17,410
$
3,166,712
$
12,774,606
$
32,391,612
2021
January 1
$
13,713,844
$
2,719,040
$
17,410
$
3,166,712
$
12,774,606
$
32,391,612
Additions
-
5,427
-
2,253,533
5,236,878
7,495,838
Depreciation expenses
-
(
80,788
)
(
5,771
)
(
1,259,346
)
(
5,005,656
)
(
6,351,561
)
Net exchange differences
396,353
77,688
435
12,749
371,956
859,181
December 31
$
14,110,197
$
2,721,367
$
12,074
$
4,173,648
$
13,377,784
$
34,395,070
At December 31, 2021
Cost
$
14,110,197
$
3,575,363
$
34,953
$
7,238,662
$
33,427,990
$
58,387,165
Accumulated depreciation
-
(
853,996
)
(
22,879
)
(
3,065,014
)
(
20,050,206
)
(
23,992,095
)
$
14,110,197
$
2,721,367
$
12,074
$
4,173,648
$
13,377,784
$
34,395,070
Note 1:
Information
relating to property, plant and equipment that were pledged to others as collaterals is provided in Note 38.
Note 2:
Other
equipment primarily includes big data platform for image analytics, data storage equipment and server equipment.
Note 3:
Information
relating to purchase of treasury shares by transferring property, plant and equipment, as part of considerations, with Koh Sih-Ping,
the former Director and CEO of the Company, is provided in Note 37.
F-
31
13.
Leasing
arrangements－lessee
a)
The
Group leases various assets including buildings (office and warehouse) and business vehicles. Rental contracts are typically made for
periods of 1 to 4 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.
The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes.
b)
Short-term
leases with a lease term of 12 months or less comprise rental of office. Low-value assets comprise rental of office equipment.
c)
The
carrying amount of right-of-use assets and the depreciation charge are as follows:
December 31,
2022
Year ended
December 31,
2022
December 31,
2021
Year ended
December 31,
2021
Carrying
amount
Depreciation charge
Carrying
amount
Depreciation charge
Buildings
$
4,925
$
12,774
$
19,219
$
14,394
(Office and warehouse)
Transportation equipment
(Business vehicles)
11,750
27,640
104,156
20,044
$
16,675
$
40,414
$
123,375
$
34,438
d)
For
the years ended December 31, 2022 and 2021, the additions to right-of-use assets were $
0
and $
121,312
, respectively.
e)
The
information on profit and loss accounts relating to lease contracts is as follows:
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
Items affecting profit or loss
Interest expense on lease liabilities
$
1,219
$
1,196
$
887
Expense on short-term lease contracts
13,602
2,142
12,435
Expense on leases of low-value assets
19,227
4,872
1,423
Loss on lease modification
48,488
-
-
f)
For
each of the three years in the period ended December 31, 2022, the Group's total cash outflow for leases were $
124,597
, $
42,074
and $
44,461
, respectively.
F-
32
14.
Intangible
assets
Year ended
December 31,
2022
Year ended
December 31,
2021
January 1
Computer software
Computer software
Cost
$
18,144,910
$
17,338,683
Accumulated amortization
(
14,725,441
)
(
12,705,022
)
Accumulated impairment
-
(
524,783
)
$
3,419,469
$
4,108,878
At January 1
$
3,419,469
$
4,108,878
Additions－acquired separately
73,093
1,626,065
Amortization expenses
(
1,687,618
)
(
2,361,009
)
Disposals (Note)
(
1,645,166
)
-
Net exchange differences
(
103,436
)
45,535
At December 31
$
56,342
$
3,419,469
December 31
Cost
$
2,403,406
$
18,144,910
Accumulated amortization
(
2,347,064
)
(
14,725,441
)
$
56,342
$
3,419,469
Note:
Information
relating to purchase of treasury shares by transferring intangible assets, as part of considerations, with Koh Sih-Ping, the former Director
and CEO of the Company, is provided in Note 37.
Details
of amortization on intangible assets are as follows:
Year ended
December 31,
2022
Year ended December 31,
2021
Year ended
December 31,
2020
Selling and marketing expenses
$
425,720
$
574,913
$
915,944
General and administrative expenses
22,914
23,144
203,336
Research and development expenses
1,238,984
1,762,952
1,778,695
$
1,687,618
$
2,361,009
$
2,897,975
F-
33
15.
Other
non-current assets
December 31,
2022
December 31,
2021
Prepaid pension
$
381,452
$
411,854
Guarantee deposits
221,002
221,370
Others
56,617
74,167
$
659,071
$
707,391
16.
Short-term
borrowings
Type of borrowings
December 31,
2022
Interest rate range
Bank collaterialized borrowings
$
12,492,935
1.84
%～
3.11
%
Loan from shareholders
1,000,000
Note
$
13,492,935
Type of borrowings
December 31,
2021
Interest rate range
Bank collaterialized borrowings
$
17,968,092
1.40
%～
1.86
%
Loan from shareholders
5,000,000
Note
$
22,968,092
Note:
In
2021, the Group entered into shareholder loan agreements in the amount of $
5,000,000
with Koh Sih-Ping, Asteria Corporation, and Berwick
Resources Limited. The Company issued promissory notes with an interest rate of
7.5
% per annum and maturity date of
September 1, 2022
to the lenders in the same amount as loans made. In
addition, Koh Sih-Ping assumed joint and several liability as guarantor of the Group under the shareholder agreement with Asteria Corporation.
In
September 2022, the loan from shareholders were repaid to Koh Sih-Ping in the amount of $
1,000,000
and Asteria Corporation in the amount
of $
3,000,000
, and the maturity date of the Note issued to Berwick Resources Limited was extended to January 31, 2023.
Refer
to table below for details of short-term and long-term borrowing. Lender A refers to Shanghai Commercial & Savings Bank, Ltd.; Lender
B refers to Taishin International Bank; Lender C refers to Hua Nan Commercial Bank; Lender D refers to Mega International Commercial
Bank, and Taiwan SMEG stands for Small and Medium Enterprise Credit Guarantee Fund of Taiwan.
F-
34
As
    of December 31, 2022
Credit
Outstanding
Undrawn
Interest
Guarantor
Lender
Facility
    Period
Facility
Type
Amount
Amount
Rate
(Note
    1)
Collateral
Lender A
11.2022-11.2023
$
4,184,307
LC loan
$
610,089
$
-
2.56
%
None
Time deposit $2,000,000, Land, Buildings and Structures
Short-Term Bank loan
651,255
-
2.56
%
None
Same as above
Letter of guarantee
1,563,552
1,359,411
-
None
Same as above
Lender A
11.2022-11.2023
3,907,522
LC loan
324,269
-
2.31
%
None
Time deposit $2,000,000, Land, Buildings and Structures
Letter of guarantee
895,592
2,687,661
-
None
Same as above
Lender A
01.2022-01.2025
188,733
Letter of guarantee
188,538
-
-
Koh Sih-Ping
None
Lender A
09.2020-09.2025
976,880
Long-Term Bank loan
671,605
-
2.72
%
Koh Sih-Ping
80% guranteed by Taiwan SMEG
Lender A
03.2016-03.2031
3,093,455
Long-Term Bank loan
3,053,795
-
2.67
%
Koh Sih-Ping
Land, Buildings and Structures
Lender A
03.2016-03.2031
1,628,134
Long-Term Bank loan
1,607,261
-
2.67
%
Koh Sih-Ping
Land, Buildings and Structures
Lender A
03.2016-03.2026
325,627
Long-Term Bank loan
318,843
-
2.67
%
Koh Sih-Ping
None
Lender A
10.2021-10.2026
651,254
Long-Term Bank loan
69,793
-
2.72
%
Koh Sih-Ping
100% guaranteed by Taiwan SMEG
Lender B
06.2022-04.2023
5,210,029
Short-Term Bank loan
3,507,001
-
1.84
%-
3.11
%
Koh Sih-Ping
Time deposit $2,800,000, Promissory note $5,743,001
LC loan
334,220
1,368,808
2.54
%~
2.60
%
Koh Sih-Ping
Same as above
Lender C
01.2022-01.2023
6,186,910
Short-Term Bank loan
5,014,652
-
2.50
%
Koh Sih-Ping
Time deposit $500,000, Land, Buildings and Structures
Letter of guarantee
84,466
1,087,792
-
Koh Sih-Ping
Same as above
Lender C
05.2019-03.2026
5,861,283
Long-Term Bank loan
2,728,370
-
2.26
%
Koh Sih-Ping
Time deposit $500,000, Land, Buildings and Structures
Lender C
11.2022-06.2023
2,279,388
Short-Term Bank loan
2,051,449
-
2.50
%
None
Time deposit $1,000,000
Letter of guarantee
209,178
18,761
-
None
Same as above
Lender C
06.2020-06.2023
162,813
Long-Term Bank loan
27,134
-
2.03
%
Koh Sih-Ping
85% guranteed by Taiwan SMEG
Lender C
07.2021-08.2026
2,442,201
Long-Term Bank loan
1,883,883
-
1.46
%
Koh Sih-Ping
70% guranteed by Taiwan SMEG
Lender D
01.2022-01.2023
976,880
Credit Loan
-
973,347
-
Koh Sih-Ping
65% guranteed by Taiwan SMEG
Letter of guarantee
3,533
-
-
Koh Sih-Ping
Same as above
(Blank)
F-
35
As
    of December 31, 2021
Credit
Outstanding
Undrawn
Interest
Guarantor
Lender
Facility
    Period
Facility
Type
Amount
Amount
Rate
(Note
    1)
Collateral
Lender A
11.2021-11.2022
$
4,642,341
LC loan
$
2,288,900
$
-
1.68
%
Koh Sih-Ping
Time deposit $2,000,000, Land, Buildings and Structures
Short-Term Bank loan
541,907
-
1.68
%
Koh Sih-Ping
Same as above
Letter of guarantee
1,596,377
215,157
-
Koh Sih-Ping
Same as above
Lender A
11.2021-11.2022
4,335,260
LC loan
3,282,872
-
1.68
%
Koh Sih-Ping
Time deposit $2,000,000, Land, Buildings and Structures
Letter of credit
234,993
-
-
Koh Sih-Ping
Same as above
Letter of guarantee
957,736
94,652
-
Koh Sih-Ping
Same as above
Lender A
09.2020-09.2025
1,083,815
Long-Term Bank loan
1,016,077
67,738
2.10
%
Koh Sih-Ping
80% guranteed by Taiwan SMEG
Lender A
03.2016-03.2031
3,432,081
Long-Term Bank loan
3,388,080
44,001
2.05
%
Koh Sih-Ping
Land, Buildings and Structures
Lender A
03.2016-03.2031
1,806,358
Long-Term Bank loan
1,783,200
23,158
2.05
%
Koh Sih-Ping
Land, Buildings and Structures
Lender A
03.2016-03.2026
361,272
Long-Term Bank loan
353,745
7,527
2.05
%
Koh Sih-Ping
None
Lender
    A
10.2021-10.2026
722,543
Long-Term Bank loan
722,543
-
1.00
%~
1.50
%
Koh Sih-Ping
Guranteed by Taiwan SMEG
Lender B
05.2021-04.2022
5,780,347
Short-Term Bank loan
2,655,347
-
1.40
%~
1.86
%
Koh Sih-Ping
Time deposit $3,900,000, Promissory note $1,600,000
LC loan
1,178,669
1,946,331
1.86
%
Koh Sih-Ping
Same as above
Lender C
05.2021-05.2022
6,864,162
Short-Term Bank loan
5,310,693
-
1.80
%
Koh Sih-Ping
Time deposit $500,000, Land, Buildings and Structures
Letter of guarantee
371,471
1,181,998
-
Koh Sih-Ping
Same as above
Lender C
05.2019-03.2026
6,502,890
Long-Term Bank loan
3,958,427
2,544,463
1.63
%
Koh Sih-Ping
Same as above
Lender C
11.2021-05.2022
$
2,709,538
Short-Term Bank loan
$
2,474,711
$
-
1.80
%
Koh Sih-Ping
Time deposit $800,000
Letter of guarantee
219,220
15,607
-
Koh Sih-Ping
Same as above
Lender C
06.2020-06.2023
180,636
Long-Term Bank loan
90,317
90,319
1.50
%
Koh Sih-Ping
85% guranteed by Taiwan SMEG
Lender C
07.2021-08.2026
1,625,723
Long-Term Bank loan
1,516,875
108,848
0.90
%~
1.60
%
Koh Sih-Ping
70% guranteed by Taiwan SMEG
Lender D
01.2021-01.2022
1,083,815
Letter of guarantee
3,920
1,079,895
-
Koh Sih-Ping
65% guranteed by Taiwan SMEG
(Blank)
Note 1:
Koh Sih-Ping retired as the Director and CEO of the Company
on September 9, 2022.
F-
36
17.
Other payables
December 31,
2022
December 31,
2021
Salaries and bonuses payable
$
1,466,631
$
1,886,156
Professional fee payable
1,141,582
1,138,543
Payables on intangible assets
-
727,060
Payables on machinery and equipment
79,517
128,013
Pension payable
99,921
83,049
Output tax payable
469,800
98,735
Others
363,547
471,072
$
3,620,998
$
4,532,628
18.
Long-term borrowings
Type of borrowings
Interest rate
December 31,
2022
Bank borrowings
Collaterialized borrowings
2.72
%
$
671,605
Collaterialized borrowings
2.67
%
3,053,795
Collaterialized borrowings
2.67
%
1,607,261
Uncollaterialized borrowings
2.67
%
318,843
Collaterialized borrowings
2.72
%
69,793
Collaterialized borrowings
2.26
%
2,728,370
Collaterialized borrowings
2.03
%
27,134
Collaterialized borrowings
1.46
%
1,883,883
10,360,684
Less: Current portion
(
2,108,896
)
$
8,251,788
F-
37
Type of borrowings
Interest rate
December 31,
2021
Bank borrowings
Collaterialized borrowings
1.50
%
$
90,317
Collaterialized borrowings
2.10
%
1,016,077
Collaterialized borrowings
1.63
%
3,958,427
Uncollaterialized borrowings
2.05
%
353,745
Collaterialized borrowings
2.05
%
3,388,080
Collaterialized borrowings
2.05
%
1,783,200
Collaterialized borrowings
0.90
%~
1.60
%
1,516,875
Collaterialized borrowings
1.00
%~
1.50
%
722,543
12,829,264
Less: Current portion
(
2,077,634
)
$
10,751,630
Please refer to Note 16 for details
of long-term borrowings.
19.
Pensions
a)
Gorilla Taiwan has a defined benefit pension plan in accordance with the Labor Standards Act, covering
all regular employees' service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter
of employees who choose to continue to be subject to the pension mechanism under the Labor Standards Act. Under the defined benefit plan,
two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum
of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months
prior to retirement. Gorilla Taiwan contributes monthly to the employees' individual pension accounts based on
2
% of the employees'
monthly salaries with the Trust Department, Bank of Taiwan. The trustee is under the name of the independent retirement fund committee.
Also, Gorilla Taiwan would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account
balance is not enough to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following
year, Gorilla Taiwan will make contribution for the deficit by next March.
F-
38
b)
The amounts recognized in the balance sheet are as follows:
December 31,
2022
December 31,
2021
Present value of defined benefit obligation
$
101,505
$
83,205
Fair value of plan assets
(
482,957
)
(
495,059
)
Net defined benefit asset
$
(
381,452
)
$
(
411,854
)
c)
Movements in net defined benefit assets are as follows:
Present value of
defined benefit
Fair value of
Net defined
obligation
plan assets
benefit asset
Year ended December 31, 2022
Balance at January 1
$
83,205
$
(
495,059
)
$
(
411,854
)
Interest expense (income)
634
(
3,770
)
(
3,136
)
Net exchange differences
(
9,014
)
49,961
40,947
74,825
(
448,868
)
(
374,043
)
Remeasurements:
Return on plan assets
$
-
$
(
34,089
)
$
(
34,089
)
Change in financial assumptions
13,799
-
13,799
Experience adjustments
12,881
-
12,881
26,680
(
34,089
)
(
7,409
)
Balance at December 31
$
101,505
$
(
482,957
)
$
(
381,452
)
Present value of
defined benefit
Fair value of
Net defined
obligation
plan assets
benefit asset
Year ended December 31, 2021
Balance at January 1
$
86,767
$
(
472,560
)
$
(
385,793
)
Interest expense (income)
371
(
2,018
)
(
1,647
)
Net exchange differences
2,435
(
13,762
)
(
11,327
)
89,573
(
488,340
)
(
398,767
)
Remeasurements:
Return on plan assets
$
-
$
(
6,719
)
$
(
6,719
)
Change in financial assumptions
(
5,900
)
-
(
5,900
)
Experience adjustments
(
468
)
-
(
468
)
(
6,368
)
(
6,719
)
(
13,087
)
Balance at December 31
$
83,205
$
(
495,059
)
$
(
411,854
)
F-
39
d)
The Bank of Taiwan was commissioned to manage the fund of the Group's defined benefit pension plan
(the "Fund") in accordance with the Fund's annual investment and utilization plan and the "Regulations for Revenues,
Expenditures, Safeguard and Utilization of the Labor Retirement Fund" (Article 6: The scope of utilization for the Fund includes
deposit in domestic or foreign financial institutions, investment in domestic or foreign listed, over-the counter, or private placement
equity securities, investment in domestic or foreign real estate securitization products, etc.). With regard to the utilization of the
Fund, its minimum earnings in the annual distributions on the final financial statements shall be no less than the earnings attainable
from the amounts accrued from two-year time deposits with the interest rates offered by local banks. If the earnings is less than
aforementioned rates, government shall make payment for the deficit after approval by the Regulator. The Group has no right to participate
in managing and operating that Fund and hence the Group is unable to disclose the classification of plan asset fair value in accordance
with IAS 19 paragraph 142. The composition of fair value of plan assets as of December 31, 2022 and 2021 is given in the Annual Labor
Retirement Fund Utilization Report announced by the government.
e)
The principal actuarial assumptions used were as follows:
Year ended December 31, 2022
Year ended December 31, 2021
Discount rate
1.48
%
0.82
%
Future salary increases
5.00
%
3.50
%
Future mortality rate
was estimated based on the 6th Taiwan Standard Ordinary Experience Mortality Table.
Because the main actuarial
assumption changed, the present value of defined benefit obligation is affected. The analysis was as follows:
Discount rate
Future salary increases
Increase 0.5%
Decrease 0.5%
Increase 0.5%
Decrease 0.5%
December 31, 2022
Effect on present value of defined benefit obligation
$
(
8,597
)
$
9,541
$
9,150
$
(
8,369
)
December 31, 2021
Effect on present value of defined benefit obligation
$
(
6,864
)
$
7,551
$
7,298
$
(
6,720
)
F-
40
The sensitivity analysis
above was based on one assumption which changed while the other conditions remain unchanged. In practice, more than one assumption may
change all at once. The method of analyzing sensitivity and the method of calculating net pension liability in the balance sheet are the
same.
The methods and types
of assumptions used in preparing the sensitivity analysis did not change compared to the previous period.
f)
Expected contributions to the defined benefit pension plans of the Group for the year ending December
31, 2023 amount to $
0
.
g)
As of December 31, 2022, the weighted average duration of that retirement plan is 18 years. The analysis
of timing of the future pension payment was as follows:
Within 1 year
$
-
1-2 year(s)
-
2-5 years
31,838
Over 5 years
412,257
$
444,095
h)
Effective July 1, 2005, Gorilla Taiwan and NSGUARD Technology Inc. have established a defined contribution
pension plan (the "New Plan") under the Labor Pension Act, covering all regular employees with R.O.C. nationality. Under the
New Plan, Gorilla Taiwan and NSGUARD Technology Inc. contribute monthly an amount based on 6% of the employees' monthly salaries
and wages to the employees' individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly
or in lump sum upon termination of employment.
i)
The Company's overseas subsidiaries have established defined contribution plans. Monthly contributions
to an independent fund administered by the government are in accordance with the pension regulations. Other than the monthly contribution,
the subsidiaries have no further obligations.
j)
The pension costs under the defined contribution pension plans of the Group for each of the three years
in the period ended December 31, 2022 were $
448,545
, $
467,076
and $
437,658
, respectively.
F-
41
20.
Share-based payment
a)
For the years ended December 31, 2022 and 2021, the Company's share-based payment transactions were
as follow:
Type of arrangement
Grant date
Quantity granted (Units) (Note 1)
Contract period
Vesting conditions
Employee share options
2017.1.1
106,300
5
years
Note 2
Employee share options
2018.1.1
34,000
5
years
Note 2
Employee share options
2019.1.1
186,000
5
years
Note 2
Employee share options
2021.10.5
207,412
5
years
Note 3
Employee share options
2021.10.5
113,524
5
years
Note 2
Employee share options
2022.2.23
274,682
5
years
Note 2
Note 1:
On the Closing Date, with capital recapitalization as provided
in Note 23, each outstanding share option was converted with the conversion ratio approximately of
4.82
share options.
Note 2:
Employee share options granting period and exercise conditions
are as follows:
Vesting period
Accumulated maximum
exercisable employee
share options
After 1 year
25
%
After 2 years
50
%
After 3 years
75
%
After 4 years
100
%
Note 3:
Employee share options granting period and exercise conditions
are as follows:
Vesting period
Accumulated maximum
exercisable employee
share options
At the beginning of year 1
25
%
At the beginning of year 2
50
%
At the beginning of year 3
75
%
At the beginning of year 4
100
%
The share-based payment
arrangements above are settled by equity.
F-
42
b)
Details of the share-based payment arrangements are as follows:
2022
2021
No. of
Weighted average
No. of
Weighted average
options
exercise price
options
exercise price
Options outstanding at January 1
404,454
$
5.62
209,818
$
5.24
Options granted
274,682
5.62
320,936
5.62
Options expired
-
-
(
82,500
)
5.51
Options forfeited
(
649,353
)
1.30
-
-
Options exercised
-
-
(
43,800
)
5.23
Capital recapitalization
2,521,860
1.17
-
-
Options outstanding at December 31
2,551,643
$
1.17
404,454
$
5.62
Options exercisable at December 31
1,085,064
$
1.17
196,553
$
5.62
Note:
Exercise price and numbers of options outstanding and exercisable on the Closing date have been adjusted with the conversion ratio approximately
of
4.82
due to capital recapitalization. Refer to Note 23 for more information on the capital recapitalization.
c)
The weighted-average share price of share options at exercise dates for the year ended December 31, 2021
was $
5.23
. No share options were exercised for the year ended December 31, 2022.
d)
As of December 31, 2022 and 2021, the exercise prices of share options outstanding was $
1.17
and $
5.62
, respectively; the weighted-average remaining contractual period was
3.06
years and
2.24
years, respectively.
(Blank)
F-
43
e)
The fair value of share options granted on grant date is measured using the Black-Scholes option-pricing
model. Relevant information is as follows:
Type of arrangement
Grant date
Share price
(par value)
Exercise
price
(Note 2)
Expected price volatility
(Note 1)
Expected option life
Expected dividends
Risk-free interest rate
Fair value per share
(Note 3)
Employee share options
2017.1.1
$
0.0001
$
5.62
32.11
%~
42.11
%
4.5
Years
-
1.05
%
$
5.73
Employee share options
2018.1.1
$
0.0001
$
5.62
34.14
%~
40.79
%
4.5
Years
-
0.96
%
$
6.13
Employee share options
2019.1.1
$
0.0001
$
5.62
33.35
%~
38.93
%
4.5
Years
-
1.01
%
$
6.86
Employee share options
2021.10.5
$
0.0001
$
5.62
47.34
%~
52.14
%
3.5
Years
-
1.01
%
$
6.91
Employee share options
2021.10.5
$
0.0001
$
5.62
45.32
%~
51.27
%
4.5
Years
-
1.01
%
$
6.91
Employee share options
2022.2.23
$
0.0001
$
5.62
31.49
%~
46.31
%
4.5
Years
-
0.72
%
$
7.11
Note 1:
Expected price volatility rate was estimated by using the
share prices of the most recent period with length of this period approximate to the length of the share options' expected life,
and the standard deviation of return on the share during this period.
Note 2:
The exercise price of share options is adjusted to $
1.17
with the conversion ratio approximately of
4.82
on the Closing Date due to capital
recapitalization. Refer to Note 23 for more information on the capital recapitalization.
Note 3:
Share-based payment expenses are recorded over each vesting
period based on the fair value of share options granted. Relevant information is as follows:
Grant date
Exercise
price
Fair value of
first year
Fair value of
second year
Fair value of
third year
Fair value of
fourth year
2017.1.1
$
5.62
$
0.90
$
1.50
$
1.70
$
2.00
2018.1.1
$
5.62
$
1.20
$
1.60
$
2.00
$
2.30
2019.1.1
$
5.62
$
1.70
$
2.10
$
2.40
$
2.80
2021.10.5
$
5.62
$
1.90
$
2.30
$
2.70
$
2.90
2021.10.5
$
5.62
$
2.30
$
2.70
$
2.90
$
3.10
2022.2.23
$
5.62
$
1.90
$
2.50
$
3.00
$
3.20
F-
44
f)
Expenses incurred on share-based payment transactions are shown below:
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
Equity-settled
$
346,122
$
375,941
$
142,416
21.
Provisions
Year ended
December 31,
2022
Year ended
December 31,
2021
Warranty
Warranty
At January 1
$
258,320
$
257,483
Additional provisions
56,050
136,026
Used during the year
(
46,592
)
(
64,998
)
Reversal of unused amounts
(
95,297
)
(
77,555
)
Exchange differences
(
22,955
)
7,364
At December 31
$
149,526
$
258,320
Analysis of total provisions:
December 31,
2022
December 31,
2021
Current
$
88,469
$
152,778
Non-current
$
61,057
$
105,542
The Group's warranty
provisions were associated with the sales of information, software and data processing services, and were estimated in accordance with
the historical warranty data of products.
22.
Warrant liabilities
Year ended
December 31, 2022
No. of units
Amount
Transfer from capital reorganization (Note)
10,025,081
$
2,495,243
Warrants exercised
(
62,107
)
(
15,514
)
Change in fair value
-
(
437,319
)
At December 31, 2022
9,962,974
$
2,042,410
Note:
Information relating to capital reorganization is provided
in Note 23.
F-
45
Warrants
may only be exercised for a whole number of shares. The warrants will expire
five years
from the consummation of the business combination
on the Closing Date or earlier upon redemption or liquidation.
Once
the warrants become exercisable, the Company may redeem the outstanding warrants for redemption at a price of $
0.01
per warrant upon
a minimum of 30 days' prior written notice of redemption (the "30-day redemption period") and if the closing price
of the ordinary share equals or exceeds $
18.00
per share for any 20 trading days within a 30-trading day period ending on the third trading
day prior to the date on which the Company sends the notice of redemption to the warrant holders.
Each
warrant entitles the registered holder to purchase one share of ordinary share at a price of $
11.50
per share. The exercise price and
number of ordinary share issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of issuances
of ordinary share at a price below its exercise price, share dividend, extraordinary dividend or capital recapitalization, capital reorganization,
merger, or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below their respective
exercise prices.
23.
Share
capital
a)
As
of December 31, 2022, the Company's authorized capital was $
25,000
consisting of
245,000,000
shares of ordinary shares of a par
value of US$
0.0001
each and
5,000,000
shares of preference shares of a par value of US$
0.0001
each, and the issued capital was $
7,136
,
consisting of
71,357,737
shares of ordinary shares.
Movements
in the number of the Company's ordinary shares outstanding are as follows:
2022
2021
At January 1
6,191,100
6,153,300
Employee share options exercised
6,000
37,800
Cancellation of ordinary shares
(
6,000
)
-
Conversion of preference shares to ordinary shares
6,627,412
-
Capital recapitalization
48,984,243
-
Capital reorganization
9,492,875
-
Warrant exercised
62,107
-
Treasury shares purchased
(
2,814,895
)
-
At December 31
68,542,842
6,191,100
b)
On
the Closing Date, the business combination pursuant to the business combination agreement dated on May 18, 2022 was approved at an extraordinary
general meeting of Gorilla's shareholders and an extraordinary general meeting of Global's shareholders, with holders of
subunits of Global redeeming approximately
88.4
% of the pre-merger outstanding subunits. As contemplated by the business combination
agreement, Gorilla Merger Sub, Inc. merged with and into Global, with Global surviving as a wholly-owned subsidiary of Gorilla (the "Merger",
and together with the other transactions contemplated by the business combination agreement and certain ancillary documents, the "Transactions").
F-
46
Pursuant
to the business combination agreement, immediately prior to the Effective Time (as defined in the business combination agreement), the
Company effected a capital recapitalization and issued
65,000,000
ordinary shares in total (the conversion ratio approximately of
4.82
on the shares of the Company's ordinary share). Each eligible shareholder of record on the Closing Date, including
5,813,247
preference
shares converted into
6,627,412
ordinary shares of the Company (the "Gorilla Ordinary Shares") in accordance with the Company's
organizational documents and employees who holds granted share options, received approximately
4.82
shares of ordinary share for each
share of ordinary share then held or as converted.
On
the Closing Date, the following securities issuances were made by the Company to Global's securityholders: (i) each outstanding
ordinary share of Global (including Global Class A ordinary shares and Global Class B ordinary shares, (the "Global Ordinary Shares")
and including the Global Class A ordinary shares included as part of the PIPE Investment (as defined below)) was exchanged for (A) one
Gorilla Ordinary Share and (B) one Class A contingent value right of the Company ("Class A CVR"), and (ii) each outstanding
warrant of Global,
10,025,081
units in total, was converted into a warrant to purchase the same number of Gorilla Ordinary Shares at
the same exercise price and for the same exercise period ("Gorilla Warrant").
Concurrently
with the execution of the business combination agreement, the Company waived a minimum of $
50
million gross cash condition to close the
business combination and the Company and Global entered into subscription agreements (as amended, the "Subscription Agreements")
with certain investors (the "PIPE Investors"). Net proceeds received from the PIPE Investors were $
30.3
million (the "PIPE
Investment").
The
Gorilla Ordinary Shares and Gorilla Warrants commenced trading on The Nasdaq Capital Market on July 14, 2022 under the ticker symbols
"GRRR" and "GRRRW," respectively.
The
business combination is accounted for as a capital reorganization. The business combination, which is not within the scope of IFRS 3
as Global does not meet the definition of a business in accordance with IFRS 3, is accounted for within the scope of IFRS 2. As such,
the business combination is treated as the equivalent of the Company issuing shares at the closing of the business combination for the
net assets of Global as of the Closing Date, accompanied by a capital recapitalization. The net assets of Global are stated at historical
cost, with no goodwill or other intangible assets recorded. Any excess of the fair value of the Company's shares issued considering
a fair value of the Gorilla Ordinary Shares of $
10.6
per share (price of Gorilla's Ordinary Shares at the Closing Date) over the
fair value of Global's identifiable net assets acquired represents compensation for the service of a share exchange listing for
its shares and is expensed as incurred and further details of share listing expense is provided in Note 30.
F-
47
c)
The
                                            Company's authorized and issued preference shares are as follow:
Series A
Series B
Number of shares
Amount
Number of shares
Amount
2022
Beginning of financial year
1,639,344
$
1,639,344
1,589,957
$
1,589,957
Cancellation of treasury shares
-
-
(
31,645
)
(
31,645
)
Conversion of convertible preference shares to ordinary shares
(
1,639,344
)
(
1,639,344
)
(
1,558,312
)
(
1,558,312
)
End of financial year
-
$
-
-
$
-
2021
Beginning and end of financial year
1,639,344
$
1,639,344
1,589,957
$
1,589,957
Series C
Series D
Number of shares
Amount
Number of shares
Amount
2022
Beginning of financial year
1,182,926
$
1,182,926
1,432,665
$
1,432,665
Conversion of convertible preference shares to ordinary shares
(
1,182,926
)
(
1,182,926
)
(
1,432,665
)
(
1,432,665
)
End of financial year
-
$
-
-
$
-
2021
Beginning and end of financial year
1,182,926
$
1,182,926
1,432,665
$
1,432,665
d)
Before the Closing Date, preference shares are embedded with conversion option. Preference shareholders are entitled to exercise their conversion option under the prescribed conditions at the prescribed exercise price. Preference shareholders are also entitled to convert any or all of their preference shares at any time at certain conversion price for each of Series A, Series B, Series C, and Series D. In addition, all preference shares should be converted into ordinary shares either before the date of Qualified IPO or with the acknowledgement of
80
% of the preference shareholders. When either condition stated above is met, the Company shall retract all outstanding preference shares in accordance with the decisions of the Board of Directors and preference shareholders' meeting at the price prescribed in the Company's Articles of Incorporation.
F-
48
Preference
shares are non-cumulative and non-participating and are classified as equity instrument as the following criteria are met: i) holders
of preference shares have no redemption right, and ii) the conversion option to the holders of preference shares are to be settled by
the Company by delivering a fixed number of the Company's ordinary shares.
At
the issuance of preference shares, the Company accounted for the preference shares as equity instrument. The portion of proceeds from
each preference share in excess of par value and the par value are recognized under "additional paid-in capital – preference
shares" and "preference shares."
e)
On December 5, 2022, the Company entered into the exchange agreement (the "Agreement") with Koh Sih-Ping and Origin Rise Limited to purchase
2,814,895
ordinary shares held by Origin Rise Limited and further details of this transaction is provided in Note 37.
24.
Retained
earnings
a)
Subject
                                            to the Company's Memorandum and Articles of Association and the statute except as otherwise
                                            provided by the rights attached to any shares, the Directors may resolve to pay dividends
                                            and other distributions on shares in issue and authorize payment of the dividends or other
                                            distributions out of the funds of the Company lawfully available therefor. A dividend shall
                                            be deemed to be an interim dividend unless the terms of the resolution pursuant to which
                                            the Directors resolve to pay such dividend specifically state that such dividend shall be
                                            a final dividend. No dividend or other distribution shall be paid except out of the realized
                                            or unrealized profits of the Company, out of the share premium account or as otherwise permitted
                                            by law.
Except
as otherwise provided by the rights attached to any shares, all dividends and other distributions shall be paid according to the par
value of the shares that a holder holds. If any share is issued on terms providing that it shall rank for dividend as from a particular
date, that share shall rank for dividend accordingly.
The
Directors may deduct from any dividend or other distribution payable to any holder all sums of money (if any) then payable by him to
the Company on account of calls or otherwise.
The
Directors may resolve that any dividend or other distribution be paid wholly or partly by the distribution of specific assets and in
particular (but without limitation) by the distribution of shares, debentures, or securities of any other company or in any one or more
of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient
and in particular may issue fractional shares and may fix the value for distribution of such specific assets or any part thereof and
may determine that cash payments shall be made to any holders upon the basis of the value so fixed in order to adjust the rights of all
holders and may vest any such specific assets in trustees in such manner as may seem expedient to the Directors.
F-
49
Except
as otherwise provided by the rights attached to any shares, dividends and other distributions may be paid in any currency. The Directors
may determine the basis of conversion for any currency conversions that may be required and how any costs involved are to be met.
The
Directors may, before resolving to pay any dividend or other distribution, set aside such sums as they think proper as a reserve or reserves
which shall, at the discretion of the Directors, be applicable for any purpose of the Company and pending such application may, at the
discretion of the Directors, be employed in the business of the Company.
Any
dividend, other distribution, interest or other monies payable in cash in respect of shares may be paid by wire transfer to the holder
or by cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the
registered address of the holder who is first named on the register of holders or to such person and to such address as such holder or
joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent.
Any one of two or more joint holders may give effectual receipts for any dividends, other distributions, bonuses, or other monies payable
in respect of the share held by them as joint holders.
No
dividend or other distribution shall bear interest against the Company.
Any
dividend or other distribution which cannot be paid to a holder and/or which remains unclaimed after six months from the date on which
such dividend or other distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the Company's
name, provided that the Company shall not be constituted as a trustee in respect of that account and the dividend or other distribution
shall remain as a debt due to the holder. Any dividend or other distribution which remains unclaimed after a period of six years from
the date on which such dividend or other distribution becomes payable shall be forfeited and shall revert to the Company.
b)
The
Group was in a net loss position for the year ended December 31, 2022 and 2021, and no earnings distribution was resolved by the Board
of Directors.
c)
For
the information relating to employees' compensation and directors' remuneration, please refer to Note 32.
F-
50
25.
Revenue
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Revenue from contracts with customers
Hardware sales
Government
-Video IoT
$
14,409
$
5,992
$
2,961
-Security Convergence
283,755
3,630
4,681
Non-Government
-Video IoT
1,049,628
3,816,489
6,298,043
-Security Convergence
4,188,370
1,054,116
597,288
Software sales
Government
-Video IoT
109,322
-
-
-Security Convergence
138,421
70,413
-
Non-Government
-Video IoT
1,715,532
16,063,123
16,680,260
-Security Convergence
2,623,567
5,319,077
1,351,701
Service revenue
Government
-Video IoT
4,323,111
7,842,465
10,882,416
-Security Convergence
5,330,279
5,356,881
6,476,225
Non-Government
-Video IoT
2,486,385
2,459,435
2,644,478
-Security Convergence
146,029
251,242
474,536
$
22,408,808
$
42,242,863
$
45,412,589
F-
51
a)
Disaggregation
of revenue from contracts with customers
The
Group derives revenue from the transfer of goods and services over time and at a point in time in the following major products lines
and all revenue took place mainly in Asia:
Year ended December 31, 2022
Hardware
Software
Service
Total
Total segment revenue
$
5,690,577
$
4,586,842
$
13,107,708
$
23,385,127
Inter-segment revenue
(
154,415
)
-
(
821,904
)
(
976,319
)
Revenue from external
customer contracts
$
5,536,162
$
4,586,842
$
12,285,804
$
22,408,808
Timing of revenue recognition
At a point in time
$
5,536,162
$
4,586,842
$
-
$
10,123,004
Over time
-
-
12,285,804
12,285,804
$
5,536,162
$
4,586,842
$
12,285,804
$
22,408,808
Year ended December 31, 2021
Hardware
Software
Service
Total
Total segment revenue
$
5,236,331
$
22,654,095
$
15,933,436
$
43,823,862
Inter-segment revenue
(
356,104
)
(
1,201,482
)
(
23,413
)
(
1,580,999
)
Revenue from external
customer contracts
$
4,880,227
$
21,452,613
$
15,910,023
$
42,242,863
Timing of revenue recognition
At a point in time
$
4,880,227
$
21,452,613
$
-
$
26,332,840
Over time
-
-
15,910,023
15,910,023
$
4,880,227
$
21,452,613
$
15,910,023
$
42,242,863
Year ended December 31, 2020
Hardware
Software
Service
Total
Total segment revenue
$
7,129,051
$
19,302,195
$
20,477,655
$
46,908,901
Inter-segment revenue
(
226,078
)
(
1,270,234
)
-
(
1,496,312
)
Revenue from external customer contracts
$
6,902,973
$
18,031,961
$
20,477,655
$
45,412,589
Timing of revenue recognition
At a point in time
$
6,902,973
$
18,031,961
$
-
$
24,934,934
Over time
-
-
20,477,655
20,477,655
$
6,902,973
$
18,031,961
$
20,477,655
$
45,412,589
F-
52
b)
Contract
assets and liabilities
The
Group has recognized the following revenue-related contract assets and liabilities:
December 31,
2022
December 31,
2021
Contract assets:
Contract assets relating to service contracts
$
725,441
$
1,639,893
Contract liabilities:
Contract liabilities relating to service contracts
$
58,475
$
20,194
As
of January 1, 2021, the balance of contract assets and liabilities relating to service contracts was $
1,480,923
and $
0
,
respectively.
Revenue
recognized that was included in the contract liability balance at the beginning of the year:
Year ended
December 31,
2022
Year ended
December 31,
2021
Revenue recognised that was included in the contract liability balance at the beginning of the year
Service revenue
$
20,194
$
-
c)
Significant
changes in contract assets
The
decrease in contract assets during the year ended December 31, 2022 was attributed to progress of projects towards contract activities
and is close to the agreed payment schedule.
d)
Unfulfilled
long-term contracts
Aggregate
amount of the transaction price allocated to long-term service contracts that are partially or fully unsatisfied as of December 31, 2022
and December 31, 2021, amounting to $
6,627,577
and $
9,371,628
, respectively. Management expects that the transaction price allocated
to the unsatisfied contracts as of December 31, 2022 and December 31, 2021, will be recognized as revenue from 2023 to 2027 and from
year 2022 to 2027, respectively. Except for the abovementioned contracts, all other service contracts are for periods of one year or
less or are billed based on the amount of time incurred.
F-
53
26.
Other
income
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Gains on reversal of accounts and other payables (Note)
$
960,564
$
-
$
25,523
Rent income
20,934
24,026
21,878
Indemnity income
-
19,793
6,876
Others
2,434
-
4,921
$
983,932
$
43,819
$
59,198
Note:
During the year ended December 31, 2022, certain suppliers ceased operation and became uncontactable, the Group assessed that the possibility
of making repayment to the supplier as remote, therefore, the Group recognized gains on reversal of accounts and other payables of $
960,564
.
27.
Other
gains (losses) - net
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Net currency exchange gains (losses)
$
1,079,191
$
(
105,098
)
$
(
333,462
)
Gains on financial assets and liabilities at fair value through profit or loss
405,008
-
-
Loss on disposal of subsidiaries
(
69,335
)
-
(
124,441
)
(Loss) gain on disposal of property, plant and equipment
(
70,698
)
459
(
856
)
Loss on lease modification
(
48,488
)
-
-
Impairment losses (Note)
-
-
(
1,238,548
)
Other losses
(
72,793
)
(
22,386
)
(
5,072
)
$
1,222,885
$
(
127,025
)
$
(
1,702,379
)
Note: The Group recognized impairment losses of $
1,238,548
for the year ended December 31, 2020.
F-
54
Details of such losses are as follows:
Year ended
December 31,
2020
Recognized in
profit or loss
Impairment loss – intangible assets
524,783
Impairment loss – property, plant and equipment
381,395
Impairment loss – other current assets
332,370
$
1,238,548
The impairment loss reported by operating segments is as follows:
Other segments
$
1,238,548
Non-financial
assets are purchased, generated, and utilized by the subsidiary of the Company, Gorilla Shanghai, in prior years. In December 2020, management
of the Group decided to terminate business operations in Mainland China and considered that the assets of Gorilla Shanghai are no longer
recoverable, therefore, the Group recognized impairment losses amounting to $
1,238,548
during the year ended December 31, 2020.
28.
Interest
income
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Interest income from bank deposits
$
204,081
$
25,059
$
138,672
Interest income from financial assets measured at amortized cost
31,604
12,810
20,603
Others
227
-
-
$
235,912
$
37,869
$
159,275
29.
Finance
costs
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Interest expense:
Bank borrowings
$
556,041
$
543,098
$
460,231
Loan from shareholders
278,013
122,055
-
Lease liabilities
1,219
1,196
887
$
835,273
$
666,349
$
461,118
F-
55
30.
Expenses by nature
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Share listing expenses
$
70,104,989
$
-
$
-
Employee benefit expense
12,195,089
11,929,425
10,912,378
Change in inventory of finished goods
7,266,283
16,790,457
14,977,217
Outsourcing charges
6,401,995
9,261,580
11,434,328
Depreciation expenses on property, plant and equipment
5,897,753
6,351,561
5,277,825
Professional services expenses
5,229,184
1,171,977
184,521
Insurance expenses
862,649
25,300
35,606
Amortization expenses on intangible assets
1,687,618
2,361,009
2,897,975
Depreciation expenses on right-of-use asset
40,414
34,438
29,756
Others
1,437,146
2,392,169
3,713,715
$
111,123,120
$
50,317,916
$
49,463,321
Capital reorganization
Any excess of the fair value of the
Company's shares issued considering a fair value of the Gorilla Ordinary Shares of $
10.6
per share (price of Gorilla's Ordinary
Shares at the Closing Date) over the fair value of Global's identifiable net assets acquired represents compensation for the service
of a share exchange listing for its shares and is expensed as incurred.
Fair value of equity consideration issued by the Company
Year ended
December 31,
2022
Market value of
9,492,875
ordinary shares ($
10.6
per share)
$
100,624,475
Fair value of Global net assets acquired
Net cash proceeds from Global
$
32,324,004
Warrant acquired
(
2,495,243
)
Others
690,725
$
30,519,486
Charge for listing services
$
70,104,989
F-
56
31.
Employee benefit expense
Year ended December 31, 2022
Cost of revenue
Operating expenses
Total
Wages and salaries
$
202,983
$
10,139,209
$
10,342,192
Labour and health insurance fees
20,413
735,817
756,230
Pension
11,942
433,509
445,451
Share option expenses
-
346,122
346,122
Other personnel expenses
-
305,094
305,094
$
235,338
$
11,959,751
$
12,195,089
Year ended December 31, 2021
Cost of revenue
Operating expenses
Total
Wages and salaries
$
219,051
$
9,798,876
$
10,017,927
Labour and health insurance fees
23,650
776,948
800,598
Pension
12,942
452,487
465,429
Share option expenses
-
375,941
375,941
Other personnel expenses
-
269,530
269,530
$
255,643
$
11,673,782
$
11,929,425
Year ended December 31, 2020
Cost of revenue
Operating expenses
Total
Wages and salaries
$
204,371
$
9,145,717
$
9,350,088
Labour and health insurance fees
18,991
688,530
707,521
Pension
11,649
422,737
434,386
Share option expenses
-
142,416
142,416
Other personnel expenses
1,900
276,067
277,967
$
236,911
$
10,675,467
$
10,912,378
F-
57
32.
Employees' compensation and directors' remuneration
a)
According to the Articles of Incorporation of Gorilla Taiwan and NSGUARD Technology Inc., employees'
compensation and directors' remuneration are based on the current year's earnings, which should first be used to cover accumulated
deficits, if any, and then a ratio of the remaining balance distributed as employees' compensation and directors' remuneration.
The ratio for employees' compensation shall be
0.5
% whereas the ratio for directors' remuneration is not specified.
b)
For each of the three years in the period ended December 31, 2022, Gorilla Taiwan and NSGUARD Technology
Inc. have incurred net loss before tax. Accordingly, employees' compensation was not accrued.
33.
Income tax
a)
Taiwan taxation
Taiwan profits tax
has been provided for at the rate of
20
% on the estimated assessable profits.
b)
Hong Kong taxation
Hong Kong profits
tax has been provided for at the rate of
16.5
% on the estimated assessable profits.
c)
Japan taxation
Japan profits tax
has been provided for at the rate of
30.62
% on the estimated assessable profits.
d)
United States taxation
United States profits
tax has been provided for at the rate of
29.84
% on the estimated assessable profits.
e)
United Kingdom taxation
United Kingdom profits
tax has been provided for at the rate of
19
% on the estimated assessable profits.
(Blank)
F-
58
f)
Income tax expense (benefit)
Components of income tax expense
(benefit):
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
Current tax:
Current tax on profits for the year
$
2,174
$
1,167
$
1,403
Prior year income tax (overestimation) underestimation
(
1,829
)
-
1,845
Total current tax
345
1,167
3,248
Deferred tax:
Origination and reversal of temporary differences
430,023
(
239,612
)
(
78,272
)
Effect of exchange rates
-
-
121
Total deferred tax
430,023
(
239,612
)
(
78,151
)
Income tax expense (benefit)
$
430,368
$
(
238,445
)
$
(
74,903
)
g)
Reconciliation between income tax expense (benefit) and accounting loss.
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
Tax calculated based on loss before tax and statutory tax rate (Note)
$
(
2,267,658
)
$
(
1,398,565
)
$
(
952,112
)
Prior year income tax (overestimation) underestimation
(
1,829
)
-
1,845
Effects from items disallowed by tax regulation
85,387
108,574
20
Taxable loss not recognized as deferred tax assets
2,614,468
1,051,546
875,223
Effect of exchange rates
-
-
121
Income tax expense (benefit)
$
430,368
$
(
238,445
)
$
(
74,903
)
Note:
The basis for computing the applicable tax rate are the rates
applicable in the respective countries where the Group entities operate.
F-
59
h)
Amounts of deferred tax assets or liabilities as a result of temporary differences and loss carryforwards
are as follows:
2022
Recognized in
Translation
January 1
profit or loss
differences
December 31
Temporary differences:
-   Deferred tax assets:
Employee share options
$
179,549
$
(
166,750
)
$
(
12,799
)
$
-
Unrealized exchange loss
116,315
(
108,025
)
(
8,290
)
-
Tax losses carryforward
62,675
(
58,208
)
(
4,467
)
-
Provisions
51,664
(
17,168
)
(
4,591
)
29,905
410,203
(
350,151
)
(
30,147
)
29,905
-   Deferred tax liabilities:
Prepayment of pension
(
68,151
)
(
627
)
6,742
(
62,036
)
Unrealized exchange gain
(
10,251
)
(
79,245
)
3,349
(
86,147
)
(
78,402
)
(
79,872
)
10,091
(
148,183
)
$
331,801
$
(
430,023
)
$
(
20,056
)
$
(
118,278
)
2021
Recognized in
Translation
January 1
profit or loss
differences
December 31
Temporary differences:
-   Deferred tax assets:
Employee share options
$
102,196
$
73,532
$
3,821
$
179,549
Unrealized exchange loss
-
114,945
1,370
116,315
Tax losses carryforward
60,914
-
1,761
62,675
Provisions
51,498
(
1,305
)
1,471
51,664
214,608
187,172
8,423
410,203
-   Deferred tax liabilities:
Prepayment of pension
(
65,913
)
(
329
)
(
1,909
)
(
68,151
)
Unrealized exchange gain
(
61,861
)
52,769
(
1,159
)
(
10,251
)
(
127,774
)
52,440
(
3,068
)
(
78,402
)
$
86,834
$
239,612
$
5,355
$
331,801
F-
60
i)
Expiration dates of unused tax losses and amounts of unrecognized deferred tax assets are as follows:
December 31, 2022
Year incurred
Amount filed/assessed
Unused amount
Unrecognized amount
Expiry year
2016
$
607,999
$
607,999
$
607,999
2026
2017
2,006,095
2,006,095
2,006,095
2027
2018
1,357,953
1,357,953
1,357,953
2028
2020
4,771,824
4,771,824
4,771,824
2030
2021
2,558,560
2,558,560
2,558,560
2031
2022
9,490,794
9,490,794
9,490,794
2032
$
20,793,225
$
20,793,225
$
20,793,225
December 31, 2021
Year incurred
Amount filed/assessed
Unused amount
Unrecognized amount
Expiry year
2016
$
607,999
$
607,999
$
335,807
2026
2017
2,006,095
2,006,095
2,006,095
2027
2018
1,357,953
1,357,953
1,357,953
2028
2020
4,771,824
4,771,824
4,771,824
2030
2021
2,640,848
2,640,848
2,640,848
2031
$
11,384,719
$
11,384,719
$
11,112,527
j)
The Group's subsidiaries outside Taiwan have unrecognized tax losses of $
3,808,756
and $
3,171,974
as of
December 31, 2022 and 2021, respectively, which have no expiry date and can be carried forward and used to offset against future taxable
income subject to meeting certain statutory requirements by those companies with unrecognized tax losses in their respective countries
of incorporation.
k)
Telmedia was incorporated in Hong Kong Special Administrative Region of the People's Republic of
China. Therefore, Telmedia is only subject to Hong Kong income tax on Hong Kong source income in accordance with "Hong Kong Inland
Revenue Ordinance".
l)
Gorilla Taiwan's and NSGUARD Technology Inc.'s income tax returns through 2020 have been assessed
and approved by the Tax Authority.
F-
61
34.
Loss per share
Year ended December 31, 2022
Amount
after tax
Weighted average
number of ordinary
shares outstanding
Loss per
share
Basic/diluted loss per share
Basic/diluted loss per share
Loss attributable to the parent
(Note2)
$
(
87,537,224
)
49,085,580
$
(
1.78
)
Year ended December 31, 2021
Amount
after tax
Weighted average
number of ordinary
shares outstanding
Loss per
share
Basic/diluted loss per share
Basic/diluted loss per share
Loss attributable to the parent
(Note2)
$
(
8,548,294
)
29,685,079
$
(
0.29
)
Year ended December 31, 2020
Amount
after tax
Weighted average number of ordinary
shares outstanding
Loss per
share
Basic/diluted loss per share
Basic/diluted loss per share
Loss attributable to the parent
(Note2)
$
(
5,920,853
)
29,592,181
$
(
0.20
)
Note 1:
On the Closing Date, pursuant to the business combination
agreement, the Company effected in the form of capital recapitalization and issued
65,000,000
ordinary shares in total (the conversion
ratio approximately of
4.82
on the shares of the Company's ordinary share). Each eligible shareholder of record on the Closing
Date, including preference shares converted into ordinary shares in accordance with the Company's organizational documents and
employees who holds granted share options, received approximately
4.82
shares of ordinary share for each share of ordinary share then
held or as converted. The increase in the number of ordinary shares outstanding due to the capital recapitalization are adjusted retrospectively
in the calculation of basic and diluted loss per share for all periods presented based on the new number of shares. Refer to Note 23
for more information on the capital recapitalization.
F-
62
Note 2:
Warrant liabilities were excluded in the computation of
diluted loss per share for the year ended December 31, 2022. Employee share options were excluded in the computation of diluted loss
per share for each of the three years in the period ended December 31, 2022 and convertible preference shares were excluded in the computation
of diluted loss per share for years ended December 31, 2021 and 2020 since they were anti-dilutive. The number of shares that were excluded
from the loss per share calculation above for each of the three years in the period ended December 31, 2022 that could be dilutive in
the future were
12,514,617
shares,
33,903,228
shares and
32,964,816
shares, respectively.
35.
Supplemental cash flow information
Investing activities with partial
cash payments:
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Purchase of property, plant and equipment
$
2,886,753
$
7,495,838
$
3,930,946
Add: Opening balance of payable on equipment
128,013
128,446
319,387
Less: Ending balance of payable on equipment
(
79,517
)
(
128,013
)
(
128,446
)
Cash paid during the year
$
2,935,249
$
7,496,271
$
4,121,887
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Acquisition of intangible assets
$
73,093
$
1,626,065
$
1,404,192
Add: Opening balance of payable on intangible assets
727,060
-
-
Less: Reversal of payable on intangible assets
(
727,060
)
-
-
Less: Ending balance of payable on intangible assets
-
(
727,060
)
-
Cash paid during the year
$
73,093
$
899,005
$
1,404,192
F-
63
36.
Changes in liabilities from financing activities
Short-term borrowings
Long-term borrowings (including current portion)
Lease liabilities
Liabilities from financing activities-gross
At January 1, 2022
$
22,968,092
$
12,829,264
$
124,175
$
35,921,531
Changes in cash flow from financing activities
(
7,596,588
)
(
1,451,496
)
(
90,549
)
(
9,138,633
)
Changes in other non-cash items
-
-
(
7,277
)
(
7,277
)
Impact of changes in foreign exchange rate
(
1,878,569
)
(
1,017,084
)
(
9,368
)
(
2,905,021
)
At December 31, 2022
$
13,492,935
$
10,360,684
$
16,981
$
23,870,600
Short-term borrowings
Long-term borrowings (including current portion)
Lease liabilities
Liabilities from financing activities-gross
At January 1, 2021
$
17,785,057
$
11,321,966
$
34,685
$
29,141,708
Changes in cash flow from financing activities
4,672,902
1,213,207
(
33,864
)
5,852,245
Changes in other non-cash items
-
-
122,508
122,508
Impact of changes in foreign exchange rate
510,133
294,091
846
805,070
At December 31, 2021
$
22,968,092
$
12,829,264
$
124,175
$
35,921,531
Short-term borrowings
Long-term borrowings (including current portion)
Lease liabilities
Liabilities from financing activities-gross
At January 1, 2020
$
13,436,684
$
10,475,782
$
59,878
$
23,972,344
Changes in cash flow from financing activities
3,508,961
283,787
(
29,716
)
3,763,032
Changes in other non-cash items
-
-
2,486
2,486
Impact of changes in foreign exchange rate
839,412
562,397
2,037
1,403,846
At December 31, 2020
$
17,785,057
$
11,321,966
$
34,685
$
29,141,708
F-
64
37.
Related party transactions
a)
Names of related parties and relationship
Names
    of related parties
Relationship
with the Company
Koh
    Sih-Ping (Note)
Other related party
Origin
    Rise Limited (Note)
Other related party
Asteria
    Corporation
Director of the Company
Note: Origin Rise Limited, one of major shareholders of the Company, is controlled by its sole director, Koh Sih-Ping, who retired as the Director and Chief Executive Officer of the Company on September 9, 2022.
b)
The Group lists Koh Sih-Ping as the joint guarantor for its
short-term borrowings and long-term borrowings in 2022 and 2021. Please refer to Note 16 and Note 18 for further details.
The Company's interest
expense and interest payable related to the loan from related parties are as below:
Year ended December 31, 2022
Year ended December 31, 2021
Year ended December 31, 2020
Interest expense
$
246,763
$
96,987
$
-
December 31,
2022
December 31,
2021
Interest payable
$
-
$
96,987
c)
Please refer to Note 16 for further details on shareholder loans.
d)
Purchase of treasury shares
On December 5, 2022 (the "Effective
Date"), the Agreement was made and entered into by and among the Company, Koh Sih-Ping and Origin Rise Limited that the Company
purchased
2,814,895
ordinary shares held by Origin Rise Limited by transferring certain accounts receivables, property, plant and equipment,
and intangible assets of the Company with value, on effective date, of $
15,663,648
, $
12,287,359
and $
1,629,133
, respectively.
As of December 31, 2022, the Company
has other receivable, amounting to $
521,852
, due from Koh Sih-Ping because the Company has obligation to pay related output tax under
applicable law in same amount in relation to this transaction and this tax should be compensated by Koh Sih-Ping in accordance with the
Agreement.
F-
65
e)
Key
                                            management compensation
Year ended
Year ended
Year ended
December 31, 2022
December 31, 2021
December 31, 2020
Salaries and other short-term employee benefits
$
1,218,826
$
769,956
$
716,665
Post-employment benefits
815
14,814
14,620
Share option expenses
-
62,974
18,292
$
1,219,641
$
847,744
$
749,577
38.
Pledged
assets
The
Group's assets pledged as collateral are as follows:
Book value
Pledged assets
December 31,
2022
December 31,
2021
Purpose
Time deposits (shown as 'Financial assets at amortized cost')
$
6,871,187
$
8,820,613
Performance guarantee, deposit letter of credit and short-term borrowings
Land
12,718,015
14,110,197
Long-term and short-term borrowings
Buildings and structures
2,400,646
2,721,367
Long-term and short-term borrowings
$
21,989,848
$
25,652,177
39.
Significant
contingent liabilities and unrecognized contract commitments
a)
The
                                            significant contingent liabilities incurred after the reporting period are provided in Note
                                            40.
b)
The
                                            significant unrecognized contract commitments are listed below:
i)
As of December 31, 2022 and December 31, 2021, the guaranteed notes secured for service project or warranty of NSGUARD Technology Inc. amounted to $
58,613
and $
65,029
, respectively.
ii)
As of December 31, 2022 and December 31, 2021, the banker's letter of guarantee issued by the bank at the request of Gorilla Technology Inc. amounted to $
1,739,982
and $
3,813,021
, respectively.
iii)
As of December 31, 2022 and December 31, 2021, the banker's letter of guarantee issued by the bank at the request of NSGUARD Technology Inc. amounted to $
1,204,877
and $
866,279
, respectively.
iv)
As of December 31, 2022, the Company issued a promissory note of $
1,000,000
under the shareholder loan agreement with Berwick Resources Limited.
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66
40.
Significant
events after the reporting period
a)
On
January 10, 2023 (the "Agreement Date"), the Group entered into an intellectual property purchase agreement effective on
January 16, 2023 (the "Effective Time") with SeeQuestor Limited ("SeeQuestor"), a company providing of video
analytics technology incorporated and registered in England and Wales.
The
Group acquired all and/or any intellectual property rights, including but not limited to patents and trademarks, owned, used or held
for use by and/or on behalf of SeeQuestor, including without limitations, such rights as relate to SeeQuestor's products.
The
purchase price for the intellectual property rights consists of fixed consideration amounting to $
6,000,000
and contingent payment through
issuance of the Company's shares of an amount equal to $
3,000,000
which is conditional to certain financial performance through
intellectual property rights from Agreement Date up to and including December 31, 2023.
The
Group has made payments of $
600,000
and $
2,400,000
on Agreement Date and Effective Time, respectively and payment of a further $
3,000,000
in equal instalments of $
750,000
each will be made based on agreed payment schedule.
b)
In March 2023, the Group entered into a shareholder loan
agreement in the amount of $
3,000,000
with Asteria Corporation. The Group issued promissory note with an interest rate of
10.375
% per
annum and maturity date of March 10, 2024 to the lender in the same amount as the loan made.
41.
Capital
management
The
Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to
provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or
adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue
new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net
debt divided by total capital. Net debt is calculated as total borrowings (including 'current and non-current borrowings'
as shown in the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as 'equity' as shown
in the consolidated balance sheet plus net debt.
The
gearing ratios at December 31, 2022 and 2021 were as follows:
December 31,
2022
December 31,
2021
Total borrowings
$
23,853,619
$
35,797,356
Less: Cash and cash equivalents
(
22,996,377
)
(
9,944,748
)
Net debt
857,242
25,852,608
Total equity
28,543,183
45,929,103
Total capital
$
29,400,425
$
71,781,711
Gearing ratio
3
%
36
%
F-
67
42.
Financial
instruments
a)
Financial
instruments by category
December 31,
2022
December 31,
2021
Financial assets
Financial assets at fair value through profit or loss
$
1,073,229
$
-
Financial assets at amortized cost (Note)
44,778,794
54,047,013
$
45,852,023
$
54,047,013
December 31,
2022
December 31,
2021
Financial liabilities
Financial liabilities at amortized cost (Note)
$
34,149,747
$
48,391,153
Warrant liabilities
2,042,410
-
$
36,192,157
$
48,391,153
Note:
Financial
assets at amortized cost include cash and cash equivalents, financial assets at amortized cost, accounts receivable, other receivables
and guarantee deposits. Financial liabilities at amortized cost include short-term borrowings, notes and accounts payable, other payables
and long-term borrowings (including current portion).
b)
Financial
                                            risk management policies
i)
The
                                            Group's activities expose it to a variety of financial risks: market risk (including
                                            foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group's
                                            overall risk management programme focuses on the unpredictability of financial markets and
                                            seeks to minimize potential adverse effects on the Group's financial condition and
                                            financial performance.
ii)
Risk
                                            management is carried out by a central treasury department (Group treasury) under policies
                                            approved by the Board of Directors. Group treasury identifies and evaluates financial risks
                                            in close cooperation with the Group's operating units. The Board provides written principles
                                            for overall risk management, as well as written policies covering specific areas and matters,
                                            such as foreign exchange risk, interest rate risk, credit risk, use of non-derivative financial
                                            instruments, and investment of excess liquidity.
F-
68
c)
Significant
                                            financial risks and degrees of financial risks
i)
Market
                                            risk
Foreign
exchange risk
1.
The
                                            Group's businesses involve some non-functional currency operations (the Company's
                                            and certain subsidiaries' functional currency: USD; other certain subsidiaries'
                                            functional currency: NTD). The information on assets and liabilities denominated in foreign
                                            currencies whose values would be materially affected by the exchange rate fluctuations is
                                            as follows:
December 31, 2022
Foreign currency
amount
Book value
(in thousands)
Exchange rate
(USD)
(Foreign currency: functional currency)
Financial assets
Monetary items
NTD:USD
$
563,120
0.033
$
18,336,686
Financial liabilities
Monetary items
NTD:USD
44,465
0.033
1,447,905
December 31, 2021
Foreign currency
amount
Book value
(in thousands)
Exchange rate
(USD)
(Foreign currency: functional currency)
Financial assets
Monetary items
NTD:USD
$
606,583
0.036
$
21,836,770
Financial liabilities
Monetary items
NTD:USD
304,944
0.036
10,978,261
2.
The total exchange gain or (loss) (including realized and unrealized) arising from significant foreign exchange variation on the monetary items held by the Group for each of the three years in the period ended December 31, 2022 amounting to $
1,079,191
, ($
105,098
) and ($
333,462
), respectively.
F-
69
3.
Analysis
                                            of foreign currency market risk arising from significant foreign exchange variation:
Year ended December 31, 2022
Sensitivity analysis
Effect on
Effect on other
Degree of
profit or loss
comprehensive
variation
(USD)
income
(Foreign currency: functional currency)
Financial assets
Monetary items
NTD:USD
1
%
$
183,367
$
-
Financial liabilities
Monetary items
NTD:USD
1
%
$
14,479
$
-
Year ended December 31, 2021
Sensitivity analysis
Effect on
Effect on other
Degree of
profit or loss
comprehensive
variation
(USD)
income
(Foreign currency: functional currency)
Financial assets
Monetary items
NTD:USD
1
%
$
218,368
$
-
Financial liabilities
Monetary items
NTD:USD
1
%
$
109,783
$
-
Price
risk
As
of December 31, 2022 and December 31, 2021, the Group is not exposed to material price risk of equity instrument.
Cash
flow and interest rate risk
The
Group held short-term borrowings with variable rates (excluding loan from shareholders with fixed interest rate), of which short-term
effective rate would change with market interest rate, and then affect the future cash flow. Every
1
% increase in the market interest
rate would result to an increase of $
99,943
, $
143,745
and $
149,228
in the cash outflow for each of the three years in the period ended
December 31, 2022, respectively.
F-
70
ii)
Credit
                                            risk
1.
Credit
                                            risk refers to the risk of financial loss to the Group arising from default by the clients
                                            or counterparties of financial instruments on the contract obligations. The main factor is
                                            that counterparties could not repay in full the accounts receivable based on the agreed terms.
2.
The
                                            Group manages its credit risk taking into consideration the entire Group's concern.
                                            For banks and financial institutions, only independently rated parties with at least BBB+
                                            credit rating determined by Standard & Poor's are accepted. According to the Group's
                                            credit policy, each local entity in the Group is responsible for managing and analyzing the
                                            credit risk for each of their new clients before standard payment and delivery terms and
                                            conditions are offered. Internal risk control assesses the credit quality of the customers,
                                            taking into account their financial position, past experience and other factors. Individual
                                            risk limits are set based on internal or external ratings in accordance with limits set by
                                            the Board of Directors. The utilization of credit limits is regularly monitored.
3.
The
                                            Group adopts the following assumption under IFRS 9 to assess whether there has been a significant
                                            increase in credit risk on that instrument since initial recognition: If the domestic and
                                            foreign contract payments were past due over 180 days based on the terms, there has been
                                            a significant increase in credit risk on that instrument since initial recognition.
4.
The
                                            Group adopts the assumption under IFRS 9, that is, the default occurs when the contract payments
                                            are past due over one year. Longer payment terms are given to customers and default barely
                                            occurred even though the contract payments are past due within one year in the past because
                                            of the industry characteristics of the Group and positive long-term relationship with customers.
                                            Therefore, a more lagging default criterion is appropriate to determine the risk of default
                                            occurring.
5.
The
                                            Group classifies customer's accounts receivable in accordance with customer types.
                                            The Group applies the modified approach using the provision matrix and loss rate methodology
                                            to estimate expected credit loss.
6.
The
                                            Group used the forecastability to adjust historical and timely information to assess the
                                            default possibility of accounts receivable. On December 31, 2022 and December 31, 2021, the
                                            provision matrix is as follows:
Not past due
Up to 180 days past due
Up to 365 days past due
Over 366 days past due
Total
At December 31, 2022
Expected loss rate
0.03
%~
6.3
%
0.15
%~
100
%
1.4
%~
100
%
100
%
Total book value
$
11,022,374
$
4,091,598
$
409,418
$
-
$
15,523,390
Loss allowance
324,060
754,722
402,997
-
1,481,779
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71
Not past due
Up to 180 days past due
Up to 365 days past due
Over 366 days past due
Total
At December 31, 2021
Expected loss rate
0.24
%~
0.29
%
1
%~
2
%
21.45
%
100
%
Total book value
$
29,794,677
$
5,049,007
$
167,750
$
1,296,675
$
36,308,109
Loss allowance
77,930
75,704
35,982
1,296,675
1,486,291
7.
Movements
                                            in relation to the Group applying the modified approach to provide loss allowance for accounts
                                            receivable are as follows:
2022
Accounts receivable
At January 1
$
1,486,291
Effect of foreign exchange
(
4,512
)
At December 31
$
1,481,779
2021
Accounts receivable
At January 1
$
2,082,229
Provision for impairment
404,210
Write-offs
(
1,000,898
)
Effect of foreign exchange
750
At December 31
$
1,486,291
8.
The
                                            Group' s credit risk exposure in relation to contract assets under IFRS 9 as at December
                                            31,2022 and 2021 are immaterial.
9.
The Group held cash and cash equivalents and financial assets at amortized cost of $
29,867,564
and $
19,003,825
with banks as at December 31, 2022 and 2021, respectively, which are considered to have low credit risk. The balances are measured on 12-months expected credit losses and subject to immaterial credit loss.
10.
Other receivables and guarantee deposits of $
869,619
and $
241,300
as at December 31, 2022 and 2021, respectively, are considered to have low credit risk. The other receivables and other non-current assets are measured on 12-months expected credit losses and subject to immaterial credit loss.
F-
72
iii)
Liquidity
                                            risk
1.
Cash
                                            flow forecasting is performed in the operating entities of the Group and aggregated by Group
                                            treasury. Group treasury monitors rolling forecasts of the Group's liquidity requirements
                                            to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom
                                            on its undrawn committed borrowing facilities at all times so that the Group does not breach
                                            borrowing limits or covenants on any of its borrowing facilities. Such forecasting takes
                                            into consideration the Group's debt financing plans, covenant compliance, compliance
                                            with internal balance sheet ratio targets.
2.
Please
                                            refer to Note 16 for undrawn borrowing facilities as at December 31, 2022 and 2021.
3.
The
                                            table below analyzes the Group's non-derivative financial liabilities into relevant
                                            maturity groupings based on the remaining period at the balance sheet date to the contractual
                                            maturity date for non-derivative financial liabilities. The amounts disclosed in the table
                                            are the contractual undiscounted cash flows.
Non-derivative financial liabilities:
December 31, 2022
Less than
1 year
Over 1 year
Lease liabilities
$
17,183
$
-
Long-term borrowings
2,365,972
9,461,319
(including current portion)
Non-derivative financial liabilities:
December 31, 2021
Less than
1 year
Over 1 year
Lease liabilities
$
56,214
$
70,461
Long-term borrowings
2,536,089
12,841,043
(including current portion)
Except
for the above, the Group's non-derivative financial liabilities are due less than 1 year.
4.
The
                                            Group does not expect the timing of occurrence of the cash flows estimated through the maturity
                                            date analysis will be significantly earlier, nor expect the actual cash flow amount will
                                            be significantly different.
43.
Fair
value information
A.
The
different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have
been defined as follows:
Level
                              1:
Quoted
prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market
is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume
to provide pricing information on an ongoing basis.
Level
                              2:
Inputs
other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level
                              3:
Unobservable
inputs for the asset or liability. The fair value of the Group's investment in a rent-a-captive company without active market is
included in Level 3.
F-
73
B.
The
carrying amounts of the Group's financial assets and financial liabilities not measured at fair value are approximate to their
fair values which are provided in Note 42.
C.
The
related information of financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of
the assets and liabilities at December 31, 2022 is as follows:
(a)
The
related information of natures of the assets and liabilities is as follows:
December 31, 2022
Level 1
Level 2
Level 3
Total
Assets
Recurring fair value measurements
Financial assets at fair value through profit or loss
Investment in a rent-a-captive company
$
-
$
-
$
1,073,229
$
1,073,229
Liabilities
Recurring fair value measurements
Financial liabilities at fair value through profit or loss
Warrant liabilities
$
2,042,410
$
-
$
-
$
2,042,410
(b)
The
methods and assumptions the Group used to measure fair value of warrant liabilities categorized within Level 1 are based on market quoted
closing price.
(c)
The
methods and assumptions the Group used to measure fair value of investment in a rent-a-captive company categorized within Level 3 are
based on net asset value.
(d)
The
output of valuation model is an estimated value and the valuation technique may not be able to capture all relevant factors of the Group's
financial and non-financial instruments. Therefore, the estimated value derived using valuation model is adjusted accordingly with additional
inputs, for example, model risk or liquidity risk and etc. In accordance with the Group's management policies and relevant control
procedures relating to the valuation models used for fair value measurement, management believes adjustment to valuation is necessary
in order to reasonably represent the fair value of financial and non-financial instruments at the consolidated balance sheet. The inputs
and pricing information used during valuation are carefully assessed and adjusted based on current market conditions.
(e)
The
Group takes into account adjustments for credit risks to measure the fair value of financial and non-financial instruments to reflect
credit risk of the counterparty and the Group's credit quality.
(f)
For
the years ended December 31, 2022 and 2021, there was no transfer between Level 1 and Level 2.
F-
74
D.
The
following table represents the changes in Level 3 instrument for the year ended December 31, 2022:
2022
Financial assets at fair value through profit or loss
At January 1
$
-
Acquired in the year
1,105,540
Losses recognized in profit or loss
(
32,311
)
At December 31
$
1,073,229
The
Group is in charge of valuation procedures for fair value measurements being categorized within Level 3, which is to verify independent
fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information
to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with
other resources and represented as the exercisable price, and frequently calibrating valuation model, performing back-testing, updating
inputs used to the valuation model and making any other necessary adjustments to the fair value. Finance Department of the Group set
up valuation policies, valuation processes and rules for measuring fair value of financial instruments and ensure compliance with the
related requirements in IFRS.
E.
The
following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable
inputs to valuation model used in Level 3 fair value measurement:
Fair value at December 31,
2022
Valuation
technique
Significant
unobservable
input
Range
(weighted average)
Relationship of inputs to fair value
Investment in a rent-a-captive company
$
1,073,229
Net asset value
Not applicable
Not applicable
Not applicable
The
Group has carefully assessed the valuation models and assumptions used to measure fair value, and the expected changes in fair value
are insignificant even if there are reasonably possible changes in inputs.
F-
75
44.
Segment Information
a)
General information
The Group uses the
product line as basis for providing information to the chief operating decision-maker. The Group currently divides the sales order district
into three major product lines: video IoT, security convergence and other. The chief operating decision-maker makes decision concerning
financial management as well as evaluation of the business performance based on these three product lines; therefore, the reportable segments
are video IoT, security convergence and other.
b)
Measurement of segment information
The Group evaluates
the performance of the operating segments based on a measure of revenue and income before tax, in a manner consistent with that in the
statement of income. The accounting policies of the operating segments are in agreement with the significant accounting policies in the
consolidated financial statements for the year ended December 31, 2022. Sale transactions among segments are based on arms-length principle.
(Blank)
F-
76
c)
Reconciliation of segment income, assets and liabilities
The segment information
provided to the chief operating decision-maker for the reportable segments is as follows:
Year ended December 31, 2022
Security Convergence
Video IoT
Other segment (Note 1)
Adjustment and write-off (Note 2)
Consolidation
Revenue from external customers
$
12,710,421
$
9,698,387
$
-
$
-
$
22,408,808
Inter-segment revenue
149,771
826,548
-
(
976,319
)
-
Total segment revenue
$
12,860,192
$
10,524,935
$
-
$
(
976,319
)
$
22,408,808
Segment loss before tax
$
(
2,848,847
)
$
(
6,750,899
)
$
(
77,507,110
)
$
-
$
(
87,106,856
)
Segment including :
Depreciation
$
2,490,896
$
3,447,091
$
180
$
-
$
5,938,167
Amortization
$
967,557
$
720,061
$
-
$
-
$
1,687,618
Interest income
$
(
9,861
)
$
(
36,235
)
$
(
189,816
)
$
-
$
(
235,912
)
Interest expense
$
221,215
$
336,045
$
278,013
$
-
$
835,273
Tax expense
$
81,248
$
346,946
$
2,174
$
-
$
430,368
Segment assets
$
22,387,916
$
30,228,118
$
45,236,856
$
(
32,592,012
)
$
65,260,878
Segment liabilities
$
21,790,810
$
26,070,168
$
19,088,347
$
(
30,231,630
)
$
36,717,695
Year ended December 31, 2021
Security Convergence
Video IoT
Other segment (Note 1)
Adjustment and write-off (Note 2)
Consolidation
Revenue from external customers
$
12,055,359
$
30,187,504
$
-
$
-
$
42,242,863
Inter-segment revenue
253,027
1,327,955
-
(
1,580,982
)
-
Total segment revenue
$
12,308,386
$
31,515,459
$
-
$
(
1,580,982
)
$
42,242,863
Segment loss before tax
$
(
1,178,204
)
$
(
6,095,996
)
$
(
1,512,539
)
$
-
$
(
8,786,739
)
Segment including :
Depreciation
$
2,146,285
$
4,239,714
$
-
$
-
$
6,385,999
Amortization
$
743,540
$
1,617,469
$
-
$
-
$
2,361,009
Interest income
$
(
1,827
)
$
(
26,683
)
$
(
9,359
)
$
-
$
(
37,869
)
Interest expense
$
207,329
$
336,965
$
122,055
$
-
$
666,349
Tax (benefit) expense
$
(
22,795
)
$
(
216,817
)
$
1,167
$
-
$
(
238,445
)
Segment assets
$
30,187,283
$
70,605,865
$
69,274,230
$
(
75,136,675
)
$
94,930,703
Segment liabilities
$
27,663,770
$
56,571,772
$
14,098,995
$
(
49,332,937
)
$
49,001,600
F-
77
Year ended December 31, 2020
Security Convergence
Video IoT
Other segment (Note 1)
Adjustment and write-off (Note 2)
Consolidation
Revenue from external customers
$
8,904,431
$
36,508,158
$
-
$
-
$
45,412,589
Inter-segment revenue
78,359
1,417,953
-
(
1,496,312
)
-
Total segment revenue
$
8,982,790
$
37,926,111
$
-
$
(
1,496,312
)
$
45,412,589
Segment loss before tax
$
(
1,460,395
)
$
(
2,421,047
)
$
(
2,114,314
)
$
-
$
(
5,995,756
)
Segment including :
Depreciation
$
1,305,525
$
3,793,462
$
208,594
$
-
$
5,307,581
Amortization
$
639,493
$
2,047,466
$
211,016
$
-
$
2,897,975
Interest income
$
(
2,993
)
$
(
112,510
)
$
(
43,772
)
$
-
$
(
159,275
)
Interest expense
$
181,485
$
279,633
$
-
$
-
$
461,118
Tax expense (benefit)
$
5,557
$
(
73,476
)
$
(
6,984
)
$
-
$
(
74,903
)
Segment assets
$
19,383,305
$
95,515,296
$
58,301,453
$
(
80,912,612
)
$
92,287,442
Segment liabilities
$
16,991,493
$
80,997,115
$
1,905,413
$
(
61,106,421
)
$
38,787,600
Note 1:
Other segment is composed of holding companies and oversea
subsidiaries which are excluded from reportable segments of Security Convergence or Video IoT.
Note 2:
Adjustment and write-off represents elimination for intercompany
transactions for consolidation purpose.
d)
Reconciliation for segment income (loss)
i)
Sales between segments are carried out at arm's length. The revenue from external customers reported
to the chief operating decision-maker is measured in a manner consistent with that in the statement of comprehensive income.
ii)
Please refer to Note 44 c) for information on total consolidated profit or loss after reconciliation and
reconciliation for profit after tax of reportable segments during the current period.
e)
Information on product and service
The main businesses
of the Group are providing information, software and data processing services. Please refer to Note 44 for the disclosure information
by products and services.
F-
78
f)
Geographical information
Geographical information
for each of the three years in the period ended December 31, 2022 is as follows:
Year ended December 31, 2022
Year ended December 31, 2021
Year ended December 31, 2020
Non-current
Non-current
Non-current
Revenue
assets
Revenue
assets
Revenue
assets
Asia
-Taiwan
$
14,706,318
$
16,716,816
$
37,433,251
$
33,026,486
$
34,079,738
$
31,948,903
-Hong Kong
7,687,126
704
4,797,685
5,616,651
11,332,851
5,177,431
-Others
10,774
-
8,417
2,010
-
-
Americas
4,590
1,431
3,510
158
-
158
Cayman Islands
-
537,684
-
-
-
-
$
22,408,808
$
17,256,635
$
42,242,863
$
38,645,305
$
45,412,589
$
37,126,492
Revenues by geography are determined
based on the region of the Company's contracting entity, which may be different than the region of the customer. Revenue from Taiwan
accounted for approximately
66
,
89
and
75
percent of total revenue during fiscal 2022, 2021 and 2020, respectively. No individual country
other than Taiwan and Hong Kong exceeded
10
% of total revenue or non-current assets for any period presented.
g)
Major customer information
Information of major customers that
exceed
10
% of the revenue in the statements of comprehensive income for each of the three years in the period ended December 31, 2022
is as follows:
Year ended December 31, 2022
Year ended December 31, 2021
Year ended December 31, 2020
Customer
Revenue
Segment
Revenue
Segment
Revenue
Segment
Customer A
$
5,388,482
Security Convergence
$
-
Not applicable
$
-
Not applicable
Customer B
3,691,803
Security Convergence
-
Not applicable
-
Not applicable
Customer C
-
Not applicable
6,592,017
Note 1
11,389,949
Note 1
Customer D
-
Not applicable
3,696,945
Video IoT
5,136,502
Video IoT
Note 1:
The Group sells products from both segments, Video IoT
and security convergence.
Note 2:
No customer above mentioned accounted for over
10
% of
total accounts receivable as of December 31, 2022 and 2021.
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79