UCREST BERHAD

(Company No.: 420056-K)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 MAY 2022

2022 2021 2022 2021

Current Comparative Cumulative Cumulative
Quarter Ended Quarter Ended Year To Date Year To Date
31-May 31-May 31-May 31-May
RM'000 RM'000 RM'000 RM'000

Income
Revenue 1,091 3,150 12,227 25,457
Cost of sales (764) (1,081) (10,054) (9,982)
Gross Profit 327 2,069 2,173 15,475

Other income 349 8,703 582 2,653

Total Income 1,440 11,853 12,810 28,110

Expenses
Selling and distribution (10) (1) (1,422) (6)
Administrative and general expenses (4,005) (1,016) (8,720) (3,367)
Profit / (Loss) from Operations (EBITA) (3,339) 9,755 (7,387) 14,755

Amortisation of Intangible Assets (913) (932) (3,652) (3,653)

Depreciation (106) (112) (423) (447)
Profit / (Loss) Before Interest, Taxes (EBIT),
(4,358) 8,711 (11,462) 10,655
Impairment and ESOS Expenses

ESOS Expenses - (1,955) (361) (6,585)

Profit / (Loss) Before Interest and Taxes (4,358) 6,756 (11,823) 4,070

Reversal of impairment loss on trade receivables - - - 9,057

Impairment loss on trade receivables (13,401) (1,334) (13,401) (1,340)
Impairment loss on intangible assets (9,779) - (9,779) -
Profit / (Loss) Before Interest and Taxes (27,538) 5,422 (35,003) 11,787

Finance Cost (25) (23) (98) (99)

Profit / (Loss) before Tax (27,563) 5,399 (35,101) 11,688

Profit / (Loss) before tax is stated after charging/(crediting):-

Interest income (17) (35) (103) (51)

Reversal of impairment loss on trade receivables - (8,267) - (9,057)
Impairment loss on trade receivables 13,401 1,334 13,401 1,340
Impairment on intagible asset 9,779 - 9,779 -
Depreciation and amortisation 1,019 1,044 4,075 4,100
ESOS expenses - 1,955 361 (6,585)
Foreign exchange (gain) / loss (44) (430) (1) (75)

Income tax expense - - - (120)

Profit / (Loss) for the period (27,563) 5,399 (35,101) 11,568

Foreign currency translation 748 274 1,185 (100)

Total Comprehensive Profit / (Loss) (26,815) 5,673 (33,916) 11,468

Attributable to :-
Owners of the Company (27,563) 5,399 (35,101) 11,568
Non-Controlling Interests - - - -

(27,563) 5,399 (35,101) 11,568

Total comprehensive profit / (loss) attributable to:-

Owners of the Company (26,815) 5,673 (33,916) 11,468
Non-Controlling Interests - - - -

(26,815) 5,673 (33,916) 11,468

Earnings / (Loss) per share - Basic (sen) (4.43) 0.87 (5.64) 2.18
- Diluted (sen) (4.41) 0.82 (5.45) 2.13

Note:

The Condensed Consolidated Statements of Comprehensive Income should be read in conjunction with the audited financial statements for the
period ended 31 May 2021 and the accompanying explanatory notes attached to the interim financial statements.
UCREST BERHAD
(Company No.: 420056-K)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MAY 2022

As At As At
31 May 31 May
2022 2021
RM'000 RM'000

ASSETS
Non-Current Assets
Property, Plant and Equipment 54 297
Right-of-use Assets 13 171
Intangible Assets 7,595 21,027
Total Non-Current Assets 7,662 21,495

Current Assets
Trade Receivables 11,971 25,716
Other Receivables 101 71
Tax Recoverable 610 441
Deposits, Cash and Bank Balances 15,487 18,646
Total Current Assets 28,169 44,874

Total Assets 35,831 66,369

EQUITY AND LIABILITIES

Capital and Reserves
Share Capital 45,912 45,912
Reserves (19,827) 13,728
Total Equity 26,085 59,640

Non-Current Liabilities
Trade and Other Payables 98 98
Total Non-Current Liabilities 98 98

Current Liabilities
Trade Payables 9,396 6,238
Other Payables 238 216
Leased Liabilities 14 177
Bank Overdraft - -
Total Current Liabilities 9,648 6,631
Total Liabilities 9,746 6,729

Total Equity and Liabilities 35,831 66,369

Net Assets Per Share Attributable to owners of the Company (Sen) 4 10

Note:
The Condensed Consolidated Statement of Financial Position should be read in conjunction with the
audited financial statements for the year ended 31 May 2021 and the accompanying explanatory
notes attached to the interim financial statements.
UCREST BERHAD
(Company No.: 420056-K)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MAY 2022

Equity
Foreign Currency Attributable
Share translation ESOS Accumulated to the Owners Total
Capital Reserve Reserve Loss of the Company Equity
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Quarter ended 31 May 2022

Balance as at 1 Jun 2021 (Audited), As previously stated 45,912 (11) 6,610 7,129 59,640 59,640

Issuance of shares - - - - - -
Share options granted under ESOS - - 361 - 361 361
Lapsed share options - - (14) 14 - -
Profit/(loss) for the period - 1,185 - (35,101) (33,916) (33,916)

Comprehensive profit/(loss) for the period - 1,185 347 (35,087) (33,555) (33,555)

Balance as at 31 May 2022 (Unaudited) 45,912 1,174 6,957 (27,958) 26,085 26,085

Note:

The condensed consolidated statement of changes in equity should be read in conjunction with the audited financial statements for the year ended 31 May 2021 and
the accompanying notes attached to the interim financial statements.
UCREST BERHAD
(Company No.: 420056-K)

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD ENDED 31 MAY 2022

12 Months 12 Months
to date ended to date ended
31/05/2022 31/05/2021
RM'000 RM'000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit / (Loss) before tax (35,101) 11,688
Adjustments for:
Amortisation of intangible assets 3,652 3,653
Depreciation of property, plant and equipment 265 289
Depreciation of right-of-use asset 158 158
Impairment loss on intangible assets 9,779 -
Impairment loss on trade receivables 13,401 1,340
Reversal of impairment loss on receivables (220) (9,057)
ESOS expenses 361 6,585
Finance costs 98 99
Interest income (103) (51)
Rent concession - (16)
Unrealised gain on foreign exchange translation (33) (378)
Unrealised loss on foreign exchange translation 32 303
Operating profit before changes in working capital (7,711) 14,613
Changes in working capital:-
Inventories - -
Trade and other receivables 308 (3,191)
Trade and other payables 3,149 (15,464)
Cash used in operations (4,254) (4,042)
Interest received 103 51
Tax paid (169) (354)
Net cash generated from / (used in) operating activities (4,320) (4,345)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant & equipment (22) (7)
Net cash used in investing activities (22) (7)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceed from issuance of share capital
- private placement - 20,762
- pursuant to exercise of ESOS - 1,954
Repatment to director - (604)
Repayment of lease liability (164) (150)
Interest paid (98) (4)
Net cash generated from / (used in) financing activities (262) 21,958

NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (4,604) 17,606

CASH AND CASH EQUIVALENTS AT 01 JUNE 18,646 1,538

EFFECTS OF EXCHANGE RATE CHANGES 1,445 (498)

CASH AND CASH EQUIVALENTS AS AT END OF THE FINANCIAL PERIOD 15,487 18,646

Cash and cash equivalents

Cash and cash equivalents included in the statements of cash flows comprise the following statements of financial
position amounts:

Deposits 4,048 11,048

Cash and bank balances 11,439 7,598
15,487 18,646

Note:
The condensed consolidated cash flow statement should be read in conjunction with the audited financial
statements for the year ended 31 May 2021 and the accompanying notes attached to the interim financial
statements.
UCREST BERHAD
(Company No.: 420056-K)

SELECTED EXPLANATORY NOTES

1. Accounting Policies and Methods Of Computation

The current quarter financial report ended 31 May 2022 is unaudited and has been prepared in accordance with Malaysian Financial Reporting
Standards ("MFRS") 134 "Interim Financial Reporting" and Paragraph 9.22 of the Listing Requirements of Bursa Malaysia Securities Berhad
("Bursa Securities") for the ACE Market.

The report should be read in conjunction with the audited financial statements of the Group for the financial year ended 31 May 2021. The
explanatory notes attached to the quarterly financial report provide an explanation on events and transactions that are significant to an
understanding of the changes in the financial position and performance of the Group since the financial year ended 31 May 2021.

The accounting policies and methods of computation adopted by the Group in the quarterly financial report are consistent with those adopted in
the audited financial statements of the Group for the financial year ended 31 May 2021.

2. Auditors' Report on Preceding Annual Financial Statements

The auditors' report on the audited financial statements for the year ended 31 May 2021 was not qualified.

3. Segmental Reporting

Geographical information

Individual Quarter Ended Individual YTD

31-May-22 31-May-21 31-May-22 31-May-21
RM'000 RM'000 RM'000 RM'000

Malaysia - 60 208 268

International 1,091 3,090 12,019 25,189

Group revenue 1,091 3,150 12,227 25,457

4. Unusual Items

During the quarter under review, there were no unusual items affecting assets, liabilities, equity, net income, or cash flows of the Group.

5. Changes In Estimates Of Amount Reported Previously Affecting Current Interim Period

There are no changes in estimates of amount reported that will have a material effect in the current interim period.

6. Seasonality or Cyclicality

The operations of the Group are not subject to any seasonality or cyclicality factors.

7. Dividends Paid Or Proposed

Dividends were neither paid nor proposed during the current interim period.

8. Valuation of Property, Plant and Equipment

The Group has not carried out any valuation on its property, plant & equipment.

9. Debts and Equity Securities

There were no issuances, cancellations, repurchases, resale and repayments of debt and equity securities.

10. Change In The Composition of The Group

There has been no change in the composition of the group for the quarter review.
(Company No.: 420056-K)

SELECTED EXPLANATORY NOTES

11. Discontinued Operation

There were no discontinued operations within the activities of the Group for the quarter under review.

12. Capital Commitments

There were no capital commitments for the purchase of any property, plant and equipment or any other expenses that were not accounted for in
the financial statements of the quarter under review.

13. Changes In Contingent Liabilities & Assets

There are no material contingent liabilities as at the date of this report.

14. Subsequent Events

There were no material events subsequent to the end of the reporting quarter that have not been reflected in the quarter under review.

Additional Information As Per ACE Market Listing Requirement

15. Review Of Performance

During the current quarter under review, the Group recorded a net loss attributable to Owners of the Company of RM27.563 million.

16. Material Change In the Profit / (Loss) Before Taxation Compared To The Results of :-

Immediate Preceding Quarter Individual Quarter Ended Individual YTD

31-May-22 28-Feb-22 31-May-22 31-May-21 31-May-22 31-May-21
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

P/(L)BITDA (3,339) (3,082) (3,339) 9,755 (7,387) 14,755

Less : Amortisation of intangible assets (913) (913) (913) (932) (3,652) (3,653)
Less : Depreciation (106) (106) (106) (112) (423) (447)
Less : ESOS expenses - - - (1,955) (361) (6,585)
Less : Impairment los on trade receivables (13,401) - (13,401) (1,334) (13,401) (1,340)
Less : Impairment los on intangible assets (9,779) - (9,779) - (9,779) -
Less : Finance cost (25) (25) (25) (23) (98) (99)
Add: Reversal of impairment loss on trade receivables - - - - - 9,057
Profit / (Loss) before tax (27,563) (4,126) (27,563) 5,399 (35,101) 11,688

The Group recorded loss before tax of RM 27.563 million in the current quarter, and loss before tax of RM 4.126 million in the immediate
preceding quarter.

17. Commentary Of Prospects

iMedic HRP in Singapore has been extended amid recent spike of COVID-19 BA.5 cases, the utilization has increased. Budget of telemedicine
for the Government hospitals that were suspended during the pandemic is returning and the Group see significant increase in the engagement
for iMedic business in the recent months, hence, the revenue is expected to increase in FY2023. There are several partnership engagement
with the pharmaceutical companies and distributors that the Group is working on closing in the coming months. The Group has terminated its
agreements on the production of Sputnik due to the change in the pandemic.

18. Profit Forecast

There was no profit forecast issued by the Group.

(Company No.: 420056-K)

SELECTED EXPLANATORY NOTES

19. Taxation

There wew no tax provision during the current interim period under review.

20. Unquoted Investments / Properties

There were no purchase or sales of unquoted investments or properties during the current interim period under review.

21. Purchase or Disposal of Quoted Securities

There were no purchase or disposal of quoted securities during the current interim period under review.

22. Status of Corporate Proposal

The Company had at the Extraordinary General Meeting held on 22 January 2018 obtained the shareholders' approval for a private placement
exercise to issue up to 106,901,642 new ordinary shares in the Company representing not more than twenty percent (20%) of the issued share
capital of the company ("Private Placement").

94,303,575 new Ordinary Shares were issued pursuant to the Private Placement and were subsequently listed and quoted on the Ace Market
of Bursa Malaysia Securities Berhad.

The details of the utilisation of proceeds from the Private Placement were as follows:-

Proposed Actual Balance to be

Description Utilisation Utilisation utilized
(RM'000) (RM’000) (RM'000)
Payment for cost of sales 11,328 11,328 0
Payment of salaries 1,285 1,285 0
Payment of office rentals 161 161 0

The Proposed Private Placement is deemed completed on 17 December 2020.

The Company had at the Annual General Meeting held on 17 November 2020 obtained the shareholders' approval for a private placement
exercise to issue up to 126,857,800 new ordinary shares in the Company representing not more than twenty percent (20%) of the issued share
capital of the company ("Private Placement"). Subsequently, the Company had at the Annual General Meeting held on 12 November 2021
obtained the shareholders' approval for a general mandate to issued up to ten percent (10%) of its total number of issued shares.

As at the date of this report, 42,700,000 new Ordinary Shares were issued pursuant to the Private Placement and were subsequently listed and
quoted on the Ace Market of Bursa Malaysia Securities Berhad.

The details of the utilisation of proceeds from the Private Placement were as follows:-

Proposed Actual Balance to be

Description Utilisation Utilisation utilized
(RM'000) (RM’000) (RM'000)
Working capital 20,748 7,898 12,850
Expenses for the proposed private placement 184 90 94

23. Group Borrowings and Debt Securities

There were no borrowings and debts securities for the financial quarter under review.

24. Off Balance Sheet Financial Instruments

There were no off balance sheet financial instruments as at the date of this report.

25. Material Litigation

There were no Material Litigation for the financial quarter under review.
(Company No.: 420056-K)

SELECTED EXPLANATORY NOTES

26. Realised and Unrealised Profits/Losses

On 25 March 2010, Bursa Securities issued a directive to all listed issuers pursuant to Rules 2.07 and 2.23 of Bursa Securities ACE Market
Listing Requirements. The directive requires all listed issuers to disclose the breakdown of the unappropriated profits or accumulated losses as
at the end of the reporting period, into realised and unrealised profits and losses.

On 20 December 2010, Bursa Securities further issued guidance on the disclose and the format period.

The breakdown of accumulated profit / (losses) of the Group as at the reporting date, into realised and unrealised losses, pursuant to the
directive, is as follows:

Group
Unaudited Audited
31/05/2022 31/05/2021
RM'000 RM'000
Total accumulated profit / (losses) of UCrest Berhad and it's subsidiaries:
- Realised (27,957) 7,432
- Unrealised - in respect of other items of income and expense (1) (303)
Total Group accumulated profit as per consolidated accounts (27,958) 7,129

The determination of realised and unrealised losses is based on the Guidedance of Special Matter No.1, Determination of Realised and
Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the
Malaysian Institute of Accountants on 20 December 2010.

The disclosure of realised and unrealised losses above is solely for complying with the disclosure requirements stipulated in the directive of
Bursa Malaysia and should not be applied for any other purposes.

27. Dividends Payable

The Board of Directors does not recommend any interim dividends for the current quarter ended 31 May 2022.

28. Earnings / (Loss) Per Share

(a) Basic

The basic earnings / (loss) per share for the quarter and cumulative year to date are computed as follow:

Individual quarter ended Cumulative YTD

Unaudited Unaudited Unaudited Audited
31-May-22 31-May-21 31-May-22 31-May-21

Net profit / (loss) attributable to owners of the company (RM'000) (27,563) 5,399 (35,101) 11,568

Weighted average number of ordinary shares in issue ('000) 621,877 621,877 621,877 531,211

Basic earnings / (loss) per share (sen) (4.43) 0.87 (5.64) 2.18

(b) Diluted

The diluted earning / (loss) per share for the quarter and cumulative year to date are computed as follow:

Individual quarter ended Cumulative YTD

Unaudited Unaudited Unaudited Audited
31-May-22 31-May-21 31-May-22 31-May-21

Net profit / (loss) attributable to owners of the company (RM'000) (27,563) 5,399 (35,101) 11,568

Dilutive shares on option outstanding ('000) 624,484 659,807 644,116 544,422

Diluted earnings / (loss) per share (sen) (4.41) 0.82 (5.45) 2.13