Scandza Danmark Aps

The income statement for 2023 shows a loss of DKK 8,573 thousand against a loss of DKK 307,816 thousand last year, and the balance sheet at 31 December 2023 shows a negative equity of DKK 156,621 thousand.
Scandza Danmark ApS acquired 100 % of the shares in Bodylab ApS on 19 December 2023. The addition of the capital shares has increased fixed assets and free reserves under equity in accordance with the Danish Financial Statements Act section 49 with 152,595 thousand.
The company has lost more than 50% of the company's capital and is thus covered by the companylaw's rules on capital loss. The financial statements have been prepared on the basis of going concern. During the year, management has worked together with the owners to strengthen the company`s equity. As a result, the shares in Bodylab A/S has been transferred from the parent company at book value, the transfer has been carried out as a group contribution from the parent company on DKK 152,595 thousands.
The book value of equity is still negative, however there is managements assess that the market value of assets exceeds liabilities. It has also been agreed that the debt provider, Jordanes Investment, will not demand any repayment of loan that will result in an insufficient liquidity situation for Scandza Denmark ApS and accrued interest will be added to the principal. The managing director believe that there is no material uncertainty regarding the Company's ability to continue as a going concern.