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iBosses Corporation Limited ACN 604 571 119 and controlled entities

iBosses Corporation Limited. ANNUAL REPORT 2016

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Contents

Directors’ Report 2 Director details 2 Auditors independence declaration 13 Corporate Governance Statement 14 Consolidated Statement of Comprehensive Income 15 Consolidated Statement of Financial Position 16 Consolidated Statement of Changes in Equity 17 Consolidated Statement of Cash Flows 18 Notes to the financial statements 19

1. Statement of significant accounting policies 19 2. Revenue 26 3. Other Income 26 4. Administrative Expenses 26 5. Income tax expense 26 6. Cash and Cash Equivalents 27 7. Trade and Other Receivables 27 8. Other current assets 28 9. Financial assets at fair value through profit and loss 28 10. Investments accounted for using the equity method 29 11. Property, Plant and Equipment 29 12. Intangible assets 30 13. Trade and Other Payables 30 14. Deferred Tax liabilities 31 15. Other Liabilities 31 16. Issued Capital 31 17. Commitments 32 18. Contingent Assets and Contingent Liabilities 32 19. Events After the Balance Sheet Date 32 20. Segment information 33 21. Interests in subsidiaries 33 22. Earnings per share and dividends 34 23. Reconciliation of cash flows from operating activities 34 24. Auditor remuneration 34 25. Related party transactions 35 26. Financial instrument risk 35 27. Fair value measurement 38 28. Parent entity information 39 29. Company details 39

Directors’ Declaration 40 Independent Auditor’s Report 41 ASX Additional Information 43

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Directors’ Report The Directors of iBosses Corporation Limited (‘iBosses’ or ‘the Company’) present their Report together with the financial statements of the consolidated entity, being that of the Company and its Controlled Entities (‘the Group’) for the year ended 31 March 2016.

Director details

The following persons were Directors of the Company during or since the end of the financial year.

Dr Patrick (Chung Kong) Khor

Group CEO and executive director Director since 4 March 2015

Immediately prior to co-founding the Group, Dr Khor was the Manager of the Entrepreneurship Development department, and a Senior Lecturer in the Entrepreneurship Centre of Temasek Polytechnic, being an institution of higher learning in Singapore. Whilst working at Temasek Polytechnic Dr Khor taught more than 2,200 students and supported over 20 start-up businesses during their development stages.

He has also founded a multi-regional educational corporation, being PATH Education, which was subsequently sold for S$15 million. Prior to that, he was the Chief Executive Officer of Machine Intelligent Systems International Pty Ltd during which time he oversaw the successful design and development of a tracking system for the Singapore Police Service.

As the Senior Lecturer in Entrepreneurship Development at Temasek Polytechnic, Dr Khor has shared his entrepreneurial experience and provided mentorship to start-ups predominantly in the information technology sector, including The Sample Store, EK Media, Diamont Noir, Adler Hostel, LifeAtEvent, Emporter, iDreamin, Sorgen, MDEAS, Tinkerbox, VirtuLips, Waesome Productions, Opcon, Edifice, Style Search, and Rentcars.sg.

Dr Khor holds a ‘Doctor of Philosophy’ (PhD) from the University of South Australia. Dr Khor’s topic for his PhD was ‘Business and Management, Entrepreneurship for Generation Y’. Dr Khor also holds a ‘Graduate Diploma in Management Research’ from the University of South Australia, a ‘Master of Management, Business Management’ (Distinction, First Class) from the National University of Ireland, and a ‘Bachelor in Information Systems Engineering’ from the University of Surrey in England.

Dr Khor regularly gives presentations topics such as entrepreneurship start-up businesses. In 2014, Dr Khor published a book entitled “iBosses: The Rise of Gen Y Entrepreneurs”.

Other current Directorships: None Previous Directorships (last 3 years): None Interests in shares: 75,389,085 shares Interest in options: None

Mr Laird Alan Varzaly

Independent Non-Executive Chairman

Director appointed on 1 May 2015, resigned on 16 May 2016

Mr Varzaly holds a Bachelor of Science in Electrical Engineering from University of Pittsburgh in the United States of America, a Master of Science in Engineering from Purdue University in the United

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States of America, and a Master of Business Administration from Santa Clara University in the United States of America.

Mr Varzaly is an international management consultant specializing in the area of technology commercialisation. Mr Varzaly also currently lectures in the areas of ‘Technology Commercialisation’ and ‘Marketing’ at the University of Adelaide.

Mr Varzaly has more than 25 years experience in technology research and development, manufacturing, international technology transfer, software development, marketing and telecommunications. Mr Varzaly’s professional origin is Silicon Valley in California.

Here Mr Varzaly gained valuable experience as an international manufacturing license project manager for the Nuclear Power Division of General Electric Company, a managerial leader and top ranking Fortune 500 Company.

Subsequently Mr Varzaly moved to Australia as the Chief Executive Officer of Integrated Silicon Design Pty Ltd, a start-up company in computer-aided design software and Electronic Identification Systems, which was the forerunner of smartcard and chip tagging technologies that are now prevalent both in Australia and internationally. Mr Varzaly has since become involved with several new technology start-ups.

Other current Directorships: None Previous Directorships (last 3 years): None Interests in shares: 10,000 Interest in options: None

Mr Kay Heng Lau

Independent Non-Executive Chairman

Director since 1 May 2015

Mr Lau, a citizen of Singapore, was awarded the prestigious Public Service Commission Scholarship and graduated from the National University of Singapore with a Bachelor of Science.

Mr Lau has over 20 years of corporate management and corporate advisory experience spanning in the Asia-Pacific region for various renowned multinational and Singaporean listed companies in the medical, chemical, interior floor-covering and environmental protection industries. Mr Lau is currently the Managing Director of an independent corporate advisory firm specialising in corporate advisory, private equity, mergers and acquisitions, and initial public offerings transactions in Singapore, China, Korea and Australia. Mr Lau is also the Chairman of Asia M&A Group, being an alliance of member firms specialising in cross-border merger and acquisition activities across Asia, a role he has held since 2013.

Other current Directorships: Premiere Eastern Energy Limited (ASX), Equation Summit Limited (SGX), Cacola Furniture International Limited (SGX). Previous Directorships (last 3 years): None Interests in shares: 10,000 Interest in options: None

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Ms Piah Buey Yeo

Independent Non-Executive Director

Director since 1 May 2015

Ms Yeo holds a Bachelor of Science in Economics and Sociology from the University of Surrey, and a Master of Business Administration from the University of Kent.

Ms Yeo has 9 years of experience as a management consultant at various organisations in Singapore.

Ms Yeo’s professional origin is in Singapore, where she commenced her career with the Ministry of Defence Singapore, before undertaking various roles in Singapore for companies specialising in the manufacture of technical products. Among other things, Ms Yeo was employed to study the feasibility of introducing specialized self-watering planters to the Singapore Horticultural Industry.

Other Current Directorships: None

Previous Directorships (last 3 years): None

Interests in shares: 10,000

Interest in options: None

Mr Rod North

Independent Non-Executive Director

Member of Remuneration and Nomination Committee

Member of Audit and Risk Committee

Director since 20 April 2016

Mr North has been working in the financial services industry for over 25 years. He is the founder and managing director of investor relations and public relations firm Bourse Communications. Mr North is regular business and investment commentator, being interviewed on numerous radio and TV shows. He is a quarterly contributor to the ASX Investor Newsletter and is also the author of three books, including the best selling “Understanding the Investment Clock – Your Road to Recovery”.

Other Current Directorships: None

Previous Directorships (last 3 years): None

Interests in shares: 10,000

Interest in options: None

Company secretary

Mr Cheema holds the position of Accountant and Company Secretary for Cicero Corporate Services Pty Ltd with over 8 years’ experience working with public and private companies in Australia and abroad. Mr Cheema is experienced in the preparation of management and ASX financial reports, investor relations, initial public offerings, mergers and acquisitions, management of capital raising activities and auditor liaison.

Mr Cheema has completed a Bachelor of Commerce majoring in Accounting at Curtin University in Western Australia and is a Certified Practising Accountants (CPA) member. Having completed the CPA Program, the core competencies and key areas of focus by Mr Cheema include Financial Reporting, Taxation, Management Accounting and Ethics & Governance.

Mr Cheema is Company Secretary for West Peak Iron Limited (ASX: WPI), Resource Star Limited (ASX: RSL), Sena Resources Limited and Sugar Dragon Limited.

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Principal activities

During the year, the principal activities of entities within the Group were the provision of training and

consultancy services that is focussed on entrepreneurs and early stage business.

There have been no significant changes in the nature of these activities during the year.

Review of operations and financial results

The Group recorded a net loss after tax of A$(34,690) for its first year of listing on the ASX, against a revenue of A$1,103,349. The loss is mainly attributed to the recognition of a deferred tax liability totalling A$205,022 on the net profit made from sale of the Group’s shareholding in an associate company during the financial year. In addition, the group acquired 30% interest in YES Academy Sdn Bhd during the year and recognised its share of profit totalling $71,331. The company has a current asset balance of A$2,912,670, against a current liability of A$1,267,784, giving a net current asset balance of A$1,644,886. This together with non-current asset balance of A$697,569, resulted in a net asset and equity balance of A$2,342,455. Included in the current asset balance is cash and cash equivalent balance of A$1,188,026.

About iBosses Corporation Limited

The Company is an entrepreneurship training and consultancy provider based in Singapore with regional reach in Malaysia and the Philippines through Licensees. Focusing on offering advice, support and solutions to entrepreneurs and start-ups, the Company nurtures entrepreneurship and assists entrepreneurs from the early stage of idea creation, through to the final stages of commercialisation and potential ‘exits’ (including preparing for sales of businesses, etc). The Group Chief Executive Officer and Executive Director, Dr Patrick Khor, co-founded the Company in Singapore in 2014. Dr Patrick Khor has been a serial entrepreneur for over 15 years with extensive knowledge and experience in the entrepreneurship training and consultancy industry.

Likely development, business strategies and prospects

In the near future, the Group’s business strategies and likely developments are:

- Opening additional business centres both within Singapore and in other countries within the Asia-Pacific region;

- Continuing to upgrade and expand its product and service offerings;

- Promoting its business using existing social networking tools;

- Conducting seminars and forums on entrepreneurship related topics in universities and institutions to promote awareness of its services and its brand; and

- Expanding the business network through leveraging of Dr Patrick Khor’s network and expertise. F

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Significant changes in the state of affairs

There have been no significant changes in the state of affairs of the present entity during the financial

year.

Dividends

No dividends were paid or declared since the start of the financial year. No recommendation for

payment of dividends has been made at the date of this report.

Events arising since the end of the reporting period

The following are events that occurred after the balance sheet date:

Acquisition of 30% of iWorld Technology Sdn Bhd for SGD300,000 (about AUD289,800).

Acquisition of 30% of 24Hourlab Pte Ltd for SGD300,000 (about AUD289,800)

Appointment of Mr Rod North as director

Resignation of Mr Laird Alan Varzaly as director

Acquisition of 30% of SD Perfume Holdings Pte Ltd for SGD600,000 (about AUD579,600). Other than the above, no matters or circumstances that have arisen since the end of the year which significantly affected or may significantly affect the operations of the Consolidated Group, the results of the operations, or the state of affairs of the Consolidated Group in future financial years.

Directors’ Meetings

The number of Directors Meetings (including meetings of Committees of Directors) held during the

year, and the number of meetings attended by each Director is as follows:

Directors’ Name Board Meetings Audit and Risk

Committee*

Nomination and Remuneration

Committee*

A B A B A B

Dr Patrick (Chung Kong) Khor 6 6 - - - -

Mr Laird Alan Varzaly 6 5 - - - -

Mr Kay Heng Lau 6 6 - - - -

Ms Piah Buey Yeo 6 6 - - - -

Mr Rod North - - - - - -

Column A is the number of meetings the Director was entitled to attend

Column B is the number of meetings the Director attended.

* due to the size of board and current nature and scale of the Company, the function of Audit and Risk Committee and Remuneration and Nomination Committee is conducted collectively by the board.

Shares options

There are no options issued by iBosses Corporation Limited.

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Remuneration Report (audited)

The Directors of iBosses Corporation Limited and its controlled entities (‘the Group’) present the Remuneration Report for Non-Executive Directors, Executive Directors and other Key Management Personnel, prepared in accordance with the Corporations Act 2001 and the Corporations Regulations 2001.

The Remuneration Report is set out under the following main headings:

a Principles used to determine the nature and amount of remuneration b Details of remuneration c Service agreements d Share-based remuneration; and e Transaction with Key Management Personnel (KMP) and related parties.

a Principles used to determine the nature and amount of remuneration

The principles of the Group’s executive strategy and supporting incentive programs and frameworks

are:

- to drive a high performance culture by setting challenging objectives and rewarding high

performing individuals; and

- to ensure remuneration is competitive in the relevant employment market place to support the attraction, motivation and retention of executive talent.

- iBosses Corporation Limited has structured a remuneration framework that is market

competitive and complementary to the reward strategy of the Group.

- The Board has established a Nomination and Remuneration Committee which operates in accordance with its Charter as approved by the Board and is responsible for determining and reviewing compensation arrangements for the Directors and the Executive Team.

- The Committee may engage independent remuneration consultants to provide any necessary

information to assist in the discharge of its responsibilities as required. The remuneration structure that has been adopted by the Group consists of the following components:

- Fixed remuneration being annual salary

The Nomination and Remuneration Committee assess the appropriateness of the nature and amount of remuneration on a periodic basis by reference to recent employment market conditions with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality Board and Executive Team. Performance based remuneration The Group may pay out cash bonuses annually at the director’s discretion to all staff, including Key Management Personnel, employed at subsidiary level. The payment is not contractual and is dependent on Group performance and KPI assessment. Use of Remuneration Consultants No remuneration consultant has been engaged by the Company. Voting and comments made at the Company’s last Annual General Meeting This is the first annual report of iBosses Corporation Limited.

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b Details of remuneration

Details of the nature and amount of each element of the remuneration of each Key Management Personnel (‘KMP’) of iBosses are shown in the table below:

Director and other Key Management Personnel Remuneration

Employee Year

Short Term Employee Benefits Post-Employment Benefits

Long-Term Benefits

Termination Benefits

Share-Based Payments

Total ($)

Performance Based

Percentage of Remuneration

($) Cash Salary & Fees ($)

Cash Bonus ($)

Non-Monetary Benefits

($) Superannuation

($)

Long Service Leave

($)

Termination Payments

($) Options

($)

Executive Directors

Dr Patrick (Chung Kong) Khor - Managing Director and CEO (Appointed 4 March 2015)

2016 236,100 - - 12,554 - - - 248,654 0%

2015 761 - - - - - - 761 0%

Non Executive Directors

Mr Laird Alan Varzaly – Chairman and Independent Non-executive Director (appointed 1 May 2015, resigned 16 May 2016)

2016 33,000 - - 3,135 - - - 36,135 0%

2015 - - - - - - - - 0%

Mr Kay Heng Lau– Independent Non-executive Director (appointed 1 May 2015)

2016 33,000 - - - - - - 33,000 0%

2015 - - - - - - - - 0%

Ms Piah Buey Yeo – Independent Non-executive Director (appointed 1 May 2015)

2016 33,000 - - 3,135 - - - 36,135 0%

2015 - - - - - - - - 0%

Mr Rod North – Independent Non-executive Director (Appointed 20 April 2016)

2016 - - - - - - - 0%

2015 - - - - - - - - 0%

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Employee Year

Short Term Employee Benefits Post-Employment Benefits

Long-Term Benefits

Termination Benefits

Share-Based Payments

Total

Performance Based

Percentage of Remuneration

Cash Salary & Fees Cash Bonus

Non-Monetary Benefits Superannuation

Long Service Leave

Termination Payments Options

Other Key Management Personnel

Sonu Cheema – Company Secretary (appointed 1 May 2015)

2016 26,384 - - - - - - 26,384 0%

2015 - - - - - - - - 0%

Beatrice Chan Lai Sze – COO (appointed 1 May 2015)

2016 44,100 - - 6,997 - - - 51,097 0%

2015 - - - - - - - - 0%

Chow Yee Koh – CFO (appointed on 15 Oct 2015)

2016 16,500 - - 1,568 - - - 18,068 0%

2015 - - - - - - - - 0%

Lim Wee Liang CFO (appointed on 1 April 2015, resigned on 30 Sep 2015)

2016 35,603 - - 3,297 - - - 38,900 0%

2015 7,008 - - 1,122 - - - 8,130 0%

2016 Total 457,687 - - 30,686 - - - 488,373 0%

2015 Total 7,769 - - 1,122 - - - 8,891 0%

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c Director share and option holdings

Shares

The number of shares in the company held during the financial year by each director and other

members of key management personnel of the consolidated entity, including their personally related

parties, is set out below:

Name Balance at start of the

year

Received as part of

remuneration Additions

Disposal/ Others

Balance at end of the year


- - 75,389,085 - 75,389,085

Mr Laird Alan Varzaly - - 10,000 - 10,000

Mr Kay Heng Lau - - 10,000 - 10,000

Ms Piah Buey Yeo - - 10,000 - 10,000

Mr Rod North - - 10,000 - 10,000

Options

There are no options issued by iBosses Corporation Limited.

d Service agreements

Remuneration and other terms of employment for the Executive Directors and other Key

Management Personnel are formalised in a Service Agreement. The major provisions of the

agreements relating to remuneration are set out below:

Name Base Salary ($)

Term of Agreement Notice Period

Dr Patrick (Chung Kong) Khor A$212,400 per annum 3 years and auto-renewal 6 months

Mr Laird Alan Varzaly A$36,000 per annum 1 year and auto-renewal 1 month

Mr Kay Heng Lau A$36,000 per annum 1 year and auto-renewal 1 month

Ms Piah Buey Yeo A$36,000 per annum 1 year and auto-renewal 1 month

Mr Rod North* A$36,000 per annum 1 year and auto-renewal 1 month

Sonu Cheema^ A$36,000 per annum 1 year and auto-renewal 3 months

Beatrice Chan Lai Sze A$72,000 per annum 1 year and auto-renewal 3 months

Chow Yee Koh A$36,000 per annum 3 years and auto-renewal 3 months

*Mr Rod North is appointed as director subsequent to year end on 20 April 2013. His remuneration package involves a combination of $12,000 cash and $24,000 equivalent in shares of the Company. ^ Company secretary service agreement is signed between the Company and Cicero Corporate Services Pty Ltd. Company secretary fees are paid to Cicero Corporate Services Pty Ltd.

e Share-based remuneration

Options granted over unissued shares

There are no options issued by iBosses Corporation Limited. For

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f Transaction with Key Management Personnel (KMP) and related parties

Loans to key management personnel The Group allows its employees to take up limited short-term loans to fund merchandise and other purchases through the Group’s business contacts. This facility is also available to the Group’s key management personnel. The table below provides aggregate information relating to Group’s loans to key management personnel during the year: 2016

AUD

Balance at the start of the year 16,770

Repayment made (16,770)

Balance at end of the year -

The Group does not have an allowance account for receivables relating to outstanding loans and has not recognised any expense for impaired receivables during reporting period. The loans to key management personnel are generally repayable on demand. These loans are unsecured and interest free. The amounts of interest not charged is assessed to be $420 and represents the amount of interest that would have been charged on an arm’s length basis. There were no individuals with loans above $100,000 during the financial year. Transactions with key management personnel There are no transactions with key management personnel.

End of audited Remuneration Report.

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Environmental legislation

The Group’s operations are not subject to any particular or significant environmental regulation

under a law of the Commonwealth or of a State or Territory in Australia.

Indemnities given to, and insurance premiums paid for, auditors and officers

During the year, iBosses Corporation Limited paid a premium to insure officers of the Group.

The officers of the Group covered by the insurance policy include all directors.

The liabilities insured are legal costs that may be incurred in defending civil or criminal

proceedings that may be brought against the officers in their capacity as officers of the Group,

and any other payments arising from liabilities incurred by the officers in connection with such

proceedings, other than where such liabilities arise out of conduct involving a wilful breach of

duty by the officers or the improper use by the officers of their position or of information to

gain advantage for themselves or someone else to cause detriment to the Group.

Details of the amount of the premium paid in respect of insurance policies are not disclosed as

such disclosure is prohibited under the terms of the contract.

The Group has not otherwise, during or since the end of the financial year, except to the extent

permitted by law, indemnified or agreed to indemnify any current or former officer or auditor

of the Group against a liability incurred as such by an officer or auditor.

Non-audit services

No non-audit service was provided by the Company’s auditor Pitcher Partners for the financial

year.

A copy of the Auditor’s Independence Declaration as required under s307C of the

Corporations Act 2001 is included in this financial report and forms part of this Directors’

Report.

Proceedings on behalf of the Company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave

to bring proceedings on behalf of the Company, or to intervene in any proceedings to which

the Company is a party, for the purpose of taking responsibility on behalf of the Company for

all or part of those proceedings.

Signed in accordance with a resolution of the Directors.


Group CEO and executive director 30 June 2016

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Auditor’s Independence Declaration

In accordance with the requirement of s307C of the Corporations Act 2001, I declare that, to the best of my

knowledge and belief, during the year ended 31 March 2016 there have been no contraventions of:

i. the auditor independence requirements as set out in the Corporations Act 2001 in relation to the

audit; and

ii. any applicable code of professional conduct in relation to the audit.

JIM GOUSKOS

DIRECTOR

ASSURANCE ADELAIDE PTY LTD (FORMERLY MOORE STEPHENS ASSURANCE ADELAIDE PTY LTD)

Signed: Adelaide, 30 June 2016

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Corporate Governance Statement The Board is committed to achieving and demonstrating the highest standards of corporate governance. As such, iBosses Corporation Limited and its Controlled Entities (‘the Group’) have adopted the third edition of the Corporate Governance Principles and Recommendations which was released by the ASX Corporate Governance Council on 27 March 2014 and became effective for financial years beginning on or after 1 July 2014. The Group’s Corporate Governance Statement for the financial year ending 31 March 2016 is dated and approved by the Board on 23 September 2015. The Corporate Governance Statement is available on iBosses Corporation Limited’s website at http://www.ibosses.com/corporate-governance/

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Consolidated Statement of Comprehensive Income For the year ended 31 March 2016 Consolidated Group

Note 2016 Period from 7

August 2014* to 31 March 2015

AUD AUD Revenue 2 1,103,349 72,675 Other income 3 719,234 627 Marketing and promotional expenses (25,846) (4,260) Administrative expenses 4 (1,391,822) (101,853) Financial expenses (4,713) (1,333) IPO expenses (282,558) (95,520) Share of net profit/loss on investments accounted for using equity method

10 64,127 -

Profit before income tax 181,771 (129,664) Income tax expense 5 (216,461) -

Profit (loss) for the year (34,690) (129,664)

Other comprehensive income - Movement in foreign currency translation reserve (125,947) 3,948

Total comprehensive income for the year (160,637) (125,716)

Earnings per shares Basic 22 (0.06) (2,005.40) Diluted 22 (0.06) (2,005.40)

* Date of incorporation of iBosses Pte Ltd, which has been presented as comparative due to common control acquisition. Refer Note 1b for more information. These financial statements should be read in conjunction with the accompanying notes.

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Consolidated Statement of Financial Position As at 31 March 2016 Consolidated Group

Note 2016 2015 AUD AUD Current assets Cash and cash equivalents 6 1,188,026 732,182 Financial assets at fair value through profit and loss 9 11,723 - Trade and other receivables 7 1,470,255 668,201 Other current assets 8 242,666 14,498

Total current assets 2,912,670 1,414,881

Non-current assets Investments accounted for using the equity method 10 649,913 - Property, plant and equipment 11 47,413 6,980 Intangible assets 12 243 2,508

Total non-current assets 697,569 9,488

Total assets 3,610,239 1,424,369

Current liabilities Trade and other payables 13 355,156 22,596 Income tax payable 11,275 - Deferred tax liabilities 14 205,022 - Other liabilities 15 696,331 756,880

Total current liabilities 1,267,784 779,476

Non-current liabilities Other liabilities 16 - 681,980

Total non-current liabilities - 681,980

Total liabilities 1,267,784 1,461,456

Net assets (liabilities) 2,342,455 (37,087)

Equity Issued capital 17 2,503,092 88,629 Reserve (125,947) 3,948 Retained earnings/ (Accumulated deficit) (34,690) (129,664)

Total equity 2,342,455 (37,087)

These financial statements should be read in conjunction with the accompanying notes.

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Consolidated Statement of Changes in Equity For the year ended 31 March 2016

Issued Capital

Foreign Currency

Translation Reserve

Retained Earnings/

(Accumulated deficit)

Consolidated Total

AUD AUD AUD AUD Balance at 7 August 2014 - - - -

Profit (loss) for the year - - (129,664) (129,664) Other comprehensive income - 3,948 - 3,948

Total comprehensive income - 3,948 (129,664) (125,716)

Share issued during the year 88,629 - - 88,629

Balance at 31 March 2015 88,629 3,948 (129,664) (37,087)

Balance at 1 April 2015 88,629 3,948 (129,664) (37,087) Common control adjustments on acquisition of iBosses Pte Ltd

(88,629) (3,948) 129,664 37,087

Notional balance at 1 April 2015 - - - -

Profit (loss) for the year - - (34,690) (34,690) Other comprehensive income - (125,947) - (125,947)

Total comprehensive income - (125,947) (34,690) (160,637)

Shares issued on incorporation of the Company

1,000 - - 1,000

Shares issued to vendor shareholders (37,087) - - (37,087) Shares issued pursuant to replacement prospectus

2,738,000 - - 2,738,000

Cost of shares issued capitalised (198,821) - - (198,821)

Balance at 31 March 2016 2,503,092 (125,947) (34,690) 2,342,455


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Consolidated Statement of Cash Flows For the year ended 31 March 2016 Consolidated Group 2016 2015 AUD AUD Cash flows from operating activities Receipts from customers 570,284 847,909 Payments to suppliers and employees (1,858,540) (208,614) Finance costs (4,223) (1,333)

Net cash provided by (used in) operating activities 23 (1,292,479) 637,962

Cash flows from investing activities Purchase of property, plant and equipment (59,115) (8,443) Purchase of intangible assets (3,243) (2,736) Purchase of Investments accounted for using the equity method

(585,712) -

Purchase of short term investments (10,631) -

Net cash (used in) investing activities (658,701) (11,179)

Cash flows from financing activities Proceeds from issuance of capital 2,540,179 88,629 Proceeds from related party loan (16,770) 16,770

Net cash provided by financing activities 2,523,409 105,399

Net change in cash and cash equivalents held 572,229 732,182 Cash and cash equivalents at beginning of financial year 732,182 - Effects of movements in foreign exchange rates on cash holdings in foreign currencies

(116,385) -

Cash and cash equivalents at end of financial year 1,188,026 732,182


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Notes to the financial statements

1. Statement of significant accounting policies

These general purpose financial statements have been prepared in accordance with Australian

Accounting Standards and Interpretations issued by the Australian Accounting Standards Board

(‘AASB’) and the Corporations Act 2001, as appropriate for for-profit orientated entities. These

financial statements also comply with International Financial Reporting Standards as issued by

the International Accounting Standards Board (“IASB’).

This financial report includes the consolidated financial statements and notes of iBosses

Corporation Limited (‘Parent Entity’ and ‘Company’) and controlled entities (‘Consolidated

Group’ or ‘Group’), iBosses Corporation Limited is a company incorporated and domiciled in

Australia and is listed on the Australian Securities Exchange (“ASX”).

The principal activity of the Group is the provision of entrepreneurship training and mentoring.

The company was incorporated on 4 March 2015 and was admitted to the official list of ASX

on 23 September 2015.

Basis of preparation

The consolidated financial statements have been prepared on an accruals basis and are based on

historical costs modified by the revaluation of selected non-current assets and financial

instruments for which the fair value basis of accounting has been applied. All amounts are

presented in Australian Dollar (AUD) which is the group’s presentational currency, unless

otherwise noted.

Material accounting policies adopted in the preparation of these financial statements are

presented below and have been consistently applied unless stated otherwise.

a. Basis of consolidation The Group financial statements consolidate those of the Parent Company and all of its subsidiaries as of 31 March 2016. The Parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. All subsidiaries have a reporting date of 31 March. All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.

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Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.

Non-controlling interests, presented as part of equity, represent the portion of a subsidiary’s

profit or loss and net assets that is not held by the Group. The Group attributes total

comprehensive income or loss of subsidiaries between the owners of the parent and the non-

controlling interests based on their respective ownership interests.

b. Business Combination The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognised in the acquiree’s financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of: (a) fair value of consideration transferred, (b) the recognised amount of any non-controlling interest in the acquire, and (c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (ie gain on a bargain purchase) is recognised in profit or loss immediately.

However in the case of a business combination involving the acquirer and the acquiree are the

same parties both before and after the acquisition, the Group will applies the common control

acquisition method in the accounting for business combination.

On 4 May 2015, the Company acquired all of the issued capital of iBosses Pte Ltd, a Singapore

incorporated company, with the consideration to the vendors of iBosses Pte Ltd satisfied by the

issue of 99,990,000 ordinary shares in the Company having a total implied value of A$(37,087).

The Group applied common control acquisition in this business comnbination, as both the

Company and iBosses Pte Ltd are controlled by the same parties both before and after the

acquisition. In essence the Company has been added as a new parent company with no

substantive change to the operations of iBosses Pte Ltd.

c. Income Tax

The income tax expense for the year comprises current income tax expense.

Current income tax expense charged to profit or loss is the tax payable on taxable income.

Current tax liabilities are measured at the amounts expected to be paid to the relevant taxation

authority.

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Except for business combinations, no deferred income tax is recognised from the initial

recognition of an asset or liability where there is no effect on accounting or taxable profit or

loss.

Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and

it is intended that net settlement or simultaneous realisation and settlement of the respective

asset and liability will occur.

d. Property, Plant and Equipment

Property, Plant and equipment are measured at cost less depreciation and impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognised 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. All repairs and

maintenance are charged to the statement of comprehensive income during the financial period

in which they are incurred.

Depreciation

The depreciable amount of all fixed assets is depreciated on a straight line basis over their

useful lives to the Group commencing from the time the asset is held ready for use.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset Depreciation Rate Office equipment 1 to 2 years IT equipment 1 to 2 years Leasehold improvements 1 to 3 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each

reporting period date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s

carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount.

These gains or losses are included in the statement of comprehensive income.

e. Leases

Lease payments for operating leases, where substantially all the risks and benefits remain with

the lessor, are charged as expenses on a straight line basis in the periods in which they are

incurred.

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f. Intangibles Other than Goodwill

Computer software are recognised at cost of acquisition. They have a finite life and are carried

at cost less any accumulated amortisation and any impairment losses. Computer software are

amortised over their useful lives of 1 to 2 years.

g. Foreign Currency Transactions and Balances

Functional and presentation currency

The functional currency of each of the group’s entities is measured using the currency of the

primary economic environment in which that entity operates.

The functional currency of the parent entity, iBosses Pte. Ltd. is Singapore dollars, the

functional currency of the subsidiary entity iBosses Hong Kong Limited is Hong Kong Dollars,

and functional currency of the subsidiary entity iBosses International Investment Limited is

Singapore dollars. The management has chosen Australian dollars to be the presentational

currency for the consolidated financial statements.

Transaction and balances

Foreign currency transactions are translated into presentational currency using the exchange

rates prevailing at the date of the transaction. Foreign currency monetary items are translated at

the year-end exchange rate. Non-monetary items measured at historical cost continue to be

carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair

value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items are recognised in the

statement of profit or loss and other comprehensive income, except where deferred in equity as

a qualifying cash flow or net investment hedge. Exchange differences arising on the translation

of non-monetary items are recognised directly in equity to the extent that the gain or loss is

directly recognised in equity; otherwise the exchange difference is recognised in the statement

of profit or loss and other comprehensive income

Group companies

The financial results and position of foreign operations whose functional currency is different

from the Group’s presentation currency are translated as follows:

assets and liabilities are translated at year-end exchange rates prevailing at that reporting

date;

income and expenses are translated at average exchange rates for the period; and

retained earnings are translated at the exchange rates prevailing at the date of the

transaction.

Exchange differences arising on translation of foreign operations are transferred directly to the

Group’s foreign currency translation reserve in the statement of financial position. These

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differences are recognised in the statement of profit or loss and other comprehensive income in

the period in which the operation is disposed

h. Financial Instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the entity becomes a party to the

contractual provisions of the instrument and are initially measured at fair value plus

transactions costs where the instrument is not classified as at fair value through profit or loss.

Financial instruments are classified and subsequently measured as set out below.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments

that are not quoted in an active market. When the effect of discounting is material, loans and

receivables are carried at amortised cost using the effective interest rate method.

Financial assets at fair value through profit and loss (FVtPL)

Financial assets at FVTPL include financial assets that are either classified as held for trading or

that meet certain conditions and are designated at FVTPL upon initial recognition.

Assets in this category are measured at fair value with gains or losses recognised in profit or

loss. The fair values of financial assets in this category are determined by reference to active

market transactions or using a valuation technique where no active market exists.

Financial liabilities

When the effect of discounting is material, non-derivative financial liabilities (excluding

financial guarantees) are carried at amortised cost using the effective interest rate method.

Impairment of financial assets

At each reporting date, the Group assesses whether there is objective evidence that a financial

instrument has been impaired.

Individually significant receivables are considered for impairment when they are past due or

when other objective evidence is received that a specific counterparty will default. Receivables

that are not considered to be individually impaired are reviewed for impairment in groups,

which are determined by reference to the industry and region of a counterparty and other

shared credit risk characteristics. The impairment loss estimate is then based on recent

historical counterparty default rates for each identified group.

The carrying amount of receivables is reduced by the impairment loss through the use of an

allowance account. Subsequent recoveries of amounts previously written off are credited

against the allowance account. Changes in the carrying amount of the allowance account are

recognised in profit or loss.

In a subsequent period, the amount of the impairment loss decreases and the decrease can be

related objectively to an event occurring after the impairment was recognised, the previously

recognised impairment loss is reversed through profit or loss to the extent the carrying amount

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of the investment at the date the impairment is reversed does not exceed what the amortised

cost would have been had the impairment not been recognised.

i. Impairment of Non-Financial Assets

At each reporting date, the Group reviews the carrying amount of its tangible and intangible

assets to determine whether there is any indication that those assets have been impaired. If such

an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair

amount less costs to sell and amount in use, is compared to the asset’s carrying amount. In

assessing amount in use, the estimated future cash flows are discounted to their present value

using a pre-tax discount rate that reflects current market assessments of the time value of

money and the risks specific to the asset for which the estimates of future cash flows have not

been adjusted.

Any excess of the asset’s carrying amount over its recoverable amount is expensed to the

statement of comprehensive income.

j. Employee Benefits

Salary and wages are paid on a monthly basis and recognised as an expense when incurred and

no leave entitlements accrue at the end of the reporting period.

k. Cash and Cash Equivalents

Cash comprises cash on hand and demand deposits. Cash equivalents are 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.

l. Revenue

Revenue is measured at the fair value of the consideration received or receivable.

Revenue from the sale of the entrepreneur mentoring products, services and associated

licensing arrangement is recognised straight-line over the period of the contract with the

customers, with the balance recognised as deferred revenue.

Revenue from the sale of entrepreneur mentoring and corporate management support services

is recognised upon and at the time of successful listing, back door listing or initial public

offering of customers’ companies.

All revenue is stated net of the amount of GST.

m. Trade and Other Receivables

Trade and other receivables include amounts due from customers for goods sold and services

performed in the ordinary course of business. Receivables expected to be collected within 12

months of the end of the reporting period are classified as current assets. All other receivables

are classified as non-current assets, less any provision for impairment.

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n. Trade and Other Payables

Trade and other payables represent the liabilities for goods and services received by the entity

that remain unpaid at the end of the reporting period. The balance is recognised as a current

liability with the amounts normally paid within 90 days of recognition of the liability.

o. Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the

amount of GST incurred is not recoverable from the Local Taxation Office. In these

circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of

an item of the expense. Receivables and payables in the statement of financial position are

shown inclusive of GST.

Cash flows are presented in the statement of cash flows on a gross basis, except for the GST

component of investing and financing activities, which are disclosed as operating cash flows.

p. Critical accounting estimates and judgments

The directors evaluate estimates and judgments incorporated into the financial statements based

on historical knowledge and best available current information. Estimates assume a reasonable

expectation of future events and are based on current trends and economic data, obtained both

externally and within the Group. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period or in the period of the revision and future periods if the revision affects

both current and future periods.

Key estimates — Impairment of non-financial assets

The Group assesses impairment at each reporting date by evaluating conditions and events

specific to the Group that may be indicative of impairment triggers. Recoverable amounts of

relevant assets are reassessed using value-in-use calculations which incorporate various key

assumptions.

Significant judgments — Provision for impairment of receivables

The Group assesses the provision for impairment of receivable at each reporting date by

evaluating the ageing likely recoverability of the outstanding balances.

q. Accounting standards not yet effective

There are new accounting standards and IFRIC interpretations that have been published that

are not mandatory for current reporting periods. The Group’s assessment of the impact of

these new standards and interpretations is that there would be no material impact on the

current or future reported financial information.

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2. Revenue 2016 2015 AUD AUD Revenue Entrepreneur mentoring services 610,053 53,550 Licence of entrepreneur mentoring services 490,000 19,125 Part-time startup program services 3,296 -

Total revenue 1,103,349 72,675

3. Other Income 2016 2015 AUD AUD Gain from sale of 10% holding in an associate company 683,405 - Recovering of cost for services provided 22,282 - Grants 10,514 - Gain on short term investments in quoted shares 1,092 - Interest income 1,941 627

Total other income 719,234 627

4. Administrative Expenses 2016 2015 AUD AUD Salary and wages 803,969 59,185 Professional fees 287,999 2,868 Travelling and related expenses 94,963 4,629 Audit fees 70,863 - Rental expenses 37,843 10,304 Depreciation 24,504 1,691 Other expenses 71,681 23,176

Total administrative expenses 1,391,822 101,853

5. Income tax expense 2016 2015 AUD AUD The components of tax expense comprise: Current tax 11,439 - Deferred tax 205,022 -

Total income tax expense 216,461 -

Australian assessable earnings will be taxed at 30% (2015: 30%). Singapore assessable earnings will be taxed at 17% (2015: 17%). Hong Kong assessable earnings will be taxed at 16.5% (2015: 16.5%) F

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The prima facie tax on profit from ordinary activities before income tax is reconciled to the income tax as follows: 2016 2015 AUD AUD

Profit (Loss) before income tax 181,771 (129,664)

Prima facie tax payable on profit from ordinary activities before income tax at 30% (2015: 30%)

54,531 -

Adjustment for tax-rate differences in foreign jurisdiction (17,798) -

Add: -

Tax effect of other non-allowable items 4,167 -

Tax effect of gain on sale of investment in associate 205,022 -

Less: -

Tax effect of income not assessable for income tax (12,312) -

Tax effect of losses brought forward (17,149) -

Income tax attributable to the entity 216,461 -

The applicable weighted average effective tax rates of the consolidated group is 119%

6. Cash and Cash Equivalents 2016 2015 AUD AUD Cash on hand 780 - Cash at bank 1,187,246 732,182

Total cash and cash equivalent 1,188,026 732,182

7. Trade and Other Receivables 2016 2015 AUD AUD Current Trade receivables 484,948 662,270 Other receivables 985,307 5,931 Less provision for impaired trade and other receivables - -

Total current trade and other receivables 1,470,255 668,201

The Group has no significant concentration of credit risk with respect to any single

counterparty or group of counterparties. The main sources of credit risk to the Group are

considered to relate to the classes of assets described as “trade and other receivables”. The

Group’s trade and other receivables are not exposed to significant credit risk.

The Group’s trade and other receivables are not exposed to credit risk as there are no past due

impaired trade and other receivables as at balance date because they are all considered to be of

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Trade receivables

The ageing analysis of the trade receivables is as follows:

2016 2015

AUD AUD

1-30 days 337,567 662,270

30-90 days 2,481 -

90-360 days - -

> 360 days 144,900 -

Total 484,948 662,270

The amount >360 days are not considered impaired as it was subsequently repaid.

The other balances within trade receivables do not contained impaired assets. Based on the

credit history of these receivables, it is expected that these amounts will be collectable.

Other receivables

Other receivables arise from transaction outside the usual operating activities of the Group and

are unsecured, interest free and repayable on demand.

There are no balances that are past due and impaired. It is expected these balances will be

received when demanded.

8. Other current assets 2016 2015 AUD AUD Prepayments 242,666 14,498

Total other current assets 242,666 14,498

Prepayment arises from advance payments made for purchase of goods and services.

9. Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss are all held for trading and include the following: 2016 2015 AUD AUD Current Singapore listed equity securities 11,723 -

Total financial assets at fair value through profit and loss 11,723 -

Classification of financial assets at fair value through profit or loss The group classifies financial assets at fair value through profit or loss if they are acquired principally for the purpose of selling in the short term, ie are held for trading. They are presented as current assets if they are expected to be sold within 12 months after the end of the reporting period; otherwise they are presented as non-current assets. The group has not elected to designate any financial assets at fair value through profit or loss. Amounts recognised in profit or loss Changes in fair values of financial assets at fair value through profit or loss are recorded as other income or other expense in profit or loss (2016 – loss of $1,092; 2015 – NIL).

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10. Investments accounted for using the equity method 2016 2015 AUD AUD Investment in associate companies - - 20% holding in RC9 Group Pte Ltd (a company

incorporated in Singapore) 1 -

- 30% holding in YES Academy Sdn Bhd (a company incorporated in Malaysia)

649,912 -

Total investment in associates 649,913 -

Neither associate is individually material to the Group. Summarised aggregated financial information of the Group’s share in these associates: 2016 2015 AUD AUD Profit from continuing operation 64,127 - Other comprehensive income - - Total comprehensive income 64,127 - Aggregate carrying amount of the Group’s interests in associates

649,913 -

11. Property, Plant and Equipment 2016 2015 AUD AUD IT Equipment At cost 18,161 8,443 Accumulated depreciation (13,890) (1,463)

Net 4,271 6,980

Leasehold improvements

At cost 46,402 -

Accumulated depreciation (7,802) -

Net 38,600 -

Office Equipment

At cost 5,730 -

Accumulated depreciation (1,188) -

Net 4,542 -

Total property, plant and equipment 47,413 6,980

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Movements in Carrying Amounts

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:

IT Equipment Leasehold improvement

Office Equipment

Consolidated Total

AUD AUD AUD AUD

Balance at 7 August 2014 - - - -

Addition 8,443 - - 8,443 Depreciation expense (1,463) - - (1,463)

Balance at 31 March 2015 and 1 April 2015

6,980 -

- 6,980

Addition 9,718 46,402 5,730 61,850 Depreciation (12,427) (7,802) (1,188) (21,417)

Balance at 31 March 2016 4,271 38,600 4,542 47,413

12. Intangible assets 2016 2015 AUD AUD Computer Software At cost 3,243 2,736 Accumulated Amortisation (3,000) (228)

Total Intangibles 243 2,508

Movements in Carrying Amounts Movement in the carrying amounts for intangible assets between the beginning and the end of the current financial year:

Computer software

AUD

Balance at 7 August 2014 -

Addition 2,736 Depreciation expense (228)

Balance at 31 March 2015 and 1 April 2015

2,508

Addition 507 Depreciation (2,772)

Balance at 31 March 2016 243

13. Trade and Other Payables 2016 2015 AUD AUD Current Trade payables - 426 Other payables 315,156 - Accruals 40,000 5,400 Amount due to director - 16,770

Total Current Trade and Other Payables 355,156 22,596

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14. Deferred Tax liabilities 2016 2015 AUD AUD Current Deferred tax liabilities 205,022 -

Total Deferred tax liabilities 205,022 -

Deferred taxes liabilities of $205,022 (2015: $nil) is recognised for taxable temporary difference arises from sale of shareholdings in associate by the Group’s subsidiary iBosses International Investment Limited registered in Republic of Seychelles.

15. Other Liabilities 2016 2015 AUD AUD Current Deferred revenue 696,331 756,880 Non-Current Deferred revenue - 681,980

Total other liabilities 696,331 1,438,860

16. Issued Capital 2016 2015 AUD AUD Issued capital 2,503,092 88,629

Total Issued Capital 2,503,092 88,629

Movement in issued capital Number of

shares AUD

Fully paid ordinary shares Balance at 1 April 2015 - 88,629 Common control adjustment - (88,629)

Notional balance at 1 April 2015 - - Shares issued on incorporation of the Company 10,000 1,000 Shares issued to vendor shareholders 99,990,000 (37,087) Shares issued pursuant to replacement prospectus 13,690,000 2,738,000 Cost of shares issued capitalised - (198,821)

Balance at 31 March 2016 113,690,000 2,503,092

Capital Management

Management controls the capital of the Group in order to maintain a sustainable debt to equity

ratio, and ensure that the Group can fund its operations and continue as a going concern.

The Group’s debt and capital includes issued capital and financial liabilities, supported by

financial assets. Management effectively manages the Group’s capital by assessing the Group’s

financial risks and adjusting its capital structure in response to changes in these risks and in the

market. These responses include the management of debt levels, distributions to shareholders

and share issues.

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There are no externally imposed capital requirements. There have been no changes in the

strategy adopted by management to control the capital of the group since the prior year, which

is to maintain the debt to equity ratio at not more than 50%. The debt-equity ratios as at 31

March 2016 and 31 March 2015 are as follows:

2016 2015

AUD AUD

Total liabilities 1,267,784 1,461,456

Less: Cash and cash equivalents (1,188,026) (732,182)

Net liabilities / (Net cash) 79,758 729,274

Total equity 2,342,455 (37,087)

Net liabilities to equity ratio N/A1 N/A2

1 N/A as the Group’s has more cash and cash equivalent than its total liabilities. 2 N/A as the Group’s equity is in a debit balance position.

17. Commitments (a) Capital Commitments

Capital commitments as at 31 March 2016:

2016 2015 AUD AUD Contract to develop iBosses Digital Platform 250,000 -

Total capital commitments 250,000 -

(b) Operating Commitments

Non-cancellable operating leases contracted for but not recognised in the financial statements

2016 2015 AUD AUD Payable — minimum lease payments

not later than 12 months 41,383 15,382 between 12 months and five years 24,140 - greater than five years - -

Total operating commitments 65,523 15,382

The Group has entered into property leases with terms ranging from 12 to 24 months, with

rent payable monthly in advance.

18. Contingent Assets and Contingent Liabilities

The Group has no contingent liabilities or contingent assets.

19. Events After the Balance Sheet Date

The following are events that occurred after the balance sheet date:

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- Acquisition of 30% of iWorld Technology Sdn Bhd for SGD300,000 (about AUD289,800). - Acquisition of 30% of 24Hourlab Pte Ltd for SGD300,000 (about AUD289,800) - Appointment of Mr Rod North as director - Resignation of Mr Laird Alan Varzaly as director - Acquisition of 30% of SD Perfume Holdings Pte Ltd for SGD600,000 (about

AUD579,600).

Other than the above, no matters or circumstances have arisen since the end of the financial

year which significantly affected or may significantly affect the operations of the Group, the

results of those operations, or the state of affairs of the Group in future financial years.

20. Segment information The directors have considered the requirements of AASB 8 Operating Segments and the internal reports that are received by the Board in allocating resources and have concluded at this time that there are no separately identifiable operating or geographical segments.

21. Interests in subsidiaries

Information about Principal Subsidiaries

The subsidiaries listed below have share capital consisting solely of ordinary shares, which are

held directly by the Group unless otherwise stated. The proportion of ownership interests held

equals the voting rights held by the Group. Each subsidiary’s principal place of business is also

its country of incorporation or registration.

Name of Subsidiary Principal Place of Business

Ownership Interest Held by the Group

2016 2015

iBosses Pte Ltd Singapore 100% 100%*

iBosses International Investment Limited Republic of Seychelles 100% -

Subsidiary held under iBosses Pte Ltd

- iBosses Hong Kong Limited Hong Kong 100% 100%*

* deemed subsidiary by virtual of common control. Subsidiary financial statements used in the preparation of these consolidated financial statements have also been prepared as at the same reporting date as the Group’s financial statements. There are no significant restrictions over the Group’s ability to access or use assets, and settle liabilities, of the Group. F

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22. Earnings per share and dividends

Earnings per share

Both the basic and diluted earnings per share have been calculated using the profit attributable

to shareholders of the Parent Company (iBosses Corporation Limited) as the numerator.

The reconciliation for the calculation of earnings per share for 2016 and 2015 are as follows:

2016 2015

Profit used to calculate basic EPS and dilutive EPS A$(34,690) A$(129,664)

Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS and diluted EPS

59,185,890 6,466

Dividends

The board has resolved not to pay any dividends for the year ended 31 March 2016 (2015: Nil).

23. Reconciliation of cash flows from operating activities

Reconciliation of Cash Flows from Operating Activities 2016 2015

AUD AUD

Profit/(loss) for the period (34,690) (129,664)

Adjustments for:

Depreciation and amortisation 24,190 1,691

Share of associate profits (64,127) -

Gains from sale of investment (686,000) -

Gains from investment in quoted shares (1,092) -

Profit/(loss) before working capital changes (761,719) (127,973)

change in trade and other receivables, and prepayments 177,322 (682,699)

change in trade and other payables, and deferred revenue (708,082) 1,448,634

Net cash from operating activities (1,292,479) 637,962

24. Auditor remuneration

2016 2015

AUD AUD

Remuneration for audit and review of financial statements for the parent entity:

- Auditing of financial report 40,000 45,000

- Reviewing of financial report 25,000 -

Total Auditor’s remuneration 65,000 45,000

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25. Related party transactions 2016 2015

AUD AUD

Transactions with Key Management Personnel - -

Balance with Key Management Personnel - (16,770)

Key Management Remuneration

2016 2015

AUD AUD

Short-term benefits 457,687 7,769

Post-employment benefits 30,603 1,122

488,290 8,891

Detailed information regarding Key Management Personnel remuneration has been outlined in the Remuneration Report included in the Director’s Report.

26. Financial instrument risk

Risk management objectives and policies

The Group is exposed to various risks in relation to financial instruments. The Group’s

financial assets and liabilities consist of:

- Cash and cash equivalents;

- Trade and other receivables;

- Trade and other payables;

The main types of risks are market risk, credit risk and liquidity risk.

The Group’s risk management is coordinated at its headquarters, in close cooperation with the

Board of Directors, and focuses on actively securing the Group’s short to medium-term cash

flows by minimising the exposure to financial markets. Long-term financial investments are

managed to generate lasting returns.

The most significant financial risks to which the Group is exposed are described below.

Market Risk analysis

The main risks the Group is exposed to through its use of financial instruments are credit risks,

liquidity risk and customer concentration risks. The Group does not have any significant

exposure to currency risk and price risks.

Foreign currency risk

The Group does not have significant balances denominated in foreign currency other than the

functional currency of the respective companies within the Group, namely Singapore dollar and

Hong Kong dollar.

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Credit risk

Credit risk is managed on a group basis and reviewed regularly by the finance committee. It

arises from exposures to customers as well as through deposits with financial institutions.

The finance committee monitors credits risk on a regular basis.

The maximum exposure to credit risk, excluding the value of any collateral or other security, at

reporting date to recognised financial assets, is the carrying amount, net of any provisions for

impairment of those assets, as disclosed in the statement of financial position and notes to the

financial statements.

The Group performs ongoing credit evaluation of its customers’ financial conditions and

require no collateral from its customers. The allowance for doubtful debts is based upon a

review of the expected collectability of all trade and other receivables.

There are no collateral held as security at 31 March 2016.

Price risk

The Group’s financial instruments are not materially exposed to price risk.

Liquidity risk

Liquidity risk is the risk that the Group might be unable to meet its obligations. The Group

manages its liquidity needs by monitoring scheduled debt servicing payments for financial

liabilities as well as forecast cash inflows and outflows due in day-to-day business.

Interest rate risk

The Group’s exposure to interest rate risk relates primarily to its short-term deposits placed

with financial institutions. The Group’s financial instruments are not materially exposed to

interest rate risk.

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Financial instrument composition and maturity analysis

The table below reflect the undiscounted contractual settlement terms for financial instruments of a fixed period of maturity, as well as management’s expectations

of the settlement period for all other financial instruments.

Weighted Average

Effective Interest Rate Interest Bearing, receivable

on demand

Non-interest Bearing, receivable/payable on

demand Total

2016 %

2015 %

2016 AUD

2015 AUD

2016 AUD

2015 AUD

2016 AUD

2015 AUD

Financial Assets:

- Cash and cash equivalents (Variable interest rate)

0.2% 0.2% 1,188,026 732,182 - - 1,188,026 732,182

- Trade and other receivables

- - - - 1,458,192 682,699 1,458,192 682,699

- Financial assets at fair value through profit and loss

- - - - 11,723 - 11,723 -

Total Financial Assets - - 1,188,026 732,182 1,469,915 682,699 2,657,941 1,414,881

Financial Liabilities:

- Trade and other payables

- - - - 355,156 22,596 65,356 22,596

Total Financial Liabilities - - 355,156 22,596 65,356 22,596

Net Financial Assets: - - 1,188,026 732,182 1,114,759 660,103 2,592,585 1,392,285

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Interest rate sensitivity analysis

The Group has performed sensitivity analysis relating to its financial instrument’s exposure to

interest rate at reporting date. The Group’s financial instruments do not have significant

exposure to price risk and foreign exchange risk.

Interest rate sensitivity

The Group’s exposure to interest rate risks relates principally to short-term deposits placed

with financial institutions. Due to the low bank interest rate of the bank, the Group is not

sensitive to changes in interest rate changes.

Credit risk analysis

The Group’s maximum exposure to credit risk is limited to the carrying amount of financial

assets recognised at the reporting date, as summarised below:

2016 2015

AUD AUD

Class of financial assets – Carrying amounts

Cash and cash equivalents 1,188,026 732,182

Financial assets at fair value through profit and loss 11,723 -

Trade and other receivables 1,470,255 668,201

Total 2,670,004 1,400,383

The Group’s management considers that all of the above financial assets that are not impaired

for each of the 31 March reporting dates under review are of good credit quality.

27. Fair value measurement

Financial assets and financial liabilities measured at fair value in the Statement of Financial

Position are grouped into three levels of a fair value hierarchy. The three (3) levels are defined

based on the observability of significant inputs to the measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

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 carrying amounts of current receivables and payables are assumed to approximate their fair values due to their short-term nature. The fair value of financial liabilities approximates the carrying amount as the impact of discounting is not significant. The fair value of FVtPL financial assets are measured through the use of quoted market prices.

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28. Parent entity information Information relating to iBosses Corporation Limited (‘the Parent Entity’):

2016

AUD

Statement of financial position

Assets

Current assets 1,937,777

Non-current assets (36,087)

Total assets 1,901,690

Liabilities

Current liabilities 248,207

Non-current liabilities -

Total liabilities 248,207

Net assets 1,653,483

Equity

Issued capital 2,503,092

Retained earnings (849,609)

Total equity 1,653,483

Financial performance

Profit/(loss) Loss for the year (849,609)

Total comprehensive income (loss) (849,609)

No guarantee was provided by the parent entity in relation to debts of its subsidiary at 31 March 2016.

The Parent Entity has no contingent liabilities or contingent assets at 31 March 2016.

No comparative figures are available as iBosses Corporation Limited was incorporated on 4 March 2015.

29. Company details Registered Office Suite 104, 22 St Kilda Road, Melbourne Vic 3182, Australia Principal place of business #11-30 Paya Lebar Square 60 Paya Lebar Road, Singapore 409051

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Directors’ Declaration

1 In the opinion of the Directors of iBosses Corporation Limited and Its Controlled Entities:

a The consolidated financial statements and notes of iBosses Corporation Limited and its Controlled Entities are in accordance with the Corporations Act 2001, including

i Giving a true and fair view of its financial position as at 31 March 2016 and of its performance for the financial year ended on that date; and

ii Complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and

b There are reasonable grounds to believe that iBosses Corporation Limited and its Controlled Entities will be able to pay its debts as and when they become due and payable.

2 The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief Executive Officer and Chief Financial Officer for the financial year ended 31 December 2015.

3 The consolidated financial statements also comply with International Financial Reporting Standards.

Signed in accordance with a resolution of the Directors:


Group CEO and executive director

30 June 2016

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF IBOSSES CORPORATION LIMITED

Report on the Financial Report

We have audited the accompanying financial report of iBosses Corporation Limited (“the Company”) and its controlled entities, which comprises the consolidated statement of financial position as at 31 March 2016, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the year’s end or from time to time during the financial year. Directors’ Responsibility for the Financial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. In Note 1, the directors also state, in accordance with Accounting Standard AASB 101: Presentation of Financial Statements, that the financial statements comply with International Financial Reporting Standards (IFRS). Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of

accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of iBosses Corporation Limited, would be in the same terms if provided to the directors as at the time of this auditor’s report.

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Auditor’s Opinion In our opinion:

a. the financial report of iBosses Corporation Limited is in accordance with the Corporations Act 2001, including:

i. giving a true and fair view of the Company’s and consolidated entity’s financial position as at 31 March 2016 and of its performance for the year ended on that date; and

ii. complying with Australian Accounting Standards and the Corporations Regulations 2001; and

b. the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

Report on the Remuneration Report

We have audited the remuneration report included in pages 6 to 11 of the directors’ report for the year ended 31 March 2016. The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with s 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards. Auditor’s Opinion In our opinion the remuneration report of iBosses Corporation Limited for the year ended 31 March 2016 complies with s 300A of the Corporations Act 2001.

JIM GOUSKOS DIRECTOR ASSURANCE ADELAIDE PTY LTD (FORMERLY MOORE STEPHENS ASSURANCE ADELAIDE PTY LTD) Signed: Adelaide, 30 June 2016

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ASX Additional Information

Additional information required by the ASX Limited Listing Rules and not disclosed elsewhere

in this report is set out below. The information is effective as at 28 June 2016.

Substantial Shareholders

The number of substantial shareholders and their associates are set out below:

Shareholder Number of Shares

INKKEY INVESTMENT LTD 75,389,085

WONG KWOK KEI 16,000,000

TRIPLE FORTUNE INTERNATIONAL LIMITED <OFFSHORE INCORPORATIONS CTR> 5,750,000

Voting Rights

Ordinary Shares: On a show of hands, every member present at a meeting in

person or by proxy shall have one vote and upon a poll each

share shall have one vote.

Distribution of equity security holders

Ordinary Shares Options

Holding Shareholders Shares Option holders Options

1 - 1,000 2 100 - -

1,001 - 5,000 2 6,000 - -

5,001 - 10,000 111 1,108,279 - -

10,001 - 100,000 67 2,789,196 - -

100,001-9,999,999,999 24 109,786,425 - -

206 113,690,000 - -

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Twenty (20) Largest Shareholders

Ordinary Shares

Number of Shares

Held Percentage (%) of

Issued Shares

INKKEY INVESTMENT LTD 75,389,085 66.31%

WONG KWOK KEI 16,000,000 14.07%

TRIPLE FORTUNE INTERNATIONAL LIMITED <OFFSHORE INCORPORATIONS CTR>

5,750,000 5.06%

HUA QUAN 2,000,000 1.76%

PATRICIA KHAW MEI LI 1,226,000 1.08%

WA KOK LIANG LESLIE 1,000,000 0.88%

ZHOU XINGYING 1,000,000 0.88%

INTEGRAL CAPITAL GROUP PTY LTD 1,000,000 0.88%

MS BEATRICE LAI SZE CHAN 960,000 0.84%

MS SAU LEUNG HUNG 882,500 0.78%

MR BENG TAN 700,000 0.62%

MS ON NGA ANGELA SZE 543,810 0.48%

ACQUINITI LIMITED 500,000 0.44%

PEH SHENG CHAO 500,000 0.44%

MR BING QIANG CHEN 456,190 0.4%

MS BEATRICE LAI SZE CHAN 300,000 0.26%

MR HONG QINGYAN 300,000 0.26%

MR ZHANG SHENGHANG 225,000 0.2%

MR CHOON PENG SOH 200,000 0.18%

MS SOCK NGANG GOH 200,000 0.18%

109,132,585 96.00%

Unissued equity securities

There are no options issued by the Company.

Securities Exchange

The Company is listed on the Australian Securities Exchange.

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