trit-ex992

	Note		As of August 31, 2022 (Unaudited)			As of February 28, 2022 (Audited)
			US$			US$
Assets
Property, plant and equipment		4		1,658,258			1,929,664
Intangible assets		5		16,335,156			16,109,090
Goodwill		6		4,630,870			4,630,870
Other investments		7		26,244,948			25,142,783
Non-current assets				48,869,232			47,812,407
Trade receivables	8			41,159,984			43,850,652
Loan receivables	9			13,390,484			4,655,371
Other current assets		10		6,825,464			5,381,546
Current tax assets				—			251,067
Restricted cash		11		4,750,000			—
Cash and cash equivalents		11		33,930,557			68,809,057
Current assets				100,056,489			122,947,693
Total assets				148,925,721			170,760,100
Equity
Share capital		12		8,320			8,320
Additional paid-in capital				172,290,724			172,290,724
Treasury shares		12		(49,866,509	)		(49,866,509	)
Translation reserve				(647	)		(282	)
Retained earnings				275,410			21,909,880
Equity attributable to owners of the Company				122,707,298			144,342,133
Non-controlling interests				(2,825	)		(3,490	)
Total equity				122,704,473			144,338,643
Liabilities
Lease liabilities		13		1,181,660			1,194,027
Deferred tax liabilities		14		2,601,922			2,764,901
Other payables		15		203,637			1,067,321
Non-current liabilities				3,987,219			5,026,249
Loans and borrowings		16		2,975,000			—
Other payables		15		13,568,072			17,770,448
Contract liabilities		18		60,000			60,000
Lease liabilities		13		400,526			344,781
Deferred income				170,405			180,838
Warrants liabilities		17		5,060,026			3,039,141
Current liabilities				22,234,029			21,395,208
Total liabilities				26,221,248			26,421,457
Total equity and liabilities				148,925,721			170,760,100

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

	Note		Six months ended August 31, 2022			Six months ended August 31, 2021
			US$			US$
Revenue
- Platform fees				5,685,746			22,878,504
- Trade marketplace				20,720,093			—
		18		26,405,839			22,878,504

Cost of revenue
- Platform fees				(1,785,544	)		(1,343,505	)
- Trade marketplace				(20,337,324	)		—
		19		(22,122,868	)		(1,343,505	)

Marketing and sales		20		(331,737	)		(953,108	)
General and administrative		21		(10,030,101	)		(14,063,733	)
Impairment loss on trade and loan receivables				(14,403,932	)		(3,864,116	)
Total costs and expenses				(24,765,770	)		(18,880,957	)

Results from operating activities				(20,482,799	)		2,654,042

Other income				24,579			1,320
Change in fair value of warrants liabilities	17			(2,020,885	)		25,317,732
Unrealised gain on other investments	7			1,102,165			—

Finance income				105,663			6,538
Finance costs				(525,508	)		(58,732	)
Net finance costs				(419,845	)		(52,194	)

(Loss)/Profit before income tax				(21,796,785	)		27,920,900
Income tax credit/(expense)				162,980			(643,940	)
(Loss)/Profit for the period				(21,633,805	)		27,276,960

Other comprehensive (losses)/income
Foreign operations – foreign currency translation differences				(379	)		(282	)
Total comprehensive (losses)/income for the period				(21,634,184	)		27,276,678

(Loss)/Profit attributable to:
Owners of the Company				(21,634,470	)		27,276,569
Non-controlling interests				665			391
				(21,633,805	)		27,276,960

(Loss)/Earnings per share attributable to equity holders of the Company
- Basic and diluted		25		(0.28	)		0.35

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

	Ordinary shares		Additional paid-in capital		Treasury shares			(Accumulated loss)/ Retained earnings			Translation reserve			Non-controlling interests			Total Equity
	US$		US$		US$			US$			US$			US$			US$

As of February 28, 2021 (Audited)		8,320		172,290,724		(14,276,718	)		(11,517,139	)		—			—			146,505,187

Total comprehensive income for the period
Profit for the period		—		—		—			27,276,569			—			391			27,276,960
Other comprehensive losses for the period		—		—		—			—			(75	)		—			(75	)
Total comprehensive income for the period		—		—		—			27,276,569			(75	)		391			27,276,885

Transactions with owner, recognised directly in equity
Contributions by owner
Acquisition of treasury shares		—		—		(35,589,791	)		—			—			—			(35,589,791	)
Total transactions with owner		—		—		(35,589,791	)		—			—			—			(35,589,791	)

As of August 31, 2021 (Unaudited)		8,320		172,290,724		(49,866,509	)		15,759,430			(75	)		391			138,192,281

As of February 28, 2022 (Audited)		8,320		172,290,724		(49,866,509	)		21,909,880			(282	)		(3,490	)		144,338,643

Total comprehensive losses for the period
Loss for the period		—		—		—			(21,634,470	)		—			665			(21,633,805	)
Other comprehensive loss for the period		—		—		—			—			(365	)		—			(365	)
Total comprehensive losses for the period		—		—		—			(21,634,470	)		(365	)		665			(21,634,170	)

As of August 31, 2022 (Unaudited)		8,320		172,290,724		(49,866,509	)		275,410			(647	)		(2,825	)		122,704,473

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

	Note	Six months ended August 31, 2022			Six months ended August 31, 2021
		US$			US$
Cash flows from operating activities
(Loss)/Profit for the period			(21,633,805	)		27,276,960
Adjustments for:
Finance costs			525,508			58,732
Depreciation of property, plant and equipment	4		360,452			262,808
Gain on sale of property, plant and equipment			(48,472	)		—
Amortisation of intangible assets	5		1,025,683			539,825
Amortisation of contract costs			—			638,555
Impairment loss on trade and loan receivables			14,403,932			3,864,116
Income tax (credit)/expense			(162,979	)		643,940
Change in fair value of warrants liabilities	17		2,020,885			(25,317,732	)
Unrealised gain on investment			(1,102,165	)		—
			(4,610,961	)		7,967,204
Changes in working capital:
Trade receivables			(11,695,001	)		(17,870,544	)
Loan receivables			(8,753,376	)		(202,551	)
Other current assets	10		(1,443,918	)		1,579,054
Other payables			(4,726,698	)		985,420
Contract liabilities			—			(30,978	)
Deferred income			(10,433	)		115,423
Cash used in operations			(31,240,387	)		(7,456,972	)
Income tax refunded/(paid)			251,067			(3,085,718	)
Finance costs paid			(226,256	)		(58,732	)
Net cash used in operating activities			(31,215,576	)		(10,601,422	)

Cash flows from investing activities
Acquisition of property, plant and equipment	4		(455,132	)		(174,557	)
Proceeds from disposal of property, plant and equipment			136,893			—
Development expenditure	5		(1,251,749	)		(4,904,460	)
Acquisition of subsidiaries, net of cash acquired			—			(3,827,377	)
Acquisition of other investments	7		—			(15,000,000	)
Net cash used in investing activities			(1,569,988	)		(23,906,394	)

Cash flows from financing activities
Proceeds from loans and borrowings			2,975,000			—
Lease payment			(282,034	)		(171,038	)
Interest paid			(35,902	)		(30,091	)
Repurchase of own shares			—			(35,589,791	)
Net cash generated from/(used in) financing activities			2,657,064			(35,790,920	)

Net decrease in cash and cash equivalents			(30,128,500	)		(70,298,736	)
Cash and cash equivalents at beginning of the period			68,809,057			134,025,561
Restricted cash at beginning of the period			—			35,686,643
Less: Restricted cash at the end of the period			(4,750,000	)		—
Cash and cash equivalents at end of the period			33,930,557			99,413,468

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

These notes form an integral part of the interim condensed consolidated financial statements.

The interim condensed consolidated financial statements were authorised for issue by the Board of Directors on November 30, 2022.

On July 29, 2020, Netfin Acquisition Corp., a Cayman Islands exempted company (“Netfin”), MVR Netfin LLC, a Nevada limited liability company, as the representative of Netfin as of the date of the Business Combination Agreement (as defined below) and immediately prior to the closing, (the “Netfin Representative”), the Company (formerly Netfin Holdco), Netfin Merger Sub, a Cayman Islands exempted company (“Netfin Merger Sub”), Symphonia Strategic Opportunities Limited (“SSOL”) and IKON Strategic Holdings Fund (“IKON”) (together with SSOL, the “Sellers”), entered into a Business Combination Agreement (the “Business Combination Agreement”). Pursuant to the Business Combination Agreement: (1) the Sellers agreed to sell, transfer, convey, assign and deliver to the Company all of issued and outstanding ordinary shares of Triterras Fintech Pte. Ltd. (“Fintech”) owned by the Sellers in exchange for an aggregate of $60,000,000 in cash, 51,622,419 Netfin Holdco Ordinary Shares of the Company, and up to an additional 15,000,000 ordinary shares of the Company upon the Company meeting certain financial or share price thresholds; and (2) Netfin Merger Sub, a wholly owned direct subsidiary of the Company, would merge with and into Netfin, with Netfin being the surviving corporation in the merger and a wholly owned direct subsidiary of the Company following the merger (the transactions described above, collectively, the “Business Combination”). The Business Combination was consummated on November 10, 2020 and on such date the Company changed its name from Netfin Holdco (“Holdco”) to Triterras, Inc.

Triterras, Inc. (the “Company”), incorporated in the Cayman Islands, is an investment holding company and the principal activities of the Company and its subsidiaries (the “Group”) are those relating to financial technology platform solutions using innovative blockchain-enabled technology which facilitate trading and trade finance for small and medium sized enterprises.

The Company’s immediate holding company as of August 31, 2022 is Symphonia Strategic Opportunities Limited, a company incorporated in Mauritius. Symphonia Strategic Opportunities is fully owned by an individual shareholder.

The registered office of the Company is Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

The accompanying unaudited interim condensed consolidated financial statements as at August 31, 2022 and for the six months ended August 31, 2022 and 2021 have been prepared in accordance with International Financial Reporting Standards (“IFRS”) - IAS 34 Interim Financial Reporting as issued by International Accounting Standards Board (“IASB”).

The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements. Interim results of operations are not necessarily indicative of the results expected for the full fiscal year for any future period. These financial statements should be read in conjunction with the Group’s audited consolidated financial statements for the year ended February 28, 2022.

The preparation of the interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The Directors have assessed the Group’s ability to continue in operational existence for the foreseeable future and are satisfied that it is appropriate to continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.

The significant judgements made by management in applying the Group’s accounting policies and key sources of estimation uncertainty were the same as described in the last annual financial statements.

The accounting policies applied in these interim condensed consolidated financial statements are the same as those applied in the Group’s financial statements as of and for the year ended February 28, 2022.

A number of new standards are effective for annual periods beginning after March 1, 2022 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these interim condensed consolidated financial statements.

The following new and amended standards are not expected to have a significant impact on the Group’s interim condensed consolidated financial statements:

	Office equipment			Fixtures and fittings			Motor vehicles			Right-of-use assets			Total
	US$			US$			US$			US$			US$
Cost
As of February 28, 2021		32,772			258,360			156,402			1,229,376			1,676,910
Additions		76,054			180,970			—			759,629			1,016,653
Disposals		(15,208	)		—			—			—			(15,208	)
As of February 28, 2022		93,618			439,330			156,402			1,989,005			2,678,355
Additions		10,832			39,477			404,823			123,836			578,968
Disposals		—			(7,424	)		(156,402	)		(505,253	)		(669,079	)
As of August 31, 2022		104,450			471,383			404,823			1,607,588			2,588,244

Accumulated depreciation
As of February 28, 2021		6,670			3,589<