Go Life International Ltd (Mauritius) – Audited abridged results FYE 28 February 2022

DIRECTORS’ COMMENTARY

BACKGROUND

The Company was incorporated on 1 October 2010 as a public company limited by shares under the Mauritian Companies Act and holds a Global Business Licence (Licence No – C110009034) issued by the Mauritius Financial Services Commission.

Go Life is registered in the Republic of Mauritius and was listed on the Stock Exchange of Mauritius (“SEM”) on 7 July 2011. The Company successfully completed a secondary listing on the Alternative Exchange (“AltX”) of the JSE Limited (“the JSE”) on 23 November 2016.

COMPANY OUTLOOK AND PROSPECTS

As communicated in August 2021, the Company requires fresh capital to revive its financial viability. The Company is now actively taking steps to prepare for this re-capitalisation and has already successfully engaged funders, who are assisting with the provision of interim funding for the regularisation of the Company.

These funds will be capitalised through an issue of shares, approved by the Board of Directors, subject to the finalisation of a circular in accordance with the SEM Listing Rules, which circular is close to being finalised. The issue of shares does not require shareholder approval. This will ensure that Go Life International will settle all its creditors, will alleviate any short-term going concern issues and Company will have the resources to continue in business for the foreseeable future and meet any liabilities as they fall due.

Go Life International then plan to widen the scope of its current medical investment focus to include financial services.

With these financial statements all overdue financial reporting has been brought up to date and management and directors anticipate a recapitalisation in late 2022. During the preparation of these financial statements, it was noted that certain obligations could not be substantiated, and any such obligations have been reversed and noted as a contingent liability.

Having taken all the matters considered by the Board and brought to the attention of the Board during the year into account, we are satisfied that the Annual Report and accounts taken are fair, balanced, and understandable under difficult world economic conditions. The results represent the final clean-up of the Company’s financial affairs.
There were no acquisitions or disposals during the year under review.

Cash balances did not change during the periods presented as the Company was inactive during this period.

Payments to creditors were funded by way of loans.

SUBSEQUENT EVENTS

There were no material subsequent events.

RESTATEMENT OF THE PRIOR YEAR RESULTS

The Board draws attention to the restatement of the prior year results, which arose when it was established that a loan amount allegedly owing to Cryosave Proprietary Limited, the acquisition of which was not completed due to a former director interposing himself into the acquisition, could not be substantiated and the various expenses did not appear to relate to Go Life International. This obligation has been reversed in total, except for R20 000, which is deemed to be a valid cost. In addition, an overstatement of directors’ remuneration, which was reflected under trade and other payables, was also identified and corrected.

DIVIDENDS

No dividends were authorised or paid during the period under review.

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