. F1 BOREHOLE DRILLING AND CONSTRUCTION Co.

Ltd
STATEMENT OF OPERATION
. Year Ended 31 December
REVENUE. 2023 2022 2021
$ $. $
Operating revenues. 46,120. 35,670. 28,952
Contract drilling. 19,100. 17,290. 15,200
Other revenue. 6,800. 4,350. 5,430
Total Revenue. 72,020. 57,310. 49,582

OPERATING COST AND EXPENSES

Operating and maintenance. 36,730. 28,368. 25,931
Depreciation. 4,969. 3,037. 2,231
General administrative cost. 4,933. 3,094. 2,380
Total Operating Cost and Expenses. 46,632. 34,499. 30,542

Other Income and (Expenses)

Loss on foreign exchange. (1,320). ---- (865)
Loss on asset decommissioning 1,950. 442. ----
Other. 925. 650. 728
Net Income. 42, 437 33,407 28,949
 F1 BOREHOLE DRILLING AND CONSTRUCTION Co Ltd
CASH FLOW STATEMENT
Year Ended 31 December
. 2023 2022 2021
$ $. $
Cash Flow from Operating Activities
Net Income ( Loss) 42,437 33,407. 28,949
Adjustment to reconcile net income
To net cash provided by operating
Activities:
Depreciation. 3,353. 2,141. 1,476
Asset acquired through consolidation
Of affiliate. (6,365). —. ―
Charges in Operating Asset and Liabilities:
Account receivables. (3,183) (2,227). (1,679)
Prepaid expense ( 764). ( 528). ( 521)
Account payable and accrued expense 4,244. 2,840. 2,316
Taxation paid. (2,122). (1,670). (1,303)
Net Cash Provided by Operating Activities. 37,600. 33,946. 29,208

CASH FLOW FROM INVESTMENT ACTIVITIES

Purchase of property and equipment. (23,530). (15,670). (12,390)
(23,538). (15,670). (12,390)