2 | MATERIAL ACCOUNTING POLICIES/ ESTIMATES AND JUDGEMENTS
(i) Basis of preparation
The standalone financial statement comply in all material aspects with Indian
Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013
(the Act’) and Companies (Indian Accounting Standards) Rules, 2015 (as amended),
and other relevant provisions of the Act and presentation requirement of Division
II of Schedule III to the Companies Act, 2013, Ind AS compliant schedule III. The
standalone financial statements have been prepared on a historical cost convention
and accrual basis, except for the certain financial assets and liabilities that are
measured at fair value. The Company has uniformly applied the accounting policies
during the periods presented.
Monetary amounts are expressed in Indian Rupee (?) and are rounded off to Lakhs,
except for earning per share. Due to rounding off, the numbers presented throughout
the document may not add up precisely to the totals and percentages may not
precisely reflect the absolute figures.
The Company has prepared the standalone financials statements on the basis that it
will continue to operate as going concern.
The standalone financial statements correspond to the classification provisions
contained in Ind AS 1, “Presentation of Financial Statements”. For clarity, various
items are aggregated in the statement of profit and loss and balance sheet. These
items are disaggregated separately in the notes to the financial statements, where
applicable.
(ii) Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/
non-current classification. An asset is treated as current when it is:
• Expected to be realised or intended to be sold or consumed in normal operating
cycle
• Held primarily for the purpose of trading
• Expected to be realised in normal operating cycle or within twelve months after
the reporting period or
• Cash or cash equivalents unless restricted from being exchanged or used
to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
• It is expected to be settled in normal operating cycle or due to be settled within
twelve months after the reporting period
• It is held primarily for the purpose of trading
• There is no unconditional right to defer the settlement of the liability for at least
twelve months after the reporting period
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and
their realisation in cash and cash equivalents. The Company has identified period of
twelve months as its operating cycle.
(iii) Use of estimates and judgements
The preparation of financial statement in conformity with Ind AS requires management
to make judgements, estimates and assumptions that affect the application of
accounting policies and reported amounts of assets and liabilities, revenue and
expenses and disclosure of contingent liabilities at the date of the financial statement.
Although these estimates are based on management’s best knowledge of current
events and actions, actual results could differ from these estimates. Estimates
and underlying assumptions are reviewed on an ongoing basis. Any revision to
accounting estimates is recognised prospectively in current and future periods.
The areas involving significant judgement and estimates are as follows:
Estimated useful life of property and equipment and intangible assets
The charge in respect of periodic depreciation/ amortisation is derived after
determining an estimate of an asset’s expected useful life and the expected residual
value at the end of its life. Management at the time the asset is acquired/ capitalised
periodically, including at each financial year end, determines the useful lives and
residual values of Company’s assets. The lives are based on historical experience
with similar assets as well as anticipation of future events, which may affect their life,
such as changes in technology.
Estimation of fair value of unlisted securities
The Company follows Ind AS 109 - Financial Instruments: to determine the fair value
of its investment in equity instruments using market and income approaches. The
market approach includes the use of financial metrics and ratios of comparable
companies, such as revenue, earnings, comparable performance multiples, recent
financial rounds and the level of marketability of the investments. The selection of
comparable companies requires management judgment and is based on number
of factors, including comparable company sizes, growth rates and development
stages. The income approach includes the use of discounted cash flow model, which
requires significant estimates regarding the investees’ revenue, costs, and discount
rates based on the risk profile of comparable companies. Estimates of revenue and
costs are developed using available historical and forecasted data. These estimates
may vary from the actual prices that would be achieved in an arm’s length transaction
at the reporting date.
Non-cash and contingent consideration
Estimating fair value of non-cash consideration, including contingent consideration,
in respect of acquisition of investment in subsidiaries or associates involves
management judgement. Fair value of the equity shares of the Company is
determined based on weighted average price at which the most recent financials
rounds occurred in the past one year or on the basis of estimates such as probability
of achieving the performance targets. These measurements are based on information
available at the acquisition date and are based on expectations and assumptions
that have been deemed reasonable by management.
Recognition of deferred tax assets
Deferred tax assets are recognised to the extent that it is probable that future
taxable profit will be available against which the losses can be utilised. In assessing
the probability, the company considers whether the entity has sufficient taxable
temporary differences, which will result in taxable amounts against which the unused
tax losses or unused tax credits can be utilised before they expire. Significant
management judgement is required to determine the amount of deferred tax assets
that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
Expected credit loss
The Company determines the allowance for credit losses based on historical loss
experience adjusted to reflect current and estimated future economic conditions. The
Company considers current and anticipated future economic conditions relating to
industries the Company deals with and the countries where it operates. In calculating
expected credit loss, the Company has also considered credit information for its
customers to estimate the probability of default in future.
(iv) Revenue recognition
The Company is recording revenue from subscription of games, advertisement and
sale of content on the gross amount of consideration received from customer as per
Ind AS 115 “Revenue from contract with customers”.
To determine whether the Company should recognise revenues, the Company
follows 5-step process:
a. identifying the contract, or contracts, with a customer
b. identifying the performance obligations in each contract
c. determining the transaction price
d. allocating the transaction price to the performance obligations in each contract
e. recognising revenue when, or as, we satisfy performance obligations by
transferring the promised goods or services
Revenue from operations
Revenue from subscription/ download of games/ other contents is recognised when
a promise in a customer contract (performance obligation) has been satisfied, usually
over the period of subscription. The amount of revenue to be recognised (transaction
price) is based on the consideration expected to be received in exchange for services,
net of credit notes, discounts etc. If a contract contains more than one performance
obligation, the transaction price is allocated to each performance obligation based
on their relative standalone selling price.
Revenue from advertising services, including performance-based advertising, is
recognised after the underlying performance obligations have been satisfied, usually
in the period in which advertisements are displayed.
Revenue is reported on a gross or net basis based on management’s assessment
of whether the Company is acting as a principal or agent in the transaction. The
determination of whether the Company act as a principal or an agent in a transaction
is based on an evaluation of whether the good or service are controlled prior to
transfer to the customer.
Revenue is measured at the fair value of the consideration received or receivable,
considering contractually defined terms of payment, and excluding taxes or duties
collected on behalf of the government.
Revenue is recognised to the extent that it is probable that the economic benefits will
flow to the Company and the revenue can be reliably measured, regardless of when
the payment is being made.
A contract liability is an entity’s obligation to transfer goods or services to a customer for
which the entity has received consideration (or the amount is due) from the customer
and presented as ‘Deferred revenue’. Advance payments received from customers for
which no services have been rendered are presented as ‘Advance from customer’s’.
Unbilled revenues are classified as a financial asset where the right to consideration
is unconditional upon passage of time.
The Company determines whether the platform service provider are acting as
principal or agent for the services that are sold through them. The Company ascertain
the same based on the criteria such as who is the primary obligor under the contract,
who has the discretion in pricing, who bears the inventory and credit risk.
Other operating revenue
Other operating revenue mainly consists of Technology platform fees, digital
marketing fees, administrative & other support services provided to subsidiaries and
is recognised in the period in which services are rendered. Revenue is measured
at the fair value of the consideration received or receivable, taking into account
contractually defined terms of payment and excluding taxes or duties collected on
behalf of the government.
Other income
Interest income is recorded using the effective interest rate (‘EIR’) method. EIR is the
rate that exactly discounts the estimated future cash payments or receipts over the
expected life of the financial instrument or over a shorter period, where appropriate,
to the gross carrying amount of the financial asset or to the amortised cost of the
financial liability. Interest income is included under the head “finance income” in the
statement of profit and loss account.
(v) Financial instrument
A financial instrument is any contract that gives rise to a financial asset of one entity
and a financial liability or equity instrument of another entity.
a) Financial assets
Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of
financial assets not recorded at fair value through profit and loss, transaction
costs that are attributable to the acquisition of the financial asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in
three broad categories:
• Financial assets at amortised cost
• Financial assets at fair value through other comprehensive income (FVOCI)
• Financial assets at fair value through profit and loss (FVTPL)
A Financial assets is measured at amortised cost (net of any write down for
impairment) the asset is held to collect the contractual cash flows (rather than
to sell the instrument prior to its contractual maturity to realise its fair value
changes) and The contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest (“SPPI”) on
the principal amount outstanding.
Such financial assets are subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost is calculated by taking into
account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included in other income in the
profit and loss. The losses arising from impairment are recognised statement of
profit and loss. This category generally applies to trade and other receivables.
Financial asset at fair value through other comprehensive income (FVOCI)
A financial asset that meets the following two conditions is measured
at fair value through other comprehensive income unless the asset is
designated at fair value through profit and loss under fair value option.
The financial asset is held both to collect contractual cash flows and to sell, and
The contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount
outstanding.
Financial assets included within the FVOCI category are measured initially as
well as at each reporting date at fair value. Fair value movements are recognised
in other comprehensive income. However, the Company recognises interest
income, impairment losses and reversals and foreign exchange gain or loss in
the statement of profit and loss. On derecognition of the asset, cumulative gain
or loss previously recognised in other comprehensive income is reclassified
from the equity to statement of profit and loss. Interest earned whilst holding
FVOCI debt instrument is reported as interest income using the EIR method.
Financial asset at fair value through profit and loss (FVTPL)
FVTPL is a residual category and any financial asset which does not meet the
criteria for categorisation as at amortised cost or at FVOCI, is classified as at FVTPL.
All equity investments (except investment in subsidiary, associate and
joint venture) included within the FVTPL category are measured at fair
value with all changes recognised in the statement of profit and loss.
In addition, the Company may elect to designate an instrument, which otherwise
meets amortised cost or FVOCI criteria, as FVTPL. However, such election is
allowed only if doing so reduces or eliminates a measurement or recognition
inconsistency (referred to as ‘accounting mismatch’).
Derecognition
When the Company has transferred its rights to receive cash flows from the
asset or has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a ‘pass-through’ arrangement; It evaluates
if and to what extent it has retained the risks and rewards of ownership.
A financial asset (or, where applicable, a part of a financial asset or part of a
Company of similar financial assets) is primarily derecognised when:
• The rights to receive cash flows from the asset have expired, or
• Based on above evaluation, either
(a) the Company has transferred substantially all the risks and rewards
of the asset, or
(b) t he Company has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the
asset.
When it has neither transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the Company continues
to recognise the transferred asset to the extent of the Company’s continuing
involvement. In that case, the Company also recognises an associated liability.
The transferred asset and the associated liability are measured on a bases that
reflect the rights and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred
asset is measured at the lower of the original carrying amount of the asset and
the maximum amount of consideration that the Company could be required to
repay.
In accordance with Ind AS 109, the Company applies expected credit loss (ECL)
model for measurement and recognition of impairment loss on the financial
assets which are not fair value through profit and loss and equity instruments
recognised in OCI.
The Company follows ‘simplified approach’ for recognition of impairment loss
allowance on trade receivables. It recognises impairment loss allowance based
on lifetime ECLs at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure,
the Company determines that whether there has been a significant increase in
the credit risk since initial recognition. If credit risk has not increased significantly,
12-month ECL is used to provide for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used.
Lifetime ECL are the expected credit losses resulting from all possible default
events over the expected life of a financial instrument. The 12-month ECL is a
portion of the lifetime ECL which results from default events that are possible
within 12 months after the reporting dale.
ECL is the difference between all contractual cash flows that are due to the
Company in accordance with the contract and all the cash flows that the entity
expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When
estimating the cash flows, an entity is required to consider:
• All contractual terms of the financial instrument (including prepayment,
extension, call and similar options) over the expected life of the
financial instrument. However, in rare cases when the expected life of
the financial instrument cannot be estimated reliably, then the entity
is required to use the remaining contractual term of the financial
instrument.
• Cash flows from the sale of collateral held or other credit enhancements
that are integral to the contractual terms.
ECL impairment loss allowance (or reversal) recognised during the period is
recognised as income/ expense in the statement of profit and loss. This amount
is reflected under the head ‘other expenses’ in the statement of profit and loss.
b) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities
at fair value through profit and loss or at amortised cost, as appropriate. All
financial liabilities are recognised initially at fair value and, in the case of loans
and borrowings, net of directly attributable transaction costs. The Company’s
financial liabilities include trade payables, borrowings and other payables.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as
described below:
Financial liabilities at amortised cost
After initial recognition, interest-bearing loans and borrowings and other
payables are subsequently measured at amortised cost using the EIR method.
Gains and losses are recognised in profit and loss when the liabilities are
derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit and loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is
discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange
or modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts
is recognised in the statement of profit and loss.
c) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported
in the balance sheet if there is a currently enforceable legal right to offset the
recognised amounts and there is an intention to settle on a net basis, to realise
the assets and settle the liabilities simultaneously.
(vi) Income tax
I ncome tax expense comprises current and deferred tax. It is recognised in the
Statement of profit and loss except to the extent that it relates to an item recognised
directly in equity or in other comprehensive income.
i) Current tax
Provision for current tax is made under the tax payable method, based on the
liability computed, after taking credit for allowances and exemptions as per the
provisions of Income Tax Act, 1961. Company has opted for lower tax regime as
per 115BAA, accordingly the income tax is computed.
Current tax assets and current tax liabilities are offset only if there is a legally
enforceable right to set off the recognised amounts, and it is intended to realise
the asset and settle the liability on a net basis or simultaneously.
ii) Deferred tax
Deferred tax is provided using the liability method on temporary differences
between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purposes at the reporting date. Deferred tax liabilities are
recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of an asset
or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither the accounting profit nor taxable
profit or loss.
• In respect of taxable temporary differences associated with investments in
subsidiaries when the timing of the reversal of the temporary differences
can be controlled and it is probable that the temporary differences will not
reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences and
the carry forward of any unused tax losses. Deferred tax assets are recognised
to the extent that it is probable that taxable profit will be available against which
the deductible temporary differences, and the carry forward of unused tax
losses can be utilised, except:
• When the deferred tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that
is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss.
• In respect of deductible temporary differences associated with investments
in subsidiaries deferred tax assets are recognised only to the extent that it
is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary
differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date
and reduced to the extent that it is no longer probable that sufficient taxable
profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and
are recognised to the extent that it has become probable that future taxable
profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected
to apply in the year when the asset is realised or the liability is settled, based on
tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax relating to items recognised outside profit and loss is recognised
outside profit and loss (either in OCI or in equity). Deferred tax items are
recognised in correlation to the underlying transaction either in OCI or directly
in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable
right exists to set off current tax assets against current tax liabilities and the
deferred taxes relate to the same taxable entity and the same taxation authority.
(vii) Property and equipment
All items of property and equipment are initially recorded at cost. Cost of property and
equipment comprises purchase price, non-refundable taxes, levies, and any directly
attributable cost of bringing the asset to its working condition for the intended use. After
initial recognition, property and equipment are measured at cost less accumulated
depreciation and any accumulated impairment losses. The carrying values of
property and equipment are reviewed for impairment when events or changes in
circumstances indicate that the carrying value may not be recoverable. The cost of an
item of property and equipment is recognised as an asset if, and only if, it is probable
that future economic benefits associated with the item will flow to the Company and
the cost of the item can be measured reliably. The cost includes the cost of replacing
part of the property and equipment and borrowing costs that are directly attributable
to the acquisition, construction or production of a qualifying property and equipment.
The Company identifies and determines cost of each component/ part of the asset
separately, if the component/ part has a cost which is significant to the total cost of the
asset and has useful life that is materially different from that of the remaining asset.
Property and equipment are eliminated from standalone financial statements, either
on disposal or when retired from active use. Losses arising in case of retirement of
property and equipment and gains or losses arising from disposal of property and
equipment are recognised in statement of profit and loss in the year of occurrence.
The assets’ residual values, useful lives and methods of depreciation are reviewed
at each financial year and adjusted prospectively, if appropriate. Depreciation is
calculated on a straight-line basis over the estimated useful lives of the assets. Useful
lives (except computer equipment’s) used by the Company are different from rates
prescribed under Schedule II of the Companies Act 2013. These rates are based
on evaluation of useful life estimated by the management supported by internal
technical evaluation. The useful lives of the property and equipment are as follows:
intangibles, excluding the amount at which research are not capitalised and the
related expenditure is charged to Statement of profit or loss in the period in which
the expenditure is incurred.
Intangible assets are amortised over the useful economic life and assessed for
impairment whenever there is an indication that the intangible asset may be
impaired. The amortisation period and the amortisation method for an intangible
asset are reviewed at least at the end of each reporting period. Changes in the
expected useful life or the expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify the amortisation period
or method, as appropriate, and are treated as changes in accounting estimates.
Company amortised intangible assets (Zeptolab-IP Rights) over the period of 6 years,
as the company expects to generate future benefits from the given assets for a
period of 6 years
The amortisation expense on intangible assets is recognised in the statement of
profit and loss unless such expenditure forms part of carrying value of another asset.
Gains or losses arising from derecognition of an intangible asset are measured as the
difference between the net disposal proceeds and the carrying amount of the asset
and are recognised in the statement of profit or loss when the asset is derecognised.
(viii) Intangible assets
Intangible assets are recognised when it is probable that the future economic
benefits that are attributable to the assets will flow to the Company and the cost of
the asset can be measured reliably.
Intangible assets acquired separately are measured on initial recognition at
cost. Following initial recognition, intangible assets are carried at cost less any
accumulated amortisation and accumulated impairment losses. Internally generated
(ix) Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that
an asset may be impaired. If any indication exists, or when annual impairment testing
for an asset is required, the Company estimates the asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s
(CGU) net selling price and its value in use. The recoverable amount is determined
for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets. When the
carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount.
I n assessing value 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. In determining fair
value less costs of disposal, recent market transactions are taken into account. If no
such transactions can be identified, an appropriate valuation model is used.
The impairment calculations are based on detailed budgets and forecast calculations
for each of the Company’s CGUs covering a period of five years and applying a long¬
term growth rate to project future cash flows after the fifth year. Impairment losses of
operations are recognised in the statement of profit and loss.
At each reporting date if there is an indication that previously recognised impairment
losses no longer exist or have decreased, the company estimates the asset’s or
CGU’s recoverable amount. A previously recognised impairment loss is reversed in
the statement of profit and loss only to the extent of lower of its recoverable amount
or carrying amount net of depreciation considering no impairment loss recognised in
prior periods only if there has been a change in the assumptions used to determine
the asset’s recoverable amount since the last impairment loss was recognised.
(x) Leases
The Company evaluates each contract or arrangement, whether it qualifies as lease
as defined under Ind AS 116.
Company as lessee
The Company’s leased assets consist of leases for building. The Company assesses
whether a contract is, or contains lease, at inception of a contract. A contract is, or
contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Company assesses
whether the Company has right to:
a. Obtain substantially all the economic benefits from use of the identified asset
through the period of the lease and
b. Direct the use of the identified asset
The Company determines the lease term as the non-cancellable period of a lease,
together with periods covered by an option to extend the lease, where the Company
is reasonably certain to exercise that option.
The Company at the commencement of the lease contract recognises a Right-of-
Use (ROU) asset at cost and corresponding lease liability, except for leases with
term of less than twelve months (short term leases) and low-value assets. For these
short term and low value leases, the company recognises the lease payments as an
operating expense on a straight-line basis over the lease term. Company has opted
for short term exemption in case of current lease.
The cost of the ROU assets comprises the amount of the initial measurement of
the lease liability, any lease payments made at or before the inception date of the
lease plus any initial direct costs, less any lease incentives received. Subsequently,
the ROU assets are measured at cost less any accumulated depreciation and
accumulated impairment losses, if any. ROU asset are depreciated using the straight¬
line method from the commencement date over the shorter of lease term or useful
life of ROU assets. The estimated useful lives of ROU assets are determined on the
same basis as those of property and equipment.
The Company applies Ind AS 36 to determine whether a RoU asset is impaired and
accounts for any identified impairment loss as described in the impairment of non¬
financial assets above.
For lease liabilities at the commencement of the lease, the Company measures the
lease liability at the present value of the lease payments that are not paid at that date.
The lease payments are discounted using the interest rate implicit in the lease, if that
rate is readily determined, if that rate is not readily determined, the lease payments
are discounted using the incremental borrowing rate that the Company would have
to pay to borrow funds, including the consideration of factors such as the nature of
the asset and location, collateral, market terms and conditions, as applicable in a
similar economic environment.
After the commencement date, the amount of lease liabilities is increased to reflect
the accretion of interest and reduced for the lease payments made.
(xi) Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on
hand and short-term deposits with an original maturity of three months or less, which
are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of
cash and short-term deposits, as defined above.
(xii) Other bank balances
Other bank balances in the balance sheet comprise of deposits with an original
maturity of more than three months but less than twelve months, margin money
against bank guarantee and restricted cash and cash equivalent.
(xiii) Cash flow statement
Cash flows are reported using the indirect method, whereby profit for the period
is adjusted for the effects of transactions of a non-cash nature, any deferrals or
accruals of past or future operating cash receipts or payments and item of income
or expenses associated with investing or financing cash flows. The cash flows from
operating, investing and financing -activities of the Company are segregated.
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