GoConnect : Quarterly activities report and Quarterly cash flow report for the period ended 30 June 2022

29 July 2022

GoConnect Limited

ACN 089 240 353

1st Floor, 237 East Boundary Road, Bentleigh East VIC 3165 Australia

Tel: [phone]

Quarterly activities report and Quarterly cash flow report for the period ended 30 June 2022

The Directors of GoConnect Limited (NSX: GO8 ("GO8") provide the following report for the quarter ended 30 June 2022.

	June 22	March 22
	quarter	quarter	change	%
Income from sale of investment	-	53,000	-53,000	-100%
Payment for Staff costs	-30,000	-16,000	-14,000	88%
Payment for operating expenses	-26,205	-9,760	-16,445	168%
Repayment of borrowings	6,000	-5,500	11,500	-209%
Net cash flows	-50,205	21,740	-71,945	-331%

	June 22	March 22	December 21
	quarter	quarter	quarter
Income from sale of investment	-	53,000	127,000
Payment for Staff costs	-30,000	-16,000	-40,000
Payment for operating expenses	-26,205	-9,760	-22,248
Payment for NSX listing expenses	-	-	-52,726
Repayment of borrowings	6,000	-5,500	-16,000
Net cash flows	-50,205	21,740	-3,974

GO8 continued to derive income from sale of investment. However, in the June 2022 quarter, GO8 withheld further sale pending the generation of revenue from a number of investments held by Go Green Holdings Ltd. Go Green Holdings Ltd co-founded by GO8 is expected to generate its own revenue and profits during the next 12 months and will then be in a position to distribute dividends to its shareholders including GO8. Nevertheless, GO8 generated $75,000 of Go Green Holdings share sale revenue after 30 June 2022.

GO8 continues to be supported, when required, by Sino Investment Services Pty Ltd with unused credit facility at the end of the June 2022 quarter. The unused credit facility together with the company's ability to generate income from investment will be more than sufficient to cover GO8's future expenses.

Quarterly Business Activities Report

GO8 Group investment and business portfolio

Together with its 43.7% owned associate Go Green Holdings Ltd ("GGH"), which GO8 co- founded in late 2015 ("the Group"), the Group actively manages and operates a number of high growth businesses and investments. These include: plant based meat sales and marketing

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(wholly owned by GGH), antiviral and anti-inflammatory drug development for treatment of Covid-19 via Covirix Medical Pty Ltd (about 25% owned by GGH), GGH's celebrity product endorsement and representation, crypto investment via GGH's holding in Zucoins (40,000 Zucoins owned directly by GGH, and 80,000 Zucoins owned by Covirix Medical), and development of Augmented Reality Hologram Chat technology (80% owned by GGH), a unique communication platform being developed for the Metaverse. Each of these businesses and investments has significant growth prospects and can be expected to generate long term substantial enterprise value for the Group. Covirix Medical is planning to seek a stock exchange listing. The plant based meat sales and marketing business is in partnership discussion with the aim to establish an Australian partnership via Natures Inspired Food Services Pty Ltd which is currently wholly owned by GGH.

The state of Covid pandemic underpins the critical importance of Covirix Medical

Due to the continuing surge of Covid infections in the June 2022 quarter, the Group decided to focus most of management's time on supporting the activities of Covirix Medical.

In our March quarterly report, we commented that though reported cases of infections and deaths from Covid-19 have fallen significantly, that the much reduced reported case numbers were due largely to the lack of testing and unreliable test results from some Rapid Antigen Tests ("RATs"). As some of the popular RAT brands in the market were not able to detect Omicron, giving rise to many false negative results. Yet in many countries including Australia, access to the more reliable PCR tests are being restricted. Recent news reports are much in agreement with our concerns. It is disappointing that economic and healthcare policy makers are continuing to rely on unreliable statistics to develop and implement their Covid response policies. These misguided policies in turn support the continuing relaxation of the strict social distancing measures imposed in many countries up till the end of 2021. International and domestic air travels are back in full swing with many countries including Australia, even abandoning the need for proof of negative Covid test results prior to boarding. Meanwhile multiple Omicron variants particularly Omicron BA.4 and BA.5 are ravaging the world unchecked due to the relaxation or abolition of most restrictions. Covid pandemic mismanagement is giving the Omicron variants the window to drive the current surge in infections. As the healthcare systems in most countries including that of Australia are already at the breaking point, we may well be staring at a replay of the disastrous periods throughout 2020 and early 2021 of the pandemic with significant rise in hospitalizations and deaths without sufficient high care support personnel. Hospitalization cases reached record high this week in Australia while 126 Covid deaths registered on 27 July this week was the second highest on record in Australia.

While antiviral treatments for Covid have been introduced in the past 9 months, Paxlovid by Pfizer, and Molnupiravir by Merck, we are now seeing logistical problems with their distribution in Australia, similar to those early day problems with the rollout of vaccines. There is still an urgent need to expand the portfolio of targeted, economical, and more effective antiviral treatments with minimal side effects for the whole world.

Covirix Medical is progressing to human clinical trials with its primary antiviral drug candidate CVX-20733 on the Indian subcontinent. Upon successful human clinical trials of CVX-20733, it will be the first small molecule broad spectrum inhalable antiviral drug suitable to treat Covid.

In recent weeks, Covirix Medical has attracted the interest of a major European investment bank. The company is working with the investment bank to raise pre IPO funds to finance the clinical trials and connect with their pharmaceutical industry clients.

Covirix Medical prepares for stock exchange listing

Covirix Medical has strengthened its intellectual property position during the March 2022 quarter. International provisional patents filed by Covirix Medical have been published. An Australian patent has also been filed.

Covirix Medical is also accelerating the development of its Covid diagnostic business supported by the US DiaCarta Inc. Covirix Medical holds a sole distribution agency for Australia and New Zealand for DiaCarta Inc. which specializes in providing diagnostic solutions including Covid PCR and Rapid Antigen Tests (RATs). The RAT has already received the EC mark approval from the EU regulator. The EC mark is globally regarded as the gold standard. As DiaCarta's Australian sponsor, Covirix Medical has applied to the Australian regulator Therapeutic Goods Administration ("TGA") for registration of the DiaCarta RAT for official sale in Australia. Assessment of the TGA registration of the DiaCarta RAT has commenced recently.

In June 2022, Covirix Medical entered into a global strategic partnership with DiaCarta to implement a Test to Treat solution against the Covid pandemic. This solution will first be rolled out on the Indian subcontinent. People tested positive of Covid with the DiaCarta test will be selected to join the Covirix Medical clinical trials to receive the antiviral trial drug.

An in-depthresearch report of Covirix Medical was published in June 2022 by Pitt Street Research which has a strong reputation among institutional investors and investment banks for their research and analysis of biotech and health science investments. A copy of the report is available under this link:Covirix Medical - Pitt Street Research | Stock research.

The above developments, upon successful completion, will add substantial enterprise value to Covirix Medical and therefore will significantly lift the value of GGH's investment in this company.

Crypto investment in Zucoins improves income and asset value

GGH directly, and Covirix Medical hold a significant number of Zucoins, a crypto token expected to be listed and trading on 4 major global crypto exchanges by end of September 2022. The listing of Zucoins is expected to further improve the income and asset value of both GGH and Covirix Medical in the next 12 months which improved value will flow through to GO8 thought its significant interest in GGH.

GGH underpins GO8 asset value

GO8 currently holds 43.7% of the issued shares of GGH. The value of GGH shares will ultimately be dependent on the underlying fundamental value of its portfolio of businesses and investments. Management of the Group has set the goal to continue to improve the enterprise value of these businesses and investments.

Yours sincerely

Richard Li

Chairman

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NSX Quarterly Report

Quarterly Report

Name of entity

GoConnect Ltd

ABN		Quarter ended ("current quarter")
14 089 240 353		30 June 2022

Consolidated statement of cash flows

			Current quarter	Year to date (12
Cash flows related to operating activities	$A	months)
				$A
1.1	Receipts from customers	-	180,000
1.2	Payments for
	(a)	staff costs	-30,000	-116,000
	(b)	advertising and marketing
	(c)	research and development
	(d)	leased assets
	(e)	other working capital	-26,205	-72,682

1. Dividends received
2. Interest and other items of a similar nature received
3. Interest and other costs of finance paid
4. Income taxes paid

1.7 Other - NSX listing expense		-52,726
Net operating cash flows	-56,205	-61,408

				NSX Quarterly Report
			Current quarter	Year to date (12
			$A	months)
				$A
1.8	Net operating cash flows (carried forward)	-56,205	-61,408
		Cash flows related to investing activities
1.9	Payment for acquisition of:
		(a) businesses (item 5)
		(b) equity investments
		(c) intellectual property
		(d) physical non-current assets
		(e) other non-current assets
1.10	Proceeds from disposal of:
		(a) businesses (item 5)
		(b) equity investments
		(c) intellectual property
		(d) physical non-current assets
		(e) other non-current assets
1.11	Loans to other entities
1.12	Loans repaid by other entities
1.13	Other (provide details if material)
		Net investing cash flows
1.14	Total operating and investing cash flows	-56,205	-61,408
		Cash flows related to financing activities
1.15	Proceeds from issues of shares, options,
		etc.
1.16	Proceeds from sale of forfeited shares
1.17	Proceeds from borrowings
1.18	Repayment of borrowings	6,000	-23,500
1.19	Dividends paid
1.20	Other (provide details if material)
		Net financing cash flows	6,000	-23,500
		Net increase (decrease) in cash held	-50,205	-84,908
1.21	Cash at beginning of quarter/year to date	53,561	88,265
1.22	Exchange rate adjustments to item 1.20
1.23	Cash at end of quarter	3,356	3,356

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