It should be noted that each feature is released with its minimum viable product/version to start generating revenue. It is then enhanced to provide additional functionality.
Expansion of operations in Cyprus (Part G.3.2 of the Company’s Admission Document)
Given the continuing global COVID‐19 pandemic and the uncertainties it creates, in 2021 the company focused on expanding the RichReach application with new functions and preparing for the RichReach app for international operations.
As observed in the Company’s 2021 unaudited half-yearly consolidated financial statements, the Company’s revenue increased further in the first 6 months of 2021 (€220,410) compared to the first 6 months of 2020 (158,218 €). There was a further increase in the second half of 2021.
Expansion of operations outside of Cyprus (Part G.3.3 of the Company’s Admission Document)
In 2021, we have fully automated the customer onboarding process and are currently implementing the billing system.
Before releasing the RichReach app outside of Cyprus, we plan to release its international version in Cyprus. This will allow us to examine how it performs in a high volume environment with more customers and users (compared to today) and, if necessary, improve it further to meet the requirements. even more important international operations.
The RichReach app will initially be promoted outside of Cyprus using Cyprus online advertising and without a presence on the ground.
Parallel listing of the Company’s Shares on another European Stock Exchange (Part G.3.4 of the Company
There has been no progress on this business goal in 2021. We will revisit this after expanding our operations outside of Cyprus.
The management team of RichReach Corporation Public Ltd 24and from January 2021
page 2 of 2