Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental Sustainability
• Social Responsibility
• Governance

Environmental Achievements

• Offsetting CO2 emissions generated from each ride through various environmental sustainability practices, including the planting of thousands of trees.

Social Achievements

• Giving riders a choice between electric vehicles, hybrid vehicles and conventional gas-powered vehicles.
• Drivers are real partners in the Company, benefitting from uniquely customized incentives and rewards that reflect a dedication to shared success.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: IFRS

Certifications: Null

Third-party Assurance: NVS Professional Corporation

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Acquired EcoCRED, an interactive carbon credits analytics, trading and education platform. Intention is for entire platform to be powered by it to automatically capture carbon reductions and offsets in real-time.
• Launched Steer, an electric and hybrid vehicle subscription service, in Toronto, Ontario.
• EcoCRED App estimates users’ daily carbon footprint and suggests ways to reduce it.

Social Achievements

• Centralized technology, back-end systems and human resources on Social to improve operational and capital efficiency.
• Foods serves local communities by supporting local restaurants and enabling drivers to generate revenue.
• Foods prides itself on thorough driver onboarding and training processes, safety features, and extended delivery radius to cater to remote and underserved communities.

Governance Achievements

• Appointed two new members to its Board of Directors.
• Enhanced disclosure of revenue recognition policies.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacted demand for ridesharing business and led to impairment of HiRide platform.
• Global chipset shortages slowed development and deployment of TraceSCAN devices.
• Working capital deficiency and net loss.
• Potential reclassification of drivers as employees.
• Competition and price sensitivity.
• Providing quality user support at scale.
• Fluctuations in operating results due to seasonality and other factors.
• Economic conditions impacting discretionary consumer spending.
• Maintaining a strong reputation and brand.
• Compliance with various laws and regulations.
• Privacy laws and data security.
• Fraudulent transactions.
• Illegal activities by users.
• Unexpected events (natural disasters, public health crises, etc.).
• Dependence on Internet and mobile devices.
• Mobile operating systems and application marketplaces.
• Security and privacy breaches.
• Undetected errors in software.
• Cyberattacks.
• Reliance on third-party payment processors.
• Claims of infringement of intellectual property.
• Failure to protect intellectual property.
• Safety incidents.
• Drivers' licensing requirements.
• Insurance coverage.
• Changes in accounting principles.
• Public company requirements.
• Share price volatility.
• Sales by existing shareholders.

Mitigation Strategies

• Launched new services and expanded existing ones to respond to the COVID-19 pandemic.
• Monitoring foreign exchange rate trends (but not hedging currency risk).
• Placing cash and cash equivalents with financially stable and insured institutions.
• Using a payment collection platform to mitigate credit risk from receivables.
• Reviewing capital requirements and forecasting cash flows to manage liquidity risk.
• Completed private placements to raise capital.
• Plans to improve cash management, gross profit margins, and increase revenues.
• Implementing measures to anticipate, identify, and address risks of illegal activities.
• Developing systems and processes to protect user data and prevent security breaches.
• Maintaining various insurance coverages.
• Engaging an independent national accounting firm to advise on internal review of Foods’ sales and marketing expenses.

Supply Chain Management

Responsible Procurement

• Marketplace offers curated merchandise typically created from sustainably sourced materials and linked to social causes.

Climate-Related Risks & Opportunities

Opportunities

• Creating new product offerings and markets by demonstrating how products and services can help mitigate climate change.

Reporting Standards

Frameworks Used: IFRS

Sustainable Products & Innovation

• Steer EV subscription service
• EcoCRED App
• Marketplace with sustainably sourced merchandise

Environmental Metrics

ESG Focus Areas

• Environmental Responsibility
• Social Responsibility
• Sustainable Business Practices

Environmental Achievements

• Offered riders the opportunity to mitigate the carbon footprint of their ride with carbon offsets.
• Planted thousands of trees based on user consumption.
• Offered choices between electric, hybrid and conventional vehicles in its rideshare service.
• Developed the EcoCRED App to estimate users' daily carbon footprint and suggest ways to reduce it.

Social Achievements

• Launched Facedrive Foods, supporting local restaurants and enabling drivers to generate revenue when rideshare demand is low.
• Implemented contactless delivery options in Facedrive Foods, benefiting consumers and businesses.
• Developed HiPanda app to raise awareness of mental health issues.
• Developed TraceSCAN wearable technology for contact tracing.

Governance Achievements

• Extended lock-up period for shares owned by key executives.
• Appointed two new members to the Board of Directors.
• Completed acquisition of EcoCRED and Steer.

Climate Goals & Targets

Environmental Challenges

• Impact of COVID-19 pandemic on rideshare business.
• Delay in commercial launch of HiRide car-pooling platform.
• Chipset shortages impacting TraceSCAN V2 device rollout.

Mitigation Strategies

• Launched new services and expanded existing ones, particularly in food delivery.
• Acquired Foodora and Food Hwy to expand food delivery operations.
• Developed alternative sourcing strategies (not explicitly stated, but implied by addressing chipset shortages).

Supply Chain Management

Responsible Procurement

• Facedrive Marketplace targets socially-conscious consumers and offers eco-friendly/sustainably manufactured merchandise.

Climate-Related Risks & Opportunities

Opportunities

• Creating new product offerings and markets by mitigating climate change effects.

Sustainable Products & Innovation

• EcoCRED App
• Facedrive Marketplace merchandise

Environmental Metrics

ESG Focus Areas

• Environmental Responsibility
• Social Responsibility
• Sustainable Business Practices

Environmental Achievements

• Offered riders the opportunity to mitigate the carbon footprint of their ride with carbon offsets.
• Planted thousands of trees based on user consumption.
• Offered choices between electric, hybrid and conventional vehicles in its rideshare service.
• Developed EcoCRED app to estimate users' daily carbon footprint and suggest ways to reduce it.

Social Achievements

• Launched Facedrive Foods, supporting local restaurants and enabling drivers to generate revenue.
• Implemented contactless delivery options in Facedrive Foods, benefiting consumers and businesses.
• Developed TraceSCAN wearable technology for contact tracing.
• Launched Facedrive Social, an e-social platform focused on socially-productive engagement.

Governance Achievements

• Appointed two new members to the Board of Directors.
• Promoted Suman Pushparajah to CEO and appointed Junaid Razvi as Chairman.
• Enhanced disclosure of revenue recognition policies and incentive expenses.

Climate Goals & Targets

Environmental Challenges

• Impact of COVID-19 pandemic on ridesharing demand.
• Delays in the commercial launch of the car-pooling platform (HiRide).
• Material uncertainties regarding the adequacy of the Company’s expected future working capital and the Company’s ability to complete a successful financing in the short term.
• Global chipset shortages impacting the development of TraceSCAN V2 devices.

Mitigation Strategies

• Launched new services and expanded existing ones, particularly in food delivery.
• Acquired Foodora Canada and Food Hwy to expand food delivery operations.
• Acquired Steer to offer electric and hybrid vehicle subscriptions.
• Fully wrote off the HiRide platform and brand name.
• Seeking external financing in Q1 2022.
• Improving cash management through expense reductions and automation.

Supply Chain Management

Responsible Procurement

• Sourcing of merchandise for Facedrive Marketplace focused on eco-friendly and sustainably manufactured items.

Climate-Related Risks & Opportunities

Opportunities

• Creating new product offerings and markets by mitigating the effects of climate change.

Sustainable Products & Innovation

• Facedrive Rideshare's carbon offset program.
• Facedrive Marketplace's curated merchandise.
• EcoCRED app.
• TraceSCAN wearable technology.

Environmental Metrics

ESG Focus Areas

• Climate Change
• Social Responsibility
• Sustainability

Environmental Achievements

• Offered carbon offsets to mitigate the carbon footprint of rides.
• Offered electric and hybrid vehicle options through Steer.
• Acquired EcoCRED, LLC, a company with a carbon footprint estimation app.

Social Achievements

• Launched Facedrive Foods, supporting local restaurants and providing contactless delivery.
• Developed TraceSCAN, a contact-tracing solution in partnership with the University of Waterloo.
• Created Facedrive Marketplace, an online store offering eco-friendly and sustainably manufactured goods.

Governance Achievements

• Key executives extended their lock-up periods for their shares.
• Appointed two new members to the Board of Directors.

Climate Goals & Targets

Environmental Challenges

• Decreased demand for ridesharing due to COVID-19 lockdowns.
• Challenges in scaling TraceSCAN to generate significant revenue.
• Chipset shortages impacting the release of TraceSCAN V2 devices.

Mitigation Strategies

• Launched and expanded food delivery services (Facedrive Foods).
• Secured a grant from the Ontario Together Fund for TraceSCAN development.
• Continued to develop and finalize TraceSCAN V2 devices, despite chipset shortages.
• Exploring European expansion opportunities.

Supply Chain Management

Responsible Procurement

• Sourcing eco-friendly and sustainably manufactured goods for Facedrive Marketplace.

Climate-Related Risks & Opportunities

Opportunities

• Development of energy-efficient products and services (e.g., Steer).

Sustainable Products & Innovation

• TraceSCAN
• EcoCRED app
• Facedrive Marketplace products

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Offered carbon offsets to mitigate the carbon footprint of rides (Facedrive Rideshare)
• Offered eco-friendly products on Facedrive Marketplace

Social Achievements

• Launched Facedrive Health, providing contact tracing and health services
• Developed TraceSCAN, an AI-enhanced wearable contact tracing solution
• Created Facedrive Social, a platform for connecting people in a physically-distanced world
• Partnered with the University of Waterloo on TraceSCAN

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Impact of COVID-19 lockdowns on ridesharing demand
• Delays in the launch of the carpooling platform (resulting in impairment loss)

Mitigation Strategies

• Launched new services and expanded existing ones, particularly in food delivery
• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: IFRS

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Eco-friendly products on Facedrive Marketplace
• TraceSCAN wearable contact tracing solution

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• Social Responsibility
• Governance

Environmental Achievements

• Offers carbon offsets to mitigate the carbon footprint of rideshare services.
• Uses sustainably sourced materials in its Marketplace offerings.
• Developed the EcoCRED app to estimate users' carbon footprint and suggest reduction strategies.

Social Achievements

• Emphasizes driver safety with enhanced health and background screening protocols.
• Supports local businesses and communities through long-radius delivery.
• Centralized On-Demand service platforms into one mobile application for economies of scale.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Economic recession, inflation, and potential impact on supply chain costs and demand.
• Legal challenges regarding the classification of drivers as independent contractors.
• Competition in the market and price sensitivity.
• Maintaining high-quality user support as the business grows.
• Fluctuations in operating results due to seasonality and other factors.
• Potential for security breaches and data privacy issues.
• Reliance on third-party payment processors.
• Potential intellectual property infringement claims.
• Safety incidents involving drivers, riders, and third parties.
• Changes in accounting principles and public company requirements.

Mitigation Strategies

• Monitoring expenses and consumer behavior to maximize revenue and profit margins.
• Implementing measures to address potential reclassification of drivers.
• Developing unique sales channels and marketing strategies for EV subscriptions.
• Investing in efficient user support systems.
• Closely monitoring economic conditions and adapting strategies as needed.
• Developing and implementing robust security and privacy measures.
• Diversifying payment processor relationships.
• Protecting and enforcing intellectual property rights.
• Implementing driver qualification processes and background checks.
• Adapting to changes in accounting principles and public company requirements.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Uses curated merchandise typically created from sustainably sourced materials.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Development of energy-efficient products and services

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Steer EV subscription service, EcoCRED app, Marketplace with sustainably sourced materials

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Carbon reductions and offsets
• Environmental consciousness in supply chain

Environmental Achievements

• Acquired EcoCRED, an ESG big-data analytics machine for carbon impacts and offsets.

Social Achievements

• Partnership with Ontario Medical Association to increase sales opportunities.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting demand for ride-sharing and resulting in impairment of HiRide platform.
• Volatility in financial markets due to COVID-19 concerns.

Mitigation Strategies

• Launched new services and expanded existing ones to adapt to the pandemic.
• Monitoring foreign exchange rate trends (for currency risk).

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Environmentally conscious supply options in B2B Marketplace.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: IFRS

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• TraceSCAN application
• Electric vehicles through STEER EV

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Carbon reductions and offsets

Environmental Achievements

• Acquired EcoCRED, an ESG big-data analytics machine for carbon impacts and offsets.

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacted demand for ride-sharing business, leading to impairment of HiRide platform.
• Economic impact of COVID-19 caused market volatility, affecting stock price and access to capital.

Mitigation Strategies

• Launched new services and expanded existing ones to respond to the pandemic.
• Continuously reviews capital requirements and forecasted cash flows to ensure sufficient liquidity.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• B2B Marketplace provides environmentally conscious supply options.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: IFRS

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• TraceSCAN wearables
• EV subscription service

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• Environmental Sustainability
• Social Responsibility
• Governance

Environmental Achievements

• Launched STEER EV, an electric vehicle subscription service, contributing to carbon emission reduction.
• Developed EcoCRED, a big data analytics engine to measure and report on carbon reductions and offsets.
• Increased market share for environmentally conscious supplies in its B2B Marketplace.

Social Achievements

• Emphasis on driver safety with enhanced health and background screening protocols.
• Focus on supporting local businesses and communities through long-radius delivery and grocery delivery services.
• Strategic Partnership with the Ontario Medical Association to offer EV subscriptions at preferential terms.

Governance Achievements

• Change in senior management team.
• Completed private placements to raise capital for business development.
• Formal approval for name change to STEER Technologies Inc.

Climate Goals & Targets

Environmental Challenges

• Impact of COVID-19 pandemic on ride-sharing demand.
• Economic uncertainty due to potential recession and stagflation.
• Rising supply chain costs due to inflation.

Mitigation Strategies

• Expansion of services (e.g., DaaS, grocery delivery) to diversify revenue streams.
• Monitoring expenses and consumer behavior to maximize revenue and profit margins.
• Renegotiation with payment gateway for lower fees.
• Securing greater credit facilities with Fleet Management Companies to boost STEER EV's operational capacity.

Supply Chain Management

Responsible Procurement

• Increased market share for environmentally conscious supplies in its B2B Marketplace.

Climate-Related Risks & Opportunities

Opportunities

• Development of energy-efficient products and services.

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)

STEER's initiatives, such as STEER EV and EcoCRED, contribute to reducing carbon emissions and promoting sustainable transportation and consumption patterns.

Sustainable Products & Innovation

• Electric vehicle subscription service (STEER EV)
• EcoCRED platform for carbon footprint tracking and offsetting
• B2B Marketplace with environmentally conscious supply options

Environmental Metrics

ESG Focus Areas

• Climate Change
• Carbon Reduction
• Carbon Offsets
• Sustainability

Environmental Achievements

• Launched EcoCRED, a big data, analytics and machine learning engine to measure and report on carbon reductions and offsets.
• Expanded electric vehicle (EV) subscription service (STEER EV) to new regions in North America.
• Integrated carbon emission tracking into Rideshare service, allowing users to choose between electric, hybrid, or gas vehicles and offsetting carbon impact.

Social Achievements

• Centralized On-Demand service platforms into one mobile application ("STEER"), improving economies of scale and potentially lowering costs.
• Emphasized driver safety with enhanced health and background screening protocols in its On-Demand services.
• Supported local businesses and communities through its food delivery and B2B Marketplace offerings.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Potential impact of economic recession and stagflation on sales, supply chain costs, and consumer demand.
• Uncertainty regarding the commercial viability of the TraceSCAN project due to post-COVID market dynamics.

Mitigation Strategies

• Monitoring expenses and consumer behavior to maximize revenues and gross profit margins during periods of inflation.
• Assessing the best use case for TraceSCAN devices and determining future resource allocation.
• Seeking more efficient ways of generating sales.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• B2B Marketplace aims to provide environmentally conscious supply options to restaurants.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Development of energy-efficient products and services.

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Electric vehicle subscription service (STEER EV)
• EcoCRED platform for carbon footprint estimation and offsetting

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• Carbon Reduction
• Sustainability

Environmental Achievements

• Launched STEER EV, an electric vehicle subscription service, contributing to carbon emission reduction through increased electric vehicle adoption.
• Developed EcoCRED, a big data analytics engine to measure and report on carbon reductions and offsets.

Social Achievements

• Centralized On-Demand service platforms into one mobile application, improving operational efficiency and potentially lowering costs.
• Emphasized driver safety with enhanced health and background screening protocols.
• Supported local businesses and communities through long-radius delivery and features in its food delivery service.

Governance Achievements

• Implemented a Disclosure Committee and enhanced disclosure practices following a settlement agreement with the Ontario Securities Commission.

Climate Goals & Targets

Environmental Challenges

• Economic recession, inflation, and potential impact on supply chain costs and consumer demand.
• Working capital deficiency.

Mitigation Strategies

• Monitoring expenses and consumer behavior to maximize revenue and profit margins.
• Seeking equity or debt financing for market expansion.
• Improving operational efficiencies to reduce costs.
• Spinning off a portion of its B2B Marketplace to generate funding.

Supply Chain Management

Climate-Related Risks & Opportunities

Opportunities

• Development of energy-efficient products and services.

Sustainable Products & Innovation

• STEER EV (electric vehicle subscription service)
• EcoCRED platform

Environmental Metrics

ESG Focus Areas

• Carbon reductions and offsets
• Sustainability

Environmental Achievements

• Improved operational efficiency by reducing car dormancy in EV subscription service
• Centralization of On-Demand service platforms to minimize supply chain logistics cost

Social Achievements

• Emphasis on driver safety with enhanced health and background screening protocols
• Thorough driver onboarding and training processes
• Focus on supporting local businesses and communities

Governance Achievements

• Strategic reduction of legal and accounting fees to reduce overhead
• More cautious spending decisions made by management

Climate Goals & Targets

Environmental Challenges

• Lower-than-expected sales across all technology markets due to economic recession and inflation
• Higher supply chain costs due to inflation
• Decreased demand for products and services due to inflation
• Working capital deficiency

Mitigation Strategies

• Monitoring expenses and consumer behaviours to maximize revenues and gross profit margins
• Monitoring economic conditions closely
• Improving operational efficiencies
• Optimizing payout structure to reduce costs
• Renegotiation of payment terms with payment processing platforms
• Seeking equity or debt financing for market expansion

Supply Chain Management

Climate-Related Risks & Opportunities

Opportunities

• Creating new product offerings and new markets by mitigating the effects of climate change

Sustainable Products & Innovation

• STEER EV electric vehicle subscription service
• EcoCRED Platform