Exhibit 99.19

Entity 15

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

(Incorporated in Hong Kong with limited liability)

Report and Condensed Financial Statements

For the ten months ended 31 October 2022

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

REPORTS AND CONDENSED FINANCIAL STATEMENTS

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

CONTENTS

	Pages

Independent Review Report	1 - 2

Condensed Statement of Profit or Loss and Other Comprehensive Income	3

Condensed Statement of Financial Position	4

Condensed Statement of Changes in Equity	5

Condensed Statement of Cash Flows	6

Notes to the Condensed Financial Statements	7-12

Appendices (For management information only)

Detailed Income Statement	i

Overhead Expenses	ii

INDEPENDENT REVIEW REPORT

TO THE BOARD OF DIRECTORS OF

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

(Incorporated in Hong Kong with limited liability)

Introduction

We have reviewed the interim financial information set out on pages 3 to 12 which comprises the condensed statement of financial position of the Company as at 31 October 2022 and the related condensed statement of profit or loss and other comprehensive income, condensed statement of changes in equity and condensed statement of cash flows for the ten-month period then ended, and a summary of significant accounting policies and other explanatory notes. The preparation of a report on interim financial information to be in compliance with the relevant provisions thereof, International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) and Hong Kong Accounting Standard 34 “Interim Financial Reporting” (“HKAS 34”) issued by the International Accounting Standards Board (“IASB”) and Hong Kong Institute of Certified Public Accountants (the “HKICPA”) respectively. The directors are responsible for the preparation and presentation of this interim financial information in accordance with IAS/HKAS 34. Our responsibility is to express a conclusion on this interim financial information based on our review and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Scope of Review

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the HKICPA. A review of interim financial information consists of making inquires, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

INDEPENDENT REVIEW REPORT

TO THE BOARD OF DIRECTORS OF

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

(Incorporated in Hong Kong with limited liability)

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is not prepared, in all material respects, in accordance with IAS/HKAS 34.

/s/ RSM Hong Kong

Certified Public Accountants

29th Floor, Lee Garden Two

28 Yun Ping Road, Causeway Bay

Hong Kong

14 February 2023

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

			Unaudited Ten months ended 31 October
	Note		2022			2021
			USD			USD
Revenue		3		20,009,272			24,108,197

Freight costs				(17,043,457	)		(17,854,304	)

Gross profit				2,965,815			6,253,893

Other income		4		2,351,202			2,003,108
Other gains and losses		5		(131,197	)		(53,635	)
Administrative expenses				(2,866,900	)		(2,861,515	)
Other operating expenses				(682,982	)		(883,738	)

Profit from operations				1,635,938			4,458,113

Finance costs				(105,331	)		(355,321	)

Profit before taxation		6		1,530,607			4,102,792

Income tax expense		7		(73,846	)		-

Profit for the period				1,456,761			4,102,792

Other comprehensive income for the period, net of tax				-			-

Total comprehensive income for the period				1,456,761			4,102,792

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

CONDENSED STATEMENT OF FINANCIAL POSITION

AT 31 OCTOBER 2022

(Expressed in United States dollars)

	Note		Unaudited 31 October 2022			Audited 31 December 2021
			USD			USD
Non-current assets

Property and equipment		8		202,461			275,226
Right-of-use assets		9		483,629			879,266
Investment in subsidiaries				2,379,100			2,379,100
Investment in an associate				64,103			64,103
Deferred tax assets				-			73,846
				3,129,293			3,671,541
Current assets

Trade receivables		10		3,817,474			9,789,615
Prepayments, deposits and other receivables				246,273			290,043
Amounts due from related parties		11		36,377			21,808
Pledged bank deposits				2,422,656			2,479,144
Cash at bank and on hand				2,398,917			4,590,327
				8,921,697			17,170,937
Current liabilities

Trade payables		12		9,783,616			10,471,881
Other payables and accrued expenses				1,034,517			779,861
Amounts due to related parties		11		548,030			2,710,190
Bank loans and overdrafts				4,487			6,064,464
Lease liabilities				360,481			524,208
				11,731,131			20,550,604
Net current liabilities				(2,809,434	)		(3,379,667	)

Total assets less current liabilities				319,859			291,874

Non-current liabilities

Bank loans and overdrafts				-			109,209
Lease liabilities				116,155			390,850
				116,155			500,059
NET ASSETS/(LIABILITIES)				203,704			(208,185	)

Capital and reserve

Share capital		13		128,205			128,205
Reserves				75,499			(336,390	)
TOTAL EQUITY/(CAPITAL DEFICIENCY)				203,704			(208,185	)

Approved by the Board of Directors on 14 February 2023 and are signed on its behalf by:


Lee Chi Tak, Richard		Lee Man Bun, Patrick

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

			Unaudited
	Note		Share capital		(Accumulated losses)/ Retained profits			Total
			USD		USD			USD
Balance at 1 January 2021				128,205		(5,056,342	)		(4,928,137	)

Total comprehensive income for the period				-		4,102,792			4,102,792

At 31 October 2021				128,205		(953,550	)		(825,345	)

Balance 1 January 2022				128,205		(336,390	)		(208,185	)

Total comprehensive income for the period				-		1,456,761			1,456,761

Dividends paid		13(b)		-		(1,044,872	)		(1,044,872	)

Balance at 31 October 2022				128,205		75,499			203,704

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

CONDENSED STATEMENT OF CASH FLOWS

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

			Unaudited
			Ten months ended 31 October
	Note		2022			2021
			USD			USD
Operating activities

Profit before taxation				1,530,607			4,102,792
Adjustments for:
- Depreciation of property and equipment		6(c)		72,765			74,290
- Depreciation of right-of-use assets		6(c)		395,637			238,392
- Finance costs		6(a)		105,331			355,321
- Interest income		4		(4,706	)		(26,400	)

Operating profit before changes in working capital				2,099,634			4,744,395

Decrease/(increase) in trade receivables				5,972,141			(5,401,961	)
Decrease/(increase) in prepayments, deposits and other receivables				43,770			(242,783	)
(Increase)/decrease in amounts due from related parties				(14,569	)		2,053,436
(Decrease)/increase in trade payables				(688,265	)		2,053,801
Increase in other payables and accrued expenses				254,656			1,243,940
(Decrease)/increase in amount due to related parties				(2,162,160	)		13,603,915

Cash generated from operations				5,505,207			18,054,743

Interests paid				(90,439	)		(340,997	)
Interest on lease liabilities				(14,892	)		(14,324	)

Net cash generated from operating activities				5,399,876			17,699,422

Investing activities

Redemption in investments				-			1,928,298
Decrease/(increase) in pledged bank deposits				56,488			(15,011,861	)
Purchase of property and equipment				-			(33,119	)
Interest received		4		4,706			26,400

Net cash generated from/(used in) investing activities				61,194			(13,090,282	)

Financing activities

Proceeds from new bank loans				11,886,372			28,778,891
Repayment of bank loans				(17,966,480	)		(27,726,349	)
Dividend paid				(1,044,872	)		-
Principal elements of lease payments				(438,422	)		(213,322	)

Net cash (used in)/generated from financing activities				(7,563,402	)		839,220

Net (decrease)/increase in cash and cash equivalents				(2,102,332	)		5,448,360

Cash and cash equivalents at 1 January				4,501,249			(5,919,371	)

Cash and cash equivalents at 31 October				2,398,917			(471,011	)

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

1.	BASIS OF PREPARATION

These condensed financial statements have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” and Hong Kong Accounting Standard 34 “Interim Financial Reporting” issued by the International Accounting Standards Board (“IASB”) and the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) respectively.

These condensed financial statements should be read in conjunction with the 2021 annual financial statements. The accounting policies (including the significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty) and methods of computation used in the preparation of these condensed financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2021.

As Hong Kong dollars (“HKD”) is pegged to United States dollar (“USD”), the management of the Company used the exchange rate of USD1:HKD7.8 for the translation of presentation currency from HKD to USD.

2.	ADOPTION OF NEW AND REVISED INTERNATIONAL / HONG KONG FINANCIAL REPORTING STANDARDS

The accounting policies applied in these condensed financial statements are the same as those applied in the Company’s financial statements as at and for the year ended 31 December 2021. In the current period, the Company has adopted all the new and revised International Financial Reporting Standards and Hong Kong Financial Reporting Standards issued by IASB and the HKICPA respectively that are relevant to its operations and effective for its accounting year beginning on 1 January 2022 but they do not have a material effect on the Company’s financial statements.

A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2022 and earlier application is permitted. The Company has not early adopted any of the forthcoming new or amended standards in preparing these condensed interim financial statements.

3.	REVENUE

The principal activities of the Company are investment holding and the provision of air and ocean freight forwarding services.

Revenue represents gross invoiced freight income for the year and recognised at a point in time for the period.

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

4.	OTHER INCOME

	Ten months ended 31 October
	2022		2021
	USD		USD
	(Unaudited)		(Unaudited)
Bank interest income		4,706		10,230
Dividend income		1,044,872		501,326
Government grants		144,616		78,897
Loan interest income		-		16,170
Management fee income		1,089,439		1,301,558
Rental income		1,026		10,256
Other income		66,543		84,671
		2,351,202		2,003,108

5.	OTHER GAINS AND LOSSES

	Ten months ended 31 October
	2022			2021
	USD			USD
		(Unaudited)			(Unaudited)
Net foreign exchange losses		(131,205	)		(53,635	)
Others		8			-
		(131,197	)		(53,635	)

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

6.	LOSS BEFORE TAXATION

Loss before taxation is arrived at after charging:

	Ten months ended 31 October
	2022		2021
	USD		USD
	(Unaudited)		(Unaudited)
(a) Finance costs:
Interest expense on lease liabilities		14,892		14,324
Interest on bank loans and overdrafts		90,439		340,997
		105,331		355,321

(b) Staff costs (including directors’ remuneration)
Salaries, allowances and other benefits		1,965,007		1,894,203
Contribution to defined contribution retirement plan		74,687		72,605
Salaries and allowances		2,039,694		1,966,808

(c) Other item:
Depreciation of property and equipment		72,765		74,290
Depreciation of right-of-use assets		395,637		238,392
Operating lease rentals		-		135,341
- property rentals		67,178		47,025
- director quarter		67,178		182,366

7.	INCOME TAX EXPENSE

	Ten months ended
	31 October
	2022		2021
	USD		USD
	(Unaudited)		(Unaudited)
Deferred tax		73,846		-

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

8.	PROPERTY AND EQUIPMENT

No property and equipment was acquired by the Company during the ten months ended 31 October 2022 (2021: USD33,119).

9.	RIGHT-OF-USE ASSETS

No new lease agreement entered by the Company during the ten months ended 31 October 2022.

10.	TRADE RECEIVABLES

All trade receivables are expected to be recovered within one year.

Trade receivables represented by:

	31 October 2022		31 December 2021
	USD		USD
	(Unaudited)		(Audited)
- Third parties		1,482,333		3,763,687
- Subsidiary		12,828		21,655
- Associate		22,678		806,110
- Immediate holding company		23,565		-
- Fellow subsidiaries		34,231		2,396,100
- Related companies		2,241,839		2,802,063
		3,817,474		9,789,615

11.	AMOUNTS DUE FROM/TO RELATED PARTIES

	31 October 2022		31 December 2021
	USD		USD
	(Unaudited)		(Audited)
Amounts due from related parties
- Immediate holding company		36,325		-
- Associate		-		21,593
- Director		52		215
		36,377		21,808
Amounts due to related parties
- Immediate holding company		-		2,399,522
- Related company		548,030		310,668
		548,030		2,710,190

The balances with related parties are unsecured, interest-free and have no fixed terms of repayment.

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

12.	TRADE PAYABLES

Trade payables are expected to be settled within one year.

Trade payables represented by:

	31 October		31 December
	2022		2021
	USD		USD
	(Unaudited)		(Audited)
Trade payables
- Third parties		1,207,855		5,271,836
- Associate		15,950		125,761
- Fellow subsidiaries		7,494,235		4,855,263
- Related companies		1,040,036		182,110
- Immediate holding company		25,540		36,911
		9,783,616		10,471,881

13.	CAPITAL, RESERVES AND DIVIDENDS

(a) Share capital

31 October 2022

31 December 2021

Number of shares

Amount

Number of shares

Amount

HKD

(Unaudited)

HKD
(Unaudited)

Ordinary share, issued and fully paid

1,000,000

Equivalent to

USD

128,205

USD

128,205

(b) Dividends

The directors have declared the following dividends during the period:

	Ten months ended 31 October
	2022		2021
	USD		USD
	(Unaudited)		(Unaudited)
2022 interim dividend of USD0.77 per ordinary share declared on 23 August 2022		769,231		-
2022 interim dividend of USD0.28 per ordinary share declared on 30 September 2022		275,641		-
		1,044,872		-

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

14.	MATERIAL RELATED PARTY TRANSACTIONS

During the period, the Company entered into the following material related party transactions:

	Ten months ended 31 October
	2022		2021
	USD		USD
	(Unaudited)		(Unaudited)
Immediate holding company
Management income received		1,070,208		1,282,324
Management fee paid		314,626		434,312
Corporate fee paid		69,300		50,249
Dividend paid		1,044,872		-
Sundry income received		50,388		49,976
Freight charges paid		7,246		9,095

Fellow subsidiaries
Freight income received		1,458,689		230,126
Freight charges paid		345,340		98,279
Loan interest income received		-		16,170
Office support services expenses paid		-		16,903

Subsidiaries
Dividend income		-		501,326
Freight income received		4,621		364,181
Freight charges paid		3,741		207,479
Management income received		-		9,615
Rental income received		-		5,128

Associate
Dividend income		1,044,872		-
Freight income received		153,554		1,960,444
Freight charges paid		152,757		311,493
Management income received		19,231		9,615
Rental income received		1,026		5,128

Related parties
Freight income received		7,536,818		9,375,725
Freight charges paid		221,409		2,231,349
Rent paid		67,178		227,230

Balances with related parties are disclosed in the condensed statement of financial position and in notes 10, 11 and 12 to the condensed financial statements.

15.	APPROVAL OF FINANCIAL STATEMENTS

The interim financial statements were approved and authorised for issue by the Board of Directors on 14 February 2023.

Appendix i

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

DETAILED INCOME STATEMENT

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

(For Management Information Only)

	Ten months ended 31 October
	2022			2021
	USD			USD
	(Unaudited)			(Unaudited)
FREIGHT INCOME		20,009,272			24,108,197

Freight costs (Appendix ii)		(17,043,457	)		(17,854,304	)

GROSS PROFIT		2,965,815			6,253,893

OTHER INCOME

Bank interest income		4,706			10,230
Dividend income		1,044,872			501,326
Government grants		144,616			78,897
Loan interest income		-			16,170
Management income		1,089,439			1,301,558
Rental income		1,026			10,256
Sundry income		66,543			84,671
		2,351,202			2,003,108

OTHER GAINS AND LOSSES

Net exchange losses		(131,205	)		(53,635	)
Others		8			-
		(131,197	)		(53,635	)

EXPENDITURE (APPENDIX ii)

Administrative expenses		(2,866,900	)		(2,861,515	)
Other operating expenses		(682,982	)		(883,738	)
		(3,549,882	)		(3,745,253	)

OPERATING PROFIT		1,635,938			4,458,113

Finance costs (Appendix ii)		(105,331	)		(355,321	)

PROFIT BEFORE TAXATION		1,530,607			4,102,792

Appendix ii

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

OVERHEAD EXPENSES

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

(For Management Information Only)

	Ten months ended 31 October
	2022		2021
	USD		USD
	(Unaudited)		(Unaudited)
FREIGHT COSTS

Agency fees		129,181		31,971
Freight and handling charges		16,914,276		17,822,333
		17,043,457		17,854,304

ADMINISTRATIVE EXPENSES

Distribution costs

Advertisement and promotion		1,366		1,432
Staff commission		195,903		288,597
Motor vehicles expenses		32,320		34,577
Telephone, facsimile and internet		25,302		25,384
		254,891		349,990

Staff

Directors’ remuneration		311,907		230,954
Provident fund contributions		74,687		72,605
Recruitment expenses		1,639,389		1,636,727
Salaries and bonuses		12,589		24,839
Staff welfare benefits		2,039,694		1,966,808

Premises

Building management fee		48,625		45,959
Computer expenses		34,178		20,604
Depreciation of right-of-use assets		395,637		238,392
Office cleaning expenses		13,843		8,974
Office support services		-		16,903
Rent and rates expenses - office		18,718		158,767
Rent and rates expenses - storage		2,982		3,771
Repairs and maintenance expenses		37,190		28,428
Utility electricity and water		21,142		22,919
		572,315		544,717
		2,866,900		2,861,515

Appendix ii (cont’d)

UNIQUE LOGISTICS INTERNATIONAL (H.K.) LIMITED

OVERHEAD EXPENSES

FOR THE TEN MONTHS ENDED 31 OCTOBER 2022

(Expressed in United States dollars)

(For Management Information Only)

	Ten months ended 31 October
	2022			2021
	USD			USD
	(Unaudited)			(Unaudited)

OTHER OPERATING EXPENSES

Communications

Postage and courier charges		3,182			3,258
Printing and stationery		23,038			21,346
		26,220			24,604

Financial and other expenses

Auditor’s remuneration		12,974			12,974
Bank charges		102,522			182,642
Business registration fee		64			64
Corporate fee		69,300			50,249
Depreciation of property and equipment		72,765			74,290
Dues & subscription		11,708			14,633
General expenses		15,254			3,702
Insurance		(3,328	)		(12,874	)
Legal and professional fees		34,150			43,956
Management fee		314,626			434,312
Stamp duty		-			967
Withholding expense		-			25,066
		630,035			829,981

Travelling and entertainment

Entertainment		10,332			11,070
Travelling - local		16,395			18,083
		26,727			29,153
		682,982			883,738

FINANCE COSTS

Interest expense on lease liabilities		14,892			14,324
Interest on bank loans and overdrafts		90,439			340,997
		105,331			355,321