TIDMBIDS
RNS Number : 5810T
Bidstack Group PLC
26 March 2021
Certain information contained within this Announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in
the United Kingdom. Upon publication of this Announcement, this
information is now considered to be in the public domain.
26 March 2021
Bidstack Group Plc
("Bidstack" or "the Company")
Preliminary Results for the year ended 31 December 2020
Annual Report & Accounts 2020
Strong tangible progress: campaigns undertaken globally with ROI
for brands demonstrated.
Confident of further material growth in 2021
Bidstack Group Plc (LON: BIDS), the native in-game advertising
group, is pleased to announce the publication of its Annual Report
and Accounts for the year ended 31 December 2020 ("Annual
Report").
The Annual Report is available for immediate download at
https://www.bidstack.com/2020-annual-report and
www.bidstackgroup.com .
Financial Performance
-- Revenue of GBP1.7m (FY 2019: GBP0.14m) - in excess of market expectations
-- Cash balance at 31 December 2020 of GBP2.3m (31 December
2019: GBP3.1m) - in line with market expectations
-- Adjusted loss before tax GBP6.99m (FY 2019: GBP5.4m) - in line with market expectations
-- Successful oversubscribed placing raising gross proceeds of GBP5.7m in June 2020
Operational Performance
-- Ran over 40 in-game advertising campaigns
-- Added 25 new partners, covering over 30 markets, to Bidstack's Approved Partner Network
-- Signed agreements with some of the world's largest
international advertising agency holding groups including
Interpublic, Omnicom, Publicis and WPP
-- Ran over 10 direct campaigns for brands across five key
verticals: luxury, consumer packaged goods, financial services,
automotive and retail
-- 6 new esports team collaborations and 2 franchises signed
-- Currently working with 20 games including 5 games from 3 AAA game studios
-- An additional 6 AAA games covered by partnership agreements
Outlook and Prospects
In 2021 Bidstack intends to continue building its technology to
unlock the potential of gaming for advertisers by focusing on
raising awareness with global agency holding groups and
advertisers, showing evidence of return on investment with ad
measurement and through increasing the ease of purchase with
premium inventory.
In addition, the Company will be stepping up its investment in
growing its robust pipeline of AAA and high-fidelity game portfolio
and mobile publisher base, diversifying its product offering to
publishers, rolling out its Pubguard security product and enhancing
its SDK integration.
Bidstack's focus on execution will accelerate in 2021-2022
ensuring the Company's performance builds on what was achieved in
2020 and supports its long-term plans by focusing on building an
open exchange industry standard and infrastructure for advertisers
to buy in-game ads seamlessly, continuing to build Bidstack's
proprietary self-serve technology features and strengthening its
safety features with Pubguard.
Bidstack will also continue working to define the taxonomy of
in-game advertising including formats, sizing, copy and best
practices.
The Company ended 2020 with cash reserves of GBP2.3 million
(2019: GBP3.1 million) and no debt. As always cash management
remains a key focus within the business as the Board expects
Bidstack to continue to have negative cash flows in 2021. However,
the Company is now aided by regular cash receipts arising in the
ordinary course of trading which are having a positive impact on
our monthly burn rate. In addition, the Company has also received a
non-trading cash payment in January 2021 in excess of GBP0.5m and
expects to receive a further similar receipt in late Q2 2021.
The Board expects that revenues for 2021, while materially
greater than 2020, will continue to be significantly second half
weighted.
James Draper, CEO of Bidstack, said:
"The journey so far, our future growth strategy and near term
deliverables are clearly presented in our 2020 Annual Report which
I urge all shareholders to read given the incremental detail that
it provides. The Annual Report is published today and can be
downloaded from https://www.bidstack.com/2020-annual-report and
www.bidstackgroup.com ."
-S-
Contacts
Bidstack Group PLC
James Draper, CEO via Buchanan
SPARK Advisory Partners Limited (Nomad)
Mark Brady / Neil Baldwin / James Keeshan +44 (0) 203 368 3550
Stifel Nicholas Europe Limited (Broker)
Fred Walsh/Luisa Orsini Baroni +44 (0) 20 7710 7600
Buchanan Communications Limited
Chris Lane / Stephanie Watson / Kim van
Beeck
bidstack@buchanan.uk.com +44 (0) 20 7466 5000
Extracts from the Chairman's Statement in the Annual Report
Introduction
2020 has been a year of immense progress for Bidstack. While the
significant increase in revenues in the second half are a
distinctly tangible sign of progress, it does not do justice to the
full extent of the evolution of the Company over the period.
Progress in 2020
We have set out in considerable detail our progress in having
in-game advertising accepted as a new and recognised media channel
throughout our Annual Report, which can be accessed here at
https://www.bidstack.com/2020-annual-report and
www.bidstackgroup.com . Key points to note include:
-- we are working closely with some of the largest global
advertising agencies in the world including Dentsu, Havas,
Interpublic, Omnicom, Publicis and WPP,
-- our successful brand uplift studies for brands including
Acer, Burberry, Coca-Cola, Jimmy Dean, McDonalds, MG, Paco Rabanne,
Santander, TalkTalk and VW show that our in-game ads deliver better
results than other traditional channels,
-- our technology supports Unity, Unreal, C++, Linux, iOS and Android,
-- we have created a proprietary ad server for in-game ad inventory (AdConsole),
-- we are working with leading independent digital and audience
measurement experts Moat by Oracle, Comscore and Nielsen to provide
verification of delivery of our ads, and
-- we have played a leading role in the IAB's efforts to define
in-game advertising as a channel, as outlined in their recently
published "Guide to Gaming" whitepaper.
Outlook and Prospects
In 2020, Bidstack made strong and tangible progress towards our
ambition to become the global leading advertising and monetisation
platform for interactive entertainment. Bidstack has proven its
initial concept through bringing premium advertisers into the world
of gaming, securing exclusive contracts with household name game
developers and building the technology infrastructure to enable
both sides to seamlessly transact.
Our strategy has been to take no shortcuts from either a
technological or commercial perspective. This is now paying off,
with significant advertising agencies and brands planning around
our premium inventory and with our technology providing transparent
reporting on campaign performance.
We believe that Bidstack is now well established across its
three key pillars of advertisers, publishers & platforms and
product development. It is vital for Bidstack to continue to
consolidate its leading position through execution and scaling its
value proposition into new markets.
The Board expects that revenues for 2021, while materially
greater than 2020, will continue to be second half weighted.
With the commercial, operational, proprietary data and
technology we have at hand, I believe Bidstack is well positioned
for the journey ahead.
Donald Stewart
Chairman
Consolidated statement of comprehensive income
for the year ended 31 December 2020
Year ended Year ended
31 December 31 December
2020 2019
GBP GBP
Revenue 1,695,620 140,391
Cost of sales (1,470,389) (106,697)
----------- -----------
Gross profit 225,231 33,694
Administrative expenses (7,218,789) (5,353,375)
----------- -----------
Operating loss before acquisition
related costs (6,993,558) (5,319,681)
Transaction costs - (44,833)
Share based payment on reverse
acquisition - -
----------- -----------
Operating (loss) (6,993,558) (5,364,514)
Finance income 2,525 8,060
Finance costs (1,179) (967)
(Loss) before taxation (6,992,212) (5,357,421)
Taxation 597,035 148,141
----------- -----------
(Loss) for the year (6,395,177) (5,209,280)
Other comprehensive income
Total other comprehensive income - -
----------- -----------
Total comprehensive (loss) for
the year (6,395,177) (5,209,280)
=========== ===========
Loss per share - basic and diluted
(pence) (1.65) (2.26)
The notes to the accounts published in the Annual Report form
part of the financial statements.
Consolidated statement of financial position
as at 31 December 2020
31 December 31 December
2020 2019
ASSETS GBP GBP
Non-current assets
Intangible assets 279,955 310,960
Property, plant and equipment 28,388 22,377
Right of use asset 7,577 26,710
============ ============
Total non-current assets 315,920 360,047
============ ============
Current assets
Trade and other receivables 2,391,300 533,207
Cash and cash equivalents 2,347,114 3,148,540
------------ ------------
Total current assets 4,738,414 3,681,747
============ ============
Total assets 5,054,334 4,041,794
============ ============
EQUITY AND LIABILITIES
Equity
Share capital 6,234,261 5,516,759
Share premium account 27,984,716 23,283,880
Share-based payment reserve 1,282,556 734,365
Merger relief reserve 6,508,673 6,508,673
Reverse acquisition reserve (23,320,632) (23,320,632)
Warrant reserve 71,480 71,480
Retained losses (15,578,902) (9,183,725)
------------ ------------
Total equity 3,182,152 3,610,800
============ ============
Non-current liabilities
Lease liability - 8,300
------------ ------------
Total non-current liabilities - 8,300
============ ============
Current liabilities
Trade and other payables 1,863,739 406,672
Lease liability 8,443 16,022
Total current liabilities 1,872,182 422,692
============ ============
Total equity and liabilities 5,054,334 4,041,794
============ ============
The notes to the accounts published in the Annual Report form
part of the financial statements.
Consolidated statement of changes in equity
for the year ended 31 December 2020
Share-based Merger Reverse
Share Share payment relief acquisition Warrant Retained
capital premium reserve reserve reserve reserve losses Total equity
GBP GBP GBP GBP GBP GBP GBP GBP
Balance as at
1
January 2019 5,286,429 18,000,247 258,060 6,213,021 (23,320,632) 71,480 (3,974,445) 2,534,160
Issue of
shares 225,982 5,541,549 - - - - - 5,767,531
Issue of
consideration
shares 4,348 - - 295,652 - - - 300,000
Costs of
raising
equity - (257,916) - - - - - (257,916)
Share-based
payments - - 476,305 - - - - 476,305
Loss and total
comprehensive
income for
the year - - - - - - (5,209,280) (5,209,280)
Balance as at
31
December 2019 5,516,759 23,283,880 734,365 6,508,673 (23,320,632) 71,480 (9,183,725) 3,610,800
=========== ============ =========== =========== ============== ======== ============== =============
Issue of
shares 717,502 5,032,518 - - - - - 5,750,020
Issue of - - - - - - - -
consideration
shares
Costs of
raising
equity - (331,682) - - - - - (331,682)
Share-based
payments - - 548,191 - - - - 548,191
Loss and total
comprehensive
income for
the year - - - - - - (6,395,177) (6,395,177)
Balance as
at 31
December
2020 6,234,261 27,984,716 1,282,556 6,508,673 (23,320,632) 71,480 (15,578,902) 3,182,152
=========== ============ =========== =========== ============== ======== ============== =============
The notes to the accounts published in the Annual Report form
part of the financial statements.
Consolidated statement of cash flows
for the year ended 31 December 2020
31 December 31 December
2020 2019
GBP GBP
Cash flows from operating activities
(Loss) before taxation (6,992,212) (5,357,421)
Adjustments for:
Amortisation - Intangibles 31,574 18,859
Amortisation - Right of use asset 19,621 5,337
Depreciation 13,021 8,330
Equity settled share-based payments 548,191 476,305
Doubtful debts expenses (19,265) 325,200
Interest received (2,525) (8,060)
Interest paid 1,179 967
(6,400,416) (4,530,483)
Changes in working capital
Decrease/(increase) in trade and other
receivables (1,241,792) 151,646
(Decrease)/increase in trade and other
payables 1,457,069 (80,204)
----------- -----------
Cash used in operations (6,185,103) (4,459,041)
Net cash used in operations (6,185,103) (4,459,041)
Cash flow from investing activities
Investment in intangible assets (570) (370)
Cash acquired with subsidiary - 6,683
Investment in property, plant and equipment (19,033) (14,272)
----------- -----------
Net cash flow (used in)/generated from
investing activities (19,603) (7,959)
Cash flow from financing activities
Proceeds from issue of share capital 5,750,020 5,767,531
Cost of issue (331,682) (257,916)
Interest paid (1,215) (967)
Principal paid on finance leases (16,368) (7,725)
Interest received 2,525 8,060
Net cash generated from financing activities 5,403,280 5,508,983
Increase in cash and cash equivalents
in the year (801,426) 1,041,983
Cash and cash equivalents at beginning
of year 3,148,540 2,106,557
Cash and cash equivalents at the end of
the year 2,347,114 3,148,540
=========== ===========
The notes to the accounts published in the Annual Report form
part of the financial statements.
Extracts from the notes to the financial statements
2 Summary of significant accounting policies
Basis of preparation
The consolidated financial statements consolidate those of the
Company and its subsidiary (together the "Group"). The financial
statements have been prepared on a going concern basis in
accordance with International Financial Reporting Standards (IFRSs)
and International Financial Reporting Interpretation Committee
(IFRIC) interpretations as endorsed by the European Union
("IFRS-EU"), and those parts of the Companies Act 2006 applicable
to companies reporting under IFRS.
Management has implemented logistical and organisational changes
to underpin the Group's resilience to the impact felt by the
COVID-19 pandemic, with the key focus being protecting all
personnel, minimising the impact on critical work streams and
ensuring business continuity. The effect on the economy may impact
the Group in varying ways, which could lead to a direct bearing on
the Group's ability to generate future cash flows for working
capital purposes. The inability to gauge the length of such
disruption further adds to this uncertainty. For these reasons the
generation of sufficient operating cash flows remain a risk.
Management is closely monitoring commercial and technical aspects
of the Group's operations to mitigate risk, and believes the Group
will have access to sufficient working capital to continue
operations for the foreseeable future.
Consolidation
The consolidated financial statements consolidate the financial
statements of the Company and the results of its subsidiary
undertakings Bidstack Limited, Minimised Media 'Pubguard' and
Bidstack SIA, made up to 31 December 2020.
Subsidiaries are entities over which the Group has control. The
Group controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over
the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated
from the date that control ceases.
Going concern
The Board continues to adopt the going concern basis to the
preparation of the financial statements as it is confident of the
Group continuing operations into the foreseeable future. The
Board's forecasts for the Group include due consideration of future
capital in-flows, continued operating losses, projected increase in
revenues and cash-burn of the Group (and taking account of
reasonably possible changes in trading performance and also changes
outside of expected trading performance) for a minimum period of at
least twelve months from the date of approval of these financial
statements. This assessment has been arrived at after the Board has
considered various alternative operating strategies should these be
necessary in the light of actual trading performance not matching
the Group's forecasts given the current macro-economic conditions,
and are satisfied that such revised operating strategies could be
adopted, if and when necessary. Specific attention needs to drawn
to the comments made under principal risks and uncertainties in
respect of the impact the Coronavirus pandemic on Going Concern and
the approaches being taken by the Group to manage and mitigate such
additional operational and financial risk the environment presents.
Therefore, the Directors consider the going concern basis
appropriate.
The Directors have stress tested the Group's cash projections,
which involves preserving cash flows and adopting a policy of
minimal cash spending for a period of at least 12 months from the
date of approval of these financial statements. The Directors
believe the measures they have put in place and will result in
sufficient working capital and cash flows to continue in
operational existence.
The financial statements have been prepared on a going concern
basis and do not include the adjustments that would be required
should the going concern basis of preparation no longer be
appropriate. The Group's business activities, together with the
factors likely to affect its future development, performance and
position are set out in the Chairman's statement above.
The financial statements as at 31 December 2020 show that the
Group generated an operating loss for the year of GBP6.4 million
(2019: GBP5.2 million) after accounting for the costs directly
related to the issue of shares of GBP0.033 million (2019:
GBP0.025million); with cash used in operating activities of GBP6.2
million (2019: GBP4.5 million). Group balance sheet also showed
cash reserves as at 31 December 2020 of GBP2.3 million (2019:
GBP3.1 million). The Group is dependent on further equity
fundraising in order to operate as a going concern for at least
twelve months from the date of approval of the financial
statements. Although the entity has had past success in fundraising
and continues to attract interest from investors, making the Board
confident that such fundraising will be available to provide the
required capital, there can be no guarantee that such fundraising
will be available. Accordingly, this constitutes a material
uncertainty over going concern.
The Board has considered various alternative operating
strategies should these be necessary in the light of actual trading
performance not matching the Group's forecasts given the current
macro-economic conditions, and are satisfied that such revised
operating strategies could be adopted, if and when necessary.
Specific attention needs to drawn to the comments made in respect
of the impact the COVID-19 pandemic on Going Concern and the
approaches being taken by the Group to manage and mitigate the
additional operational and financial challenges the environment
presents.
Revenue Recognition
Revenue represents amounts receivable for goods and services
provided in the normal course of business, and excludes intragroup
sales, Value Added Tax and trade discounts. Revenue comprises:
-- Sale of advertising space: the value of goods and services is
recognised across the period of use.
-- Sale of reseller rights: the value of goods and services is
recognised upon agreement.
-- Sale of development programmes and content creation: the
value of goods and services supplied is recognised on delivery of
content and accepted by customers.
-- Sponsorship income: the value of goods and services is
recognised over the time period to which it relates.
Net finance costs
Finance costs comprise interest on bank loans and other interest
payable. Interest on bank loans and other interest is charged to
the Statement of Comprehensive Income over the term of the debt
using the effective interest rate method so that the amount charged
is at a constant rate on the carrying amount.
Finance income comprises interest receivable on loans to related
parties. Interest income is recognised in the Statement of
Comprehensive Income as it accrues using the effective interest
method.
Tax on the profit or loss for the year comprises current and
deferred tax. Tax is recognised in the Statement of Comprehensive
Income except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Taxation
Current tax is recognised as the amount of corporation tax
payable in respect of taxable profit for the current or past
reporting periods using tax rates and laws that have been enacted
or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences
at the reporting date, except as otherwise indicated.
Deferred tax assets are only recognised to the extent that it is
probable that they will be recovered against the reversal of
deferred tax liabilities or other future taxable profits.
Deferred tax is calculated using the tax rates and laws that
have been enacted or substantively enacted by the reporting date
that are expected to apply to the reversal of the timing
difference.
With the exception of changes arising on initial recognition of
a business combination, the tax expense/(income) is presented
either in the income statement, other comprehensive income or
equity depending on the transaction that resulted in the tax
expense/(income).
Deferred tax liabilities are presented within provisions for
liabilities and deferred tax assets within debtors. Deferred tax
assets and deferred tax liabilities are offset only if:
- the company has a legally enforceable right to set off current
tax assets against current tax liabilities, and
- the deferred tax assets and deferred tax liabilities relate to
corporation tax levied by the same taxation authority on either the
same taxable entity or different taxable entities which intend
either to settle current tax liabilities and assets on a net basis,
or to realise the assets and settle the liabilities
simultaneously.
Research and Development tax credits are recognised as
receivables when an inflow of economic benefit is certain, until
then a contingent asset in respect of probable Corporation Tax is
disclosed.
Valuation of investments
Investment in subsidiary undertakings are accounted for at cost
less impairment. Advances to subsidiaries are initially recorded at
fair value based on a market rate of interest and subsequently at
amortised cost. The difference between funds advanced and fair
value is recorded in investments.
Impairment of fixed asset investments
An impairment review of fixed asset investments is conducted
annually, and any resulting impairment loss is measured and
recognised on a consistent basis.
Leased assets
All leases are accounted for by recognising a right-of-use asset
and a lease liability except for:
- Leases of low value assets; and
- Leases with a duration of 12 months or less.
Lease liabilities are measured at the present value of the
contractual payments due to the lessor over the lease term, with
the discount rate determined by reference to the rate inherent in
the lease unless (as is typically the case) this is not readily
determinable, in which case the incremental borrowing rate on
commencement of the lease is used.
On initial recognition, the carrying value of the lease
liability also includes:
- amounts expected to be payable under any residual value guarantee;
- any penalties payable for terminating the lease, if the term
of the lease has been estimated on the basis of the termination
option being exercised.
Right of use assets are initially measured at the amount of the
lease liability, reduced for any lease incentives received, and
increased for:
- lease payments made at or before commencement of the lease;
- initial direct costs incurred; and
- the amount of any provision recognised where the Group is
contractually required to dismantle, remove or restore the leased
asset.
Subsequent to initial measurement, lease liabilities increase as
a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made. Right-of-use
assets are amortised on a straight-line basis over the remaining
term of the lease or over the remaining economic life of the asset
if, rarely, this is judged to be shorter than the lease term. When
the Group revises its estimate of the term of any lease (because,
for example, it re-assesses the probability of a lessee extension
or termination option being exercised), it adjusts the carrying
amount of the lease liability to reflect the payments to make over
the revised term, which are discounted at the same discount rate
that applied on lease commencement.
An equivalent adjustment is made to the carrying value of the
right-of-use asset, with the revised carrying amount being
amortised over the remaining (revised) lease term.
Goodwill
Goodwill represents the difference between amounts paid on the
cost of a business combination and the fair value of Bidstack
Group's share of the identifiable assets and liabilities of the
acquiree at the date of acquisition. Subsequent to initial
recognition, goodwill is measured at cost less accumulated
impairment losses.
Intangible assets
An intangible asset, which is an identifiable non-monetary asset
without physical substance, is recognised to the extent that it is
probable that the expected future economic benefits attributable to
the asset will flow to the Group and that its cost can be measured
reliably, the asset is deemed to be identifiable when it is
separable or when it arises from contractual or other legal
rights.
Amortisation is charged on a straight-line basis through the
profit or loss. The rates applicable, which represent the
directors' best estimate of the useful economic life, are:
- Website costs - 5 years
- Trademarks - 10 years
- Brand - 5 years
- Software - 5 years
Property, plant and equipment
Items of property, plant and equipment are initially recognised
at cost. As well as the purchase price, cost includes directly
attributable costs. Depreciation is provided on all items of
property, plant and equipment, so as to write off their carrying
value over their expected useful economic lives. It is provided at
the following rates:
- Computer equipment - 33.33% straight line
- Office equipment - 20% straight line
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at
call with banks and other short-term highly liquid investments that
are readily convertible into known amounts of cash and which are
subject to an insignificant risk of changes in value.
Financial assets
The Group classifies all of its financial assets as loans and
other receivables. Financial assets do not comprise prepayments.
Management determines the classification of its financial assets at
initial recognition.
Loans and receivables are non-derivative financial assets with
fixed or determinable payments. They are initially recognised at
fair value and are subsequently stated at amortised cost using the
effective interest method, less any impairment. Interest income is
recognised by applying the effective interest rate, except for
short-term receivables when the recognition of interest would be
immaterial.
The Group's financial assets held at amortised cost comprise
trade and other receivables and cash and cash equivalents in the
Statement of Financial Position.
Financial liabilities
Trade and other payables are recognised initially at fair value
and are subsequently measured at amortised cost,
using the effective interest method.
Share Capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares or options are
shown in equity as deductions net of tax, before proceeds.
Share-based payments
Where share options are awarded to employees, the fair value of
the options at the date of grant is charged to the income statement
over the vesting period. Non-market vesting conditions are taken
into account by adjusting the number of equity instruments expected
to vest at each balance sheet date so that, ultimately, the
cumulative amount recognised over the vesting period is based on
the number of options that eventually vest. Market vesting
conditions are factored into the fair value of the options
granted.
As long as all other vesting conditions are satisfied, a charge
is made irrespective of whether the market vesting conditions are
satisfied. The cumulative expense is not adjusted for failure to
achieve a market vesting condition.
Where the terms and conditions of options are modified before
they vest, the increase in the fair value of the options, measured
immediately before and after the modification, is also charged to
the income statement over the remaining vesting period. Where
equity instruments are granted to persons other than employees, the
income statement is charged with fair value of goods and services
received.
Functional and presentation currency
Items included in the financial statements of the Group are
measured using the currency of the primary economic environment in
which the Group operates ("the functional currency"). The financial
statements are presented in Pounds Sterling (GBP) which is also the
Group's functional currency.
Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the dates of the
transactions or valuation where items are re-measured. Foreign
exchange gains and losses resulting from the settlement of
transactions and from the translation at year-end exchange rates of
monetary assets and liabilities denominated in foreign currencies
are recognised in the Statement of Comprehensive Income.
10 Loss per share
The loss per share is based upon the loss of GBP6,395,177 (2019:
loss of GBP5,209,280) and the weighted average number of ordinary
shares in issue for the year of 387,633,342 (2019:
230,957,900).
The loss incurred by the Group means that the effect of any
outstanding warrants and options would be considered anti-dilutive
and is ignored for the purposes of the loss per share
calculation.
15 Share capital and reserves
Allotted, called up and fully Ordinary Share capital
paid 0.5p shares
No. GBP
At 1 January 2020 244,873,646 5,516,759
Exercised warrants 1,000,411 5,002
Exercised options - -
Issue of consideration shares - -
Issue of placing shares 142,500,000 712,500
As at 31 December 2020 388,374,057 6,234,261
================================ ============ =============
All ordinary shares are equally eligible to receive dividends
and the repayment of capital and represent equal votes at meetings
of shareholders.
The financial information set out above does not constitute the
Company's statutory accounts for the years ended 31 December 2020
or 31 December 2019, but is extracted from those accounts.
Statutory accounts for 2019 have been delivered to the Registrar of
Companies and those for 2020 will be delivered in due course. The
auditor has reported on those accounts; their reports were
unqualified but contained an emphasis of matter in respect of going
concern. Note 2 of the Statutory Accounts for the year ended 31
December 2020 describes how the business is dependent on further
equity funding to sustain itself over the following year. This
condition indicates that a material uncertainty exists that may
cast significant doubt on the entity's ability to continue as a
going concern. The auditor's opinion was not modified in respect of
this matter. The Statutory accounts did not contain statements
under s498(2) or (3) of the Companies Act 2006. Whilst the
financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting
Standards, this announcement does not itself contain sufficient
information to comply with IFRS.
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