TIDMSEEN
RNS Number : 2986N
SEEEN PLC
29 September 2021
SEEEN plc
("SEEEN", "Group", or the "Company")
Interim Results for the six months ended 30 June 2021
and
New Customer Win
SEEEN plc (AIM: SEEEN), the global media and technology platform
that offers proprietary AI products and solutions to harvest video
moments efficiently for brands, creators and publishers and thus
enable discovery, sharing, ecommerce and improve digital marketing
yield, is pleased to announce its Interim Results for the six
months ended 30 June 2021 ("1H") and the outlook for the remainder
of financial year 2021 ("FY21"), as well as a new customer win.
Focus on commercialization and profitability
Each of the Group's two operating subsidiaries shows progress.
With respect to its technology business, the Group is moving from
EIS/VCT budget for product development to product commercialization
with additional sales wins. With respect to its MCN business, the
Group has changed leadership and is emphasising higher quality
revenues to increase profitability. The Group has sufficient cash
to execute its Go-To-Market plan.
1H Financial Highlights
-- MCN revenues increased by 39% to $5.2 million (1H 20: $3.7 million)
o 45% increase in RPM (revenue per thousand views) to $1.14 (1H
20: $0.78), reflecting improved quality of media offering from
MCN
o 7% decrease in views to 7.9 billion (1H 20: 8.4 billion)
-- Improved adjusted (1) loss before tax at $0.9 million (1H 20: $1.1 million)
-- Net cash of $3.9 million at end of the period (FY20: $5.3 million)
1H Operational Highlights
CreatorSuite Sales
-- Successful sales of technology products
o 1H customer win with more than $50,000 already invoiced
o New customer win announced today for up to $15,000 on an
annual basis, together with provision of MCN services
o Agreement with key MCN automotive creators to use their videos
on GTChannel.com and drive e-commerce opportunities at greater
scale
o Incorporated Dialog-To-Clip functionality into CreatorSuite to
make moment creation simpler for customers
o Appointment of senior sales adviser
MCN Focused for Profitability
-- Group names Jake Desjarlais, who has significant experience
of growing successful MCNs, to head MCN
-- Shift towards higher quality channels with more profitability
o Evidenced by significant RPM (Revenue per Thousand) increases
during 2021
-- Increasing integration with Group's CreatorSuite offering
Outlook for FY21
-- CreatorSuite
o Sale to UK financial markets publisher; 4Q direction is to
build on sales win to gain traction with similar customers
-- MCN
o Integration with SEEEN technology offering to drive relevance
for video creators
-- 2H RPM yield continues to increase following paring of unprofitable video creator channels
o Revenues through to end of August were up 17% to $6.3m (FY20:
$5.3m)
o FY21 MCN profitability expected to be greater than FY20,
despite expected revenue fall of approximately 10%, reflecting
increased focus on higher quality channels
-- Corporate strategy and funding
o Focus on channel partners for accelerating Go-To-Market
o Net cash in excess of $3.3 million at end of August 2021,
providing sufficient cash to execute Go-To-Market strategy
o Remain opportunistic in our corporate development through
acquisition and well positioned to continue to grow rapidly and
achieve profitability
_____________
Notes:
1. Adjusted loss before tax is defined as statutory operating
loss plus share-based payments and amortisation of intangible
assets.
Dr. Patrick DeSouza, Chairman of SEEEN, commented:
"Market demand for automating and harvesting video moments is
only growing worldwide as brands and consumers seek customised
content and an ability to readily transact online in a
Covid-influenced world. The Group is continuing to make progress in
building shareholder value. We are selling our technology products
and focusing our MCN's strategy on using our technology to realise
higher revenue yield from our video views. Importantly, we have a
balance sheet that can support our shift from product development
during year one of our plan to sustainable growth as we execute in
year two and three."
Todd Carter, CEO of SEEEN, commented:
"SEEEN's product and customer acquisition strategy was forged in
the midst of the global pandemic that transformed many businesses
forever as consumers have turned to digital channels for many
aspects of their lives. As a result, consumers no longer expect to
simply receive the experience they were offered before, instead,
they have developed much higher digital expectations. This is where
SEEEN's Key Video Moments come in, as businesses, regardless of
vertical or size, need to accelerate digital adoption within their
operations to meet customers where they are now - and give them the
experience they expect. During this customer acquisition phase, our
emphasis on identifying initial channels to scale our business and
developing our growth engine couldn't be more timely. In this
respect, we are delighted to be announcing a further customer win
today. We look forward to more of the same in the remainder of
2021, leveraging the data we have from our existing implementations
to drive sales of our technology offering."
For further information please contact:
SEEEN
Patrick DeSouza, Chairman Tel: +1 203 654 5426
Todd Carter, CEO
Adrian Hargrave, CFO Tel: +44 (0)7775
701 838
Website: seeen.com
Panmure Gordon - Financial Adviser, NOMAD Tel: +44 (0)20 7886
and Joint Broker 2500
Alina Vaskina (Corporate Advisory)
Erik Anderson / Rupert Dearden (Corporate
Broking)
Dowgate Capital Limited - Joint Broker Tel: +44(0)20 3903
Stephen Norcross 7721
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
CEO's Statement
Overview
Looking at 4Q 2021, we have now entered the middle, Customer
Acquisition phase, of our three-year plan to develop and
commercialize the technology assets housed in our Tagasauris
subsidiary and expand, with a new emphasis on higher quality
growth, our multi channel network (MCN) housed in our GTChannel
subsidiary.
The opportunity to harvest synergies from the application of our
new technology products and services, our network of creators and
content and our audience remain strong. New insights and
opportunities are also emerging as the market-wide shift to online,
video-driven interaction continues to accelerate and deepen on
social platforms and across the web.
Our first technology wins give us confidence that we are
marketing to a repeatable sales process. As we demonstrate the
impact of our technology products and services with our network of
affiliated content creators, customers and customer prospects we
set the stage for the realization of our longer-term vision,
enabling an enlarged and diverse ecosystem of video providers to
build, engage and monetize their own audiences directly via our
video experience platform (VXP).
Technology Products and Services update
During 1H 2021, we began targeting resellers that deliver high
margin monthly recurring revenue (MRR), around our foundational and
proprietary AI system for videos, JetStream. JetStream serves as a
suite of AI orchestration technologies for video analysis,
enrichment and linking workloads. By focusing on ensemble methods,
the use of multiple learning algorithms to obtain better predictive
performance than can be obtained from any of the constituent
learning algorithms alone, JetStream helps to differentiate the
Group's offerings from other video AI technology businesses.
Today, CreatorSuite is the principal customer of JetStream but
it was anticipated during the design phase that JetStream would be
accessed as a web-based service by third parties on a
fee-for-services basis. JetStream pricing is based on monthly usage
for both queries and video management. JetStream charges are
incurred by a customer when a model is queried or to maintain a
video catalogue via storage.
The Group has engaged with customer prospects at various stages
of the product development cycle - the range of activities applied
to turn an idea into a stable consumer product - in tasks such as
logo detection, optical character recognition, face and character
recognition and speaker diarization. In cases such as these,
JetStream customers will consume paid professional service units,
for example, to assist customers with the implementation of a
custom machine learning pipeline and/ or to deploy a custom
model.
During 1H 2021, SEEEN made its first significant sales of
CreatorSuite, our Video Content Management System, and completed
implementations of such sales successfully. We also continued to
invest in delivering product features on our roadmap that align
with video providers growth objectives. enables video providers to
build, engage and monetize audiences on their owned and operated
channels. Today, CreatorSuite is evolving to support user roles -
permission sets that enable access to features and functionality
within the CreatorSuite environment that map to specific user
needs.
For audience building, a classic top of the marketing funnel
objective, CreatorSuite suite offers both the Search Engine
Marketing (SEM) professional and the Content Marketing practitioner
exciting new ways to maximize reach and increase awareness. Tire
America, for example, is using CreatorSuite to publish Key Video
Moments across a suite of six foundational Google search engine
result page (SERP) features. With SEEEN's help, more than 90
percent of Tire America's Key Video Moments rank as SERP features
on web and mobile.
Ranking for video in SERPs not only helps video providers reach
users more effectively but also, helps users understand and jump to
a particular moment in a video directly from a SERP. For the SEM
practitioner, this translates into more unbranded reach and
awareness as Key Video Moments rank for a broader set of unbranded
keywords across all SERP features types. Both the video provider
and the end user benefit symmetrically from SEEEN's innovation.
CreatorSuite has the potential to do away with the heavy lifting
for Content Marketers, as a magic app that creates and pushes Key
Video Moments out to multiple social networks at once. This
functionality eliminates the need to manually clip, format and
publish short form video content to each target network and
audience. Furthermore, SEEEN's approach restores valuable search
and social equity that was previously lost to the social media
platforms directly to the video providers domain, for example,
tireamerica.com,
At the bottom of the marketing funnel for the Chief Revenue
Officer (CRO) whose marketing objective is to grow revenue,
CreatorSuite offers a video end card editor that lets a team member
define and merchandize shoppable items within a video for each Key
Video Moment they publish. This allows video providers to serve in
contextually relevant, interactive offerings as part of a Key Video
Moment, a key part of our promise at the time of admission to AIM.
We have had positive results with Action at the Point of
Inspiration and we expect that this will drive increased adoption
of CreatorSuite as CROs target increased conversion and affiliate
sales from video views on web and mobile. Across our deployments,
we have seen a clickthrough rate on Calls To Action of
approximately 15%, demonstrating the power of Action at the Point
of Inspiration.
Our Dailog2Clip (D2C) offering targets Video Creators who are
users of Adobe(R) Premiere Pro(R) (the world's leading video
editing brand) enabling them to more efficiently search, navigate,
annotate and cut clips, using AI to extract relevant moments from
interactive speaker-segmented transcripts. D2C offers the Adobe(R)
Premiere Pro(R) user a significant return on investment by reducing
or in some cases eliminating frame by frame video editing. SEEEN
has also integrated the D2C functionality into CreatorSuite as an
added module for faster curating of Key Video Moments.
During 1H 2021, our MCN has changed leadership with the
appointment of Jake Desjarlais to continue the momentum within the
business. As we look to drive greater adoption of CreatorSuite
within the MCN, there has been an increased focus on the quality of
the channels that we partner with, including a focus on those most
committed to using our technology stack to drive their own views
and revenues, particularly away from YouTube. This was reflected in
our MCN RPM (revenue per thousand views) increasing 45% to $1.14
(1H 20: $0.78). This has continued since the end of the period,
with RPM up 40% in July and August, despite tougher comparators in
the same period in 2020. As announced with our FY2020 final results
in June, we have lost some of our largest channel partners, but
these were lower quality, both in terms of content and
profitability. As a result, MCN profitability for 2021 is expected
to exceed that achieved in 2020 despite lower views and revenues
this year. The MCN remains a core asset for our business and we
have significant new momentum on customer acquisition, with a
particular focus on creators who are seeking to optimise their
income away from their core YouTube offering. As a reflection of
this, we have now reached agreement with several key automotive
creators in our MCN, as well as prospective creator partners, to
publish their videos on our owned and operated GTChannel.com. This
will broaden the focus of this site and allow us to drive
e-commerce opportunities at a greater scale and to a much broader
audience than currently.
Financial Review
During the period, as noted above, revenues increased 39% to
$5.2 million, including the Group's first revenues from sales of
CreatorSuite. Gross margins also improved to 11.4% (1H 2020:
11.1%), reflecting the higher quality revenue mix from the MCN.
This trend is expected to continue during 2H 2021 and beyond.
The Group's adjusted operating loss was $0.9 million, a
reduction from $1.1 million. This was reflected in the Group's
reduced cash outflow for the period, which was $1.3 million
(including capitalised development spending on the Group's
technology products), down from $2.0 million in 1H 20. As a result,
the Group had a cash position of $3.9 million at 30 June 2021 (31
December 2020: $5.3 million), which provides SEEEN with a strong
balance sheet to accelerate its Go-To-Market strategy.
Outlook
Data is the oil on which machine learning and the 21st century
digital economy runs and data from our creative partners and
initial customers implementations have enabled us to arm
decision-makers around the Group with useful insights, predictions
and analytic tools that demonstrate return on investment for
customers subscribing to or licensing our technology products and
consuming our services. Partnering closely with stakeholders in
product, content, production, marketing and business operations, we
deliver ROI across the entire marketing funnel to our partners,
customers and, of course, their audience experience.
For the remainder of 2021, it remains our priority to
commercialize the strong set of products that we have developed
during 2020 and 1H 2021. We are in a strong position with net cash
in excess of $3.3 million at end of August 2021, to accelerate our
Go-To-Market strategy by focusing on channel partners. We will
remain opportunistic in our corporate development through
acquisition. We see that customers are now highly motivated to
maximise their ability to monetize videos. By offering our
technology solutions to video asset owners, we are well positioned
to continue to grow rapidly and achieve profitability.
Todd Carter
CEO
September 28, 2021
Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2021
Six months Six months Year ended
ended ended 31
30 June 30 June December
2021 2020 2020
------------------------------------ ------ -------------- -------------- -------------
Notes $ $ $
------------------------------------ ------ -------------- -------------- -------------
Unaudited Unaudited Audited
Revenue 3 5,167,951 3,715,649 10,135,053
Cost of sales (4,573,571) (3,301,879) (9,040,727)
------------------------------------ ------ -------------- -------------- -------------
Gross profit 594,380 413,770 1,094,326
Administrative expenses
* Share-based payments (276,004) (254,783) (618,192)
* Amortisation of intangibles (626,374) (595,124) (1,214,564)
* Other administrative costs (1,427,639) (1,523,853) (3,202,626)
------------------------------------ ------ -------------- -------------- -------------
Total administrative
expenses (2,330,017) (2,373,760) (5,035,382)
------------------------------------ ------ -------------- -------------- -------------
Operating loss (1,735,637) (1,959,990) (3,941,056)
Other income 5 198,000 - -
Finance (expense)
/ income (3,229) (3,319) (6,562)
------------------------------------ ------ -------------- -------------- -------------
Loss before tax 3 (1,540,866) (1,963,309) (3,947,618)
Taxation 91,361 116,376 338,044
Loss for the period (1,449,525) (1,846,933) (3,609,574)
Other comprehensive
income
Exchange differences
arising on translation
of foreign operations (29,989) (470,453) (330,642)
Total comprehensive
loss for the period (1,479,514) (2,317,386) (3,940,216)
------------------------------------ ------ -------------- -------------- -------------
Earnings per share Cents Cents Cents
------------------------------------ ------ -------------- -------------- -------------
Basic 6 (2.9) (3.7) (7.2)
------------------------------------ ------ -------------- -------------- -------------
Diluted 6 (2.9) (3.7) (7.2)
------------------------------------ ------ -------------- -------------- -------------
Consolidated Statement of Financial Position as at 30 June
2021
At At At
30 June 30 June 31 December
2021 2020 2020
------------------------------ ------ ------------ ------------ -------------
Notes $ $ $
------------------------------ ------ ------------ ------------ -------------
Unaudited Unaudited Audited
ASSETS
Non-current assets
Goodwill 9,762,158 9,762,158 9,762,158
Other intangible assets 5,451,169 4,943,565 5,320,876
Other receivables 1,800 1,800 1,800
------------------------------ ------ ------------ ------------ -------------
15,215,127 14,707,523 15,084,834
------------------------------ ------ ------------ ------------ -------------
Current assets
Trade and other receivables 4 1,427,246 1,110,090 1,790,075
Cash and cash equivalents 3,940,859 7,252,233 5,336,502
------------------------------ ------ ------------ ------------ -------------
5,368,105 8,362,323 7,126,577
------------------------------ ------ ------------ ------------ -------------
TOTAL ASSETS 3 20,583,232 23,069,846 22,211,411
------------------------------ ------ ------------ ------------ -------------
EQUITY AND LIABILITIES
Equity attributable
to holders of the parent
Share capital 7,400,732 7,400,732 7,400,732
Share premium 7,677,993 7,677,993 7,677,993
Merger reserve 8,989,501 8,989,501 8,989,501
Share based payment
reserve 1,050,846 411,433 774,842
Foreign exchange reserve 156,909 46,997 186,898
Retained profit (7,569,920) (4,357,774) (6,120,415)
------------------------------ ------ ------------ ------------ -------------
Total Shareholders'
Equity 17,706,061 20,168,822 18,909,551
------------------------------ ------ ------------ ------------ -------------
Non-current liabilities
Deferred tax liability 804,555 1,117,584 895,916
------------------------------ ------ ------------ ------------ -------------
804,555 1,117,584 895,916
------------------------------ ------ ------------ ------------ -------------
Current liabilities
Trade and other payables 4 2,072,616 1,585,380 2,207,944
Borrowings 5 - 198,000 198,000
2,072,616 1,783,380 2,405,944
------------------------------ ------ ------------ ------------ -------------
TOTAL EQUITY AND LIABILITIES 20,583,232 23,069,846 22,211,411
------------------------------ ------ ------------ ------------ -------------
Interim Consolidated Statement of Changes in Equity
For the six months ended 30 June 2020
Share Share Merger Share Foreign Retained Total
Capital Premium Reserve based Exchange Profit
payment Reserve
Reserve
$ $ $ $ $ $ $
--------------------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
As at 31 December
2019 7,400,732 7,677,993 8,989,501 156,650 517,540 (2,510,841) 22,231,575
Share-based payment
expense - - - 254,783 - - 254,783
Loss for the period - - - - - (1,846,933) (1,846,933)
Other comprehensive
income - - - - (470,543) - (470,543)
--------------------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
As at 30 June 2020 7,400,732 7,677,993 8,989,501 411,433 46,997 (4,357,774) 20,168,822
--------------------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
Share-based payment
expense - - - 363,409 - - 363,409
Loss for the period - - - - - (1,762,641) (1,762,641)
Other comprehensive
loss - - - - 139,901 - 139,901
As at 31 December
2020 7,400,732 7,677,993 8,989,501 774,842 186,898 (6,120,415) 18,909,551
--------------------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
Share-based payment
expense - - - 276,004 - - 276,004
Loss for the period - - - - - (1,449,525) (1,449,525)
Other comprehensive
income - - - - (29,989) - (29,989)
--------------------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
As at 30 June 2021 7,400,732 7,677,993 8,989,501 1,050,846 156,909 (7,767,920) 17,706,061
--------------------- ---------- ---------- ---------- ---------- ---------- ------------ ------------
Interim Consolidated Statement of Cash Flows
For the six months ended 30 June 2021
Six months Six months Year ended
ended ended 31 December
30 June 30 June 2020
2021 2020
-------------------------------------------- ------------ ------------- -------------
$ $ $
-------------------------------------------- ------------ ------------- -------------
Unaudited Unaudited Audited
Cash flows from operating activities
Loss before tax (1,540,866) (1,963,309) (3,947,618)
Adjustments for non-cash/non-operating
items:
Amortisation of intangible assets 626,374 595,124 1,214,564
Gain on Extinguishment of Debt (198,000) - -
Share based payments 276,004 254,783 618,192
Interest paid / (received) 3,229 3,319 6,562
Operating cash flows before movements
in working capital (833,259) (1,110,083) (2,108,300)
-------------------------------------------- ------------ ------------- -------------
(Increase) / decrease in trade and other
receivables 326,829 704,167 24,179
(Decrease) / increase in trade and other
payables (135,332) (846,371) (223,865)
Cash generated by operations (607,758) (1,252,287) (2,307,986)
-------------------------------------------- ------------ ------------- -------------
Income taxes paid - - -
-------------------------------------------- ------------ ------------- -------------
Net cash used in operating activities (605,758) (1,252,287) (2,307,986)
-------------------------------------------- ------------ ------------- -------------
Cash flows from investing activities
Purchase of intangibles (756,667) (980,462) (1,977,211)
Net cash used in investing activities (756,667) (980,462) (1,977,211)
-------------------------------------------- ------------ ------------- -------------
Cash flows from financing activities
Proceeds from borrowings - 198,000 198,000
Interest received / (paid) (3,229) (3,319) (6,562)
Net cash generated by/(used in) financing
activities (3,229) 194,681 191,438
-------------------------------------------- ------------ ------------- -------------
Net (decrease)/increase in cash and cash
equivalents (1,365,654) (2,038,068) (4,093,759)
Effect of exchange rates on cash (29,989) (470,604) (330,643)
Cash and cash equivalents at the beginning
of period 5,336,502 9,760,905 9,760,905
Cash and cash equivalents at end of period 3,940,859 7,252,233 5,336,503
-------------------------------------------- ------------ ------------- -------------
Notes to the Interim Consolidated Financial Information
for the six months ended 30 June 2021
1 General information
The Group is a global social media and technology platform for
sharing video micro-moments to enable discovery, sharing and
e-commerce through the targeting and connecting of creators,
audiences and brands.
The Company is a public limited company domiciled in the United
Kingdom and incorporated under registered number 10621059 in
England and Wales. The Company's registered office is 27-28
Eastcastle Street, London W1W 8DH.
2 Significant accounting policies
Basis of preparation and changes to the Group's accounting
policies
The accounting policies adopted in the preparation of the
interim consolidated financial information are consistent with
those of the preparation of the Group's annual consolidated
financial statements for the period ended 31 December 2020. No new
IFRS standards, amendments or interpretations became effective in
the six months to 30 June 2021.
Statement of compliance
This interim consolidated financial information for the six
months ended 30 June 2021 as been prepared in accordance with IAS
34, 'Interim financial reporting' as adopted by the European Union
and the AIM Rules of UK companies. This interim consolidated
financial information is not the Group's statutory financial
statements and should be read in conjunction with the annual
financial statements for the period ended 31 December 2020, which
have been prepared in accordance with International Financial
Reporting Standards (IFRS as adopted by the European Union) and
have been delivered to the Registrar of Companies. The auditors
have reported on those accounts; their report was unqualified, did
not include references to any matters to which the auditors drew
attention by way of emphasis of matter without qualifying their
report and did not contain statements under section 498(2) or (3)
of the Companies Act 2006.
The interim consolidated financial information for the six
months ended 30 June 2021 is unaudited. In the opinion of the
Directors, the interim consolidated financial information presents
fairly the financial position, and results from operations and cash
flows for the period. Comparative numbers for the six months ended
30 June 2020 are unaudited.
This interim consolidated financial information is presented in
US Dollars ($), rounded to the nearest dollar.
Foreign currencies
Functional and presentational currency
Items included in this interim consolidated financial
information are measured using the currency of the primary economic
environment in which each entity operates ("the functional
currency") which is considered by the Directors to be Pounds
Sterling (GBP) for the Parent Company and US Dollars ($) for all
the Company's subsidiaries. This interim consolidated financial
information has been presented in US Dollars which represents the
dominant economic environment in which represents the dominant
economic environment in which the Group operates. The effective
exchange rate at 30 June 2021 was GBP1 = US$1.3851 (30 June 2020:
GBP1 = US$1.2698 and 31 December 2020: GBP1: US$1.2837).
Critical accounting estimates and judgments
The preparation of interim consolidated financial information
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities and the reported amounts of
income and expenses during the reporting period. Although these
estimates are based on management's best knowledge of current
events and actions, the resulting accounting estimates will, by
definition, seldom equal the related actual results.
In preparing this interim consolidated financial information,
the significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those that applied to the consolidated
financial statements for the year ended 31 December 2020, together
with the recognition of development expenditure, described
below.
Development expenditure
The Group recognises costs incurred on development projects as
an intangible asset which satisfies the requirements of IAS 38. The
calculation of the costs incurred includes the percentage of time
spent by certain employees and contractors on relevant development
projects. The decision whether to capitalise and how to determine
the period of economic benefit of development projects requires an
assessment of the commercial viability of the projects and the
prospect of selling the project to new or existing customers.
During the period, the Group capitalized $756,667 of development
expenditure.
Going Concern
The directors have a reasonable expectation that the Group has
adequate resources to continue operating for the foreseeable
future, and for this reason they have adopted the going concern
basis of preparation in the consolidated interim financial
statements.
3 Segmental information
The Group generated more than 99% of its revenue in the period
from one customer, YouTube, a wholly owned subsidiary of Google.
All revenues are generated in the USA.
No additional disaggregated information is provided on the basis
that the business is managed as one operation by the determination
of the CEO, who is the Chief Operating Decision Maker.
4 Trade Payable and Receivables
The majority of trade payables and receivables relate to
receivables from YouTube and payables to creator partners. In
addition, trade and other payables includes accruals for expenses
to be accrued during the year, payments to consultants who are paid
monthly in arrears and historic liabilities of the acquired
businesses that relate to payables more than two years ago and the
Group does not expect to need to pay.
5 Borrowings
All borrowings related to the Paycheck Protection Program (PPP).
The PPP brings relief to business owners in the United States
affected by the coronavirus. Not only does this loan program
provide funding to maintain payroll and other expenses, but if used
for qualifying purposes, part or all of the loan can be forgiven.
SEEEN, Inc applied for and received funding of $198,000 under this
program in April 2020. The Group received notification from the SBA
on April 29, 2021 that the full advance of $198,000 was forgiven,
which has been noted as Other Income in the Group's Interim
Consolidated Statement of Comprehensive Income.
6 Earnings per share
The earnings per share has been calculated using the profit for
the period and the weighted average number of ordinary shares
outstanding during the period, as follows:
Six months Six months Year ended
ended ended 31 December
30 June 2021 30 June 2020 2020
Unaudited Unaudited Audited
-------------------------- ---------------- ---------------- --------------
Earnings attributable
to shareholders of
the Company ($) (1,449,525) (1,846,993) (3,609,574)
Weighted average number
of ordinary shares 49,957,876 49,957,876 49,957,876
Diluted weighted average
number of ordinary
shares 49,957,876 49,957,876 49,957,876
--------------------------- ---------------- ---------------- --------------
Earnings per share
(cents) (2.9) (3.7) (7.2)
--------------------------- ---------------- ---------------- --------------
Diluted earnings per
share (cents) (2.9) (3.7) (7.2)
--------------------------- ---------------- ---------------- --------------
7 Publication of announcement and the Interim Results
A copy of this announcement will be available at the Company's
registered office (27-28 Eastcastle Street, London, W1W 8DH) from
the date of this announcement and on its website - seeen.com . This
announcement is not being sent to shareholders.
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Entertainment Ai (LSE:EAI)
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From Mar 2024 to Apr 2024
Entertainment Ai (LSE:EAI)
Historical Stock Chart
From Apr 2023 to Apr 2024
