REG - Blackbird PLC - Full Year Results
07/03/2022 07:00
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RNS Number : 7693D Blackbird PLC 07 March 2022
7 March 2022
Blackbird plc
("Blackbird" or the "Company")
Audited full year results for the year ended 31 December 2021
Blackbird plc (AIM: BIRD, OTCQX: BBRDF), the technology licensor, developer
and seller of the multi award-winning cloud-native video editing
platform, Blackbird (https://www.blackbird.video/overview/) , announces its
audited full year results for the year ended 31 December 2021.
Ian McDonough, CEO of Blackbird, commented:
"I am thrilled to firstly report record revenues for the fourth consecutive
year of £2.07 million, up 32% on the previous year and also to be able to
explain how 2021 has laid the groundwork for the transformation of Blackbird
in the long term. 2021 has been transformational in multiple ways for the
Company with more high-profile customer wins, our first technology licensing
deal, the launch of the 'Powered by Blackbird' brand for technology licensing,
followed by a successful £8.0 million fundraise in December to develop
'Powered by Blackbird' products based on our core IP and launch them into new
markets."
"Blackbird published two strategic white papers in the year. The first one was
on sustainability highlighting the impact of the media industry on the
environment and how using cloud native solutions, such as Blackbird, can
dramatically reduce carbon emissions. The second one was on Total Cost of
Ownership showing that although Blackbird takes up to a 10x share of wallet
compared to traditional editing software it is still up to 35% cheaper than
other cloud-based workflows. As sustainability rapidly grows in importance on
the agenda of Companies within the media industry, Blackbird's credentials of
lowering carbon emissions by up to 91% compared to other cloud-based
workflows, coupled with the Company's cost benefits will provide a compelling
reason to purchase. These white papers have significantly raised the Company's
profile in the media industry and led to a raft of awards which we are very
proud to receive. We will continue to promote these initiatives during
2022."
"We start 2022 in a very strong position financially, with a strong balance
sheet and an order book 93% higher than at the start of last year.
Strategically we have plans in place to develop market opportunities outside
of media and entertainment and I very much look forward to working with the
Blackbird team to deliver further success."
Operational highlights (post period end)
· Achieved AWS Technology Partner status and completed Foundational
Technical Review to accelerate AWS engagement
o stepping stone to launching Blackbird in a Public Cloud which will open up
the Company's addressable market
· Univision 'land and expand' deal secured
· Won 2021 NAB Show Product of the Year Award
· £2,025k* revenue secured for 2022, at end of February 2022, which is
up 81% year on year (2021 comparative at end of February 2021: £1,117k)
· Contracted but unrecognised revenue of £3,436k* at end of February
2022. Of this, £1,416k is to be recognised in 2022, a further £824k in
2023, with the remainder in 2024 and beyond
*Unaudited and subject to exchange rate fluctuations
Operational highlights (during the year under review)
· Raised £8.0 million (before expenses) from existing and new investors
to enter new markets with our 'Powered by Blackbird' intellectual property
· First technology licensing deal with a global broadcast company who
have licensed Blackbird's core video technology for a 5-year period:
o first proof point of the value of the patented technology suite outside the
core Blackbird platform; and
o a commercially attractive new route to market that opens up markets inside
and outside professional video production
· High profile infrastructure deals signed with:
o CBS Sports Digital, our first US major, a division of ViacomCBS;
o FIFA, multi-year deal signed;
o Univision, multi-year deal, the leading Spanish-language media and content
company in the United States to drive large-scale video production
efficiencies across its streaming and digital media operations;
o Cheddar News annual deal for ultra-efficient, flexible and sustainable video
production;
o BT (http://www.bt.com/) annual deal for ultra-fast and sustainable cloud
native video editing and publishing;
o Athletes Unlimited, a fast-growing network of next generation US sports
leagues covering softball, volleyball and lacrosse;
o ODK Media for flexible and efficient cloud video production for their new
OnDemandLatino service; and
o e-learning companies Typsy and Boclips
· New and growing OEM Partnerships:
o deal with EVS to deploy for two major international sporting events
(https://www.blackbird.video/rns-announcements/evs-launches-blackbird-partnership-with-deployment-for-international-sporting-events/)
endorsing the OEM go to market strategy and that Blackbird is a trusted
partner for the world's most valuable content;
o expansion of deal with TownNews to 80 local U.S. TV station reaffirming the
Company's OEM and 'land and expand' strategy;
o Contracted with Eurovision Sport to drive cloud native video production
workflow efficiencies for its members in a multi-year deal;
o new international sports league with TATA Communications which is under
strict non-disclosure terms; and
o new OEM partnership with LiveU who partnered with Blackbird to deliver live
clipping from the German elections for RTL and other German public service
broadcasters
· Strategic white papers released by the Company on:
o Total Cost of Ownership ("TCO"): showing Blackbird's cloud native solution
delivering up to 35% lower TCO than cloud adapted on premise video editing;
and
o Sustainability: highlighting Blackbird's cloud native workflow generates up
to 91% less carbon than on premise video editing workflows
· Developmental and technology advancements:
o development of robust multifunctional APIs making Blackbird more
interoperable with third party products;
o modularisation of the software suite to enable 'Powered by Blackbird' tech
licensing;
o acceleration of Public Cloud integrations; and
o multiple new end user features such as blur and highlights effects
· Blackbird's shares begin trading on OTCQX Best platform in July,
which will lead to enhanced investor benefits, including easier trading access
for investors located in the US, and greater liquidity due to
a broader geographic pool of potential investors
· Awarded London Stock Exchange's Green Economy Mark, recognition of
the Company's sustainable, low-carbon solutions
· Blackbird was included in an Industry wide proof of concept led by BT
Sport, BBC Sport, Sky Sports and NBC Universal to demonstrate how cloud tools
can reduce carbon emissions. The results were published in January showing a
70% reduction in technical infrastructure - other partners included Amazon Web
Services and Microsoft
· Industry accolades including:
o 'Best Tech Company 2021' - SportsPro OTT Awards
(https://awards.sportspro-ott.com/winners-2021/) ; and
o Inaugural IABM 'Environmental Sustainability Company of the Year 2021'
Financial highlights
· Share placing raising £7.5 million (net of expenses) to facilitate
'Powered by Blackbird' opportunities in new markets. The placing was at 28
pence per share, double the price of the previous placing in December 2019
· Record revenues of £2,066k for the 12 months to 31 December 2021, up
32% year-on-year (12 months to 31 December 2020: £1,567k)
· North American revenues of £1,256k up 30% year-on-year (12 months to
31 December 2020: £968k)
· Contracted but unrecognised revenue of £3,732k up 93% year-on-year
(as at 31 December 2020: £1,931k). £1,810k of this balance is to be
recognised in 2022 (as at 31 December 2020: £1,058k to be recognised in
2021), £731k in 2023, £601k in 2024 and the remainder in 2025 and 2026
· Operating costs, excluding LTIP provision, increased to £3,107k (12
months to 31 December 2020: £2,721k) predominantly due to i) increased staff
costs - mainly due from the impact of a full year of 2020 staff hires and
strengthening the team this year in R&D and product development and ii)
product development costs
· EBITDA pre LTIP provision improved by £124k compared to 2020 as the
increase in revenues outweighed the rise in operating costs
· LTIP provision of £358k (2020: £98k) booked in the year based on a
year-end share price of 30.75pence. In 2022, with amongst other items a
sell-off in global technology stocks and the escalating crisis in Ukraine, the
Company's share price has fallen. The share price could rise or fall further
prior to the LTIP payout resulting in a material difference between the 31
December 2021 LTIP provision and the actual LTIP payout
· EBITDA loss increased £259k year on year to £1,554k due to an
increase in the LTIP provision driven by the increase in share price in 2021
and an additional year of the LTIP period
· Net loss after tax £2,135k (12 months to 31 December 2020: net loss
after tax £1,881k)
· Net cash outflow, ignoring proceeds from share issues and transfers
into short-term deposits, reduced to £1,468k (12 months to 31 December 2020:
£1,579k)
· At 31 December 2021 the Company had cash and short-term deposits of
£12,839k (2020: £6,546k) and no debt
Enquiries:
Blackbird plc Tel: +44 (0)20 8879 7245
Ian McDonough, Chief Executive Officer
Stephen White, Chief Operating and Financial Officer
Allenby Capital Limited (Nominated Adviser and Broker) Tel: +44 (0)20 3328 5656
Nick Naylor / Piers Shimwell (Corporate Finance)
Amrit Nahal (Equity Sales)
About Blackbird plc
Blackbird plc operates in the fast-growing SaaS and cloud video market. It has
created Blackbird®, the world's most advanced suite of cloud-native computing
applications for video, all underpinned by its lightning-fast codec. Blackbird
plc's patented technology allows for frame accurate navigation, playback,
viewing and editing in the cloud. Blackbird® enables multiple applications,
which are used by rights holders, broadcasters, sports and news video
specialists, esports, live events and content owners, post-production houses,
other mass market digital video channels and corporations.
Since it is cloud-native, Blackbird® removes the need for costly, high-end
workstations and can be used from almost anywhere on almost any device. It
also allows full visibility on multi-location digital content, improves time
to market for live content such as video clips and highlights for digital
distribution, and ultimately results in much more effective monetisation.
Blackbird plc is a licensor of its core video technology under its 'Powered by
Blackbird' licensing model. Enabling video companies to accelerate their path
to true cloud business models, licensees benefit from power and carbon
reductions, cost and time savings, less hardware and bandwidth requirements
and easy scalability.
Chairman's statement
For many people, 2021 continued to be an extension of the lifestyle and the
workplace adjustments that we all had made in 2020. Working remotely via the
use of innovative cloud-based technology continues to be the norm. As a
pioneer of cloud native video technology, Blackbird continues to be the most
efficient platform available for our customers and their employees to work
collaboratively and remotely on any connected device.
2021 was also a year of increased and widening recognition for Blackbird,
winning three major media technology awards including SportsPro's 'Technology
Company of the Year'. Similarly, as ESG continues to be a major factor in all
business activities, the important role that Blackbird plays in the potential
to significantly reduce the carbon footprint of our customers is also being
increasingly recognised. Sustainability is one of the key differentiators for
the Blackbird platform, reducing carbon emissions by up to 91% relative to
other nonlinear editors (NLE's) of some of our major competitors, according to
the independent environmental research company Green Element.
The increased levels of awareness for our platform have allowed us to continue
the sales momentum that we achieved in 2020. As well as year-on-year revenue
growth of 32%, we also grew our contracted but unrecognised revenue by 93% to
£3,732k. As we onboarded yet more meaningful global brands to our platform,
our OEM strategy of partnering with key major players where we access our
partners' sales channels as a route to market, resulted in new distribution
partnerships and a number of key infrastructure deals, which will allow us to
significantly broaden our market reach.
Our results for the year continue to show strong growth underpinned by our
increased market presence and strategic partnerships. The Company recognised
revenues of £2,066k (2020: £1,567k). We continued to grow our North American
business to £1,256k (2020: £968k) and it now comprises 61% of our revenues.
Our revenue mix remained strong with OEM revenue accounting for 45% in the
year, 48% coming from infrastructure deals and 7% from development work on our
first 'Powered by Blackbird' deal.
Strategy
In 2021 we passed a key inflection point for our business via the licensing of
packaged modules to a global broadcast company of the core underlying
technology upon which our own editor is built. Not only is this a significant
deal, but it paves the way for multiple market sectors to incorporate our
technology into their technology with a range of compelling benefits including
superior performance, flexibility, sustainability and reduced operating costs.
This B2B 'Powered by Blackbird' approach is a major milestone to the
unlocking of the true potential of our unique patented technology and
significantly grow our total addressable market.
Outside of the NLE professional video editor market, the patented Blackbird
technology has many significant potential applications around the creation,
publishing and distribution of content. By the end of 2021 the Board of
Directors agreed to seek additional funding in order to resource a wider
exploitation of our technology. To this end we successfully raised £8.0
million (before costs) via a market placement, for the sole purpose of funding
the development and exploitation of our technology in new areas whilst not
compromising our core market focus today.
Regarding our core market of professional media and entertainment video
editing, the Blackbird platform continues to be optimised for use on scalable
public cloud infrastructure. This is to support its availability as a more
tightly integrated part of our OEM partner systems and makes possible our
'Powered by Blackbird' expansion. Similarly, we are ensuring that Blackbird
can be integrated with wider third- party functionality through developing our
APIs.
As we go forward, we remain committed to maintaining the superiority of our
video codec, and other unique components of our platform, to extend our
applicable markets. We will broaden our strategic focus and build upon our
unique points of difference. We will continue to create meaningful IP that has
strong commercial potential and will test it in the market as appropriate.
In a year that has been very difficult for many individuals and for many
businesses, Blackbird has continued to evolve and grow. The Board believes
that the Company continues to be well positioned to exploit its technological
advantages and continue to grow in the large, dynamic cloud video market.
Income statement and statement of financial position
In the year ended 31 December 2021, the Company recorded revenues of £2,066k
(2020: £1,567k), which represented an increase of 32% year-on-year. Revenues
in Sports and News, our core target sectors, both increased by 28% year on
year. Additionally, the Company recognised £137k revenue in the year from its
first technology licensing deal. Branded 'Powered by Blackbird' this will open
up a new route to market.
Operating costs, excluding LTIP provision, during the year to 31 December 2021
were £3,107k compared to £2,721k in the corresponding period in 2020 as we
strengthened the team in R&D, Product and Sales and saw a full year impact
of 2020 hires.
The Company has identified certain metrics such as i) EBITDA pre LTIP
provision and ii) cash burn excluding proceeds from share issues and transfers
into short-term deposits, which whilst they are non-GAAP metrics, assist in
the understanding of business performance. These alternative performance
measurements may not be directly comparable with other companies' measures and
are not intended to be a substitute for any International Accounting Standards
performance measures. The Company believes that EBITDA pre LTIP provision is
the best measure to reflect core operational performance and that cash burn,
excluding proceeds from share issues and transfers into short-term deposits,
provides the best measure of the cash being utilised by the business until it
can be self-generating.
The EBITDA pre LTIP provision improved to a loss of £1,197k (2020: loss of
£1,318k). The net loss for the year was £2,135k compared to a net loss of
£1,881k in 2020 due to a better EBITDA pre LTIP provision offset by a higher
LTIP provision of £358k (2020: £98k) and higher amortization and share
option charges. The LTIP provision calculated at 31 December 2021 was based on
a 30.75 pence share price. In 2022, with amongst other items a sell-off in
global technology stocks and the escalating crisis in Ukraine, the Company's
share price has fallen. The share price could rise or fall further prior to
the LTIP payout resulting in a material difference between the 31 December
2021 LTIP provision and the actual LTIP payout.
After the December placing, the Company ended the year with a strong balance
sheet including £12,839k of cash and short-term deposits (31 December 2020:
£6,546k). During the year the Company reduced its cash burn, excluding
proceeds from share issues and transfers into short-term deposits, to £1,468k
from £1,579k in 2020, a result of increased revenue partially offset by
higher operating costs.
Current trading and outlook
As noted earlier, we start the current year in a strong financial position,
with a strong balance sheet and contracted but unrecognised revenue of
£3,732k as at 31 December 2021 (as at 31 December 2020: £1,931k). £1,811k
of this balance relates to revenue to be recognised in 2022 which is up 71%
compared to 2020 comparative of £1,058k. As a result, we are well positioned
for strong growth this year.
Looking forward, our 'Powered by Blackbird' strategy has the potential to
significantly increase our addressable markets and, as the use of video
penetrates most sectors, content creators, media publishers and broadcasters
will continue to look for more effective solutions. The benefits of these
solutions will include improved remote collaboration and helping companies to
reduce their carbon footprint, 'Powered by Blackbird' enables our partners to
license our technology and incorporate it within their own solutions making
Blackbird well positioned for meaningful growth.
With the proceeds of our recent fundraise, we will seek to apply our
technology to other commercially attractive sectors where we have a compelling
advantage and proven capability. We may address these sectors using different
routes to market, including by going to market directly or through partnership
arrangements. The Board remains committed to realising the full potential of
our remarkable technology and will continue to test and refine the best ways
in which to achieve this.
Finally, the Blackbird brand continued to grow in awareness and reputation
over the last year and the Board would like to thank Ian and his team for the
significant progress that has been made during a very challenging time.
Andrew Bentley
Chairman
Chief Executive Officer's statement
Where 2020 was a year of disruption for our industry, 2021 was a year where
the expected return to a predictable normal never quite happened. Media and
Entertainment had to be prepared for the unexpected and to an extended period
of uncertainty and disrupted work patterns. From a Blackbird perspective our
preparation paid off and this provided significant opportunities, as you would
expect. The accelerated shift to sustainable and efficient remote production
has seen Blackbird's profile rise prolifically in the industry. We finished
the year having been awarded three prestigious industry accolades including
'Tech Company of the Year' by SportsPro.
This year was transformational because of our first technology licensing deal
and subsequent 'Powered by Blackbird' brand launch. Since I joined the
Company, proving the value of our technology outside of our core product has
been a key goal. This opportunity can result in significant value creation,
which is why many of the team, including myself, are significant investors in
the business. This year was the year we have that first official proof point.
In addition, it came via a Global Broadcast Company of high repute targeting a
global product rollout in 2022. The deal itself is made up of several parts
including a development fee, and an annual minimum guarantee underpinning a
revenue share of sales. It is already double the size of any of the Company's
previous contracts at €2million over the 5-year term and one we expect to
grow well beyond the minimum guaranteed fees. I can happily report that the
contract execution is, at time of writing, progressing well and the partner in
question has expressed their happiness with the service we are providing. We
are both looking forward to a successful high-profile rollout of the product
starting towards the end of the first half of 2022.
Outside of the technology licensing the key focus is scaling Blackbird through
OEM partnerships. Good progress was made in these areas as can be seen by
adding EVS, where we were involved in the largest and most important
international sporting games of 2021 and also thus far of 2022. Unfortunately,
confidentiality prevents us naming these events. LiveU and Eurovision were
also onboarded this year as new OEM partners both bringing high profile paying
customers to add to our roster. LiveU brought Blackbird into its deal in
Germany for the national and local elections where we were used to cut from
live by RTL and other German public service broadcasters. This was our first
entry into that territory and one where we can expect further growth.
Eurovision, the production arm of the European Broadcast Union (EBU) which has
over 100 broadcasters as members has started using Blackbird on several
different international sports disciplines including cycling and athletics. We
also significantly grew existing OEM account TownNews which from a single
figure base in 2018 now has 80 stations using Blackbird. Our relationship with
TATA Communications while strong and collaborative continues to find its feet
and although it grew this year with a significant new international sports
competition added, it was at a slower pace than we expected. There is appetite
on both sides to drive much further growth and we are working together find a
more streamlined approach in 2022.
In terms of direct infrastructure deals, Blackbird's reputation of delivering
world beating speed and efficiency into live news and sports rooms ramped up
with new deals with some major European and US clients. Prize amongst these
is our first US Studio deal with CBS Sports where Blackbird is used on all
European soccer production. In addition, we have been deployed into Univision
too where the platform is used in live sports and news and where, post year
end, we have just seen an expansion. The trailblazing US news network Cheddar
News have also started to use Blackbird on a nationwide basis with both field
reporters and studio-based journalists. Elsewhere we were deployed with
Athletes Unlimited in minority US growth sports such as softball and lacrosse.
Our deal with ODK showcases how Blackbird's infrastructure enables our most
international of workflows with a Korean company, using a Vietnamese
production team to prepare Latin American content for delivery to a US
audience. In the UK too we have expanded with BT TV which is driving
efficiencies in both sports and general entertainment distribution. Just
before the end of the year we also signed a deal with FIFA, where deployment
will take place in early 2022. We have also seen successes in both replacing
traditional non-linear editors, complimenting their usage through using
Blackbird in new workflows and also supplementing capability in organisations
such as A+E Networks. This was highlighted by the A+E Networks operational
team in a joint webinar showing that Blackbird sits across multiple
departments.
The financial and strategic benefits of launching our technology licensor
brand 'Powered by Blackbird' globally with the Global Broadcast Company
include that we have accelerated the modularization of our platform for tech
licensing ahead of public cloud assimilation. In addition, we made excellent
progress in the public cloud initiative and in December we were awarded the
Foundation Technical Review by Amazon Web Services (AWS). This is a
significant milestone in the integration of our platform into the largest of
the public clouds. Public cloud integration will be a key focus in 2022.
Elsewhere on the platform the integrations with EVS for the international
games and CBS were made possible by rapid advancement of our API suite which
are becoming both more robust and multifunctional each month. Being a seamless
part of a complex media supply chain, as our Blackbird platform now is, means
the development of several high specification gateways which are now
operational.
Similarly, to become established in the media and entertainment space you need
to have the trust of customers. Certainly, being on public cloud is a fast
track to that in terms of convincing management of blue chip companies of
reliability and security. Another is having SOC2 Type 2 status which is the
gold standard of US cyber and data security for the media industry. Blackbird
achieved SOC2 Type 1 and then SOC2 Type 2 statuses in 2021 and maintained the
SOC2 Type 2 accreditation this year. This has taken some time and effort on
the team's behalf, and it means contracts that previously took months can now
be completed in a much shorter time.
The profile of Blackbird is also on a steep upward trajectory. In 2021 we
published two white papers. The first was a groundbreaking piece on the carbon
efficiency of the Blackbird technology and product. The carbon footprint of
video production had for many years gone under the radar screen and was
underreported. We worked with an independent environmental agency, Green
Element, to be the first in our sector to put out independently verified data
points about the savings we make, which garnered a huge amount of media
coverage for the Company. Especially when the data points are as compelling as
a saving of up to 91% carbon. I was personally interviewed on Sky News and
Blackbird was featured in over 40 different articles, features and industry
panels throughout the year talking about it. Our work encouraged one of the
key bodies in our industry, the International Association of Broadcast
Manufacturers (IABM) to launch an 'Environmental Sustainability' Award which
we duly won in December. This work also led the London Stock Exchange to award
the company its prestigious Green Economy Mark which just 5% of listed UK
businesses have received.
Within the year other accolades included the NAB Show 'Product of the Year'
and the top prize at the SportPro OTT Awards 'Best Tech Company 2021'.
Sometimes it's easy to forget we only rebranded the software and renamed the
Company in 2018 and 2019. This year we released 28 press releases, hosted ten
webinars with partners, conducted 25 interviews and were on twelve industry
panels. It's safe to say that if the industry hadn't heard of Blackbird
pre-Covid, they have now.
As a final act of 2021 we undertook a successful placing at 28p, double the
share price of the last placing in December 2019, raising £8.0 million before
costs. These funds will be used to explore new markets for Blackbird outside
of the professional media and entertainment video editing market. This was
presented to shareholders at an Investor Meet Company meeting in December, a
recording of which can be found on our website and is discussed in our
Strategy section of the Annual Report.
We look forward to an incredibly exciting 2022 with a world respected
technology platform, an enviable client list, a sky-high industry profile, a
highly professional team and a very healthy bank balance. We eagerly
anticipate seeing Blackbird fully integrated into the public cloud, the
rollout of our first technology licensing deal and the further adoption of our
efficient and sustainable solution on a global basis.
Ian McDonough
Chief Executive Officer
Income statement and statement of comprehensive income for the year ended 31
December 2021
2021 2020
£ £
CONTINUING OPERATIONS
Revenue 2,066,271 1,567,109
Cost of Sales (155,691) (163,338)
GROSS PROFIT 1,910,580 1,403,771
Other income - -
Operating costs excluding LTIP (3,107,283) (2,721,465)
provision
(1,196,703) (1,317,694)
EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION AND LTIP
PROVISION (EBITDA Pre LTIP)
LTIP provision (357,712) (98,227)
EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION AND EMPLOYEE (1,554,415) (1,415,921)
SHARE OPTION COSTS (EBITDA)
Depreciation (117,199) (108,681)
Amortisation (337,078) (275,935)
Employee share option costs (176,583) (138,933)
(630,860) (523,549)
OPERATING LOSS (2,185,275) (1,939,470)
Net Finance income 18,382 33,451
LOSS BEFORE INCOME TAX (2,166,893) (1,906,019)
Income tax 32,167 25,415
(2,134,726) (1,880,604)
LOSS FOR THE YEAR
Other comprehensive income - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (2,134,726) (1,880,604)
Earnings per share expressed in pence per share
Basic - continuing and total operations (0.63p) (0.56p)
Statements of financial position as at 31 December 2021
2021 2020
£ £
ASSETS
NON-CURRENT ASSETS
Intangible assets 1,195,736 1,105,657
Property, plant and equipment 256,655 308,565
1,452,391 1,414,222
CURRENT ASSETS
Trade and other receivables 395,315 292,834
Stock 895 15,728
Current tax assets 32,167 25,415
Short-term investments 4,169,186 1,617,820
Cash and bank balances 8,670,274 4,928,021
13,267,837 6,879,818
TOTAL ASSETS 14,720,228 8,294,040
EQUITY AND LIABILITES
CAPITAL AND RESERVES
Issued share capital 2,940,524 2,696,433
Share premium 34,034,228 26,516,613
Capital contribution reserve 125,000 125,000
Retained earnings (24,156,905) (22,198,762)
TOTAL EQUITY 12,942,847 7,139,284
NON-CURRENT LIABILITIES
Lease and other payables 131,908 324,044
131,908 324,044
CURRENT LIABILITIES
Trade and other payables 1,645,473 830,712
TOTAL LIABILITIES 1,777,381 1,154,756
TOTAL EQUITY AND LIABILITIES 14,720,228 8,294,040
Statement of changes in equity for the year ended 31 December 2021
Issued share capital Retained earnings Share premium Capital contribution reserve Total equity
£ £ £ £ £
Balance at 1 January 2020 2,681,913 (20,457,091) 26,371,502 125,000 8,721,324
Changes in equity
Issue of share capital 14,520 - 145,111 - 159,631
Share based payment - 138,933 - - 138,933
Total comprehensive loss for the year - (1,880,604) - - (1,880,604)
Balance at 31 December 2020 2,696,433 (22,198,762) 26,516,613 125,000 7,139,284
Changes in equity
Issue of share capital 244,091 - 7,517,615 - 7,761,706
Share based payment - 176,583 - - 176,583
Total comprehensive loss for the year - (2,134,726) - - (2,134,726)
Balance at 31 December 2021 2,940,524 (24,156,905) 34,034,228 125,000 12,942,847
Statement of cash flows for the year ended 31 December 2021
2021 2020
Notes £ £
Cash flows from operating activities
Cash used in operations A (901,066) (1,089,946)
Interest paid on lease liabilities (11,979) (16,059)
Tax received 25,415 32,424
Net cash from operating activities (887,630) (1,073,581)
Cash flows from investing activities
Payments for intangible fixed assets (443,657) (425,848)
Payments for property, plant and equipment (65,288) (26,203)
Transfer into short-term investments (2,551,366) (1,617,820)
Interest received 25,393 43,172
Net cash from investing activities (3,034,918) (2,026,699)
Cash flows from financing activities
Share issues (net of expenses) 7,761,706 159,631
Payment of lease liabilities (96,905) (96,821)
Net cash from financing activities 7,664,801 62,810
Increase/(Decrease) in cash and cash equivalents 3,742,253 (3,037,470)
Cash and cash equivalents at beginning of year 4,928,021 7,965,491
Cash and cash equivalents at end of year 8,670,274 4,928,021
A. Reconciliation of loss before income tax to cash used
in operations
2021 2020
£ £
Loss before income tax (2,166,893) (1,906,019)
Depreciation 117,199 108,681
Amortisation charges 337,078 275,935
Employee share option costs 176,583 138,933
Finance income (18,382) (33,451)
Earnings before interest, taxation, depreciation and amortisation (1,554,415) (1,415,921)
Movements in working capital:
(Increase)/ Decrease in trade and other receivables (62,234) 202,145
Increase in trade and other payables 715,583 123,830
Cash used in operations (901,066) (1,089,946)
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