REG - Gaming Realms PLC - Interim Results <Origin Href="QuoteRef">GMRG.L</Origin> - Part 2
13/09/2016 07:06
- Part 2: For the preceding part double click ID:nRSM6230Ja
Weighted average number of Ordinary Shares used in calculating basic loss per share 254,857,879 195,170,489 215,672,706
Weighted average number of Ordinary Shares used in calculating dilutive loss per share 254,857,879 195,170,489 215,672,706
Basic and diluted loss per share (pence) (2.22) (1.80) (3.45)
7. Intangible assets
Goodwill Customer database Software Development costs Domain names Intellectual property Total
£ £ £ £ £ £ £
Cost
At 1 January 2015 13,543,905 3,189,553 361,684 1,082,811 26,514 - 18,204,467
Additions - - - 314,005 - - 314,005
Disposal# - - (361,684) - - - (361,684)
At 30 June 2015 13,543,905 3,189,553 - 1,396,816 26,514 - 18,156,788
Acquired through business combination 4,300,671 1,289,563 1,039,236 - 320,832 5,076,493 12,026,795
Additions - - - 1,491,908 - - 1,491,908
FX movement 247,540 64,532 52,005 - 16,055 277,886 658,018
At 31 December 2015 18,092,116 4,543,648 1,091,241 2,888,724 363,401 5,354,379 32,333,509
Additions - - - 1,873,868 5,126 - 1,878,994
Disposal* (2,513,764) (698,447) - - - - (3,212,211)
FX movement 495,725 110,102 88,733 - 27,393 528,262 1,250,215
At 30 June 2016 16,074,077 3,955,303 1,179,974 4,762,592 395,920 5,882,641 32,250,507
Amortisation
At 1 January 2015 - 857,986 222,834 365,795 428 - 1,447,043
Amortisation charge - 537,981 32,807 206,364 1,614 - 778,766
Disposal# - - (255,641) - - - (255,641)
At 30 June 2015 - 1,395,967 - 572,159 2,042 - 1,970,168
Amortisation charge - 664,689 139,514 347,697 44,711 255,563 1,452,174
FX movement - (4,711) (3,797) - (1,172) (6,954) (16,634)
At 31 December 2015 - 2,055,945 135,717 919,856 45,581 248,609 3,405,708
Amortisation charge - 584,349 189,187 588,541 64,190 346,555 1,772,822
Disposal* - (452,365) - - - - (452,365)
FX movement - (1,811) (1,459) - (451) (2,673) (6,394)
At 30 June 2016 - 2,186,118 323,445 1,508,397 109,320 592,491 4,719,771
Net book value
At 31 December 2015 18,092,116 2,487,703 955,524 1,968,868 317,820 5,105,770 28,927,801
At 30 June 2015 13,543,905 1,793,586 992,246 824,657 24,472 - 16,186,620
At 30 June 2016 16,074,077 1,769,185 856,529 3,254,195 286,600 5,290,150 27,530,736
*On 4 March 2016, the Group disposed of the third-party platform driven
website properties, for a total consideration
of £2.4m to Silverspin Media Limited and Black Spark Media Limited. On 6 June
2016, the Group entered into a strategic partnership with digital marketing
company Ayima Limited to contribute assets comprising its external digital
marketing agency to Ayima Limited (note 3).
#On 9 April 2015, Bingo Realms Limited entered into an Asset Sale and Purchase
Agreement with European Domain Management Ltd, to sell all associated assets
in its Bingo Godz and CastleJackpot brands which were operated by Intellectual
Property & Software Limited. The total consideration for the sales was
£500,000 in cash, with £200,000 payable on completion and the remainder
payable over the next 17 months.
8. Available-for-sale investments
2016
£
At 1 January 2016 -
Additions 540,000
At 30 June 2016 540,000
The Group's strategic investments is a 10% interest in Ayima Limited. This
company is not accounted for on an equity basis as the Group does not have the
power to participate in the company's operating and financial policies,
evidenced by the lack of any direct or indirect involvement at board level and
a contractual arrangement which enables the board to take all operational and
strategic decisions without consultation with shareholders owning less than
30% of the share capital of Ayima Limited (note 3).
9. Other assets
30 Jun 2016 30 Jun 2015 31 Dec 2015
£ £ £
Other assets
152,000 158,500 152,000
Other assets represent the rental deposits on operating leases.
10. Trade and other receivables
30 Jun 2016 30 Jun 2015 31 Dec 2015
£ £ £
Trade and other receivables 3,841,642 1,678,240 2,473,844
Allowance for doubtful debts (8,938) (9,548) (8,938)
3,832,704 1,668,692 2,464,906
Prepayments and accrued income 1,344,279 1,325,639 1,553,178
5,176,983 2,994,331 4,018,084
All amounts shown fall due for payment within one year
11. Cash and cash equivalents
30 Jun 2016 30 Jun 2015 31 Dec 2015
£ £ £
Cash and cash equivalents 2,979,790 1,267,409 2,516,820
Restricted cash 19,568 19,568 19,568
2,999,358 1,286,977 2,536,388
Restricted cash of £19,568 (30 Jun 2015 and 31 December 2015: £19,568) relates
to funds held in Swiss subsidiaries which are currently undergoing
liquidation. The funds are restricted and are not included in the consolidated
statement of cash flows.
12. Trade and other payables
30 Jun 2016 30 Jun 2015 31 Dec 2015
£ £ £
Trade and other payables 2,914,578 2,028,020 2,079,035
Accruals 4,317,263 849,761 1,883,805
Deferred income 474,026 - 26,300
Player liabilities 413,204 387,512 338,825
8,119,071 3,265,293 4,327,965
The carrying value of trade and other payables classified as financial
liabilities measured at amortised cost approximates fair value.
13. Share capital
Ordinary Shares
30 Jun 2016 30 Jun 2015 31 Dec 2015
£ £ £
261,633,292 (30 Jun 2015: 195,170,488 and 31 Dec 15: 249,208,292) Ordinary Shares of 10 pence each 26,163,329 19,517,049 24,920,829
Movements in share capital
Number £
At 1 January 2015 and 30 June 2015 195,170,489 19,517,049
Ordinary shares issued for cash consideration 49,900,578 4,990,058
Ordinary shares issued in settling the Blueburra Holdings Limited contingent consideration 4,137,225 413,722
At 31 December 2015 249,208,292 24,920,829
Ordinary shares issued for cash considerationOrdinary shares issued in settling the Blueburra Holdings Limited contingent consideration 7,625,0004,800,000 762,500480,000
At 30 June 2016 261,633,292 26,163,329
On 2 March 2016, 7,625,000 shares were issued at £0.20 per share for a total
consideration of £1,525,000.
On 9 June 2016, 4,800,000 shares were issued at £0.25 per share to the
previous shareholders of Blueburra Holdings Limited to satisfy the final
£1,200,000 share element of vendor consideration.
14. Contingent and deferred consideration
Acquisition of Gaming Assets and Backstage Technologies Inc £
Deferred consideration at 10 August 2015 4,705,682
Unwinding of discount on deferred consideration 86,683
Foreign exchange movement on deferred consideration 273,134
Deferred consideration at 31 December 2015 5,065,499
Unwinding of discount on deferred consideration (note 4) 186,998
Foreign exchange movement on deferred consideration (note 4) 566,103
Deferred consideration at 30 June 2016 5,818,600
Acquisition of Blueburra Holdings Limited £
Contingent consideration at 1 January 2015 4,887,648
Unwinding of discount on contingent consideration 72,583
Deferred consideration at 30 June 2015 4,960,231
Unwinding of discount on contingent consideration 73,786
Fair value adjustment on contingent consideration (134,017)
Payment of contingent consideration (1,250,000)
Contingent consideration on prior period acquisition 105,000
Shares issued as part of the consideration in a business combination (1,355,000)
Deferred consideration at 31 December 2015 2,400,000
Shares issued as part of the consideration in a business combination (1,200,000)
Contingent consideration waived with respect to the disposal of third-party platform driven website properties (1,200,000)
Deferred consideration at 30 June 2016 -
15. Events after reporting date
On the 22 July 2016, the Group entered into sale and purchase agreement with
Hullabu, Inc to acquire 62.5% of the share capital in Hullabu, Inc for a total
cash consideration of USD 500,000. Hullabu are a Nevada corporation that
develops social games including Hidden Artifacts, which is published by the
Group. The acquisition will allow improved development and monetisation of the
game. As of the approval date of the financial statements by the board, the
Group had not completed the valuation of the fair value of the intangible
assets and liabilities acquired and accordingly these disclosures are not
provided in the financial statement.
On the 27 July 2016, the Group announced the subscription of 12,500,000 shares
at £0.20 per share to raise £2,500,000. The subscription was completed by 2
September 2016. The net proceeds from this subscription were used in part
repayment of the first deferred consideration payment of the $4m to Real
Networks (£3.1m) included in the statement of financial position (note 14).
This information is provided by RNS
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