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EVR Holdings PLC (EVRH)

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Thursday 19 September, 2019

EVR Holdings PLC

Half-year Report

RNS Number : 8823M
EVR Holdings PLC
19 September 2019
 

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

For Immediate Release

19 September 2019

 

EVR Holdings plc

('EVR' or the 'Company')

 

Half-yearly Results

EVR Holdings (AIM: EVRH), a creator of virtual reality ('VR') entertainment content, is pleased to announce its Half-yearly Results for the six months to 30 June 2019.

Highlights

·      On 7 June 2019, the Company announced a £5m equity investment from John Gore together with a strategic partnership between the Company's principal subsidiary MelodyVR Limited ("MelodyVR") with John Gore Organisation to facilitate VR capture and distribution of Broadway Theatre content;

 

·      On 1 July 2019, MelodyVR announced the release of its iOS and Android mobile applications, allowing music fans from around the world to enjoy content without the need for a dedicated VR device;

 

·   On 4 July 2019 MelodyVR announced a content licencing agreement with Facebook Technologies, LLC allowing Facebook/Oculus to use MelodyVR's content for advertising purposes and exploitation across YouTube, Facebook, Instagram and the Oculus website;

 

·      On 4 July 2019, MelodyVR launched in 4 additional territories, Canada, Spain, Italy and Portugal extending the number of territories in which MelodyVR content is available to 14;

 

·      On 5 July 2019 MelodyVR partnered with Wireless Festival to broadcast the 3 day event live in VR and via the MelodyVR app on all recent generation iOS and Android smartphones

 

·      On 20 August 2019, MelodyVR announced its launch on the new Oculus Quest VR device;

 

·      On 27 August 2019, MelodyVR announced its partnership with ABC and its programme Good Morning America ("GMA")  to deliver a live broadcast of GMA's summer concert series featuring Marshmello and Kane Brown live from New York's Central Park in the first ever simultaneous broadcast across National Television and live Virtual Reality,

 

·    As at 30 June 2019 the Company has cash and cash equivalents in excess of £17.5 million for future expansion and development

 

Chairman and CEO Anthony Matchett commented "The launch of MelodyVR on mobile devices marks a new chapter in our Company's strategic direction. Within the first week of launching our mobile app we were the number 1 trending app on the UK's Google Play store and ranked in the top 20 apps on Apple's UK app store. Over the last two months, we have seen our install base grow significantly and with a rich calendar of upcoming content and events, we expect that user numbers will continue to accelerate as we transition to a subscription based revenue model.

 

- Ends -

 

EVR Holdings plc

 

 

Anthony Matchett, Executive Chairman & CEO

Tel: +44 (0) 203 289 7430

 

www.evrholdings.com

Arden Partners plc: Nominated Adviser and sole broker

 

Corporate Finance: Ciaran Walsh/Ruari McGirr/Ben Cryer

 

Corporate Broking: Simon Johnson

       Tel +44 (0) 207 614 5900

 

 

 

Chairman's Statement

Over the last six years MelodyVR, has built proprietary technology, entered into unique agreements with rightsholders, and has launched consumer facing applications in order to deliver music fans a revolutionary new way to engage with both music, and with the artists they love. Initially, the MelodyVR application was solely available via dedicated VR devices and although user numbers continue to grow across dedicated VR devices on a daily basis, 2019 marks a pivotal year for our business, with the recent launch of the MelodyVR application across both smartphone and tablets.

Comparatively, the smartphone and VR device market are significantly different in a number of key areas; billions have been spent on VR research and development to-date, yet dedicated VR devices have been slower than anticipated to reach consumers and are still to reach mainstream consumer adoption, whereas smartphones continue to enjoy widespread adoption with 1.43 billion new smartphone devices sold in 2018. Noting the significant demand from music fans throughout the world for MelodyVR's exclusive library of content and live-streamed performances, the decision was taken to realign internal resources to focus on the much larger mobile market.

These initiatives led to the release of the MelodyVR iOS and Android application on 1st July 2019 which has since seen exceptional traction in terms of consumer adoption and use. In the first two months of release alone, smartphone installs of the MelodyVR app, surpassed the entire first year install-base of our VR applications, across all VR devices, cumulatively.

In the last 11 weeks since launching MelodyVR on mobile, we've seen hundreds of thousands of streams from consumers, across both our existing library of content and a number of unique live events. In July, we broadcast three days of coverage from Wireless Festival, one of the world's most recognisable urban music events. In August 2019,  we partnered with ABC and Good Morning America, to deliver a simultaneous broadcast via the MelodyVR app and across National Television in the United States, which saw extensive coverage of our platform across the TV network, as well as 100,000 users accessing MelodyVR from all 50 states in America, and 14 other countries globally. We've also released exclusive recorded content from leading global artists such as: Panic! at the Disco, Lewis Capaldi, Rae Sremmurd, Julia Michaels as well as Marshmello and Kane Brown.

Looking ahead, EVR Holdings has two key areas of focus, firstly the growth and development of the MelodyVR platform, and in addition the on-going development of our joint venture with the John Gore Organisation, which will bring theatrical productions from Broadway in New York, and the West-End in London, to consumers around the world.

In respect of MelodyVR, we continue to pursue a number of key initiatives, focused on delivering growth and building long-term revenues. Firstly, our company intends to transition to a subscription model later this year, which will provide unlimited access to our on-demand content library in exchange for a monthly fee, and will deliver recurring revenues to the business. We also intend to make subscriptions available to consumers via a number of high-profile partners, which will be announced over the coming months. Alongside our subscription offering we will continue to make real-time live events available on the platform, which will be available to purchase on-demand, via the MelodyVR app, as well as via online ticketing partners. Following a brief period of realignment, and by making our platform available on mobile devices, we have since demonstrated that the demand for our content is vast, and in turn, the potential for revenue generation via our mobile platforms in particular is significant and we are excited by the opportunity for revenue growth over the coming 12 months.

Secondly, we will soon begin to ship our MelodyVR viewers, both with MelodyVR subscriptions, and bundled with live tickets. Our low-cost MelodyVR viewer, enables any consumer to have an immersive VR experience, simply by utilising their existing smartphone. In user testing, the feedback from the majority of consumers using the MelodyVR viewer with the MelodyVR application, showed that the device delivers a comparable or better experience than Oculus Go, yet will be available to consumers for about 10% of the cost of a dedicated VR device. We believe that this entry-level device will lead to greater consumption of our content, in particular due to its accessible price point and in-turn will lead to the wider adoption of dedicated VR devices.

In respect of our joint venture with the John Gore Organisation, development of content has already commenced, with the recording of Broadway productions underway. For the same reason that MelodyVR exists in respect of Music; Theatre exhibits the same fundamental characteristics, including restrictions on physical attendance. The two epicentres of the theatre industry are widely accepted as New York and London, concentrating physical availability to only two cities, and due to this limited availability, current theatres cannot fulfil the worldwide demand for popular productions. In addition, the price point of an average Broadway theatre ticket is currently $58 dollars and is increasing year on year. In many cases, the high cost of tickets exceeds many less-affluent potential attendees' affordability. In addition, most well-known theatre productions operate at over 95% seating capacity per show, making the purchase of a physical ticket, especially for the best seats, particularly challenging. With this in mind, our technology has the power to remove the barriers of both cost, availability and location, for millions of consumers worldwide and we look forward to bringing theatre and the arts in an immersive format, to a global audience.

Principal Risks and Uncertainties

Immersive content is an emerging market which makes it difficult to evaluate our current and future prospects.  Whilst the Directors believe MelodyVR is peerless in terms of our entertainment offering, technical capabilities and licencing and distribution network, awareness and engagement with our content will need to grow before we are able to capitalise on the significant opportunities we see before us. We will continue to rely on the ability to acquire and renew content licenses from a limited number of major and minor content owners and other rights holders in order to provide our service.  Our long-term success will depend on our ability to attract and retain users, and to successfully monetise an increasing number of uses who engage with our MelodyVR platform.  We will continue to depend on key personnel to develop great products and services, as well as operate our business, and if we are not able to retain, attract and integrate quality personnel, our ability to successfully scale our business could be impaired.  If we are unable to preserve our culture, we could lose the innovation, teamwork and focus that has contributed so fundamentally to our business to date.

Results

The Group made a consolidated accumulated loss of £7.1m for the 6 months under review and at 30 June 2019 the total of the consolidated balance sheet totalled £19.9m.

The Group showed a gross loss of £0.22m compared with a gross loss for the corresponding period last year of £0.22m.

The operating loss for the six months ended 30 June 2019 amounted to £7.2m compared with £4.4m for the corresponding period last year.  This is driven by the significant investments made during the period mostly in product development and content production and post-production and compared favourably with the operating loss for H2 2018 of £7.1m demonstrating a strong management of the company's operations whilst delivering significant development efforts as outlined above. 

Outlook

The launch of our mobile application in July of this year, provided smartphone users with the ability to access our music content without the need for a dedicated VR device. The level of consumer engagement we have experienced from events such as the broadcast of  Wireless Festival and Good Morning America summer concert series has validated the appetite for our content and will underpin the scaling of our install base in the near term and monetisation of our content in the longer term. Accordingly, due to the investment in our mobile strategy during the first half of this year, revenue numbers for the full year may not exceed those reported during 2018. Our mobile strategy will provide greater opportunities for commercial partnerships as we seek to drive consumer awareness. We are confident that these strong early metrics will continue and that we will be able to provide greater depth of insight when we release our full year results early next year.

 

 

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR EVR HOLDINGS PLC

for the six months ended 30th June 2019

 

 

Unaudited

Unaudited

Audited

 

Six months to

Six months to

Year to

 

30th June 2019

30th June 2018

31st December 2018

                                                                                  Notes

£

  £

                 £

Revenue                                                                       

128,432

6,831

1,180,623

Cost of Sales

(352,372)

(225,028)

(1,427,674)

Gross Profit/(Loss)

(223,940)

(218,197)

(247,051)

 

 

 

 

Administrative expenses

(6,974,796)

(4,183,675)

(11,260,086)

 

_____

_____

_____

 

 

 

 

OPERATING LOSS

(7,198,736)

(4,401,872)

(11,507,137)

Operating loss before non-recurring and non-cash items

(6,146,383)

(3,899,947)

(10,142,438)

 

 

 

 

Depreciation, Amortisation and Impairment

(864,120)

(221,872)

(717,906)

Share based payments

(188,233)

(280,053)

(646,793)

 

------------------

------------------

------------------

OPERATING LOSS

(7,198,736)

(4,401,872)

(11,507,137)

 

 

 

 

Finance income

62,404

-

42,929

Finance costs

Foreign exchange gain

(15,115)

12,450

(12,121)

27,725

-

73,253

 

_____

_____

_____

LOSS FOR THE PERIOD BEFORE TAXATION

(7,138,997)

(4,386,268)

(11,390,955)

 

 

 

 

Taxation

-

-

121,016

 

_____

_____

_____

 

 

 

 

NET LOSS AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(7,138,997)

(4,386,268)

(11,269,939)

 

 

 

 

Attributable to:

 

 

 

Owners of the parent company

(7,138,997)

(4,386,268)

(11,269,952)

Non - controlling interest

-

-

1,013

 

_____

_____

_____

Loss per share                                                                5

 

 

 

Basic and Diluted from Continuing Operations

(0.54)p

(0.37)p

(0.9)p

 

 

 

 

 

 

 

 

 

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR EVR HOLDINGS PLC

for the six months ended 30th June 2019

(unaudited)

 

 

 

Share

Merger

Share

 

Reverse

Non-

Currency

 

 

Share

Premium

Relief

Option

Retained

Takeover

Controlling

Translation

 

 

Capital

Reserve

Reserve

Reserve

Losses

Reserve

Interest

Reserve

Total

 

£

£

£

£

£

£

£

£

£

 

 

 

 

 

 

 

 

 

 

Balance at 1st July 2018

13,522,829

36,152,683

486,611

1,607,525

(13,389,122)

(10,002,543)

(46,003)

(16,781)

28,315,199

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the period

-

-

-

-

(6,884,684)

-

-

-

(6,884,684)

Grant of share options/warrants

 

 

 

366,740

 

 

 

 

366,740

Issue of new shares

Currency Translation Reserve

Non Controlling Interest

167,375

 

-

105,481

 

-

-

 

-

-

 

-

-

 

-

-

 

-

-

 

1,013

-

(45,178)

-

272,856

(45,178)

1,013

 

___

_____

_____

_____

_____

_____

_____

_____

_____

 

 

 

 

 

 

 

 

 

 

Balance at 31st December 2018

13,690,204

36,258,164

486,611

1,974,265

(20,273,806)

(10,002,543)

(44,990)

(61,959)

22,025,946

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the period

-

-

-

-

(7,138,997)

-

-

-

(7,138,997)

Grant of share options/warrants

-

-

-

188,233

-

-

-

-

188,233

Issue of new shares

Currency Translation Reserve

Non Controlling Interest

1,114,671

-

-

3,691,915

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

 (15,774)

-

4,806,586

(15,774)

-

 

_____

_____

_____

_____

_____

_____

_____

_____

_____

Balance at 30th June 2019

14,804,875

39,950,079

486,611

2,162,498

(27,412,803)

(10,002,543)

(44,990)

(77,733)

19,865,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSISITON FOR EVR HOLDINGS PLC

as at 30th June 2019

 

 

 

Unaudited

Unaudited

Audited

 

as at

as at

as at

 

30th June 2019

30th June 2018

31st December 2018

                                                                 Notes

£   

£   

£  

ASSETS

 

 

 

NON-CURRENT ASSETS

 

 

Property, plant and equipment                     6

963,404

1,045,244

933,992

Intangible assets                                           7

2,327,574

1,754,077

2,095,547

 

_____

_____

_____

TOTAL NON-CURRENT ASSETS

3,290,978

2,799,321

3,029,539

 

_____

_____

_____

 

 

 

 

CURRENT ASSETS

 

 

 

Trade and other receivables

1,235,569

506,422

1,601,896

Cash and cash equivalents

17,506,396

26,089,548

19,327,948

 

_____

_____

_____

TOTAL CURRENT ASSETS

18,741,965

26,595,970

20,929,844

 

______

______

_____

TOTAL ASSETS

22,032,943

29,395,291

23,959,383

 

______

______

______

LIABILITIES

 

 

 

CURRENT LIABILITIES

 

 

 

Trade and other payables

(2,166,949)

(1,080,092)

(1,933,437)

 

______

______

______

TOTAL CURRENT LIABILITIES

(2,166,949)

(1,080,092)

(1,933,437)

 

______

______

_____

TOTAL LIABILITIES

(2,166,949)

(1,080,092)

(1,933,437)

 

______

______

_____

TOTAL NET ASSETS

19,865,994

28,315,199

22,025,946

 

______

______

_____

 

 

 

 

EQUITY

 

 

 

Share capital                                                 8

14,804,875

13,522,829

13,690,204

Share premium reserve

39,950,079

36,152,683

36,258,164

Retained losses

(27,412,803)

(13,389,122)

(20,273,806)

Share Option Reserve                                  

2,162,498

1,607,525

1,974,265

Merger Relief Reserve

486,611

486,611

486,611

Non-controlling interests

Currency Translation Reserve

(44,990)

 (77,733)

(46,003)

(16,781)

(44,990)

(61,959)

Reverse takeover reserve

(10,002,543)

(10,002,543)

(10,002,543)

 

_____

_____

_____

TOTAL EQUITY

19,865,994

28,315,199

22,025,946

 

_____

_____

_____

 

 

CONSOLIDATED CASH FLOW STATEMENT FOR EVR HOLDINGS PLC

for the six months ended 30th June 2019

 

 

Unaudited

Unaudited

Audited

 

Six months to

Six months to

Year to

 

30th June 2019

30th June 2018

31st December 2018

 

£      

£      

£   

 

 

 

 

Loss from continuing operations

(7,138,997)

(4,386,268)

(11,390,955)

 

 

 

 

Adjustments for:

 

 

 

Amortisation of intangible assets

419,316

56,216

329,073

Depreciation of fixed assets

Impairment of intangible asset

275,209

169,595

165,656

-

388,833

-

Share based payment expense

188,233

280,053

646,793

Increase/(decrease) in trade and other receivables

(286,866)

(278,181)

(1,115,147)

Increase in trade and other payables

869,081

428,667

1,118,317

 

_____

_____

______

 

 

 

 

Net cash outflow from operating activities

(5,504,429)

(3,733,857)

(10,023,086)

 

___

___

_______

Investing activities

 

 

 

Purchase of property, plant and equipment

(304,425)

(1,778,301)

(682,040)

Investment in intangible assets

(820,938)

-

(1,821,144)

 

_____

_____

_____

Net cash generated used in investing activities

(1.125,363)

(1,778,301)

(2,503,184)

 

 

 

 

Financing activities

 

 

 

Proceeds from issue of ordinary share capital

4,800,000

19,053,561

19,048,293

Proceeds from the exercise of warrants

6,585

128,706

     406,831

 

_____

_____

_____

Net cash generated from financing activities

4,806,585

19,182,267

19,455,124

 

_____

_____

_____

 

 

 

 

(Decrease)/Increase in cash and cash equivalents

Effect of changes in foreign exchange

(1,823,207)

1,655

13,670,109

9,619

6,928,854

       (10,726)

Cash and cash equivalents brought forward

19,327,948

12,409,820

12,409,820

 

__

_____

 

Cash and cash equivalents carried forward

17,506,396

26,089,548

19,327,948

 

_____

_____

_____

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR EVR HOLDINGS PLC

for the six months ended 30th June 2019
 

1.     Basis of preparation of interim financial information
 

The consolidated interim financial statements have been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards as endorsed by the European Union ("IFRS") and expected to be effective at the year-end of 31 December 2018.

New accounting policies adopted during the year are detailed in Notes 3 and 4 while all other accounting policies remain unchanged from the financial statements for the year ended 31 December 2018.

The interim financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2018, prepared in accordance with IFRS, have been filed with the Registrar of Companies.  The Auditors' Report on these accounts was unqualified, did not include any matters to which the Auditors drew attention by way of emphasis without qualifying their report and did not contain any statements under section 498 of the Companies Act 2006.

The consolidated interim financial statements are for the 6 months to 30 June 2019.

 

The interim consolidated financial information do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the group's annual financial statements for the year ended 31 December 2018, which were prepared in accordance with IFRS's as adopted by the European Union.

Going Concern

The directors have prepared detailed cash flow forecasts and are of the opinion that it is appropriate to prepare these financial statements on a going concern basis. In making this assessment management has considered:

a)     The current working capital position and operational requirements

b)    The sensitivities associated with projected expenditure

c)     The timing and magnitude of planned capital expenditure

d)    The strategic exploitation of the company's significant resources

e)     The timing of launch within new territories and on new Virtual Reality (VR) platforms

The conclusion of this assessment and having regard to the existing working capital position the Directors are of the opinion that the Group will have adequate resources to enable it to undertake its planned activities for the next twelve months.

2.     Statement of compliance

The financial statements comply with IFRS as adopted by the European Union.  At the date of authorisation of these financial statements the following Standards and Interpretations affecting the Group were applied for the first time

•       IFRS 16 Leases

IFRS 16 is effective from 1 January 2019 and eliminates the classification of leases as either operating or finance leases, introducing a single accounting model. Lessees are required to recognise a right-of-use asset and related leases liability for their operating leases and show depreciation of leased assets and interest on leases liabilities separately in the income statement. IFRS 16 requires the Group to recognise substantially all of its operating leases on the balance sheet.

The Group adopted IFRS 16 on a modified retrospective basis and applied the standard accordingly. As such, prior year financial information has not been restated and will continue to be reported under IAS 17: Leases. The right of use asset and leases liabilities have been initially measured at the present value of remaining leases payments.

There is deemed to be no material impact on reserves brought forward or on results for the six months to 30 June 2019.

3.     Revenue

Revenue represents amounts receivable for goods and services provided in the normal course of business, and excludes intra-group sales, Value Added Tax and trade discounts.

Revenue comprises of the sale of content with the value of goods and services supplied being recognised on delivery of content.

Management considers the detailed criteria for the recognition of revenue from the sale of goods and services set out in IAS 18 Revenue, in particular whether the Group had transferred to the buyer the significant risks and rewards of ownership of the goods.

 

4.     Capitalisation of Development and Content creation costs

The Group recognises both internal development costs as well as VR content creation costs as intangible assets only when the following criteria are met: the technical feasibility of completing the intangible asset exists, there is an intent to complete and an ability to use or sell the intangible asset, the intangible asset will generate probable future economic benefits, there are adequate resources available to complete the development and to use or sell the intangible asset, and there is the ability to reliably measure the expenditure attributable to the intangible asset during its development.

 

Intangible assets with finite lives are amortised on a straight-line basis over their estimated useful lives and are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation of intangible assets is recognised in the consolidated statement of comprehensive income/costs in the expense category consistent with the function of the intangible assets.

 

Amortisation rates applicable to internal development is typically between 2 and 5 years and;

 

Amortisation rates applicable to VR content is as follows:

 

·     Year 1: 80%

 

·     Year 2: 15%

 

·     Year 3: 5%

 

         5.    Loss per share
 

Loss attributable to equity holders of the Company:

Unaudited

30th June 2019

 

                   £

Unaudited

30th June 2018

 

                         £

Audited                   Year to                     31st December 2018

£

Continuing and total operations

(7,138,997)

(4,386,268)

(11,270,952)

 

 

 

 

 

No. of shares

No. of shares

No. of shares

 

 

 

 

Weighted average number of ordinary shares in issue for basic and fully

1,314,643,091

1,199,050,729

1,252,156,578

 

diluted earnings

 

 

 

 

 

 

 

 

 

         5. Loss per share (continued)

 

Pence per

Pence per

Pence per

 

Share

share

share

 

 

 

 

Loss per share

(0.54)p

(0.37)p

(0.9)p

 

 

 

 

Basic and diluted:

(0.54)p

(0.37)p

(0.9)p

 

 

         6. Tangible fixed assets

 

 

Audiovisual  productions

Office Equipment

Computer Equipment

Leasehold Improvements

 Total

 

 

£

£

£

£

£

 Cost

 

 

 

 

 

 

As at 31 December 2018

482,460

84,162

884,544

74,285

1,525,451

 

 

 

 

 

 

 

 

Additions

177,727

5,679

121,215

-

304,621

 

Disposal

-

-

-

-

-

 

 

 _______

 _______

 _______

 _______

 _______

 

As at 30 June 2019

660,187

89,841

1,005,759

74,285

1,830,072

 

 

 

 

 

 

 

 Accumulated depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 31 December 2018

180,650

19,120

363,958

27,731

591,459

 

 

 

 

 

 

 

 

Charge for the period

98,371

10,900

153,659

12,279

275,209

 

 

 _______

 _______

 _______

 _______

 _______

 

As at 30 June 2019

279,021

30,020

517,617

40,010

866,668

 

 

 

 

 

 

 

 Net Book Value

 _______

 _______

 _______

 _______

 _______

 

As at 31 December 2018

301,810

65,042

520,586

46,554

933,992

 

 

 

 

 

 

 

 

As at 30 June 2019

381,166

59,821

488,142

34,275

963,404

 

 

 _______

 _______

 _______

 _______

 _______

  

 

         7. Intangible assets

 

 

 Goodwill

Development

Content - released

Content - in production

Total

 

£

£

£

£

£

 Cost

 

 

 

 

 

 

As at 31 December 2018

603,476

667,819

506,982

646,343

2,424,620

 

 

 

 

 

 

 

 

Additions

-

564,645

94,853

161,440

820,938

 

Reclassification

-

-

306,701

(306,701)

-

 

Impairment

-

(69,870)

-

(126,766)

(196,636)

 

 

 _______

 _______

 _______

 _______

 _______

 

As at 30 June 2019

603,476

1,162,594

908,536

374,316

3,048,922

 

 

 

 

 

 

 

 Accumulated amortisation

 

 

 

 

 

 

 

 

 

 

 

 

 

As at 31 December 2018

-

149,279

179,794

-

329,073

 

 

 

 

 

 

 

 

Charge for the period

-

127,032

292,284

-

419,316

 

Impairment

-

(27,041)

-

 

(27,041)

 

 

 _______

 _______

 _______

 _______

 _______

 

As at 30 June 2019

-

249,270

472,078

-

721,348

 

 

 _______

 _______

 _______

 _______

 _______

 Net Book Value

 _______

 _______

 _______

 _______

 _______

 

As at 31 December 2018

603,476

518,540

327,188

646,343

2,095,547

 

 

 

 

 

 

 

 

As at 30 June 2019

603,476

913,324

436,458

374,316

2,327,574

 

 

 _______

 _______

 _______

 _______

 _______

 

Goodwill has been calculated as the fair value of the EVR Holdings plc ordinary shares pre reverse takeover less the net asset value of the Company at the time of take over.

 

 

8. Share Capital

 

30 June 2019 (unaudited)

30 June 2018 (unaudited)

 

Number

Number

Ordinary shares of 1.1 pence each

495,095,455

495,095,455

Ordinary shares of 1.16 pence each

231,750,344

231,750,344

Ordinary shares of 1.4 pence each

41,024,988

26,264,198

Ordinary shares of 1.7 pence each

205,232,810

205,232,810

Ordinary shares of 1.85 pence each

     22,947,958

11,771,458

Ordinary shares of 4.5 pence each

   111,111,111

-

Ordinary shares of 8 pence each

   187,500,000

187,500,000

Ordinary shares of 16 pence each

   125,000,000

125,000,000

Deferred shares of 0.24p each

   150,520,616

150,520,616

Deferred shares of 0.95p each

     26,000,000

26,000,000

 

 

 

Total

1,596,183,282

1,459,134,881

 

Further copies of this document are available both at the registered office of the Company. The statement will also be available to download on the Company's website: http://evrholdings.com

 


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