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RNS Number : 6518H
appScatter Group PLC
02 August 2019
 

02 August 2019

appScatter Group plc

("appScatter" or the "Company")

Audited Final Results for the year ended 31 December 2018 

appScatter Group plc (AIM: APPS), the app management and data intelligence platform, is pleased to announce its audited results for the year ended 31 December 2018.

2018 Highlights:

·    Completion of the acquisition of Priori Data GmbH for £10.6 million, enhancing the capabilities of the Group to provide market leading, data-led app insights.

·   Completion of the acquisition of Abilott Limited for £0.8 million initial consideration, enabling the Group to increase its offering of security products and improve margins.

·    Strategic partnerships concluded with Dow Jones, Iron Source and IHS.

·   £6.6 million in cash raised, £2.0 million of which was used to fund the cash element of Priori & Abilott acquisitions.  Funds were raised at a significant premium to the prevailing market price.

·    Operating cash flow improved by £2 million to an outflow of £6.2 million, down from £8.2 million in 2017.

·    Advisory board established to further support the plc board in enhancing appScatter's offering and opportunities.

Post period highlights

·    Announced the intention to acquire the entire issued share capital of Airpush Inc, a US registered company with worldwide operations.  This transaction will enable the Group to dramatically increase its revenues from the new 1.8M registered users across the Airpush group, improve the quality and range of data including data from 250 million devices and 400,000 apps all of which will complement the current 11 million apps tracked daily and the audience data from 3.5 billion devices.

·    Work on the Airpush acquisition is well underway and we expect to be able to convene a meeting of appScatter shareholders to consider and if thought fit, approve the deal following publication of the Admission Document.

·    New partnerships include working with Bango Plc to give our developers access to audiences more likely to make-in app purchasing and appScatter Japan the new JV with inter-arrows.

 

Philip Marcella, CEO of appScatter Group plc commented:

"I am pleased today to release our 2018 annual report, with our investment into the appScatter platform and the completion of the two strategic acquisitions, we have built the foundations for our goal to build a combined single platform for app publishers and developers. As a result of last years' progress we were able to announce the proposed acquisition of Airpush Inc., if approved by shareholders the new enlarged group will have 1.8 M registered users and a single platform to build, distribute, secure and monetise apps whilst having the market intelligence to truly promote apps to the correct audience. I would like to thank all our new partners and staff for their support"

 

For enquiries, please contact:

appScatter Group plc

Philip Marcella, Chief Executive Officer 

 

Tel: +44 (0)20 8004 7212

www.appscatter.com

finnCap Limited

Nominated Adviser and Joint Broker

Jonny Franklin-Adams / Hannah Boros/ Edward Whiley

Corporate Broking- Alice Lane 

Tel: +44 (0)20 7220 0500

www.finncap.com

 

 

 

 

IFC Advisory Limited

PR/IR

Graham Herring / Heather Armstrong / Florence Chandler

Tel: +44 (0)20 7934 6630

www.ifcadvisory.co.uk

 

About appScatter Group plc

appScatter is a scalable B2B SaaS platform that allows paying users to distribute their apps to, and manage their apps on, multiple app stores. Additionally, the centralised platform enables app developers and publishers to manage and track performance of their own and competing apps across all of the app stores on the platform.

 

 

Chairman's Statement

Introduction

2018 was our first full year as a public company. In addition to completing a number of strategic partnerships we made two acquisitions with a combined valuation of £11.5 million, furthering our goal to create a single end-to-end platform for the mobile app developer and publisher community.

These partnerships and acquisitions placed the Company in a much stronger position, such that in April 2019, we were able to announce the proposed acquisition of Airpush Inc, an established international mobile technology company registered in the United States.

The Airpush acquisition constitutes a reverse takeover under the AIM Rules and until a new Admission Document covering the combined Group is published, (which is now expected to be published in September), trading in the Company's shares will remain suspended.

Work on the Airpush acquisition is well underway and we expect to be able to convene a meeting of appScatter shareholders to consider and if thought fit, approve the deal following publication of the Admission Document.

A review of trading

While the platform was opened for the period under review, its full roll-out was delayed successively by the impact of the acquisition of Priori and more recently the proposed acquisition of Airpush, resulting in delaying SaaS subscription revenues. This is reflected in the financial results for the year under review.

GDPR impact

A major boost for us during the year was the introduction across the EU of the GDPR directive under which fines based on an organisation's turnover were introduced to individuals and organisations guilty of not properly safeguarding third party data.

During the preparation phase for the introduction of the GDPR regime many organisations focused on the security of their websites sometimes at the expense of their other mobile platforms.

The appScatter platform can be used to identify risks from security weak or non-compliant mobile applications. This is a major plus for the business model but highlighted that while we were instrumental in identifying security issues, we were not able, at the start of the year under review, to assist the customer concerned with fixing the problem.

Acquisitions

We made two strategic acquisitions in 2018. The first was of the Berlin based Priori Data and the second was UK based Abilott, further details of which are set out in the CEO Report.

Board and senior management changes

In June 2018, Manish Kotecha our CFO, who was heavily involved throughout our IPO, left the Company.  Since that time, we have been supported by an interim CFO. We expect to announce the appointment of a full time CFO in the near future.

In October 2018, we were pleased to welcome Andy Bushby to the board as a Non-executive director.  Andy has over 25 years in the industry, including working previously for Oracle Corporation, Sun Microsystems and Novell. His experience includes Networking, Operating Systems, Security, Identity, Cyber threat and modern Cloud and Mobile solutions.

Upon completion of the proposed acquisition of Airpush, the board will be expanded to include Stefans Keiss, the current CEO at Airpush, as Chief Operating Officer and two new Non-executive directors Paul Wu, CEO of Carota, and Inman Breaux, Airpush President.

Advisory board

In October 2018, Michael Buchen, a non-executive director at the time of the IPO, left the board to establish our advisory board, which now also includes Dr. Thomas Endres, Chairman of the European CIO Association and formerly Lufthansa CIO as Chairman and Jörg Rieker, formerly a partner in Deloitte Deutschland Risk Advisory and currently part of the Executive team at Software One . Further biographical details are set out on page 26 of the report and accounts.

During the period under review and subsequently our focus has been on pursuing Enterprise customers, who typically spend more but take significantly longer to commit.

Audit opinion

We note the qualification in the audit report in respect of the carrying value of the investment in Priori Data GmbH ("Priori"), and in particular the lack of audit evidence to support a valuation based on the component parts of the Priori business, as required by accounting standards.

We prepared an analysis of the estimated aggregate fair value of the acquired combined intangibles at the date of acquisition, based on assumptions which were reviewed by a third party. 

However, given the unique nature of the transaction and the assets being acquired, we did not find it possible to build up the valuation in the way mandated in the accounting standard, such that each component part could be substantiated to the level required to avoid an audit qualification.

In particular, we could not arrive at a definitive view on the appropriate valuation in isolation of the data element of the acquisition.  Accordingly, the extent of any goodwill element of the acquisition consideration could not be reliably determined.

Nevertheless, the board is pleased to confirm the price paid for Priori was only very slightly greater than the under bidder, and the terms of the proposed Airpush transaction implies a greater value for Priori than either paid on acquisition or at which the asset is valued in these financial statements.

Professional advisers

We are pleased to welcome to the team finnCap as our combined nominated adviser and broker.

Our staff

We thank our staff for their continued professionalism and commitment to the Company.

Outlook

In the opinion of your board, the changes made to our business and our platform, have positioned the Company for a successful future. The opportunities flowing from the proposed Airpush deal further strengthen that position, not least because on completion, we shall have a further 600,000 new potential customers for our single platform.

The integration of Priori and appScatter is now complete and the expected benefits from the Priori acquisition are beginning to show through.

Over the coming weeks we will be announcing new strategic partnerships and joint ventures aimed at boosting current revenues. Additionally, our R&D investment is expected to further increase revenues from recently completed new products.

We believe investor support from the International Tech community remains strong, as has been shown with the recently announced fundraise at a 56% premium to the market price.

With the business improvements and platform developments in place, the remainder of 2019 is set to be very exciting.  We therefore look forward to the future with confidence.

 

Clive Carver

Non-Executive Chairman

1 August 2019

 

 

Chief Executive Officer's Statement

●     app management tools such as keyword intelligence and app-store optimisation

●     an increased selection of ad-networks, which now cover over 50% of the market

●     new data products covering market and app intelligence and our new audience usage data which covers 3.5 billion devices daily

●     security and threat analysis tools, including GDPR app compliance scanning

 

And more recently following completion of the acquisition of Abilott a full stack of digital security services aimed at mobile development has been added including:

●     Cyber Security Audit

●     PCI DSS

●     GDPR

●     Gaming and Gambling Compliance

●     Mobile App and infrastructure Pen testing

●     Managed Vulnerability Scanning

The number of businesses and individuals that registered their interest in using our platforms rose by 350% in the first half of the year to approximately 10,000, which was also broadly the number at 31 December 2018, as during the second half we focused on our active user base and enterprise clients. Since the acquisition of Priori Data, we continued seeing many significant contract wins and renewals from the likes of Alpha Studio, tapResearch and True Digital Plus.

We also completed the integration works required to merge Priori Data and appScatter to the new single B2B SaaS platform, which not only includes the original core appScatter management and distribution services but also now includes a full data suite including app and market intelligence, key-word optimisation and mobile app audience intelligence covering over 3.5 billion devices.

While we intend to continue to develop the platform, adding new features as appropriate, the roll out of the new single platform will now be after the completion of the Airpush acquisition, which should reduce the significant investment required in marketing and technical costs. It will also allow the new platform to be launched with the 600,000 users already registered.

Data

Data is an integral part of appScatter's business model, and it is an essential part of the products that we offer. We are able to offer our customers app analytics from around the globe in a variety of forms including public, private and device data.

At the time of the IPO, appScatter was collecting data from 842 million app URLs from 7.2 million apps whilst monitoring 1.7 million active app publishers on a daily basis. We have grown these numbers during the year and subsequently are now collecting over 1.3 billion app URLs from 11 million apps whilst monitoring 3.2 million active app publishers on a daily basis. In addition, we observe the usage of 900,000 apps on 3.5 billion devices daily.

Regulation (GDPR, ISO Certification & the appScatter Security Service)

The Company obtained its ISO certification ahead of its planned timetable in June 2018, therefore we can now provide an independent, expert verification to assure that information security is managed in line with international best practice and business objectives. Though not obligatory, we have implemented this standard to reassure our customers and clients that we aim to meet a gold standard.

Since 25 May 2018, organisations operating in the EU are required to demonstrate that they have operational and technical procedures in place to ensure ongoing compliance with the EU General Data Protection Regulation ("GDPR"). GDPR requires all organisations operating in the EU to protect the personal data and privacy of European citizens and violation of the requirements of the GDPR can have severe financial consequences for organisations, with potential fines for severe data breaches of up to €20 million or four percent of global revenues.

 

To address this market opportunity, we launched the appScatter app Scanning Service.  This service can be used, in conjunction with the wider appScatter platform, by appScatter users to identify and highlight areas of potential vulnerability in their app portfolios (such as security of underlying app users' personal data) and enabling appScatter users to address any potential security issues as part of app maintenance. 

 

The Scanning Service application is part of the Company's planned wider platform development programme and is being made available to existing and new customers for an additional subscription fee.

 

Acquisitions

We were pleased to report that in July 2018 appScatter completed the acquisition of Priori Data for £13.5 million and subsequently completed on the acquisition of Abilott security services for £825,000 in December 2018.

Priori Data GmbH

As we refined our business model, the importance and value of data owned and held by an organisation rather than bought in became clear. It also became apparent that the number of such independent organisations was falling fast as they became part of larger enterprises.

 

On this basis, we decided to make the acquisition of such an organisation a key priority. Accordingly, in June 2018, we announced the purchase of Priori Data GmbH ("Priori") for a reported consideration of £13.5 million, satisfied by the issue of up to 16,667,157 new appScatter shares at an agreed issue price of 70p.  16,290,325 shares were issued on completion on 3 July 2019. The balance of up to 376,832 shares was due once completion accounts confirmed the net assets at the date of completion.  Following the preparation of the completion accounts a total of 357,698 shares were issued on 30 August 2019.  The market price per share on the completion date was 53.15 pence and the market price on the date the retention shares were issued was 36.5 pence making the fair value of the shares issued £8.8 million.  In addition, there was a payment of approximately £1.8 million in cash consideration.  The total fair value of the consideration was £10.6 million. The acquisition of Priori was approved by appScatter shareholders in July 2018.

 

Priori was founded in 2013, as a B2B SaaS platform provider of mobile app intelligence based in Berlin, Germany with proprietary core data intelligence software and 16 full-time employees with experience in monetising app market data, including data scientists, engineers and sales.

 

Priori's data is sourced from more than 3.5 billion unique user devices in 55 territories and its proprietary core machine learning data intelligence software provides intelligence across keywords, apps, markets, usage and audience. Priori's active customers include blue-chip multinational organisations.

 

Benefits of the Acquisition

 

The board believes that the acquisition of Priori significantly enhances the prospects of the Group and allows appScatter to provide enhanced, market leading, data-led app insights. The board believes that these insights, when combined with Priori's data intelligence software, will also improve the appScatter Group's ability to meet the increasing data demands of existing and prospective customers.

 

Combining the businesses creates a source of data intelligence drawing on 299 billion downloads annually across 5 million apps in 252 categories. With the appScatter data set, the combined business intelligence supports an additional 25 app stores across 175 territories.

 

Integration

 

The integration of Priori and the established appScatter business is proceeding as planned with both parties beginning to sell the services and data of the other. The planned integration of the two technologies has been put on hold pending the completion of the proposed Airpush acquisition.

 

Abilott

 

On 17 December 2018, we announced the acquisition of Abilott.  For several years Abilott was our security partner of choice. In particular, Abilott had been working closely with appScatter for the previous two years providing security and regulatory compliance for the Group and supporting appScatter threat analysis products for appScatter customers.

 

The maximum consideration was £1.85 million, comprising £825,000 of initial consideration. 

 

The equity element of the initial consideration was reported as £500,000 but the fair value was £350,000 as described below.  In addition, Directors loans not repayable of £245,000 which were deducted from the net assets of the company on acquisition.

 

Initial consideration consisted of:

-      £200,000 cash consideration on completion

-      £300,000 deferred cash consideration due post completion, 

-      1,666,667 shares at an agreed issue price of 30 pence valuing the shares at £500,000, the market price of appScatter shares on the date of completion was 19.5pence making the fair value of the share element £325,000.

 

A further £1 million payable by the award of up to a maximum of 3,333,333 deferred consideration shares.  The deferred consideration is dependent on Abilott achieving revenue criteria in connection with sales to certain customers for the year ending 31 December 2019 and the corresponding shares would not be issued until January 2020. Based on trading to date we do not expect that the deferred consideration shares will be payable.

 

Background

 

Abilott was established in 2007 and provides digital security solutions, specialising in companies who are launching new products or seeking to become a gaming operator or expanding into new global territories. Customers include Gamesys, Paddy Power, Betfair, Virgin Games and Bodog.

 

Abilott helps both established organisations and emerging clients, providing security services for data and IT infrastructure with technologies such as Distributed Denial of Service, Penetration testing and Zero Day Vulnerability reporting. Abilott also provide consultancy services helping business reach compliance in a number of areas, such as GDPR, ISO27001, PCI-DSS or regulations from the UK Gaming Commission.

 

Benefits of the acquisition

 

The acquisition of Abilott presents appScatter with an opportunity to increase its current security products offered whilst increasing margins to existing and planned customers for current products. In addition, Abilott will assist in the building of automated GDPR compliance app tools into the appScatter platform. The Group will not only be able to identify security issues in customers mobile applications but also to rectify the issues identified, thereby significantly increasing the revenue opportunities from each Enterprise customer.

 

Technology

 

As noted in connection with the Priori acquisition work on the technologies behind Abilott's products are on hold pending the completion of the Airpush acquisition.

 

Strategic Partnerships

 

In 2018 we made many strategic partnerships included the likes of Dow Jones, Statista Airpush, Iron source and IHS. There were also many data partnerships made and we also now supply press resources such as the Financial Times, the Daily Telegraph and Gruenderszene with our industry data.

 

March 2018 saw the announcement of our first major partnership with Airpush Inc. They have amassed more than 600,000 registered developers and publishers, over the years and using its Software Development Kits ("SDK" s) or Over The Air ("OTA") technology reaches over 250 million mobile devices increasing at 7 million new devices each month. These devices reached are a result of the current 60 OEM contracts which allow Airpush OTA technology to be pre-installed at factory level. 

 

Operational KPI's

appScatter's original data metrics remained consistent in respect of number of app stores supported for distribution (75) and data gathering (25 and 150 countries) total number of app URLs increased to 1.4 Bn (1 billion 2017) and number of unique apps was 11 million with 2.8 million publishers (10 million and 2.2 million 2017).

Completion of the Priori Data acquisition in July 2018 significantly improved the groups data offering with now 775 billion data points for metrics such as downloads, revenue and usage across apps in google play and Apple App Store and device information on 3.5 billion devices as well as priority machine learning software for the estimations of app store data

Financial review

Financial KPI's consist of revenue, cost of sales, administrative expenses and operating cash flow.

Revenue for the year ended 31 December 2018 was £0.95 million, a decrease of £1.0 million on the prior year due, in part, to changes in the way that revenue is recognised. IFRS 15 was introduced during the year and it introduces a single framework for revenue and clarifies principles of revenue recognition. During the prior year, the Group had recognised accrued revenue where the work had been carried out on long term engagements and where invoicing was expected to take place in future periods. Going forward the Group will only recognise revenue when the services have been provided and consideration is known.

Cost of sales increased by £1.7 million due to an increase in the amortisation of intangible assets. This represents capitalised development costs and acquired intellectual property.  Amortisation for the year ended 31 December 2018 was £2.3 million (2017: £0.7 million).

Year on year Administrative expenses increased by £1.1 million from £7.4 million to £8.5 million. The main components of Administrative expenses are staff and sub-contractor costs (£3.6 million) and hosting costs (£1.4 million).

The loss before tax for the year was £11.0 million (2017: £6.3 million) due to the decrease in revenue (£1.0 million), increase in cost of sales (£1.7 million) and increase in administrative expenditure (£1.1 million) and exceptional items of £0.9 million.

Exceptional items includes £0.9m in costs incurred in completing the transactions.

Operating cash flow improved by £2.0 million to an outflow of £6.2 million (2017: £8.2 million) due to a decrease in receivables.  Cash at the end of the period was £83,000 (2017: £3.8 million).

Functional currency

Should the proposed Airpush acquisition complete, to reflect the future mix of the enlarged Group's businesses, the Company anticipates its functional currency will change from the present £ Sterling to the US dollar.

Fundraisings

During the year under review and subsequently the Company raised a total of £6.6m million in cash, including for the £1.8 million cash element of the Priori acquisition, and a further £2.2 million fundraising was announced in April 2019.  Of this £2.2 million, £1.6 million has been received to date.

In both cases the funds were raised at share prices significantly greater than the prevailing market price, with the funds raised in April 2019 being at a 56% premium to the market price.

Corporate Governance

In September 2018, the Company elected to follow the new Quoted Companies Alliance ("QCA") Governance Code. The essence of the QCA Code is a requirement to set out how the Company complies with 10 general principles of Corporate Governance and to explain any divergence from the 10 principles.

 

Accordingly, the basis of our compliance and the reasons for non-compliance in certain limited areas was posted to the Company's website www.appscattergroup.com.

 

The Corporate Governance Report contains further relevant information and is set out at page 14 of the Report and Accounts.

 

Current trading

Until its formal launch, which is now scheduled after the completion of the proposed Airpush acquisition, revenues from subscribers use of the appScatter platform, are likely to continue to be significantly lower than management's previous expectations. At Priori, sales remain in line with management expectations while the changes brought about at Abilott following its acquisition make it too early for a reliable assessment.

 

Action has been taken to reduce costs where required. In particular, we have initiated an operational restructuring of the Priori sales team in Berlin with sales now being centred on the London office. We have also significantly reduced the costs of cloud hosting services.  In aggregate these actions are expected to save in excess of $100,000 per month.

 

Airpush

Introduction

As noted above, on 9 April 2019, the Company announced the intention to acquire the entire issued share capital of Airpush Inc, a Group operating internationally and registered in the United States.

 

The proposed purchase is to be satisfied by the issue of new appScatter shares. This will result in the relative percentages in the enlarged appScatter, before the addition of any new funding, being 25% appScatter and 75% Airpush.  The proposed acquisition of Airpush constitutes a reverse takeover under the AIM Rules and accordingly, trading in the shares of appScatter have been suspended until the publication of an Admission Document covering both businesses. Due diligence on the proposed acquisition of Airpush has been ongoing. However, certain tax restructuring measures have taken far longer to complete than had previously been anticipated, and as such we now expect to be in a position to publish the associated Admission Document in September 2019, after which, trading will recommence on AIM.

 

Background

Airpush was founded in 2011 and is registered in Delaware, USA. It has 125 employees and consultants located across the US, China and Europe. It operates in four principal business areas: app monetisation using artificial intelligence, data sales, security and e-commerce. Airpush has contracts with multiple OEMs using it's over the air technology, reaching 250 million mobile devices, increasing by 7 million new devices each month.

 

Both appScatter and Airpush share the same vision to provide an end-to-end SaaS platform for the management and monetisation of mobile apps that meets the needs of app owners, developers and publishers.

 

If completed the proposed acquisition will expand the Company's product suite by adding AI-powered targeted revenue generating services on mobile platforms; e-commerce revenue share partnerships; and an improved security portfolio with detection and monetisation of pirated installs. The merger will provide the enlarged Group with the opportunity to sell its wider product suite to its combined 600,000 registered developers and publishers, whilst increasing revenue and profit margins.

 

The Proposed Acquisition will also enable the Group to improve the quality and range of data currently utilised. New data sources will include app data from 850 million active users and 250 million devices, complementing the current 11 million apps tracked daily and audience data from 3.5 billion devices.

 

Airpush employees are based principally in territories where appScatter has little or no presence thereby adding greater capacity, more scale and a wider geographical reach to the Company's existing teams. The combination of the two businesses offers significant operational efficiencies in IT hosting, software development and marketing.

 

The proposed acquisition will be funded by the issue of further new Ordinary Shares in appScatter, subject to approval by shareholders of appScatter in a general meeting of the Company.

 

Funding

To cover the costs of the proposed Airpush acquisition and to provide further working capital to the Company, we announced a planned £2.2 million subscription for new ordinary appScatter shares, at 26.8 pence per share. The subscribers for this funding will also be issued warrants on a 1 for 1 basis, valid for 24 months, to purchase further new appScatter shares at a price of 26.8p, of this, £1.6m million has been received to date with further funds expected in the coming weeks.

 

 

 

Philip Marcella

Chief Executive Officer

1 August 2019

 

Strategic Report

Company overview

appScatter offers a centralised app management and distribution platform offering unrivalled audience reach, efficient app management and precision monitoring all on a global scale. It also offers services for data and mobile app security, services enhanced since the acquisitions of Priori Data and Abilott.

Market overview

There are estimated to be more than 300 legitimate app stores worldwide and appScatter has grouped these app stores into four main categories being stores related to: 1) Operating Systems; 2) Wireless Carriers; 3) Device Manufacturers; and 4) Independent app stores.

The Apple App Store and Google Play app store are dominant in the US where they currently are estimated to account for a combined 85 per cent. of US downloads, however, they account for as little as 62 per cent. of EU downloads in the top five countries (UK, Germany, France, Spain and Italy) and only 24 per cent. of downloads in China.

Accessing more than just the most popular app stores can greatly increase market penetration for commercial and other enterprises but requires significant effort on behalf of app developers and publishers to register, monitor and manage each app store used and draw holistic analysis of downloads across multiple stores.

This B2B SaaS platform for the management of mobile apps and games has a growing suite of tools to enable publishers to effectively manage their app portfolio. These tools include app distribution across multiple app stores consolidated report generation from advertising and analytic networks, mobile data intelligence and, more recently, app security reporting and scanning for data protection.

Business Review

A detailed review of the business is included in the Chairman's statement and the report of the Chief Executive Officer above.

Business Model

During 2018 we refined our business model to focus on Enterprise customers for the use of the appScatter platform and to make strategic acquisitions in the Data and Security sectors.

Under the revised business model appScatter offers mobile app management, data and security services to a range of customers.

There are two types of paying customer: Enterprise users and Professional users (consisting of small, medium and large professional customers). The Enterprise users are typically from regulated industries such as Finance, Insurance, Aviation Automotive and Real Money Gaming. Professional users tend to have a small portfolio of apps and use appScatter to increase downloads and sales.

The appScatter Marketplace, which launched in Q1 2018, allows users to integrate with third party tools and products (add-ons); for an additional monthly charge in the case of paid for add-ons. The add-ons it makes available will further enhance the Group's ability to both increase user numbers and retain existing paying users whilst increasing individual user spend.

The appScatter Platform is highly scalable and uses cloud technology. Hosted in Amazon Web Services, appScatter uses a micro services architecture to allow each component of the Platform to scale independently based on demand. Amazon Web Services' relational database services are used for storage in parallel with MongoDB for big data sets and Amazon Elastic Search services are used in providing appScatter's proprietary app and publisher search engine.

Strategy

Growth is planned to come from increasing the user base through product development, targeted sales campaigns and partnerships and by acquisition.

The Group's focus is rapidly growing its free users and converting those into paying users with an initial focus on enterprise customers and to continue to seek to improve the functionality of the platform.

The Group has already begun to form strategic partnerships with key industry partners such as analytics services or mobile advertising networks, some of which have hundreds of thousands of their own users who are potential appScatter users.

Principal risks & uncertainties

Reliance on third party data availability

Certain aspects of the appScatter Platform rely on the continued availability of extensive data, free of charge, from app stores regarding such matters as the level of sales of apps, which data is then processed or re-presented by the appScatter software for the benefit of users.  Access to such data is regulated by the terms and conditions of each app store and by the agreements between users and the app stores. To date the Group has received no notification from any app store or user that the use to which the app store data is put by the appScatter Platform infringes the app store's rights to such data, or that any app store has any intention of restricting access to or use of such data or levying charges for access to it, and the Directors believe that app stores are unlikely to restrict or charge for access to such data, or the use to which the data may be put, in a way which impacts the appScatter Platform. However, such a decision is out of the hands of the Company.  If one or more app stores sought to impose or enforce restrictions on access to and/or use of such data, or to levy charges for it, the ability of appScatter to continue to provide the full range of services, and accordingly the credibility of the appScatter Platform, could be seriously diminished and, in the extreme, certain elements of the appScatter Platform would be unable to operate, or the costs of operation could be significantly increased.

Technological risks

The Group's business is dependent upon technology which could be superseded by superior technology, more competitively priced technology or a shift in working practices which could affect both the potential profitability and saleability of the Group's product offering.

Staying abreast of technological changes may require substantial investment. The Group's existing software products need to develop continually in order to meet customer requirements. The technology used in the Group's products is still evolving and is highly complex and may change. Research and development by other companies may render any of the Group's products in development or currently available obsolete.

Intellectual property protection

The Group may be unable to successfully establish and protect its intellectual property which may be significant to the Group's competitive position. The Group's current or future intellectual property rights may or may not have priority over other third parties' claims to the same intellectual property.

The steps which the Group has taken and intends to take to protect its intellectual property may be inadequate to prevent the misappropriation of its proprietary technology. Any misappropriation of the Group's intellectual property could have a negative impact on the Group's business and its operating results. Furthermore, the Group may need to take legal action to enforce its intellectual property, to protect trade secrets or to determine the validity or scope of the proprietary rights of others. Litigation relating to the Group's intellectual property, whether instigated by the Group to protect its rights or arising out of alleged infringement of third party rights, may result in substantial costs and the diversion of resources and management attention and there can be no guarantees as to the outcome of any such litigation, or that it can be effectively used to enforce the Group's rights.

Dependence on key executives and personnel

The future performance of the Group will to a significant extent be dependent on its ability to retain the services and personal connections or contacts of key executives and to attract, recruit, motivate and retain other suitably skilled, qualified and industry experienced personnel. The loss of the services of any of the key executives or personnel may have a material adverse effect on the business, operations, relationships and/or prospects of the Group.

appScatter Platform and its market

The Group derives substantially all of its revenue and cash flows from subscriptions for, and services related to, the Platform. Demand for the Platform is affected by several factors beyond the Group's control, including market acceptance of the Platform by existing customers and potential new customers, the extension of the Platform for new user cases, the timing of development and release of new products by the Group's competitors and additional capabilities and functionality by the Group, technological change, and growth or contraction of the market in which the Group competes. In addition, the Group cannot assure investors that the Platform and future enhancements to the Platform will be able to address future advances in technology or requirements of existing customers or potential new customers. If the Group is unable to continue to meet customer demands or to achieve more widespread market acceptance of the Platform, its business, results of operations, financial condition and growth prospects will be adversely affected.

The Group has encountered and will continue to encounter risks and uncertainties frequently experienced by growing companies operating in new or developing markets. If the Group's assumptions regarding these uncertainties, which the Group uses to plan its business, are incorrect or change in reaction to changes in its markets, or if the Group does not address these risks successfully, its results of operations and financial condition could differ materially from its expectations and its business could suffer.

The market for services such as the appScatter Platform is still new, and therefore, it is difficult to predict the size and growth rate of this market, whether and how rapidly customers will adopt the Platform, whether the Group will be able to retain such customers and expand their usage of the Platform, and the impact of competitive products and services. If the market for services such as the Platform does not achieve significant growth or there is a reduction in demand for solutions in the Group's market for any reason, it could result in reduced customer adoption of the Platform, decreased customer retention, or weaker customer expansion with respect to the use of the Platform, any of which would adversely affect the Group's business, results of operations, and financial condition.

The Directors believe that there are currently no direct competitors to appScatter that offer a similar breadth of tools to those being offered by appScatter. There are companies which offer some of the services provided by appScatter, but these competitors typically cover only a handful of app stores and with only a portion of the services offered by appScatter.

The Directors also believe that these competitors do not provide pre-existing integration (together with future add-ons which will be available via the Marketplace) to best-of-breed workflow tools. For a number of reasons, including the complexity of the Platform's technology and historical data already gathered by appScatter new entrants seeking to enter the market would, the Directors believe, face significant barriers to entry.

 

 

By order of the Board

Clive Carver

Chairman

1 August 2019

 

 

Consolidated Income Statement & Statement of Comprehensive Income

 

 

 

Group

Group

 

Note

2018

2017

 

 

£

£

Revenue

 

951,345

1,937,020

Cost of sales

 

(2,590,355)

(856,101)

Gross (loss) / profit

 

(1,639,010)

1,080,919

 

 

 

 

Administrative expenses

 

(8,484,156)

(7,373,552)

Operating loss

3

(10,123,166)

(6,292,633)

 

 

 

 

Exceptional item - transaction costs

21

(882,445)

-

Finance income

 

118

397

Finance costs

6

(5,417)

(48,326)

Loss before taxation

 

(11,010,910)

(6,340,562)

 

 

 

 

Taxation

7

520,395

500,000

Loss for the year

 

(10,490,515)

(5,840,562)

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

Exchange gains / (losses) arising on the translation of foreign subsidiaries

 

26,661

(55,405)

 

 

 

 

Total comprehensive loss for the period attributable to the owners - continuing and total operations

 

(10,463,854)

(5,895,967)

Loss per share - basic & diluted

8

0.25

0.46

 

The accompanying notes form an integral part of these financial statements.

 

 

 

 

Consolidated Statement of Changes in Equity

 

 

Share Capital

Share Premium

Shares to be issued

Share Option Reserve

Merger Reserve

Reverse acquisition reserve

Foreign exchange reserve

Retained earnings

Total

 

£

£

£

£

£

£

£

£

£

At 1 January 2017

-

-

4,824,227

-

14,113,765

(4,422,859)

(23,422)

(11,329,906)

3,161,805

Loss for the period

-

-

-

-

-

-

-

(5,840,562)

(5,840,562)

Other comprehensive income

 

 

 

 

 

 

 

 

 

FX Gains / (Losses)

-

-

-

-

-

-

(55,405)

-

(55,405)

Total comprehensive loss

-

-

-

-

-

-

(55,405)

(5,840,562)

(5,895,967)

Unpaid shares paid for

-

 

(4,824,227)

-

4,824,227

-

-

-

-

Shares issued pre-IPO

-

-

-

-

2,023,476

-

-

-

2,023,476

Shares issued appScatter Ltd acquired by PLC

2,466,599

-

-

-

(2,466,599)

-

-

-

-

Issued share capital on IPO

692,308

8,307,692

-

-

-

-

-

-

9,000,000

Expenses associated with Placing

-

(1,634,952)

-

-

 

-

-

-

(1,634,952)

Share options issued

-

-

-

528,876

-

-

-

-

528,876

At 31 December 2017 and 1 January 2018

3,158,907

6,672,740

-

528,876

18,494,869

(4,422,859)

(78,827)

(17,170,468)

7,183,238

Loss for the period

-

-

-

-

-

-

-

(10,490,515)

(10,490,515)

Other comprehensive income

 

 

 

 

 

 

 

 

 

FX Gains / (Losses)

-

-

-

-

-

-

26,661

-

26,661

Total comprehensive loss

-

-

-

-

-

-

26,661

(10,490,515)

(10,463,854)

Issue of share capital for cash

476,166

6,190,162

-

-

-

-

-

-

6,666,328

Acquisition of Priori Data GmbH

832,402

-

-

-

7,957,256

-

-

-

8,789,658

Acquisition of Abilott

83,333

-

-

-

241,667

-

-

-

325,000

Expenses associated with Placing

-

(1,029,911)

-

-

-

-

-

-

(1,029,911)

Share options issued

-

-

-

539,346

-

-

-

-

539,346

At 31 December 2018

4,550,808

11,832,991

-

1,068,222

26,693,792

(4,422,859)

(52,166)

(27,660,983)

12,009,805

                               

See note 16 for a description of each reserve included above.

 

Company Statement of Changes in Equity

 

 

Share Capital

Share Premium

Share Option Reserve

Merger Reserve

Retained earnings

Total

 

£

£

£

£

£

£

At incorporation on 3 April

-

-

-

-

-

-

Loss for the period

-

-

-

-

(891,942)

(891,942)

Other comprehensive income

 

 

 

 

 

 

FX Gains / (Losses)

-

-

-

-

-

-

Total comprehensive loss

-

-

-

-

(891,942)

(891,942)

appScatter Ltd acquired by PLC

2,466,599

-

-

664,540

-

3,131,139

Issue of share capital

692,308

8,307,692

-

-

-

9,000,000

Expenses associated with Placing

-

(1,634,952)

-

-

-

(1,634,952)

Share options issued

-

-

528,876

-

-

528,876

At 31 December 2017 and 1 January 2018

3,158,907

6,672,740

528,876

664,540

(891,942)

10,133,121

Loss for the period

-

-

-

-

(2,053,241)

(2,053,241)

Other comprehensive income

 

 

 

 

 

 

FX Gains / (Losses)

-

-

-

-

-

-

Total comprehensive loss

-

-

-

-

(2,053,241)

(2,053,241)

Issue of share capital

476,166

6,190,162

-

-

-

6,666,328

Acquisition of Priori Data GmbH

832,402

-

-

7,957,256

-

8,789,658

Acquisition of Abilott

83,333

-

-

241,667

-

325,000

Expenses associated with Placing

-

(1,029,911)

-

-

-

(1,029,911)

Share options issued

-

-

539,346

-

-

539,346

At 31 December 2018

4,550,808

11,832,991

1,068,222

8,863,463

(2,945,183)

23,370,301

 

 

See note 16 for a description of each reserve included above.

 

Consolidated Statement of Financial Position

 

 

31 December

31 December

 

Note

2018

2017

 

 

£

£

Non-current assets

 

 

 

Intangible assets

9

10,822,443

1,444,349

Goodwill

10

2,105,179

-

Total non-current assets

 

12,927,622

1,444,349

 

 

 

 

Current assets

 

 

 

Trade & other receivables

12

1,397,645

3,464,229

Cash & cash equivalents

 

83,402

3,781,109

Total current assets

 

1,481,047

7,245,338

 

 

 

 

Total assets

 

14,408,669

8,689,687

 

 

 

 

Share capital

15

4,550,808

3,158,907

Share premium

 

11,832,991

6,672,740

Share option reserve

17

1,068,222

528,876

Merger reserve

 

26,693,792

18,494,869

Reverse acquisition reserve

 

(4,422,859)

(4,422,859)

Foreign exchange reserve

 

(52,166)

(78,827)

Retained earnings

 

(27,660,983)

(17,170,468)

Total equity

 

12,009,805

7,183,238

 

 

 

 

Current liabilities

 

 

 

Trade & other payables

13

2,217,579

1,506,449

Loans & borrowings

14

61,800

-

Total current liabilities

 

2,279,379

1,506,449

 

 

 

 

Non-current liabilities

 

 

 

Loans & borrowings

14

119,485

-

Total current liabilities

 

119,485

-

 

 

 

 

Total liabilities

 

2,398,864

1,506,449

 

 

 

 

Total equity & liabilities

 

14,408,669

8,689,687

 

The accompanying notes on page 41 to 61 form an integral part of these financial statements.

These financial statements were approved by the Board of Directors and authorised for issue on 1 August 2019 and are signed on its behalf by:

 

 

Clive Carver

Director
 

Company Statement of Financial Position

 

 

 

31 December

31 December

 

Note

2018

2017

 

 

£

£

Non-current assets

 

 

 

Investment in subsidiaries

11

15,127,128

3,131,139

Intercompany receivables

11

8,793,793

3,815,922

Total non-current assets

 

23,920,921

6,947,061

 

 

 

 

Current assets

 

 

 

Trade & other receivables

12

92,023

70,215

Cash & cash equivalents

 

12,035

3,200,654

Total current assets

 

104,058

3,270,869

 

 

 

 

Total assets

 

24,024,979

10,217,930

 

 

 

 

Share capital

15

4,550,808

3,158,907

Share premium

 

11,832,991

6,672,740

Share option reserve

17

1,068,222

528,876

Merger reserve

 

8,863,463

664,540

Retained earnings

 

(2,945,183)

(891,942)

Total equity

 

23,370,301

10,133,121

 

 

 

 

Current liabilities

 

 

 

Trade & other payables

13

654,678

84,809

Total current liabilities

 

654,678

84,809

 

 

 

 

Total liabilities

 

654,678

84,809

 

 

 

 

Total equity & liabilities

 

24,024,979

10,217,930

 

The accompanying notes on page 41 to 61 form an integral part of these financial statements.

As permitted by Section 408 Companies Act 2006, the Company has not presented its own Statement of Comprehensive Income. The Company's loss and comprehensive loss for the financial year was £2,053,241.

These financial statements were approved by the Board of Directors and authorised for issue on 1 August 2019 and are signed on its behalf by:

 

 

Clive Carver

Director

Company number: 09786498

 

 

Consolidated Statement of Cash flows

 

 

Year ended 31 December

Year ended 31 December

 

 

2018

2017

Cash flows from operating activities

 

 

 

Operating loss before taxation

 

(11,010,910)

(6,340,562)

Adjustments for:

 

 

 

Finance costs

 

5,417

48,326

Finance income

 

(118)

(397)

Amortisation

 

2,282,286

729,202

Share based payments charge

 

539,346

528,876

Tax Credit

 

600,395

-

Exchange differences

 

9,984

12,324

Operating loss before working capital changes

 

(7,573,601)

(5,022,231)

 

 

 

 

Changes in working capital

 

 

 

Decrease / (increase) in trade & other receivables

 

2,121,902

(1,773,058)

(Decrease) in trade & other payables

 

(731,645)

(1,392,659)

Net cash used in operations

 

(6,183,344)

(8,187,948)

 

 

 

 

Investing activities

 

 

 

Capitalised R&D Costs

 

(1,037,350)

(1,282,178)

Interest received

 

118

397

Acquisition of business (net of cash)

 

(2,108,136)

-

Net cash flows used in investing activities

 

(3,145,369)

(1,281,781)

 

 

 

 

Financing activities

 

 

 

Finance costs

 

(5,411)

(48,326)

Issue of ordinary shares (net of expenses)

 

5,636,417

13,298,938

Net cash flows from financing activities

 

5,631,006

13,250,612

 

 

 

 

Net change in cash and cash equivalents

 

(3,697,707)

3,780,883

Cash and cash equivalents at the beginning of the period

 

3,781,109

226

Cash and cash equivalents at the end of the period

 

83,402

3,781,109

 

The accompanying notes on page 41 to 61 form an integral part of these financial statements.

 

 

 

 

Company Statement of Cash flows

 

 

Year ended 31 December

Year ended 31 December

 

 

2018

2017

Cash flows from operating activities

 

 

 

Operating loss before taxation

 

(2,053,241)

(891,942)

Adjustments for:

 

 

 

Finance income

 

(117)

(397)

Finance costs

 

729

-

Share-based payment charge

 

539,346

528,876

Unrealised foreign exchange gain

 

790

13

Operating loss before working capital changes

 

(1,512,493)

(363,450)

 

 

 

 

Changes in working capital

 

 

 

(Increase) in trade & other receivables

 

(21,808)

(70,217)

(Increase) in intercompany receivables

 

(4,903,892)

(3,815,922)

Increase in trade & other payables

 

269,871

84,809

Net cash used in operations

 

(6,168,322)

(4,164,780)

 

 

 

 

Investing activities

 

 

 

Acquisition of business (net of cash)

 

(2,644,101)

-

Interest received

 

(729)

397

Net cash flows used in investing activities

 

(2,644,830)

397

 

 

 

 

Financing activities

 

 

 

Finance income

 

117

-

Issue of ordinary shares (net of expenses)

 

5,624,416

7,365,037

Net cash flows from financing activities

 

5,624,533

7,365,037

 

 

 

 

Net change in cash and cash equivalents

 

(3,188,619)

3,200,654

Cash and cash equivalents at the beginning of the period

 

3,200,654

-

Cash and cash equivalents at the end of the period

 

12,035

3,200,654

 

The accompanying notes on page 41 to 61 form an integral part of these financial statements.

 

 

 

Notes to financial statements

1.    Accounting policies

1.1.  Authorisation of financial statements and statement of compliance with IFRS

The Group financial statements of appScatter Group Plc for the year ended 31 December 2018 were authorised for issue by the Board on 1 August 2019 and signed on the Board's behalf by Clive Carver.

appScatter Group Plc is a public limited company incorporated and domiciled in England and Wales with its registered office at Salisbury House, London Wall, London EC2M 5PS. It was incorporated on 3 April 2017. The Company's ordinary shares are traded on AIM.

1.2.  Basis of preparation

The principal accounting policies applied in the preparation of the financial information are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated below.

The financial information has been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRSs), as adopted by the European Union.

The preparation of financial statements in compliance with adopted IFRSs requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The key estimates and underlying assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Company does not believe there were any areas where significant judgments and estimates have been made in preparing the financial statements except for the intangible assets and the review for impairment of goodwill, which is discussed in the accounting policy below.

The presentation currency of the financial information is Pound Sterling (£) rounded to the nearest pound. The Company, appScatter Limited and Abilott Limited's functional currency is Pound Sterling (£) and its other subsidiaries' functional currencies are US Dollar (US$) and Euro (€).

Year ended 31 December 2018

The financial information for 2018 reporting year is that of appScatter Group, headed by appScatter Group PLC.

Year ended 31 December 2017

The financial information for 2017 reporting year is that of appScatter Group, headed by appScatter Group PLC as explained above, and the results of appScatter Group PLC from incorporation to 31 December 2017. appScatter Group PLC had carried out no transactions prior to the date of the combination.

1.3.  Composition of the group

appScatter Group PLC was incorporated on 3 April 2017. The Company acquired the share capital of the trading entity, appScatter Limited, on 21 August 2017.  Therefore, these consolidated financial statements for the year ended 31 December 2018, including the comparative financials the year ended 31 December 2017 represent the trading results of appScatter Limited (a company with the same registered address as the appScatter Group PLC) and its subsidiaries (appScatter LLC and DSH Labs LLC) and the Company's results from the date of incorporation see note 1.9.

A list of the subsidiary undertakings which, in the opinion of the Directors, principally affected the amounts of profit or loss and net assets of the Group is given in note ‎10 of the financial information.

The Company's subsidiaries are:

-      appScatter Limited registered in England and Wales with the registration number 09786498

-      appScatter LLC registered in Delaware with the federal ID number 46-3445738

-      DSH Labs LLC registered in Delaware with the federal ID number 46- 3918193

-      Priori Data GmbH German limited liability company (Gesellschaft mit beschränkter Haftung, GmbH) incorporated in Berlin under no. HRB 150508 B

-      Abilott Limited registered in England and Wales with the registration number 6203799

1.4.  Changes in accounting policies and disclosures

The Group adopted IFRS 15 during the year which is described in more detail below.  The core principle is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The Group no longer recognises any accrued revenue for work carried out, where a contract or purchase order is not in place.  Previously revenue had been accrued on long term projects where work had been carried out and invoicing for this work was expected to occur in a subsequent period.

1.5.  New and amended standards adopted by the Group

The Group has applied any applicable new standards, amendments to standards and interpretations that are mandatory for the financial year beginning on or after 1 January 2018. However, none of them has a material impact on the Group's consolidated financial statements, except as explained below.

IFRS 15

Revenue from Contracts with Customers, effective date 1 January 2018. IFRS 15 is intended to clarify the principles of revenue recognition and establish a single framework for revenue recognition. This standard replaces the previous standard IAS 11 Construction Contracts, IAS18 Revenue and revenue related IFRICs. The core principle is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

IFRS 9

Financial Instruments, effective date 1 January 2018. IFRS 9 is a replacement for IAS 39 'Financial Instruments' and covers three distinct areas. Phase 1 contains new requirements for the classification and measurement of financial assets and liabilities. Phase 2 relates to the impairment of financial assets and requires the calculation of impairment on an expected loss basis rather than the current incurred loss basis. Phase 3 relates to less stringent requirements for general hedge accounting.

1.6.  New, amended standards, interpretations not adopted by the Group

At the date of authorisation of this financial information, certain new standards, amendments and interpretations to existing standards applicable to the Company's accounting period beginning after 1 January 2018 have been published but are not yet effective and have not been adopted early by the Company. These are listed below:

●         IFRS 16 Leases, effective date 1 January 2019 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer ('lessee') and the supplier ('lessor'). IFRS 16 completes the IASB's project to improve the financial reporting of leases and replaces the previous leases Standard, IAS 17 Leases, and related Interpretations. This standard is not expected to have a material impact on the reported figures given the value of leases to which the Company is party to.

●         IFRIC 23 Uncertainty over income tax treatments - effective date 1 January 2019

●         IFRIC 22 Foreign currency, transactions and advance consideration - 1 January 2019

●         IFRS 9 Prepayment features with negative compensation - effective 1 January 2019

1.7.  Going concern

The consolidated entity has incurred a loss after tax of £10,490,515 for the year (2017: £5,840,562) and had a net cash outflow from operations of £6,183,344 (2017: £8,187,948).

 

The Financial Statements of the Group are prepared on a going concern basis. The loss and cash outflow have been incurred as the Group is currently in a growth phase as it develops its platform and launches its initial customer propositions.   Further detail on the trading prospects of the Group are included in the Strategic Report above.  The Company has raised £1.6 million in new equity since the balance sheet date from new and existing investors.

 

Under the Company's forecasts, based on the Group as currently constituted, the funds raised do not provide sufficient funding for at least the next twelve months based on anticipated outgoings and the receipt of revenues from production. In the event of a completed Reverse Takeover with Airpush the Directors expect the combined Group would on the basis of forecast prepared have sufficient funding for at least the next twelve months, based on anticipated outgoings and revenues. In the event the proposed reverse takeover with Airpush does not complete, or completes later than currently expected, the Group as currently constituted, would require additional funding. The extent of the additional funding required could to some extent be mitigated by management action to reduce costs, but this alone would not bridge any funding gap.

 

While there is no guarantee that future funding will be available, based on recent support from new and existing investors the Board believes that such funding, if required, would be obtained through debt or equity to enable the company to trade and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and consequently the financial statements have been prepared on a going concern basis and do not include the adjustments that would result if the Company was unable to continue as a going concern.

1.8.  Basis of consolidation

The consolidated financial statements include the results of the Company and its subsidiaries ("the Group") as if they formed a single entity for the full period or, in the case of acquisitions, from the date control is transferred to the Group.  The Company controls an entity when the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to obtain benefits from its activities. The entity which it controls it is classified as a subsidiary. Intercompany transactions and balances between Group companies are therefore eliminated in full.

1.9.  Business combinations

Acquisition of Priori Data GmbH by appScatter Group plc

On 3 July 2018 appScatter Group plc completed the purchase of Priori Data GmbH ("Priori") for a reported consideration of £13.5 million, satisfied by the issue of up to 16,667,157 new appScatter shares at an agreed issue price of 70p.  16,290,325 shares were issued on completion on 3 July 2019. The balance of up to 376,832 shares was due once completion accounts confirmed the net assets at the date of completion.  Following the preparation of the completion accounts a total of 357,698 shares were issued on 30 August 2019.  The market price per share on the completion date was 53.15 pence and the market price on the date the retention shares were issued was 36.5 pence making the fair value of the shares issued £8.8 million.  In addition, there was a payment of approximately £1.8 million in cash consideration.  The total fair value of the consideration was £10.6 million. The acquisition of Priori was approved by appScatter shareholders in July 2018.

 

On acquisition, the assets, liabilities and contingent liabilities of subsidiaries are measured at their fair values at the date of acquisition.  Any excess of cost of acquisition over net fair values of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.  Any deficiency of the cost of acquisition below the net fair values of the identifiable assets, liabilities and contingent liabilities acquired (i.e. discount on acquisition) is credited to profit and loss in the period of acquisition.

 

The fair value of the acquired business comprised the platform which the company had developed, and the 775 billion historic data records which Priori held.  On acquisition we assigned a value of £4 million to the platform based on the estimated cost to rebuild the platform and the balance was assigned to the data.  This implies a cost per thousand records of less than £0.01 which is prudent in relation to industry standards.

Acquisition of Abilott Limited by appScatter Group plc

On 17 December 2018 appScatter Group plc acquired 100% of the issued share capital of Abilott Limited.  Further detail on the acquisition is included in the Strategic Report and CEO Statement.  Initial consideration was £0.825 million, consisting of £0.5 million in cash (of which £0.2m was on completion and £0.3m was deferred) and £0.325 million in shares by way of the issue of 1,666,666 new ordinary shares at an effective issue price of 19.5 pence.  Directors loans not repayable of £245,000 were deducted from the net asset value on acquisition.

For several years Abilott was our security partner of choice. In particular, Abilott had been working closely with appScatter for the previous two years providing security and regulatory compliance for the Group and supporting appScatter threat analysis products for appScatter customers.

The maximum consideration is £1.85 million, comprising £0.825 million of initial consideration and £1 million deferred consideration.

Initial consideration consisted of:

·    £200,000 cash consideration on completion

·    £300,000 deferred cash consideration due post completion, 

·    1,666,667 shares at an agreed issue price of 30 pence valuing the shares at £500,000, the market price of appScatter shares on the date of completion was 19.5pence making the fair value of the share element £325,000.

A further £1 million payable by the award of up to a maximum of 3,333,333 deferred consideration shares.  The deferred consideration is dependent on Abilott achieving revenue criteria in connection with sales to certain customers for the year ending 31 December 2019 and the corresponding shares would not be issued until January 2020. Based on trading to date we do not expect that the deferred consideration shares will be payable.

On acquisition, the assets, liabilities and contingent liabilities of subsidiaries are measured at their fair values at the date of acquisition.  Any excess of cost of acquisition over net fair values of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.  Any deficiency of the cost of acquisition below the net fair values of the identifiable assets, liabilities and contingent liabilities acquired (i.e. discount on acquisition) is credited to profit and loss in the period of acquisition.

Acquisition of appScatter LLC by appScatter Limited

On 18 May 2017 appScatter Merger Sub LLC, a subsidiary of appScatter Limited was merged with and into appScatter LLC, with the latter company continuing as the surviving entity. The entire issued share capital of appScatter LLC was for acquired for a consideration of £12,659,030 and this was satisfied by the issue of 9,967,740 shares in appScatter Limited.

The Board have treated the acquisition as a reverse takeover, after identifying appScatter LLC (the accounting acquirer or "appScatter") as the acquirer under IFRS 3 'Business Combinations'. In addition, this transaction cannot be considered a business combination, as appScatter Limited did not meet the definition of a business, under IFRS 3 'Business Combinations'.  Based on available guidance, the difference on consolidation arising on such transactions should be treated as a share-based payment transaction and therefore accounted for under IFRS 2 'Share-based payment'. Any difference between the consideration transferred, which is the fair value of the shares deemed to have been issued by appScatter and the fair value of appScatter Limited's identifiable net assets represents service received by the accounting acquirer. This deemed cost on reverse takeover is expensed to profit or loss.

The fair value of the consideration transferred is calculated using the number of appScatter's shares that would have been issued to the owners of appScatter Limited on the acquisition date to give them an equivalent ownership interest in appScatter as it has in the combined company at the share price of the Company at the acquisition date. The fair value of each share of the Company is deemed to have been issued by appScatter is based on the fair value of the share price of appScatter Limited at the time of the acquisition, which was the market price third party investors were subscribing for new shares at shortly before the transaction.

Although the consolidated financial information has been issued in the name of the Company, the legal parent, it represents in substance continuation of the financial information of appScatter LLC and DSH LLC, its subsidiary ("appScatter subgroup").

The assets and liabilities of appScatter subgroup are recognised and measured in the Group financial statements at the pre-combination carrying amounts and not re-stated at fair value.

Acquisition of appScatter Limited by appScatter Group PLC

On 21 August 2018 appScatter Limited was acquired by appScatter Group PLC.  The entire issued share capital of appScatter Limited was acquired for a consideration of £32,065,792 and this was satisfied by the issue of 49,331,988 shares in appScatter Group PLC in a share for share exchange. 

The Board have treated the acquisition as a group reconstruction using guidance available in the UK Accounting standard FRS102.  IFRS does not contain requirements for accounting for common control transactions and an accounting policy for accounting for the transaction therefore needs to be formulated based on other available guidance. Management has chosen to use FRS102 as a reference.  appScatter group PLC was incorporated a short time before the combination with an identical ownership structure to appScatter Limited with the sole purpose of completing the acquisition of appScatter Limited to facilitate the initial public offering and listing on AIM.

Group reconstructions can be accounted for using merger accounting where the use of merger accounting is not prohibited by law, where the ultimate equity holders remain the same and no non-controlling interest is altered by the transaction.  The combination of appScatter Group plc and appScatter Limited meets all three of these criteria.

The carrying values of assets and liabilities are not adjusted to fair value and the difference between the nominal value of the shares issued and the nominal value of the shares received has been transferred to the merger reserve and is shown in the statement of changes in equity.

The results and cash flows of all the combining entities have been brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information did not need to be restated as appScatter Group plc was incorporated during 2018 and thus figures reported in the Admission document represent the Group in 2017.

1.10.              Goodwill

The Group has recognised goodwill on companies acquired during the period. 

On acquisition, the assets, liabilities and contingent liabilities of subsidiaries are measured at their fair values at the date of acquisition.  Any excess of cost of acquisition over net fair values of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.  Any deficiency of the cost of acquisition below the net fair values of the identifiable assets, liabilities and contingent liabilities acquired (i.e. discount on acquisition) is credited to profit and loss in the period of acquisition.

1.11.              Investments in subsidiaries

Investments in subsidiaries are initially recognised at cost and include any directly-attributable costs associated with each acquisition.

The carrying amounts of investment in subsidiaries is reviewed at each reporting date to determine whether there is any indication of impairment.  An impairment loss is recognised when the carrying amount exceeds its recoverable amount.  Impairment losses are recognised in the Statement of Comprehensive Income.

An impairment loss is reversed if there has been a change in estimates used to determine the recoverable amount.  This loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised.

The Company carried out an impairment review on the carrying value of investments in subsidiaries at the balance sheet date and has not recognised any impairment charge.

1.12.              Foreign Currency

The functional currency for the Company's US registered subsidiaries are US$ and the functional currency of Priori Data GmbH is Euro.

(i)      Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions.

(ii)     Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the reporting period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

(iii)    Share capital, share premium and brought forward earnings are translated using the exchange rates prevailing at the dates of the transactions.

1.13.              Consolidation of foreign entities

On consolidation, results of the foreign entities are translated from the local functional currency to Pound Sterling using average exchange rates during the period. All asset and liabilities are translated from the local functional currency to Pound Sterling using the reporting period end exchange rates. These exchange differences arising from the translation of the net investment in foreign entities are recognised in other comprehensive income and accumulated in a separate component of equity.

Post transition exchange differences are recycled to profit or loss as a reclassification adjustment upon disposal of the foreign operation.

1.14.              Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Group's activities. Revenue is shown net of Value Added Tax, returns, rebates and discounts and after eliminating sales within the Group.

The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group's activities as described below. The Group sells licences to use its software products either on a rental basis for a fixed period of time. Revenue from licenses sold on a rental or subscription basis is recognised over the period for which the Group has obligations under the contract. The Group also carries out non-recurring work under contracts or statements of work.

Revenue from contracts is recognised in accordance with IFRS 15 as follows:

a)    Identify the contract or statement of works with the customer

b)    Identify the performance obligations

c)    Determine the transaction price

d)    Allocate the transaction price to performance obligations

e)    Recognise revenue when an entity satisfies a performance obligation

The above criteria have been applied for the year ended 31 December 2018. 

Annual contracts for services are recognised on a monthly basis.  Where advanced payments are made, these amounts are transferred to deferred revenue and recognised over the length of the contract.

Contracts for non-recurring services are invoiced and recognised when the performance obligations in a contract or statement of work has been completed.

This has not impacted the way in which revenue has been accounted for and the comparatives have not changed.

1.15.              Intangible assets

Acquired IP

The externally acquired developed technologies which are the distribution platform for mobile applications are initially recognised at cost.  This asset will be amortised over its useful life when it is being sold or used. Subsequent to initial recognition, this intangible asset is reported at cost less accumulated amortisation and accumulated impairment losses. The carrying values are tested for impairment when there is an indication that the value of the assets might be impaired during the period. The amortisation period and amortisation method with a finite useful life are reviewed annually at year end. The assets are being amortised over three reporting years.  During the period the Company acquired the assets of Priori Data GmbH and has recorded a fair value in the accounts for its platform and its accumulated data records.

Developed IP

Research expenditure is recognised in income statement in the period in which it is incurred.  Internal development expenditure is capitalised only if it meets the recognition criteria of IAS 38 'Intangible Assets'. Where the criteria are not met, the expenditure is expensed to income statement.  £1.0m has met recognition criteria and been capitalised in 2018 (2017: £1.2m).  This expenditure is being amortised over an expected useful economic life of three years.

Acquired Data

The accumulated data records in Priori Data GmbH were assigned a fair value of £6.6m on completion of the transaction.  The accumulated data records have a long-term value as they are used to create extrapolations.  The useful economic life of the data has been assessed at five years.

 

Impairment

The assessment of the future economic benefits generated by the above intangible asset involves a significant degree of judgement based on management estimation of future potential revenue and profit and the useful life of the assets. Reviews are performed regularly to ensure the recoverability of this intangible asset.

1.16.              Employee benefits

Short-term benefits

Wages, salaries, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in the period in which the associated services are rendered by employees of the Company.

Share-based payments

The Group operates an equity-settled share-based payment arrangement whereby the fair value of services provided is determined indirectly by reference to the fair value of the instrument granted. The fair value of options granted to Directors and other employees in respect of services provided is recognised as an expense in the profit or loss account with a corresponding increase in equity reserves.

On exercise or lapse of share options, the proportion of the share-based payment reserve relevant to those options is transferred to retained earnings. On exercise, equity is also increased by the amount of the proceeds received.

The fair value is measured at grant date and charged over the vesting period during which the option becomes unconditional.

The fair value of options is calculated using the Black-Scholes model taking into account the terms and conditions upon which the options were granted. The exercise price is fixed at the date of grant.

Non-market conditions are performance conditions that are not related to the market price of the entity's equity instruments. They are not considered when estimating the fair value of a share-based payment. Where the vesting period is linked to a non-market performance condition, the Group recognises the goods and services it has acquired during the vesting period based on the best available estimate of the number of equity instruments expected to vest. The estimate is reconsidered at each reporting date based on factors such as a shortened vesting period, and the cumulative expense is 'trued up' for both the change in the number expected to vest and any change in the expected vesting period.

Market conditions are performance conditions that relate to the market price of the entity's equity instruments. These conditions are included in the estimate of the fair value of a share-based payment. They are not taken into account for the purpose of estimating the number of equity instruments that will vest. Where the vesting period is linked to a market performance condition, the Group estimates the expected vesting period. If the actual vesting period is shorter than estimated, the charge is being accelerated in the period that the entity delivers the cash or equity instruments to the counterparty. When the vesting period is longer, the expense is recognised over the originally estimated vesting period.

1.17.              Deferred taxation

Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the statement of financial position differs from its tax base, except for differences arising on:

-      the initial recognition of goodwill;

-      the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit; and

-      investments in subsidiaries where the Company is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future.

Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised.

The amount of the asset or liability is determined using tax rates that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the deferred tax liabilities or assets are settled or recovered. Deferred tax balances are not discounted.

Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities.

1.18.              Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as Philip Marcella.

The Board considers that the Group's activity constitutes one reporting segment, as defined under IFRS 8 and reviews the performance of the Group against forecasts.

The profit measures are operating profit and profit for the period, both disclosed on the face of the income statement. No differences exist between the basis of preparation of the performance measures used by management and the figures in the Group financial information.

1.19.              Equity instruments

Ordinary shares are classified as equity. Costs, net of VAT, directly attributable to the issue of new shares or options are shown in equity as a deduction from share premium.

1.20.              Financial assets

The Group classifies its financial assets into the categories, discussed below, based upon the purpose for which the asset was acquired. Financial assets are recognised when the Group becomes party to the provisions of a contract.

1.21.              Loans and receivables

The Group classifies all its financial assets other than cash and cash equivalents as trade and other receivables (excluding prepayments). The classification depends on the nature of the financial assets.

1.22.              Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments which are not subject to significant changes in value and have original maturities of less than three months.

1.23.              Trade and other receivables

Trade and other receivables are classified as loans and receivables under financial assets where they have fixed or determined payments and are not quoted in an active market. Loans and receivables included in financial assets are measured at amortised cost using the effective interest method, less any impairment loss. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

1.24.              Financial liabilities

Financial liabilities are recognised when the Group becomes party to the provisions of a contract. The Group's financial liabilities are all categorised as loans and payables. The loans and payables are made up of:

-      Trade payables and other short-term monetary liabilities excluding other taxes and social security costs and deferred income which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

-      Bank and other borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument and, if interest-bearing, are subsequently measured at amortised cost using the effective interest rate method.

A financial liability is no longer recognised when the obligation under the liability is discharged, cancelled or expires.

1.25.              Significant accounting judgements, estimates and assumptions

The preparation of the consolidated financial statements in conformity with IFRSs requires management to make estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income, expenses and related disclosures.  The estimates and underlying assumptions are based on practical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.  Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information.  Such changes are recorded in the period in which the estimate is revised.  The application of the Group's accounting policies may require management to make judgements, apart from those involving estimates, which can have a significant effect on the amounts amortised in the financial statements.  Management judgement is particularly required when assessing the substance of transactions that have a complicated structure or legal form.

In the process of applying the Group's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:

-      Accounting for the business combination of appScatter Limited and appScatter Group PLC (see note ‎1.9 above).

-      Treatment of research & development expenditure (see note ‎1.15 above).

-      Fair value of intangible assets (see note 1.9 above).

-      Impairment (see note 1.11 above).

In assessing whether any impairment is required on Group intangible assets and goodwill and the Company investments and intercompany receivables, the Group have reviewed discounted cash flow models for the assets and the expected terminal value, if those assets were to be sold in the future.  These forecasts assume a fourfold growth in annual revenues over the next five years.  This will be more likely to occur if the Airpush transaction completes as planned.

 

In the process of applying the Group's accounting policies, management has made the following estimates, which have the most significant effect on the amounts recognised in the consolidated financial statements:

-      Accounting for share-based payments (see note ‎17 below).

-      R&D tax credit recoverable.

In assessing the amount recoverable in R&D tax credits the Group have used the calculations prepared to submit the claim to HMRC which are consistent to the methodology used in previous periods.

 

1.26.              Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

-      In the principal market for the asset or liability; or

-      In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

-      Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;

-      Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and

-      Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

 

 

2.    Financial Risk Management

2.1.  Financial instruments by category

 

 

Group

Group

Company

Company

 

 

2018

2017

2018

2017

Financial assets

 

 

 

 

 

Cash & equivalents

 

83,402

3,781,109

12,035

3,200,654

Trade receivables

 

631,615

1,204,330

-

-

Other receivables

 

519,617

1,325,966

10,940

20,150

Shares issued for prepaid services

 

-

502,509

-

-

Loans due from related parties

 

136,123

60,664

-

-

Loans and receivables

 

1,370,757

6,874,578

22,975

3,220,804

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

Trade payables

 

1,233,183

1,097,168

241,395

17,810

Other payables

 

320,083

5

300,825

-

Accruals

 

391,496

145,882

100,550

34,340

Loans and borrowings - current

 

61,800

-

-

-

Loans and borrowings - non-current

 

119,485

-

-

-

Loans and payables

 

2,126,047

1,243,055

644,770

52,150

 

2.2.  Fair value hierarchy

All the financial assets and financial liabilities recognised in the financial statements which are short-term in nature are shown at the carrying value which also approximates the fair values of those financial instruments. Therefore, no separate disclosure for fair value hierarchy is required.

2.3.  Risk and sensitivity analysis

The Group's activities expose it to a variety of financial risks, mainly credit risk, interest risk, foreign exchange risk and liquidity risk.

The Group's overall risk management programme focuses on unpredictability and seeks to minimise the potential adverse effects on the Group's financial performance. The Group's Board, on a regular basis, reviews key risks and, where appropriate, takes actions to mitigate the key risks identified.

2.4.  Credit risk

The aggregate financial exposure is continuously monitored. The maximum exposure to credit risk is the value of the outstanding amount of other receivables and bank balances.  The Group does not consider that there is any concentration of risk within other receivables, therefore, no impairment was required. The Group's exposure to credit risk on cash and cash equivalents is considered low as the bank accounts are with banks with high credit ratings.

 

The table below shows the aging of accounts receivable at the balance sheet date.

 

 

 

Current

Less than 30 days

30 to 60 days

60 to 90 days

Over 90 days

 

 

£

£

£

£

£

 

 

 

 

 

 

 

31 December 2018

Group: trade receivables gross

129,840

102,945

25,090

2,058

478,682

 

Group: trade receivables provision

-

-

-

-

(107,000)

 

Group: trade receivables

129,840

102,945

25,090

2,058

371,682

 

Company: trade receivables

-

-

-

-

-

31 December 2017

Group: trade receivables

352,810

245,810

245,810

121,900

238,000

 

Company: trade receivables

-

-

-

-

-

2.5.  Interest risk

The Group's exposure in these areas as at the financial position date was minimal.

2.6.  Foreign exchange risk

The Group's exposure to foreign currency risk related primarily to cash and cash equivalents, trade and other payables that are denominated in US$ other than the functional currency of the relevant group entities.

2.7.  Exposure to currency risk

The following table details the Group's exposure at the end of the reporting period to currency risk arising from recognised assets or liabilities denominated in US$ and in Euro. Differences resulting from the translation of the financial statements of the entity within the Group into the Group's presentation currency are excluded.

 

 

Group

Group

Company

Company

US Dollar

 

2018

2017

2018

2017

 

 

£

£

£

£

Cash & equivalents

 

1,693

2,288

-

-

Trade & other receivables

 

-

60

-

-

Other payables and accruals

 

(296,812)

(54,764)

-

-

 

 

(295,119)

(52,416)

-

-

 

Euro

 

2018

2017

2018

2017

 

 

£

£

£

£

Cash & equivalents

 

60,149

-

-

-

Trade & other receivables

 

178,729

-

-

-

Other payables and accruals

 

(234,879)

-

-

-

 

 

3,999

-

-

-

2.8.  Sensitivity analysis

The following table indicates the change in the Group's loss for the period and accumulated losses that would arise if foreign exchange rates in US$ and Euro to which the Group has significant exposure at the end of each reporting period had changed at that date, assuming all other risk variables remained constant.

 

 USD Currency change

Year ended 31 December 2018

Year ended 31 December 2017

Group

Profit or loss

£ 

£ 

10% strengthening of sterling

70,890

49,897

10% weakening of sterling

(86,643)

(60,985)

 

 

 

Equity

 

 

10% strengthening of sterling

190,145

86,630

10% weakening of sterling

(232,400)

(105,881)

 

 

 

 EURO Currency change

Year ended 31 December 2018

Year ended 31 December 2017

Group

Profit or loss

£ 

£ 

10% strengthening of sterling

49,182

-

10% weakening of sterling

(60,111)

-

 

 

 

Equity

 

 

10% strengthening of sterling

49,482

-

10% weakening of sterling

(60,477)

-

 

 

 

There is no foreign exchange impact on the Company.

 

 

2.9.  Liquidity risk

The Group and the Company currently hold cash balances to provide funding for normal trading activity. Trade and other payables are monitored as part of normal management routine.

 

Borrowings and other liabilities mature according to the following schedule:

 

Within 1yr

1-2 years

2-5 years

Group - 2018

 

 

 

Trade & other payables

2,217,578

-

-

Loans & borrowings

-

-

-

 

2,217,578

-

-

Group - 2017

 

 

 

Trade & other payables

1,506,449

-

-

 

1,506,449

-

-

Company - 2018

 

 

 

Trade & other payables

654,680

-

-

Loans & borrowings

61,800

119,485

-

 

716,480

119,485

-

Company - 2017

 

 

 

Trade & other payables

84,809

-

-

Loans & borrowings

-

-

-

 

84,809

-

-

2.10.              Capital risk management

The Group's capital management objectives are to ensure its ability to continue as a going concern by pricing products and services commensurate with the level of risk; and to provide an adequate return to shareholders.

 

To meet these objectives, the Board reviews the budgets and forecasts on a regular basis to ensure there is sufficient capital to meet the needs of the Group through to profitability and positive cash flow. All working capital requirements have been financed to date through fundraising and borrowings.

 

3.    Loss from operations

 

2018

2017

 

£

£

The Group operating loss is stated after charging

 

 

 

 

 

Auditor's remuneration

 

 

- fees payable to the Company's auditors for the audit of the Group and company

30,000

18,000

 - fees payable to the Company's auditor for the audit of subsidiaries

12,500

12,000

 - fees payable to the Company's auditor for tax advice

29,479

13,683

 - fees payable to the Company's auditor for corporate finance advice

-

95,500

 

 

 

Research & development expenses

951,770

1,217,062

Legal & professional fees

295,959

379,254

Staff costs (note 4)

2,834,813

2,397,395

Foreign exchange losses

5,417

12,324

Amortisation of intangible assets

2,282,286

729,202

 

4.    Staff costs

The aggregate employment costs of staff (including Directors) for the year was:

 

2018

 

£

Wages & salaries

1,903,871

Pension

37,763

Social security costs

353,833

Employee share-based payment charge

539,346

528,876

Total staff costs

2,834,813

2,379,395

 

The average number of employees (including Directors) during the period was made up as follows:

The average number of employees in the period was:

2018

2017

Executives

5

5

Administration

1

1

Other

33

 24

 

39

30

 

5.    Directors' emoluments

Key management personnel compensation included in the loss for the following periods were as follows:

 

 

Fees

Consulting fees

Termination payments

Bonus

Pension

Total

2018

£

£

£

£

£

£

Executive directors

 

 

 

 

 

 

Philip Marcella

124,167

93,750

-

-

3,725

221,642

Manish Kotecha

64,584

-

142,083

-

5,388

212,055

Jason Hill

146,667

-

-

-

900

147,567

 

335,418

93,750

142,083

-

10,013

581,264

Non-executive directors

 

 

 

 

 

 

Clive Carver

40,000

42,000

-

-

-

82,000

Andy Bushby

6,250

-

-

-

-

6,250

Michael Buchen

20,833

43,596

-

-

-

64,429

 

67,083

85,596

-

-

-

152,679

 

 

Fees

Consulting fees

Bonus

Pension

Total

2017

£

£

£

£

£

Executive directors

 

 

 

 

 

Philip Marcella

195,619

-

97,500

975

294,094

Manish Kotecha

125,542

70,000

-

196

195,738

Jason Hill

110,206

-

83,880

391

194,477

 

431,367

70,000

181,380

1,562

684,309

Non-executive directors

 

 

 

 

 

Clive Carver

30,000

83,849

-

-

113,849

Michael Buchen

25,000

10,704

-

-

35,704

 

55,000

94,553

-

-

149,553

 

The majority of remuneration to directors in 2017 was paid in shares.

 

6.    Finance costs

 

2018

2017

 

£

£

Interest paid on loans

-

41,938

Foreign exchange loss

5,417

-

Finance arrangement fees

-

6,388

 

5,417

48,326

 

7.    Taxation

 

2018

2017

The tax credit is as follows:

£

£

UK Corporation tax

                                -

                                -

Total current tax

                   520,395

                   500,000

Origination and reversal of timing differences

                                -

                                -

 

                   520,395

                   500,000

Factors affecting the tax credit

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to the result for the year are as follows:

 

2018

2017

£

£

Loss on ordinary activities before income tax

(11,010,910)

(5,572,650)

Standard rate of corporation tax

19.00%

19.25%

Loss before tax multiplied by the standard rate of corporation tax

2,092,073

1,220,558

Adjustments

 

 

R&D enhancement

520,395

500,000

Losses carried forward

(2,092,073)

(1,220,558)

Tax credit

520,395

500,000

Changes in tax rates for the two periods

The UK corporation tax rate for small company profit has reduced to 19% from 1 April 2017. Accordingly, the deferred tax asset or liability would have been calculated based on the rate of 19% at the balance sheet date. Future enacted tax rates of 17% will apply from 1 April 2020.

Deferred tax assets have not been recognised in respect of tax losses due to lack of certainty of future profitability as the Group is still in an early stage.

 

8.    Loss per share

 

2018

2017

 

£

£

Loss for the year and earnings used in basic & diluted EPS

(10,490,515)

(5,840,562)

Weighted number of average shares

42,740,711

50,904,125

Loss per share £

(0.25)

(0.11)

 

 

 

Weighted number of fully diluted shares

47,176,943

55,340,477

Loss per share £

(0.25)

(0.11)

 

Fully diluted shares include the number of outstanding share options, details of which are included in note 17.  These options are anti-dilutive and therefore basic and diluted loss per share are the same.

 

9.    Intangible assets

 

Acquired IP

Developed IP

Acquired Data

Total

Cost

£

£

£

£

At 1 January 2016

798,196

-

-

798,196

Additions

-

-

-

-

Exchange adjustment

160,905

-

-

160,905

At 31 December 2016 & 1 January 2017

959,101

-

-

959,101

Additions

-

1,282,178

-

1,282,178

Exchange adjustment

(67,728)

-

-

(67,728)

At 31 December 2017 & 1 January 2018

891,373

1,282,178

-

2,173,551

Additions

4,020,000

1,037,350

6,581,662

11,639,012

Exchange adjustment

33,570

-

-

33,570

At 31 December 2018

4,944,943

2,319,528

6,581,662

13,846,133

 

 

 

 

 

Amortisation

£

£

£

£

At 1 January 2016 & 31 December 2016

-

-

-

-

 

 

 

 

 

At 1 January 2017

-

-

-

-

Charge for the year

(729,202)

-

-

(729,202)

At 31 December 2017 & 1 January 2018

(729,202)

-

-

       (729,202)

Charge for the year

(972,616)

(651,503)

(658,166)

(2,282,286)

Exchange adjustment

(12,202)

-

0

(12,202)

At 31 December 2018

(1,714,020)

(651,503)

(658,166)

(3,023,690)

 

 

 

 

 

Carrying value

 

 

 

 

At 31 December 2018

3,230,922

1,668,025

5,923,496

10,822,443

At 31 December 2017

162,171

1,282,178

-

1,444,349

At 1 January 2017

-

-

-

-

 

On 1 October 2013 appScatter LLC entered into a conditional agreement to purchase the intellectual property of the developed technologies of the application distribution platform from Digital Software House Limited (a related party because Mr Philip Marcella and Mr William Booth were directors of this entity) for a consideration of £488,537 ($800,000). However, as the conditions were not met, this transaction only took place in October 2015 when the purchase consideration was revised up to £765,793 ($1,170,000). This was satisfied by the issue of shares in appScatter LLC of £654,524 ($1,000,000) and cash of £111,269 ($170,000).

 

On 2 July 2018, appScatter Group acquired Priori Data GmbH.  On acquisition the fair value of the assets, being the platform and the underlying data records was assessed. 

The estimated cost to rebuild the Priori platform was assessed at £4,020,000 and the carrying value of the platform has been increased to this amount in the accounts.  This expenditure is being amortised over three years.

The fair value of the data is estimated to be at least £6,581,662 being the balance between the purchase consideration and the remaining net asset value.  The company possessed 775 billion data records and this approach values each record at less than £0.01 CPM.  The standard valuation for such data is typically above £0.03 CPM so the valuation assigned above is believed to be prudent.  Based on the estimated future cash flows from the asset's management believe that no impairment is required at the balance sheet date.  This expenditure is being amortised over five years.

During 2017 and 2018 the Group has capitalised research and development expenditure directly related to products which have been implemented in the appScatter platform.  This expenditure is being amortised over three years.

 

The fair value of intangible assets have been assessed with reference to the future cash flows anticipated from the assets at a discount rate of 10% and assuming a terminal value of the business which is greater than the value paid.  Based on these calculations no impairment is due at the reporting date (2017: nil). 

In carrying out their impairment review management have also taken additional assurance from the proposed transaction with Airpush Inc, which was not in existence at year end.  This transaction places a third-party valuation on the combined assets of appScatter Group plc which is in excess of the current carrying values.

 

10.  Goodwill

 

Goodwill

Cost

£

At 1 January 2016

-

Additions

-

At 31 December 2016 & 1 January 2017

-

Additions

-

At 31 December 2017 & 1 January 2018

-

Additions

2,105,179

At 31 December 2018

2,105,179

 

Goodwill arose on the acquisition of Abilott Limited as discussed in note 1.9 above, where net liabilities of £1.3m were acquired for consideration of £825,000 as shown in note 11.

The fair value of the goodwill has been assessed by preparing discounted cash flow forecasts using a discount rate of 10%.  Based on the estimated future cashflows from Abilott Limited management believe that no impairment is required at the balance sheet date.

 

11.  Investments in subsidiaries

The principal subsidiaries of the Company, all of which have been included in the consolidated financial information, are as follows:

 

Name

Principal activity

Parent

% of ordinary shares directly held by parent

appScatter Limited

Software development

appScatter Group Plc

100%

appScatter LLC (Delaware)

Software development

appScatter Limited

100%

DSH Labs LLC (Delaware)

Software development

appScatter LLC

100%

Priori Data GmbH

SaaS platform for mobile app intelligence

appScatter Group Plc

100%

Abilott Limited

Digital security solutions

appScatter Group Plc

100%

 

On 18 May 2016 appScatter Limited acquired the entire issued share capital of appScatter LLC and its subsidiary for a consideration of £12,659,030 satisfied by the issue of 9,967,740 shares. 

 

On 21 August 2017 appScatter Group Plc acquired the share capital of the trading entity appScatter Limited for the consideration of £32,065,792 satisfied by the issue of 49,331,988 shares.  This has been written down to reflect the fair value of the net assets acquired.

On 3 July 2018 appScatter Group plc acquired 100% of the issued share capital of Priori Data GmbH.  Further detail on the acquisition is included in the Strategic Report and CEO Statement.  Total consideration was £10.6 million, consisting of £1.8 million in cash and £8.8 million in shares by way of the issue of 16,667,157 new ordinary shares at an effective issue price of 53.15 pence.  The issue of a further 357,698 shares were issued on 05 September 2018 once the completion accounts and net assets statement had been finalised. 

On 17 December 2018 appScatter Group plc acquired 100% of the issued share capital of Abilott Limited.  Further detail on the acquisition is included in the Strategic Report and CEO Statement.  Initial consideration was £825,000, consisting of £0.5 million in cash (of which £0.2m was on completion and £0.3m was deferred), and £0.325 million in shares by way of the issue of 1,666,666 new ordinary shares at an effective issue price of 19.5 pence.

Investment in subsidiaries continued

 

2018

2017

 

£

£

Opening balance

3,131,139

-

Acquisition of appScatter Limited

-

3,131,139

Acquisition of Priori Data Gmbh

10,623,024

-

Acquisition of Abilott Limited

825,000

-

Directly-attributable acquisition costs

547,965

-

Closing balance

15,127,128

3,131,139

 

 

 

Intercompany receivables

 

 

From appScatter Limited

8,700,043

3,815,922

From Priori Data GmbH

93,750

-

 

8,793,793

3,815,922

 

 

Book value of assets acquired

Fair value adjustments

Fair value of assets acquired

 

£

£

£

Priori Data

 

 

 

IP - platform

1,346,061

2,673,939

4,020,000

Data

-

6,581,662

6,581,662

Debtors

39,487

-

39,487

Cash

201,877

-

201,877

Creditors

(220,002)

-

(220,002)

Total consideration

1,367,423

9,255,601

10,623,024

 

 

 

 

Satisfied by

 

 

 

Cash

 

 

1,834,157

Shares

 

 

8,788,867

 

 

 

10,623,024

 

 

 

 

Abilott

 

 

 

Fixed assets

10,107

-

10,107

Debtors

95,831

-

95,831

Cash

24,143

-

24,143

Creditors

(169,264)

-

(169,264)

Intercompany

(1,053,508)

-

(1,053,508)

Loans

(187,488)

-

(187,488)

Goodwill

-

2,105,179

2,105,179

Total consideration

(1,280,179)

2,105,179

825,000

 

 

 

 

Satisfied by

 

 

 

Cash

 

 

500,000

Shares

 

 

325,000

 

 

 

825,000

 

Priori Data GmbH

Shares

Share Price

Fair value

On completion

16,290,325

0.532

8,658,307

Deferred consideration

357,698

0.365

130,560

Fair value of shares

 

 

8,788,867

Cash

 

 

1,834,157

Total consideration

 

 

10,623,024

 

 

 

 

Abilott Limited

Shares

Share Price

Fair value

On completion

1,666,667

0.195

325,000

Cash

 

 

500,000

Total consideration

 

 

825,000

 

The fair values of the assets acquired is discussed in note 9 above.

 

12.  Trade and other receivables

 

Group

Group

Company

Company

 

2018

2017

2018

2017

 

£

£

£

£

Trade receivables

631,615

1,204,330

-

-

Prepayments

110,290

107,310

64,053

41,044

Other receivables

519,617

1,325,966

10,940

20,150

Shares issued for prepaid services

-

502,509

-

-

Other taxes receivable

-

263,450

17,030

9,021

Loans due from related parties

136,123

60,664

-

-

 

1,397,645

3,464,229

92,023

70,215

 
13.  Trade and other payables

 

Group

Group

Company

Company

 

2018

2017

2018

2017

 

£

£

£

£

Trade payables

1,233,183

1,097,168

241,395

17,810

Accruals & Deferred income

391,496

145,882

102,550

34,340

Social security & other taxes

272,817

263,394

9,908

32,659

Other payables

320,083

5

300,825

-

Loans due to related parties

-

-

-

-

 

2,217,579

1,506,449

654,678

84,809

 

14.  Loans and borrowings

 

Group

Group

 

Company

Company

 

2018

2017

 

2018

2017

 

 

 

 

 

 

Current

61,800

-

 

-

 

Non-current

119,485

-

 

-

-

 

The carrying value of the loans and borrowings approximates to their fair value.

 

 

15.  Share Capital                                                                                                            

 

Number

£

At incorporation on 3 April 2017

2

0.10

Shares issued to shareholders of appScatter Ltd

49,331,986

2,466,599

Shares issued on IPO

13,846,154

692,308

At 31 December 2017 & 1 January 2018

63,178,142

3,158,907

Acquisition of Priori Data GmbH

16,648,023

832,401

Acquisition of Abilott Limited

1,666,666

83,333

Placings

9,523,326

476,166

At 31 December 2018

91,016,157

4,550,808

 

appScatter Group plc was incorporated on 3 April 2017 with 2 ordinary shares of £0.05 allotted.

On 21 August 2017 appScatter Group plc acquired the entire issued share capital of appScatter Ltd which was satisfied by the issuance of 49,331,986 ordinary shares of £0.05 each, issued to the shareholders of appScatter Ltd at the ratio of 2.5 shares for every 1 held.  On 5 September 2017, appScatter Group plc completed the initial public offering and admission to AIM; 13,846,154 ordinary shares of £0.05 each were issued at a price of £0.65 per ordinary share. 

On 21 June 2018, appScatter Group plc raised £3,074,623 through the issuing of 4,392,319 ordinary shares of £0.05 each were issued at a price of £0.70 per ordinary share.  On 26 June 2018, appScatter Group plc raised £1,623,050 through the issuing of 2,318,643 ordinary shares of £0.05 each were issued at a price of £0.70 per ordinary share.  On 3 July 2018, appScatter Group plc acquired the entire issued share capital of Priori Data GmbH, which was satisfied, in part, by the issuance of 16,648,023 ordinary shares of £0.05 each.  On 22 August 2018, appScatter Group plc raised £1,000,210 through the issuing of 1,428,871 ordinary shares of £0.05 each were issued at a price of £0.70 per ordinary share.  On 16 October 2018, appScatter Group plc raised £968,445 through the issuing of 1,383,493 ordinary shares of £0.05 each were issued at a price of £0.70 per ordinary share.  On 17 December 2018, appScatter Group plc acquired the entire issued share capital of Abilott Limited which was satisfied, in part, by the issuance of 1,666,666 ordinary shares of £0.05 each.

16.  Reserves

The following describes the nature and purpose of each reserve within equity:

Share premium                                          Amount subscribed for share capital in excess of nominal value less any issue or fundraising costs related to shares issued, written off against this account.

Shares to be issued                                  Amount subscribed for share capital that has been committed to but not yet issued in excess of nominal value.

Share option reserve                               Value of share options granted and calculated with reference to a binomial pricing model.  When options lapse or are exercised, amounts are transferred from this account to retained earnings.

Merger reserve                                          Effect on equity as a result of the group reconstruction of appScatter Limited and appScatter Group plc and the acquisitions during the year of Priori Data GmbH and Abilott Limited as discussed in note 1.9.

Reverse acquisition reserve                  Effect on equity of the reverse acquisition of appScatter LLC.

Foreign exchange reserve                     Foreign exchange translation gains and losses arising on the translation of the financial statements from the functional to the presentation currency.

Retained earnings                                     Retained earnings represents all other net gains and losses and transactions with shareholders (for example dividends) not recognised elsewhere.

17.  Share-based payments

Shortly after incorporation in April 2018, the Company has established an employee share option plan to enable the issue of options as part of the remuneration Directors and employees to enable them to purchase ordinary shares in the Company. Under IFRS 2 "Share-based Payments", the Company determines the fair value of the options issued to Directors and employees as remuneration and recognises the amount as an expense in the Profit or Loss account with a corresponding increase in equity.

At 31 December 2018, the Company had outstanding options to subscribe for Ordinary shares as follows:

 

Company & Group

2018

2018

 

Options

Weighted average exercise price

 

No.

£

Outstanding at the beginning of the period

4,436,232

0.583

Granted during the period

2,222,492

0.621

Forfeited during the period

(442,247)

0.650

Outstanding at the end of the period

6,216,477

0.684

Exercisable at the end of the period

4,899,248

0.585

 

The weighted average contractual life of the options outstanding at 31 December 2018 was 10 years. Of the total number of options outstanding at 31 December 2018, 4,899,248 had vested and were exercisable (2017: 1,321,367).  The weighted average share price (at the date of exercise) of options exercised during the year was nil as no options were exercised.

In October 2018 2,222,492 Options were issued to staff at an average option price of £0.621 pence per Ordinary share.  

On 15 May 2017 options were granted to employees of the Group to subscribe for a total of 891,472 shares in appScatter Limited at £1.29 per share (of which 193,798 were granted to Jason Hill, a Director of the Company). Following the Company's acquisition of the entire issued share capital of appScatter Limited on 21 August 2018, invitations were made to each grantee, in accordance with the terms of their original option agreements, to release their options in appScatter Limited in exchange for the grant to them of options to subscribe for Ordinary Shares. All such holders agreed to do so and accordingly on 22 August 2018 options were granted to these employees to subscribe for up to 2,228,680 Ordinary Shares in the Company at a price of £0.516 per Ordinary Share (of which 484,495 were granted to Jason Hill). These options are exercisable until 15 May 2027.  With the exception of Jason Hill and one other employee, one half of each holder's options vest on the first anniversary of the commencement of their employment start date and the balance vest in 24 equal instalments over a two-year period. In the case of Jason Hill and one other employee, the initial 50 per cent. of the Options granted to them vested immediately on grant.

On 21 August 2017 the Company granted to Ruffena Capital Limited warrants to subscribe for up to 70,156 new Ordinary Shares at £0.644 per Ordinary Share. These warrants expire in tranches on a range of dates between 24 August 2023 and 4 May 2024 and were issued by way of replacement of a warrant of equivalent value and duration granted on 26 July 2017 which had entitled Ruffena Capital Limited to subscribe for up to 28,060 ordinary shares in appScatter Limited at £1.61 per appScatter Limited share.

On 24 August 2017 options were granted to the Directors, subject to Admission, over a total of 2,137,396 new Ordinary Shares, representing an aggregate of 3.38 per cent. of the Enlarged Share Capital on Admission, at an exercise price equal to the Placing Price. These options are exercisable until the tenth anniversary of Admission and vest in three equal annual instalments commencing on the first anniversary of Admission.

On 31 July 2018 we issued 1,047,949 share options over ordinary shares in appscatter Group plc at 70 pence options to staff in Priori Data GmbH and 1,174,543 options over ordinary shares in appscatter Group plc at 55 pence to staff in appScatter Limited.  These options are exercisable until the tenth anniversary of the date of issue and vest in three equal annual instalments commencing on the first anniversary of the start of the employee's date.

The value of the options is measured by the use of a Black-Scholes pricing model.  The inputs into the model made in 2018 were as follows:

 

EMI Options

Directors Options

Warrants

Weighted average shares price at grant date, pence

64.4

65.0

65.0

Exercise price, pence

51.6

65.0

65.0

Weighted average contractual life, months

10.0

10.0

10.0

Expected volatility %

50.00%

50.00%

50.00%

Expected dividend growth rate %

0.00%

0.00%

0.00%

Risk-free interest rate %

0.51%

0.51%

0.51%

 

Share based remuneration expense related to the share options grant is included into the Administrative expenses line in the Consolidated Income Statement in the amount of £539,346.

 

18.  Commitments

Operating lease commitments

The commitment under non-cancellable operating leases as at 31 December 2018 was £123,279 (2017: £163,944).  This was all due within one year.

Capital commitments

There were no amounts contracted for but not provided as at 31 December 2018 (2017: nil).

Related Party Transactions

Group companies

During 2018 appScatter Group plc invoiced appScatter Limited for £216,202 in Management charges and recharged £31,255 of costs.  appScatter Group plc also advanced £4,172,000 in cash to appScatter Limited.  appScatter Limited invoiced appScatter Group plc for £646,697 in recharged costs.  At the 31 December the net intercompany balance owed by appScatter Limited to appScatter Group plc was £8,793,793.

Directors

During the year the Company entered into the following transactions with related parties:

Related party

Type

2018

2018

2017

2017

 

 

Transactions

Balance due (from)/ to

Transactions

Balance due (from)/ to

Philip Marcella (1)

Fees

93,750

-

132,167

23,966

Elk Associates LLC (2)

Fees

42,000

-

100,833

-

Polar Lights 2 Ltd (3)

Fees

43,596

-

10,902

-

Manish Kotecha

Fees

-

-

90,126

-

Notes

1.    Philip Marcella is a director of appScatter Group plc as well as the sole shareholder of Mobile Software House LLC.  Philip Marcella's current account for 2017 and 2018 included fees £168,329 and £nil respectively.  Included within loans due from related parties is £23,966 in relation to reimbursable expenses incurred in relation to travel on company business.

2.    Clive Carver is a non-executive director of appScatter Group plc and has an interest in ELK Associates LLP.

3.    Michael Buchen was a non-executive director of appScatter Group plc and has an interest in Polar Lights 2 Limited.                                               

The amounts due from/(to) for the above parties are non-interest-bearing balances and included under trade and other receivables and trade and other payables notes.

19.  Events after the reporting date

On 9 April 2019 the Company announced its intention to acquire Airpush Inc., a technology company specialising in app monetisation which, if approved and completed would constitute a reverse takeover for the purposes of the AIM Rules for Companies (the "Proposed Acquisition"). Accordingly, trading in the Company's shares was suspended on AIM until such time as the Company is able to publish an admission document in relation to the Proposed Acquisition or confirms that the Proposed Acquisition is no longer in contemplation. 

On 9 April 2019, the Company announced it had raised £2.2 million fundraising. Of this £2.2 million, £1.6m million has been received to date with further cash expected.

20.  Exceptional items

Investment costs

During the year the Group acquired two companies, Priori Data GmbH and Abilott Limited.  The costs associated with these investments have been expensed to the P&L during the period in line with IFRS3 on consolidation. The costs that are classed as directly attributable to the acquisitions had been capitalised as part of the investment cost in the Company financial statements.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: AppScatter Group PLC

Price: 17.25

Market: AIM
Market Cap: £16.74 m
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