SCORE MEDIA AND GAMING INC. Score Media and Gaming Inc.
Q2 - 2021
Condensed Consolidated Interim Financial Statements
For the Three and Six Months Ended
February 28, 2021 and February 29, 2020
(Unaudited)
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Score Media and Gaming Inc.
Condensed Consolidated Interim Statements of Financial Position (in thousands of Canadian dollars)
(unaudited)
As at February 28, 2021 and August 31, 2020 | ||||
February 28, 2021 | August 31, 2020 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents (note 8) | $ | 44,721 | $ | 40,116 |
Restricted cash related to customer deposits | 6,366 | 1,859 | ||
Accounts receivable | 8,692 | 5,455 | ||
Tax credits recoverable (note 6) | 1,616 | 1,616 | ||
Prepaid expenses, deposits, and other assets | 2,869 | 2,048 | ||
64,264 | 51,094 | |||
Non-current assets: | ||||
Property and equipment (note 3) | 3,470 | 4,136 | ||
Intangible and other assets (note 4) | 26,658 | 23,477 | ||
30,128 | 27,613 | |||
Total assets | $ | 94,392 | $ | 78,707 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities | $ | 15,892 | $ | 10,353 |
Current portion of loans and other borrowings (note 8) | 407 | 6,645 | ||
Current portion of lease liability | 933 | 908 | ||
Current portion of convertible debenture (note 14) | 3,458 | - | ||
Other current financial liabilities (note 15) | 111 | 231 | ||
20,801 | 18,137 | |||
Non-current liabilities: | ||||
Loans and other borrowings (note 8) | 534 | 740 | ||
Lease liability | 567 | 1,042 | ||
Convertible debenture (note 14) | 28,036 | 29,584 | ||
29,137 | 31,366 | |||
Shareholders' equity | 44,454 | 29,204 | ||
Commitments (note 9) | ||||
Subsequent event (note 18) | ||||
Total liabilities and shareholders' equity | $ | 94,392 | $ | 78,707 |
See accompanying notes to condensed consolidated interim financial statements.
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Score Media and Gaming
Condensed Consolidated Interim Statements of Comprehensive Loss (in thousands of Canadian dollars, except per share amounts) (unaudited)
Three months ended, | Six months ended, |
February 28, 2021 February 29, 2020 | February 28, 2021 February 29, 2020 |
Revenue (note 11):
Media Revenue
Net Gaming Revenue
Operating expenses:
Product development and content Sales and marketing Technology and operations General and administration
Depreciation and amortization (note 3 and 4)
Operating loss
Finance expense, net (note 16)
Loss before income tax expense (recovery)
Deferred income tax expense (recovery) (note 17)
Net loss
Other comprehensive income Foreign currency translation differences from foreign operations
Total comprehensive loss for the period
Loss per share - basic and diluted (note 12)
$ | 7,995 | $ | 6,848 | $ | 18,574 | $ | 16,093 |
(2,402) | (195) | (4,442) | (222) | ||||
5,593 | 6,653 | 14,132 | 15,871 | ||||
3,171 | 2,674 | 5,970 | 5,256 | ||||
5,179 | 4,158 | 10,046 | 9,649 | ||||
4,765 | 4,249 | 10,093 | 7,407 | ||||
5,405 | 4,197 | 10,224 | 7,017 | ||||
1,448 | 1,312 | 2,832 | 2,525 | ||||
19,968 | 16,590 | 39,165 | 31,854 | ||||
(14,375) | (9,937) | (25,033) | (15,983) | ||||
(3,190) | (517) | (5,205) | (1,688) | ||||
(17,565) | (10,454) | (30,238) | (17,671) | ||||
- | - | - | (3,107) | ||||
$ | (17,565) | $ | (10,454) | $ | (30,238) | $ | (14,564) |
535 | (140) | 854 | (124) | ||||
$ | (17,030) | $ | (10,594) | $ | (29,384) | $ | (14,688) |
$ | (0.45) | $ | (0.29) | $ | (0.88) | $ | (0.44) |
See accompanying notes to condensed consolidated interim financial statements.
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Score Media and Gaming Inc.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (in thousands of Canadian dollars, except share amounts)
Six months ended February 28, 2021 and February 29, 2020 (unaudited)
Special Voting Shares | Class A Subordinate Voting | |||||||||||||||||
Shares | ||||||||||||||||||
Equity | ||||||||||||||||||
component of | Total | |||||||||||||||||
Number of | Number of | Contributed | Accumulated | convertible | Shareholders' | |||||||||||||
Amount | Shares | Amount | Shares | Surplus | OCI | debenture | Deficit | Equity | ||||||||||
Balance August 31, 2019 (note 13) | $ | 15 | 557 | $ | 90,784 | 35,682,945 | $ | 5,280 | $ | 4 | $ | - | $ | (64,846) | $ | 31,237 | ||
Transitional adjustments upon adoption of IFRS 16 Leases | - | - | - | - | - | - | - | (225) | (225) | |||||||||
Net loss | - | - | - | - | - | - | - | (14,564) | (14,564) | |||||||||
Stock based compensation expense (note 10) | - | - | - | - | 634 | - | - | - | 634 | |||||||||
Shares issued on exercise of stock options (note 10) | - | - | 152 | 46,216 | (52) | - | - | - | 100 | |||||||||
Convertible debenture, net of tax (note 13) | - | - | - | - | - | - | 8,891 | - | 8,891 | |||||||||
Foreign currency translation differences from foreign operations | - | - | - | - | - | (124) | - | - | (124) | |||||||||
Balance February 29, 2020 | $ | 15 | 557 | $ | 90,936 | 35,729,161 | $ | 5,862 | $ | (120) | $ | 8,891 | $ | (79,635) | $ | 25,949 | ||
Balance August 31, 2020 | $ | 15 | 557 | $ | 115,547 | 39,931,961 | $ | 7,240 | $ | 512 | $ | 8,891 | $ | (103,001) | $ | 29,204 | ||
Net loss | - | - | - | - | - | - | - | (30,238) | (30,238) | |||||||||
Stock based compensation expense (note 10) | - | - | - | - | 1,397 | - | - | - | 1,397 | |||||||||
Shares issued on exercise of stock options (note 10) | - | - | 703 | 129,850 | (300) | - | - | - | 403 | |||||||||
Foreign currency translation differences from foreign operations | - | - | - | - | - | 854 | - | - | 854 | |||||||||
Shares issued on exercise of over-allotment via August bought offering (note 13) | - | - | 571 | 96,060 | - | - | - | - | 571 | |||||||||
Shares issued and over-allotment via December bought offering (note 13) | - | - | 42,263 | 3,285,780 | - | - | - | - | 42,263 | |||||||||
Balance February 28, 2021 | $ | 15 | 557 | $ | 159,084 | 43,443,651 | $ | 8,337 | $ | 1,366 | $ | 8,891 | $ | (133,239) | $ | 44,454 | ||
See accompanying notes to condensed consolidated interim financial statements
*The previously presented number of Class A subordinate voting shares, special voting shares, stock options and RSUs are all presented on a post-consolidation basis of 10:1 in these financial statements (note 13)
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Score Media and Gaming Inc.
Condensed Consolidated Interim Statements of Cash Flows (in thousands of Canadian dollars)
(unaudited)
Six months ended, | ||||
February 28, 2021 | February 29, 2020 | |||
Cash flows from (used) in operating activities | ||||
Net loss for the period | $ | (30,238) | $ | (14,564) |
Adjustments for: | ||||
Depreciation and amortization | 2,832 | 2,525 | ||
Stock based compensation (note 10) | 1,397 | 634 | ||
Interest accretion on lease liabilities (note 16) | 48 | 72 | ||
Interest accretion on loans and other borrowings (note 16) | 30 | - | ||
Interest accretion on convertible debenture (note 14) | 3,621 | 2,036 | ||
Unrealized foreign exchange (gain) loss | 1,376 | - | ||
Income tax recovery (note 17) | - | (3,107) | ||
(20,934) | (12,404) | |||
Change in non-cash operating assets and liabilities: | ||||
Accounts receivable | (3,237) | 670 | ||
Restricted cash related to customer deposits | (4,632) | (986) | ||
Prepaid expenses, deposits, and other assets | (841) | (1,170) | ||
Accounts payable and accrued liabilities | 5,680 | (1,054) | ||
Other financial liabilities (note 15) | (116) | 66 | ||
(3,146) | (2,474) | |||
Net cash used in operating activities | (24,080) | (14,878) | ||
Cash flows from financing activities | ||||
Exercise of stock options | 403 | 100 | ||
Payment of lease liabilities | (496) | (426) | ||
Payment of loans and other borrowings | (6,475) | - | ||
Payment of convertible debenture | (1,711) | - | ||
Issuance of convertible debenture, net of transaction costs (note 14) | - | 37,272 | ||
Issuance of shares, net of transaction costs (note 13) | 42,834 | - | ||
Net cash from financing activities | 34,555 | 36,946 | ||
Cash flows used in investing activities | ||||
Additions to property and equipment (note 3) | (189) | (421) | ||
Additions to intangible and other assets, net (note 4) | (5,557) | (4,218) | ||
Net cash used in investing activities | (5,746) | (4,639) | ||
Increase in cash and cash equivalents | 4,729 | 17,429 | ||
Net effect of exchange rate fluctuations on cash | (124) | 59 | ||
Cash and cash equivalents, beginning of period | 40,116 | 4,035 | ||
Cash and cash equivalents, end of period | $ | 44,721 | $ | 21,523 |
See accompanying notes to condensed consolidated interim financial statements |
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Score Media and Gaming Inc. published this content on 13 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2021 21:54:01 UTC.
