VOYAGER DIGITAL LTD.
Unaudited Interim Condensed Consolidated Financial Statements
September 30, 2021, and 2020
Voyager Digital Ltd.
Unaudited Interim Condensed Consolidated Statements of Financial Position (USD, in thousands)
Note | September 30, 2021 | June 30, 2021 | |||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 103,989 | $ | 193,933 | |||||
Cash held for customers | 43,217 | 162,852 | |||||||
Crypto assets held ($921,847 and $0.0 restricted, respectively) | 5 | 3,061,987 | 2,286,399 | ||||||
Crypto assets loaned | 6 | 1,308,337 | 393,561 | ||||||
Investments | 8 | 35,609 | 31,359 | ||||||
Other current assets | 11 | 9,300 | 5,839 | ||||||
Total current assets | 4,562,439 | 3,073,943 | |||||||
Goodwill and intangible assets | 10 | 82,608 | 559 | ||||||
Other non-current assets | 11 | 11,246 | 2,860 | ||||||
Total assets | $ | 4,656,293 | $ | 3,077,362 | |||||
Liabilities | |||||||||
Current liabilities | |||||||||
Crypto assets and fiat payable to customers | 7 | $ | 4,347,040 | $ | 2,807,015 | ||||
Crypto assets borrowed | 8 | 47,132 | 36,832 | ||||||
Warrant liability | 15 | 13,339 | 23,810 | ||||||
Other current liabilities | 12 | 10,805 | 22,644 | ||||||
Total current liabilities | 4,418,316 | 2,890,301 | |||||||
Other non-current liabilities | 12 | 9,518 | 739 | ||||||
Total liabilities | 4,427,834 | 2,891,040 | |||||||
Equity | |||||||||
Share capital | 331,803 | 265,704 | |||||||
Share-based payments reserve | 20,212 | 15,125 | |||||||
Warrant reserve | 3,457 | 3,457 | |||||||
Treasury shares | (3,796) | (3,796) | |||||||
Other comprehensive loss | (132) | ||||||||
Retained deficit | (123,085) | (94,168) | |||||||
Total equity | 228,459 | 186,322 | |||||||
Total liabilities and equity | $ | 4,656,293 | $ | 3,077,362 |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
1
Voyager Digital Ltd.
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss (USD, in thousands except for shares data)
Three Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Revenues | ||||||||
Transaction revenue | $ | 43,514 | $ | 1,626 | ||||
Merchant services | 13,957 | - | ||||||
Fees from crypto assets loaned | 13,628 | 375 | ||||||
Staking revenue | 7,707 | - | ||||||
Other revenue | 2,701 | - | ||||||
Total revenues | 81,507 | 2,001 | ||||||
Operating expenses | ||||||||
Rewards paid to customers | 49,659 | - | ||||||
Marketing and sales | 16,658 | 332 | ||||||
Cost of merchant services | 13,708 | - | ||||||
Share-based payments | 5,158 | 1,025 | ||||||
Compensation and employee benefits | 5,826 | 1,024 | ||||||
Total compensation and employee benefits | 10,984 | 2,049 | ||||||
Trade expenses | 3,803 | 183 | ||||||
Customer onboarding and service | 2,589 | - | ||||||
Professional and consulting | 6,816 | 367 | ||||||
General and administrative | 5,615 | 1,754 | ||||||
Total operating expenses | 109,832 | 4,685 | ||||||
Loss before other income/ (loss) | (28,325) | (2,684) | ||||||
Other income/ (loss) | ||||||||
Change in fair value of crypto assets held | (15,640) | 222 | ||||||
Change in fair value of investments | 4,250 | - | ||||||
Change in fair value of crypto assets borrowed | (9,158) | - | ||||||
Change in fair value of warrant liability | 10,471 | (1,513) | ||||||
Fees on crypto assets borrowed | (1,142) | - | ||||||
Total other income/ (loss) | (11,219) | (1,291) | ||||||
Net loss before provision for income tax | (39,544) | (3,975) | ||||||
Benefit for income tax | (10,627) | - | ||||||
Net loss | $ | (28,917) | $ | (3,975) | ||||
Other comprehensive loss | ||||||||
Foreign currency translation adjustment | (132) | - | ||||||
Total comprehensive loss | $ | (29,049) | $ | (3,975) | ||||
Basic and diluted net loss per share | $ | (0.18) | $ | (0.04) | ||||
Basic and diluted weighted average number of common shares outstanding | 159,861,285 | 110,981,827 |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
2
Voyager Digital Ltd.
Unaudited Interim Condensed Consolidated Statements of Changes in Equity For the Three Months Ended September 30, 2021 and 2020
(USD, in thousands)
Share-based | |||||||||||||||||
Treasury | Payment | Warrant | Revaluation | Retained | Total | ||||||||||||
Share Capital | Shares | Reserve | Reserve | reserve | Deficit | Equity | |||||||||||
Balance, June 30, 2020 | $ | 37,708 | $ | - | $ | 2,913 | $ | 2,610 | $ | - | $ | (42,680) | $ | 551 | |||
Issuance of stock, private placement, net of | |||||||||||||||||
warrant liability | 208 | - | - | - | - | - | 208 | ||||||||||
Issuance of stock for services | 179 | - | - | - | - | - | 179 | ||||||||||
Settlement of debt | 27 | - | - | - | - | - | 27 | ||||||||||
Exercise of options | 150 | - | (98) | - | - | - | 52 | ||||||||||
Exercise of warrants | 5,872 | - | - | (255) | - | - | 5,617 | ||||||||||
Issuance of special warrants, net of issuance | |||||||||||||||||
costs and warrant liability | (377) | - | - | 2,857 | - | - | 2,480 | ||||||||||
Share-based payments | - | - | 1,025 | - | - | - | 1,025 | ||||||||||
Net loss | - | - | - | - | - | (3,975) | (3,975) | ||||||||||
Balance, September 30, 2020 | $ | 43,767 | $ | - | $ | 3,840 | $ | 5,212 | $ | - | $ | (46,655) | $ | 6,164 | |||
Balance, June 30, 2021 | $ | 265,704 | $ | (3,796) | $ | 15,125 | $ | 3,457 | $ | - | $ | (94,168) | $ | 186,322 | |||
Exercise of options | 130 | - | (71) | - | - | - | 59 | ||||||||||
Issuance of stock for services | 100 | - | - | - | - | - | 100 | ||||||||||
Acquisition of Coinify | 64,175 | - | - | - | - | - | 64,175 | ||||||||||
LGO Earn-out Shares | 1,694 | - | - | - | - | - | 1,694 | ||||||||||
Share-based payments | - | - | 5,158 | - | - | - | 5,158 | ||||||||||
Net loss | - | - | - | - | - | (28,917) | (28,917) | ||||||||||
Foreign currency translation adjustment | - | - | - | - | (132) | - | (132) | ||||||||||
Balance, September 30, 2021 | $ | 331,803 | $ | (3,796) | $ | 20,212 | $ | 3,457 | $ | (132) | $ | (123,085) | $ | 228,459 |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
3
Voyager Digital Ltd.
Unaudited Interim Condensed Consolidated Statements of Cash Flows (USD, in thousands)
Three Months Ended September 30, | ||||||||
Cash flows from operating activities | 2021 | 2020 | ||||||
Net loss | $ | (28,917) | $ | (3,975) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Amortization of intangible assets | 1,106 | 82 | ||||||
Share-based payments | 5,158 | 1,025 | ||||||
Issuance of stock for services | 100 | 179 | ||||||
Deferred tax benefit | (10,627) | - | ||||||
Rewards paid to customers | 49,659 | - | ||||||
Fees from crypto assets loaned | (13,628) | - | ||||||
Staking revenue | (7,707) | - | ||||||
Crypto assets recognized from the Growth Pool | (2,701) | - | ||||||
Crypto assets paid from the Growth Pool | 2,701 | - | ||||||
Change in fair value of crypto assets held | 15,640 | (222) | ||||||
Change in fair value of investments | (4,250) | - | ||||||
Change in fair value of crypto assets borrowed | 9,158 | - | ||||||
Change in fair value of warrant liability | (10,471) | 1,513 | ||||||
Fees on crypto assets borrowed | 1,142 | - | ||||||
Changes in working capital items: | ||||||||
Crypto assets held | (1,383,031) | (41,298) | ||||||
Other assets | (2,585) | 168 | ||||||
Other liabilities | (9,146) | 255 | ||||||
Crypto assets and fiat payable to customers | 1,188,728 | 44,045 | ||||||
Net cash provided by (used in) operating activities | $ | (199,671) | $ | 1,772 | ||||
Cash flows from investing activities | ||||||||
Payments for acquisitions, net of cash acquired | $ | (9,694) | $ | - | ||||
Other investing activities | (500) | - | ||||||
Net cash used in investing activities | $ | (10,194) | $ | - | ||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of stock and warrants in private placement | $ | - | $ | 315 | ||||
Proceeds from exercise of options | 130 | 51 | ||||||
Proceeds from issuance of special warrants, net of issuance costs | - | 3,639 | ||||||
Proceeds from exercise of warrants | - | 1,778 | ||||||
Other financing activities | - | (22) | ||||||
Net cash provided by financing activities | $ | 130 | $ | 5,761 | ||||
Net increase/ (decrease) in cash and cash equivalents and cash held for customers | (209,735) | 7,533 | ||||||
Net foreign exchange difference | 156 | - | ||||||
Cash and cash equivalents and cash held for customers at beginning of period | 356,785 | 5,124 | ||||||
Cash and cash equivalents and cash held for customers at end of period | $ | 147,206 | $ | 12,657 | ||||
Cash and cash equivalents and cash held for customers consisted of the following: | ||||||||
Cash and cash equivalents | $ | 103,989 | $ | 7,480 | ||||
Cash held for customers | 43,217 | 5,177 | ||||||
Total cash and cash equivalents and cash held for customers | $ | 147,206 | $ | 12,657 | ||||
Supplemental non-cash information | ||||||||
Issuance of stock for acquisition of Coinify | $ | 64,175 | $ | - | ||||
Issuance of stock for LGO Earn-out Shares | 1,694 | - | ||||||
Issuance of stock for settlement of debt | - | 27 | ||||||
Fair value of liability warrants exercised | - | 3,840 | ||||||
Fair value of compensation warrants issued | - | 219 | ||||||
Crypto assets loaned | 914,776 | - | ||||||
Crypto assets deposited | 669,971 | 19,335 | ||||||
Crypto assets withheld | (368,333) | (23,995) | ||||||
Supplemental cash information | ||||||||
Cash paid during the period for taxes | $ | (10,222) | $ | - |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
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Voyager Digital Ltd. published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2021 03:55:01 UTC.