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| BASIS OF PRESENTATION |
Nature of operations Bragg Gaming Group Inc. and its subsidiaries (the "Company" or the "Group") is primarily a B2B online gaming technology platform and casino content aggregator. The registered and head office of the Company is located at 130 King Street West, Suite 1955, Toronto, Ontario, Canada M5X 1E3. Statement of compliance and basis of presentation The accompanying consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and the interpretations issued by the International Financial Reporting Interpretations Committee. These consolidated financial statements are prepared on a historical cost basis except for financial instruments classified at fair value through profit or loss (“FVTPL”) or fair value through other comprehensive income (“FVOCI”) which are measured at fair value. The material accounting policy information set out in Note 2 have been applied consistently in the preparation of the consolidated financial statements for all periods presented, unless otherwise stated. The preparation of consolidated financial statements requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the consolidated financial statements and their effect are disclosed in Note 3. These consolidated financial statements have been prepared on the going concern basis, which assumes that the Company will be able to continue as a going concern and realize its assets and discharge its liabilities in the normal course of business. These consolidated financial statements were, at the recommendation of the audit committee, approved and authorized for issuance by the Company’s Board of Directors on March 20, 2025. Changes in accounting policies
The following amendments are effective for the period beginning January 1, 2024:
On 25 May 2023, the IASB issued Supplier Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures. The amendments require entities to provide certain specific disclosures (qualitative and quantitative) related to supplier finance arrangements. The amendments also provide guidance on characteristics of supplier finance arrangements.
Changes in accounting policies (continued) These amendments had no effect on the consolidated financial statements of the Group.
On 22 September 2022, the IASB issued amendments to IFRS 16 —Lease Liability in a Sale and Leaseback (the Amendments). Prior to the Amendments, IFRS 16 did not contain specific measurement requirements for lease liabilities that may contain variable lease payments arising in a sale and leaseback transaction. In applying the subsequent measurement requirements of lease liabilities to a sale and leaseback transaction, the Amendments require a seller-lessee to determine ‘lease payments’ or ‘revised lease payments’ in a way that the seller-lessee would not recognize any amount of the gain or loss that relates to the right of use retained by the seller-lessee. These amendments had no effect on the consolidated financial statements of the Group.
The IASB issued amendments to IAS 1 in January 2020 Classification of Liabilities as Current or Non-current and subsequently, in October 2022 Non-current Liabilities with Covenants. The amendments clarify the following:
These amendments had no effect on the consolidated financial statements of the Group.
Changes in accounting policies (continued)
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The following amendments are effective for the annual reporting period beginning 1 January 2025:
The following amendments are effective for the annual reporting period beginning 1 January 2026:
The following standards and amendments are effective for the annual reporting period beginning 1 January 2027:
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced disclosure requirements. The Company does not expect this standard to have an impact on its operations or financial statements. |
MATERIAL ACCOUNTING POLICY INFORMATION |
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| MATERIAL ACCOUNTING POLICY INFORMATION |
Basis of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries when the Company controls them. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. The Company assesses control on an ongoing basis. The Company’s interest in the voting share capital of all its subsidiaries is 100%. Transactions and balances between the Company and its consolidated entities have been eliminated on consolidation. The table below summarizes the Company’s operating subsidiaries and the functional currency for each operating subsidiary:
Presentation currency The presentation currency of the Company is the Euro, while the functional currencies of its subsidiaries are Euro, Canadian dollar, United States dollar, British pound sterling and Israel shekels due to primary location of individual entities within the Group. The presentation currency of the Euro has been selected as it best represents the majority of the Company’s economic inflows, outflows as well as its assets and liabilities. The functional currency of the Parent Company is Canadian dollar.
Presentation currency (continued) The assets and liabilities of operations that have a functional currency different from that of the Company’s reporting currency are translated into Euros at the foreign currency exchange rate in effect at the reporting date. The resulting foreign currency exchange gains or losses are recognized in the foreign currency translation adjustment as part of other comprehensive loss. When such foreign operations are disposed of, the related foreign currency translation reserve is recognized in net earnings as part of the gain or loss on disposal. Revenues and expenses of foreign operations are translated into Euros at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are transacted. Amounts are rounded to the nearest thousand, unless otherwise stated. Business combinations Business combinations are accounted for using the acquisition method as of the date when control is transferred to the Company. The Company measures goodwill as the excess of the sum of the fair value of the consideration transferred over the net identifiable assets acquired and liabilities assumed, all measured as at the acquisition date. Transaction costs that the Company incurs in connection with a business combination, other than those associated with the issuance of debt or equity securities, are expensed as incurred. Net loss per share (“EPS”) Basic EPS is calculated by dividing the net loss available to shareholders by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by adjusting the net loss available to shareholders and the weighted average number of shares outstanding for the effects of all potential dilutive instruments. The diluted loss per share is determined by adjusting the net loss attributable to common shareholders and the weighted-average number of common shares outstanding for the effects of all dilutive potential common shares. The diluted income per share calculation considers the impact of stock options, warrants, and other potentially dilutive instruments, which are anti-dilutive when the Company is in a loss position. Cash and cash equivalents Cash equivalents consist of highly liquid marketable investments with an original maturity date of 90 days or less from the date of acquisition and prepaid credit cards. Trade and other receivables Trade and other receivables consist primarily of trade receivables from customers for which the Group provides services and accrued income in relation to receivables from customers that have yet to be invoiced. Upon invoicing, amounts are transferred from accrued income to trade receivables and any differences between the accrued and invoiced values are recognized in the consolidated statements of loss and comprehensive loss.
Revenue recognition The Company recognizes revenue when control of the goods or services has been transferred. Revenue is measured at the amount of consideration to which the Company expects to be entitled, including variable consideration to the extent that it is highly probable that a significant reversal will not occur. Revenue is derived from software platform licensing, bespoke development, management service fees, marketing fees, revenue share from licencing of content and hosting fees. Revenue is recognized when the service provided to the customer is complete. Specifically:
Income taxes Current and deferred taxes are recognized in the consolidated statements of loss and comprehensive loss, except for current and deferred taxes related to a business combination, or amounts charged directly to equity or other comprehensive income loss, which are recognized in the consolidated statements of financial position. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the asset and liability method of accounting on temporary differences arising between the financial statement carrying values of existing assets and liabilities and their respective income tax bases. Deferred tax is measured using enacted or substantively enacted income tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A deferred tax asset is recognized for temporary differences as well as unused tax losses and credits to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same taxation authority on the same taxable entity, or on different taxable entities where the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax is recorded on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Company, and it is probable that the temporary difference will not reverse in the foreseeable future.
Property and equipment Property and equipment are recognized and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use and capitalized borrowing costs. The commencement date for capitalization of costs occurs when the Company first incurs expenditures for the qualifying assets and undertakes the required activities to prepare the assets for their intended use. Borrowing costs directly attributable to the acquisition, construction or production of property and equipment, that necessarily take a substantial period of time to prepare for their intended use and a proportionate share of general borrowings, are capitalized to the cost of those assets, based on a quarterly weighted average cost of borrowing. All other borrowing costs are expensed as incurred and recognized in net interest expense and other financing charges. The cost of replacing a component of property and equipment is recognized in the carrying amount if it is probable that the future economic benefits embodied within the component will flow to the Company and the cost can be measured reliably. The carrying amount of the replaced component is derecognized. The cost of repairs and maintenance of property and equipment is expensed as incurred and recognized in the consolidated statements of loss and comprehensive loss. Gains and losses on disposal of property and equipment are determined by comparing the fair value of proceeds from disposal with the net book value of the assets and are recognized on a net basis in the consolidated statements of loss and comprehensive loss. Property and equipment are depreciated on a straight-line basis over their estimated useful lives of up to to their estimated residual value when the assets are available for use. When significant parts of a property and equipment have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods, useful lives and residual values are reviewed annually and are adjusted for prospectively, if appropriate. Leases The Company assesses whether a contract is, or contains, a lease. If a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, then the contract may contain a lease. The Company assesses whether a contract conveys the right to control the use of an asset by performing the following tests:
Leases (continued) The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following:
The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases of equipment that have a lease term of twelve months or less and leases of low-value assets, including IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
Intangible assets Intangible assets are measured at cost less any amortization and accumulated impairment losses. These intangible assets are tested for impairment on an annual basis or more frequently if there are indicators that intangible assets may be impaired as described in the Impairment of non-financial assets policy. Intangible assets are amortized on a straight-line basis over their estimated useful lives as follows:
Trademarks, patents and gaming certifications are classified under “Other” in the intangible assets disclosure note (Note 14). The Company capitalizes the costs of intangible assets if and only if:
Certain costs incurred in connection with the development of intellectual property relating to proprietary technology are capitalized to intangible assets as development costs. Intangible assets are recorded at cost, which consists of directly attributable costs necessary to create such intangible assets, less accumulated amortization and accumulated impairment losses, if any. The costs mainly include the salaries paid to the software developers and consulting fees. These costs are recognized as development costs assets when the following criteria are met:
Goodwill Goodwill arising in a business combination is recognized as an asset at the date that control is acquired. Goodwill is subsequently measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment on an annual basis or more frequently if there are indicators that goodwill may be impaired as described in the Impairment of non-financial assets policy. 2MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) Impairment of non-financial assets At each statement of financial position date, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, the asset is then tested for impairment by comparing its recoverable amount to its carrying value. Goodwill is tested for impairment at least annually. For the purpose of impairment testing, assets, including right-of-use assets, are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of cash inflows of other assets or groups of assets. This grouping is referred to as a cash generating unit ("CGU"). Corporate assets, which include head office facilities, do not generate separate cash inflows. Corporate assets are tested for impairment at the minimum grouping of CGUs to which the corporate assets can be reasonably and consistently allocated. Goodwill arising from a business combination is tested for impairment at the minimum grouping of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of a CGU or CGU grouping is the higher of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows from the CGU or CGU grouping, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU or CGU grouping. If the CGU or CGU grouping includes right-of-use assets in its carrying amount, the pre-tax discount rate reflects the risks associated with the exclusion of lease payments from the estimated future cash flows. The fair value less costs to sell is based on the best information available to reflect the amount that could be obtained from the disposal of the CGU or CGU grouping in an arm’s length transaction between knowledgeable and willing parties, net of estimates of the costs of disposal. An impairment loss is recognized if the carrying amount of a CGU or CGU grouping exceeds its recoverable amount. For asset impairments other than goodwill, the impairment loss reduces the carrying amounts of the non-financial assets in the CGU on a pro-rata basis, up to an asset’s individual recoverable amount. Any loss identified from goodwill impairment testing is first applied to reduce the carrying amount of goodwill allocated to the CGU grouping, and then to reduce the carrying amounts of the other non-financial assets in the CGU or CGU grouping on a pro-rata basis. For assets other than goodwill, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. An impairment loss in respect of goodwill is not reversed. Financial instruments Financial assets and liabilities are recognized when the Company becomes party to the contractual provisions of the financial instrument. Upon initial recognition, financial instruments are measured at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of financial instruments that are not classified as fair value through profit or loss. 2MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) Financial instruments – classification and measurement The classification and measurement approach for financial assets reflect the business model in which assets are managed and their cash flow characteristics. Financial assets are classified and measured based on these categories: amortized cost, fair value through other comprehensive income ("FVOCI"), or fair value through profit and loss ("FVTPL"). A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVTPL:
A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
A financial asset shall be measured at FVTPL unless it is measured at amortized cost or at FVOCI. Financial assets are not reclassified subsequent to their initial recognition unless the Company identifies changes in its business model in managing financial assets. Financial liabilities are classified and measured based on two categories: amortized cost or FVTPL. Fair values are based on quoted market prices where available from active markets, otherwise fair values are estimated using valuation methodologies, primarily discounted cash flows taking into account external market inputs where possible. The amortized cost of a financial asset or liability is the amount at which the financial asset or liability is measured at initial recognition, minus principal payments, plus or minus the cumulative amortization using the effective interest method of any difference between the initial amount recognized and the maturity amount, minus any reduction for impairment. The following table summarizes the classification and measurement of the Company’s financial assets and liabilities:
Financial instruments – valuation The determination of the fair value of financial instruments is performed by the Company’s treasury and financial reporting departments on a quarterly basis. There was no change in the valuation techniques applied to financial instruments during the current year.
Financial instruments - valuation (continued) The carrying amounts reported for cash and cash equivalents, trade and other receivables, trade payables and other liabilities, and deferred consideration approximate fair value because of the immediate short-term maturity of these financial instruments. The carrying value of lease obligations on right of use assets, convertible debt and loans payable approximates the fair value based on rates currently available from financial institutions and various lenders. Gains and losses on FVTPL financial assets and financial liabilities are recognized in net earnings in the period in which they are incurred. Settlement date accounting is used to account for the purchase and sale of financial assets. Gains or losses between the trade date and settlement date on FVTPL financial assets are recorded in the consolidated statements of loss and comprehensive loss. Financial instruments – derecognition Financial assets are derecognized when the contractual rights to receive cash flows and benefits from the financial asset expire, or if the Company transfers the control or substantially all the risks and rewards of ownership of the financial asset to another party. The difference between the carrying amount of the financial asset and the sum of the consideration received and receivable is recognized in earnings before income taxes. Financial liabilities are derecognized when obligations under the contract expire, are discharged, or cancelled. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in earnings before income taxes. Financial instruments – impairment The Company applies a forward-looking expected credit loss ("ECL") model at each reporting date to financial assets measured at amortized cost or those measured at FVOCI, except for investments in equity instruments. The ECL model outlines a three-stage approach to reflect the increase in credit risks of a financial instrument:
Financial instruments – impairment (continued) The carrying amount of the financial asset or group of financial assets is reduced through the use of impairment allowance accounts. In periods subsequent to the impairment where the impairment loss has decreased, and such decrease can be related objectively to conditions and changes in factors occurring after the impairment was initially recognized, the previously recognized impairment loss is reversed. The impairment reversal is limited to the lesser of the decrease in impairment or the extent that the carrying amount of the financial asset at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Deferred consideration On June 1, 2022, the Company acquired Spin Games LLC (“Spin”) and agreed payment of deferred consideration in shares over three years from the anniversary date of the acquisition date. In each reporting period the fair value of the deferred consideration payable was measured by determining the period-end share price and the discount for lack of marketability (DLOM) applying Finnerty’s average-strike put option model (2012). Prior to the next remeasurement period an accretion expense is recorded in the consolidated statements of loss and comprehensive loss as the discount is unwound towards the reporting date. Upon remeasurement, any gain or loss on remeasurement is also recorded in the consolidated statements of loss and comprehensive loss. Convertible debt On September 5, 2022, the Company entered into a funding agreement for an investment of USD 8,700. The Convertible Debt is an instrument that has three components, two of which together comprise a hybrid financial liability contract: •Host debt contract for repayment of USD 10,000 in 24 months’ time (this including an embedded derivative in the form of a foreign currency feature that is not required to be accounted for separately from the host debt contract). •Embedded derivatives in the form of a conversion feature and a buy-back option that are together required to be accounted for separately from the host debt contract. •Warrants to purchase up to 979,048 common shares in the Company at an exercise price of CAD 9.28. Each of the above three components of the Convertible Debt are accounted for separately, the form of which is dependent upon whether a simplified fair value option approach is taken or not. Under the simplified approach a contract that contains one or more embedded derivatives can be accounted for in its entirety at fair value through profit or loss unless:
Convertible debt (continued) Under IFRS 9, if the simplified fair value option is taken, all transaction costs incurred in relation to the combined instrument would be recognised in profit or loss immediately. The Company has opted not to take the simplified fair value option and therefore amortises the host debt component over 24 months recognising an accretion expense in each reporting period. The embedded derivative liability is measured at fair value through profit and loss and is remeasured at each reporting date. Any residual balance of the transaction price in respect of the warrants after deducting the fair value of the host debt and derivative liability components upon initial recognition is recorded in the consolidated statements of changes in equity and no further remeasurement is performed. Short term employee benefits Short term employee benefits include wages, salaries, compensated absences, and bonuses. Short term employee benefit obligations are measured on an undiscounted basis and are recognized in operating loss as the related service is provided or capitalized if the service rendered is in connection with the creation of an intangible asset. A liability is recognized for the amount expected to be paid under short term cash bonus plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Long term employee benefits Long term employee benefits include severance pay upon retirement and awards for years of service for certain employees. Liabilities towards severance pay and awards for years of service are determined via actuarial valuation using the Projected Unit Credit Method at the reporting date with liabilities towards severance pay being recognised at FVTPL and liabilities towards awards of years of service being recognised at FVOCI. Actuarial gains and losses in service awards are recognised immediately in net loss while actuarial gains and losses in severance pay are recognised in other comprehensive loss. Share based compensation The Company has stock option plans for directors, officers, employees, and consultants. Each tranche of an award is considered a separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. In addition, the Company also has deferred share unit (“DSU”), restricted share unit (“RSU”) and fixed stock option (“FSO”) plans for directors, officers, employees, and consultants. The fair value of each unit is measured as the share price on date of grant with nil exercise price.
Equity Shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. Contributed surplus includes amounts in connection with conversion options embedded in compound financial instruments, share based compensation and the value of expired options and warrants. Deficit includes all current and prior period income and losses. Warrants The Company values for warrants using the Black-Scholes option pricing model at the date of issuance. If and when warrants ultimately expire, the applicable amounts are transferred to contributed surplus. |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS |
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| CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 3CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the consolidated financial statements requires management to make estimates and judgments in applying the Company’s accounting policies that affect the reported amounts and disclosures made in the consolidated financial statements and accompanying notes. Within the context of these consolidated financial statements, a judgment is a decision made by management in respect of the application of an accounting policy, a recognized or unrecognized financial statement amount and/or note disclosure, following an analysis of relevant information that may include estimates and assumptions. Estimates and assumptions are used mainly in determining the measurement of balances recognized or disclosed in the consolidated financial statements and are based on a set of underlying data that may include management’s historical experience, knowledge of current events and conditions and other factors that are believed to be reasonable under the circumstances. Management continually evaluates the estimates and judgments it uses. The following are the accounting policies subject to judgments and key sources of estimation uncertainty that the Company believes could have the most significant impact on the amounts recognized in the consolidated financial statements. The Company’s significant accounting policies are disclosed in Note 2. Impairment of non-financial assets (property and equipment, right-of-use assets, intangible assets and goodwill)
Management is required to use judgment in determining the grouping of assets to identify their CGUs for the purposes of testing property and equipment, intangible assets and right-of-use assets for impairment. Judgment is further required to determine appropriate groupings of CGUs for the level at which goodwill and intangible assets are tested for impairment. The Company has determined that Oryx Gaming, Wild Streak and Spin are a single CGU for the purposes of property and equipment, intangible assets and right-of-use asset impairment testing. For the purpose of goodwill impairment testing, CGUs are grouped at the lowest level at which goodwill is monitored for internal management purposes. In addition, judgment is used to determine whether a triggering event has occurred requiring an impairment test to be completed. 3CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (CONTINUED) Impairment of non-financial assets (property and equipment, right-of-use assets, intangible assets and goodwill)
In determining the recoverable amount of a CGU or a group of CGUs, various estimates are employed. The Company determines fair value less costs to sell using such estimates as market rental rates for comparable properties, recoverable operating costs for leases with tenants, non-recoverable operating costs, discount rates, capitalization rates and terminal capitalization rates. The Company determines value in use by using estimates including projected future revenues, earnings and capital investment consistent with strategic plans presented to the Board. Discount rates are consistent with external industry information reflecting the risk associated with the specific cash flows. Impairment of accounts receivable In each stage of the ECL impairment model, impairment is determined based on the probability of default, loss given default, and expected exposure to loss at default. The application of the ECL model requires management to apply the following significant judgments, assumptions, and estimations:
Leases
Management exercises judgment in determining the appropriate lease term on a lease-by-lease basis. Management considers all facts and circumstances that create an economic incentive to exercise a renewal option or to not exercise a termination option including investments in major leaseholds and past business practice and the length of time remaining before the option is exercisable. The periods covered by renewal options are only included in the lease term if management is reasonably certain to renew. Management considers reasonably certain to be a high threshold. Changes in the economic environment or changes in the office rental industry may impact management’s assessment of lease term, and any changes in management’s estimate of lease terms may have a material impact on the Company’s consolidated statements of financial position and consolidated statements of loss and comprehensive loss.
In determining the carrying amount of right-of-use assets and lease liabilities, the Company is required to estimate the incremental borrowing rate specific to each leased asset or portfolio of leased assets if the interest rate implicit in the lease is not readily determined. Management determines the incremental borrowing rate using a base risk-free interest rate estimated by reference to the bond yield with an adjustment that reflects the Company’s credit rating, the security, lease term and value of the underlying leased asset, and the economic environment in which the leased asset operates. The incremental borrowing rates are subject to change due to changes in the business and macroeconomic environment. 3CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (CONTINUED) Warrants and share options
Management exercises judgment in determining the model used and the inputs therein to evaluate the value of share option grants and issued warrants. Management considers all facts and circumstances for each grant issuance on an individual basis.
In determining the fair value of warrants and share options, the Company is required to estimate the future volatility of the market value of the Company’s shares by reference to its historical volatility or comparable companies over the previous years, a risk-free interest rate estimated by reference to the Government of Canada bond yield, and a dividend yield of . Long-term employee benefits obligations
Management exercises judgment in determining the appropriate fair value of severance pay upon retirement and awards for years of service that certain employees have earned in return for their service. A calculation is made for each employee taking into account the cost of severance pay upon retirement due under the contract of employment and the cost of all expected awards for years of service with the Company until retirement.
In determining the present value of liabilities to certain employees, the Company performs actuarial calculations in accordance with IAS 19 Employee Benefits applying the Projected Unit Credit Method to measure obligations and costs. Various assumptions are applied including retirement age, mortality, average salary of an individual and growth in income in future years. Convertible debt
Management exercises judgment in determining the appropriate fair value of each separately identifiable component in the convertible debt instrument. Embedded derivatives such as conversion and buy-back options are measured at fair value through profit and loss and remeasured at each reporting period. The host debt liability is measured at amortised cost and amortised over the life of the instrument. Residual amounts, if any, from the transaction price after deducting the fair value of derivative liabilities and host debt are allocated to warrants if issued as part of the convertible debt. 3CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (CONTINUED) Convertible debt (continued)
In determining the present value of conversion options, the Company has performed Monte-Carlo simulations modelled as a series of call options with inputs including strike price, stock price Volume-Weighted Average Price (VWAP), annualized volatility and risk-free rate. In respect of buy-back options, the Company has employed a Black Scholes valuation, adding an early exercise premium. Inputs and assumptions include share price, risk free rate, volatility and exercise price. The fair value of the host debt liability is determined using a discounted cash flow method at an appropriate market participant discount rate. |
LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE |
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| LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE | 4LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE The loss before income taxes is classified as follows:
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ACQUISITION OF WILD STREAK LLC |
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| Wild Streak LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION OF WILD STREAK LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION OF WILD STREAK LLC |
On June 2, 2021, the Company acquired Wild Streak LLC ("Wild Streak"). The Company signed a purchase agreement to acquire all of the outstanding membership interests of Wild Streak in a cash and stock transaction for an undiscounted purchase price of EUR 24,680 (USD 30,075). Pursuant to the transaction, the sellers of Wild Streak received EUR 8,268 (USD 10,075) in cash at closing and should receive EUR 16,412 (USD 20,000) worth of common shares of the Company over the next three years, subject to acceleration in the event of a change of control. The fair value of the share consideration is determined using a put option pricing model with volatility of 57.5%, annual dividend rate of 0%, and time to maturity of 1-3 years. The fair value allocations which follow are based on the purchase price allocations conducted by management.
On June 2, 2024, the final tranche of shares to be issued was completed and the deferred consideration relating to the acquisition of Wild Streak has been settled in full. In the year ended December 31, 2024, the Company issued 393,111 common shares of the Company as deferred consideration upon the third anniversary of the acquisition of Wild Streak. Subsequently a transfer of EUR 3,491 from shares to be issued to share capital was recorded in the consolidated statements of changes in equity. In the year ended December 31, 2023, the Company issued 393,111 common shares of the Company as deferred consideration upon the second anniversary of the acquisition of Wild Streak. Subsequently a transfer of EUR 3,491 from shares to be issued to share capital was recorded in the consolidated statements of changes in equity. |
ACQUISITION OF SPIN GAMES LLC |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spin Games LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION OF SPIN GAMES LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION OF SPIN GAMES LLC |
On June 1, 2022, the Company signed a purchase agreement to acquire all of the outstanding membership interests of Spin in a cash and stock transaction for an undiscounted purchase price of EUR 17,179 (USD 18,402). Pursuant to the transaction, the sellers of Spin received EUR 10,626 (USD 11,383) in cash, EUR 1,426 (USD 1,528) in common shares of the Company and is expected to receive a discounted value of EUR 4,003 (USD 4,288) worth of common shares of the Company over the next three years. The fair value of the deferred consideration is determined using a put option pricing model with volatility of between 71.4% and 80.9%, annual dividend rate of 0%, and time to maturity of 1-3 years. Concurrently with the payment of consideration on June 1, 2022, EUR 661 of loans payable to the sellers of Spin were settled in cash. The fair value allocations which follow are based on the purchase price allocations conducted by management.
6ACQUISITION OF SPIN GAMES LLC (CONTINUED) For the year ended December 31, 2024, an accretion expense of EUR 428 (year ended December 31, 2023: EUR 404) and a gain on remeasurement of deferred consideration of EUR 132 (year ended December 31, 2023: loss of EUR 440) were recognised in the consolidated statements of loss and comprehensive loss. As at December 31, 2024, the Company measured the present value of deferred consideration to be paid in common shares of EUR 1,244 has been recorded in current liabilities (December 31, 2023: EUR 1,513 in current and EUR 1,426 in non-current liabilities). The fair value of deferred consideration as at December 31, 2024 is measured by determining the period-end share price and the discount for lack of marketability (DLOM) applying Finnerty’s average-strike put option model (2012). The assumptions include applying an annual dividend rate of 0.0% and volatility of 63.7% resulting in a DLOM of 9.3% for the third anniversary settlement of consideration. The fair value of deferred consideration as at December 31, 2023 is measured by determining the period-end share price and the discount for lack of marketability (DLOM) applying Finnerty’s average-strike put option model (2012). The assumptions include applying an annual dividend rate of 0.0% and volatility of between 55.3% and 64.5% resulting in a DLOM of 9.4% and 14.5% for the second and third anniversary settlement of consideration, respectively. In the year ended December 31, 2024, the Company issued 369,516 common shares of the Company as deferred consideration upon the second anniversary of the acquisition of Spin. This resulted to an increase in share capital of EUR 2,139 in the consolidated statements of changes in equity. In the year ended December 31, 2023, the Company issued 357,739 common shares of the Company as deferred consideration upon the first anniversary of the acquisition of Spin. This resulted to an increase in share capital of EUR 1,104 in the consolidated statements of changes in equity. |
CONVERTIBLE DEBT |
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| CONVERTIBLE DEBT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONVERTIBLE DEBT |
On September 5, 2022, the Company entered into a Funding Agreement for an investment of EUR 8,770 (USD 8,700) with Lind in the form of a Convertible Debt with a face value of EUR 10,081 (USD 10,000), bearing interest at an inherent rate of 7.5% maturing 24 months after issuance. Net proceeds after deducting transaction fees were EUR 8,053. The face value of the Convertible Debt has a 24-month maturity date and can be paid in cash or be converted into common shares of the Company ("Shares") at a conversion price equal to 87.5% of the five-day volume weighted average price ("VWAP") immediately prior to each conversion. Shares issued upon conversion are subject to a 120-day lock-up period following deal close. The Funding Agreement contains restrictions on how much may be converted in any particular month, which is limited to /20 of outstanding balance or USD 1,000 if exchange volume is above specified minimum, which conversions may be accelerated in certain circumstances. The Company also has the option at any time to buy back the entire remaining balance of the Convertible Debt, subject to a partial conversion right in favor of Lind to convert up to /3 of the outstanding amount into Shares in such circumstances. In connection with the Convertible Debt, Lind was issued warrants to purchase up to 979,048 common shares at a price of CAD 9.28 per share for a period of 60 months (Note 9). The value of the Convertible Debt is equal to the value of the debt-like host instrument based on market participants’ current required yield for debt-like instruments with similar credit quality and terms (excluding the buy-back or conversion options), plus the value of the embedded derivatives. The host debt component is fair valued by discounting the value of the expected future cash flows under the terms of the Funding Agreement using a market cost of debt of 7.5% for an equivalent non-convertible bond. The fair value of the Convertible Debt without the embedded derivatives (the “Host Debt”) has been estimated by reference to the income approach using a discounted cash flow (“DCF”) method. Using this approach, the present value of the Host Debt on September 5, 2022 was determined to be EUR 8,723 (USD 8,653). On September 5, 2022, to value the embedded derivatives, representing the conversion options (“Conversion Options”), Option Pricing methodology by reference to a Monte Carlo Simulation model (“MCS”) has been applied as a series of 20 call options with a strike price of 87.5% of the 5-day future VWAP immediately prior to each conversion date. Key valuation inputs and assumptions used in the MCS are stock price of CAD 6.188, expected life of between 0.42 and 2.00 years, annualized volatility of between 65.32% and 75.54%, annual risk-free rate of between 3.6% and 3.7%, and annual dividend yield of 0.0%. Based on the average value from 10,000 simulated trials the aggregate fair value of the Conversion Options on September 5, 2022 was calculated as EUR 1,483 (CAD 1,935). The aggregate fair value of the Host Debt and Conversion Options exceeds the transaction price of EUR 8,770. Therefore, under the provisions of IFRS 9, the embedded derivatives (being the Conversion Options) were fair valued first and the Host Debt was allocated the residual balance. The warrants component of the Convertible Debt was allocated the residual interest of EUR nil.
The Company incurred transaction costs of EUR 717 related to the issuance of the convertible debt and were allocated proportionally to the Host Debt and Conversion Options in the amount of EUR 596 and EUR 121, respectively. All costs allocated to the Conversion Options were expensed as transaction and acquisition costs under selling, general and administrative expenses in the consolidated statements of loss and comprehensive loss.
For the year ending December 31, 2024, the Company made a total settlement of EUR 4,081 (2023: EUR 5,820), of which EUR 1,377 (2023: EUR 3,693) were settled in cash upon delivery of cash in-lieu of shares conversion notice, and the remaining of EUR 2,704 (2023: EUR 2,127) by issuing 504,215 (2023: 617,357) Common Shares. For the year ended December 31, 2024, an accretion expense of EUR 1,298 was recognised in net interest expense and other financing charges (year ended December 31, 2023: EUR 1,536) in respect of the Host Debt component. For the year ending December 31, 2024, a loss on remeasurement of derivative liability of EUR 94 (year ended December 31, 2023: EUR 47) and a gain on settlement of convertible debt of EUR 169 (year ending December 31, 2023: EUR 595) were recognised in the consolidated statements of loss and comprehensive loss in respect of the derivative component. For the year ending December 31, 2024, and until the debt was settled in full, immediately prior to any conversion the embedded derivative liability is remeasured at fair value through profit and loss. Key valuation inputs and assumptions used are closing stock price on dates of conversion of between CAD 6.910 and 8.750, 5-day VWAP of between CAD 6.910 and 8.827, expected life of between nil and 0.56 years, annual risk-free rate of between 5.17% and 5.54%. On December 31, 2023, the aggregate fair value of the Conversion Options was calculated as EUR 471 (CAD 689). Key valuation inputs and assumptions used are stock price of CAD 6.780, 5-day VWAP of CAD 6.845, expected life of between 0.08 and 0.58 years, and annual risk-free rate of between 5.1% and 5.59%. |
SHARE CAPITAL |
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| SHARE CAPITAL |
Authorized - Unlimited Common Shares, fully paid The following is a continuity of the Company’s share capital:
The Company’s Common Shares have no par value. |
WARRANTS |
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| WARRANTS |
The following are continuities of the Company’s warrants:
Each unit consists of the following characteristics:
Warrants issued upon completion of Financing Arrangement Upon completion of the Financing Arrangement (Note 7) on September 5, 2022, 979,048 warrants were issued with an exercise price of CAD 9.28 per warrant, each convertible to one common share of the Company and expiring 5 years after the issuance date. Under the acceleration provisions of the warrants agreement, if the Company’s common shares trade at or above CAD 11.60 for 30 consecutive trading days, the Company has the right to issue an exercise notice to warrant holders to exercise their warrants before the end of 21 days, otherwise 50% of the warrants expire. Similarly, if the Company’s common shares trade at or above CAD 18.56 for 30 consecutive trading days, the Company has the right to issue an exercise notice to warrant holders to exercise all their warrants before the end of 21 days, otherwise the warrants expire. Upon allocating the transaction price of the Financing Arrangement between its components of host debt liability, derivative liability and warrants, the combined fair value of the host debt liability and derivative liability exceeded the transaction price. Therefore, no residual fair value was allocated to the warrant component of the instrument in the consolidated statements of changes in equity. Broker Warrants issued upon completion of Public Offering Upon completion of the Public Offering on November 18, 2020, 177,434 broker warrants (“Broker Warrants”) were issued. Between January 21, 2021 and February 18, 2021, 160,548 Broker Warrants were exercised for 160,548 Common Shares and 80,274 public offering warrants leaving a balance of 16,886 at end December 31, 2022. The remaining broker warrants of 16,886 expired on November 18, 2023. |
SHARE BASED COMPENSATION |
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| SHARE BASED COMPENSATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE BASED COMPENSATION |
The Company maintains a fixed Omnibus Incentive Equity Plan (“OEIP”) for certain employees and consultants. The plan was approved at an annual and special meeting of shareholders on November 27, 2020. The following is a continuity of the Company’s equity incentive plans:
The following table summarizes information about the outstanding share options as at December 31, 2024:
The following table summarizes information about the outstanding share options as at December 31, 2023:
Fixed Stock Options (“FSOs”) During the year ended December 31, 2024, a share-based compensation charge of EUR 308 has been recognized in the consolidated statements of loss and comprehensive income loss (year ended December 31, 2023: EUR 583) in relation to the fixed stock options. During the year ended December 31, 2024, the Company granted 185,000 share options (year ended December 31, 2023: 108,477 share options) with a weighted average exercise price of CAD 6.47 (year ended December 31, 2023: CAD 7.54) and a fair value of EUR 393 (year ended December 31, 2023: EUR 322). The assumptions used to measure the grant date fair value of FSO options under the Black-Scholes valuation model were as follows:
During the year ended December 31, 2024, 156,107 Common Shares, were issued upon exercise of fixed stock options (year ended December 31, 2023: 124,000). Upon exercise of fixed stock options, for the year ended December 31, 2024, EUR 243 (the year ended December 31, 2023: EUR 368) was transferred from contributed surplus to share capital in the consolidated statements of changes in equity. Cash proceeds upon exercise of fixed stock options during the year ended December 31, 2024 totalled EUR 364 (year ended December 31, 2023: EUR 440).
Deferred Share Units (“DSUs”) Exercises of grants may only be settled in shares, and only when the employee or consultant has left the Company. Under the plan, the Company may grant options of its shares at nil cost that vest immediately. During the year ended December 31, 2024, nil DSUs were granted (year ended December 31, 2023: 24,000 DSUs with a fair value of CAD 7.00 per unit determined as the share price on the date of grant). During the year ended December 31, 2024, a share-based compensation charge of EUR 6 has been recognized in the consolidated statements of loss and comprehensive loss (year ended December 31, 2023: EUR 143) in relation to the deferred share units. During the year ended December 31, 2024, 198,481 common shares were issued upon exercise of 198,481 DSUs (year ended December 31, 2023: 38,334 common shares upon exercise of 38,334 DSUs). For the year ended December 31, 2024, upon exercise of DSUs, EUR 1,016 was transferred from contributed surplus to share capital in the consolidated statements of changes in equity (year ended December 31, 2023: EUR 218). Restricted Share Units (“RSUs”) During the year ended December 31, 2024, 200,000 RSUs, were granted (year ended December 31, 2023: 234,375), with a fair value of CAD 4.61 per unit (year ended December 31, 2023: between CAD 5.25 and CAD 6.53 per unit) determined as the share price on the date of grant. During the year ended December 31, 2024, a share-based compensation charge of EUR 495 has been recognized in the consolidated statements of loss and comprehensive loss (year ended December 31, 2023: EUR 1,329) in relation to the RSUs. During the year ended December 31, 2024, 418,000 common shares were issued upon exercise of 418,000 RSUs (year ended December 2023: 365,043 common shares were issued upon exercise of 365,043 RSUs). For the year ended December 31, 2024, EUR 1,757 was transferred from contributed surplus to share capital in the consolidated statements of changes in equity (December 31, 2023: EUR 2,365).
Share Appreciation Rights Plan On December 29, 2024, the Company granted a Share Appreciation Rights (“SARs”) plan for key members of the management which provided incentive compensation, based on the appreciation in the value of Company’s shares thereby providing additional incentive for their efforts in promoting the continued growth and success of the business of the Company. The aggregate number of units granted in respect of SARs totalled 1,329,082 with an issue price of CAD 5.00 per unit, based on market price of the Company’s stock on the date of grant. These SAR units, which have a term of not exceeding five years, will vest as follows:
No SARs have vested as at December 31, 2024. |
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GOODWILL |
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| GOODWILL. | ||||||||||||||||||||||||
| GOODWILL |
The following is a continuity of the Company’s goodwill:
The carrying amount of goodwill is attributed to the acquisitions of Oryx Gaming, Wild Streak and Spin. The Company completed its annual impairment tests for goodwill as at December 31, 2024 and concluded that there was no impairment. Key Assumptions The recoverable amount was determined based on a value in use calculation which uses cash flow projections based on financial budgets approved by the Board and covering a five-year period and an after-tax discount rate of 13.5% (pre-tax rate 17.7%) per annum. The cash flows beyond the five-year period have been extrapolated using a steady 3.0% per annum growth rate. The cash flow projections used in estimating the recoverable amounts are generally consistent with results achieved historically adjusted for anticipated growth. |
DEFERRED CONSIDERATION |
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| DEFERRED CONSIDERATION | ||||||||||||||||||||||||||||||||||||||||||
| DEFERRED CONSIDERATION |
The following is a continuity of the Company’s deferred consideration:
Spin Games LLC The Company completed the acquisition of Spin Games LLC effective on June 1, 2022. The Company agreed deferred consideration payments in common shares of the Company over three years from the effective date recorded with a present value of EUR 4,003. The discount for lack of marketability (DLOM) on June 1, 2022, was determined by applying Finnerty’s average-strike put option model (2012) with a volatility of between 71.4% and 80.9%, an annual dividend rate of 0% and time to maturity of 1-3 years. In the year ended December 31, 2024, an accretion expense of EUR 428 (year ended December 31, 2023: EUR 403) was recorded in the consolidated statements of loss and comprehensive loss. In the year ended December 31, 2024, a gain on remeasurement of deferred consideration of EUR 132 (year ended December 31, 2023: loss of EUR 440) was recorded in the consolidated statements of loss and comprehensive loss. As at December 31, 2024 EUR 1,244 is recorded as the short-term portion of deferred consideration (December 31, 2023: EUR 1,513) and EUR nil is recorded as the long-term portion (December 31, 2023: EUR 1,426).
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RIGHT OF USE ASSETS |
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| RIGHT OF USE ASSETS |
In the year ended December 31, 2024, depreciation expense of EUR 806 was recognized within selling, general and administrative expenses (year ended December 31, 2023: EUR 579). |
INTANGIBLE ASSETS |
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| INTANGIBLE ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS |
In the year ended December 31, 2024, amortization expense of EUR 15,714 was recognized within selling, general and administrative expenses (year ended December 31, 2023: EUR 12,147). |
CASH AND CASH EQUIVALENTS |
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| CASH AND CASH EQUIVALENTS. | |||
| CASH AND CASH EQUIVALENTS |
As at December 31, 2024 and 2023, cash and cash equivalents consisted of cash held in banks and prepaid credit cards. |
TRADE AND OTHER RECEIVABLES |
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| TRADE AND OTHER RECEIVABLES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TRADE AND OTHER RECEIVABLES |
Trade and other receivables comprise:
The following is an aging of the Company’s trade receivables:
The balance of accrued income is included in receivables aged less than one month as this balance will be converted to accounts receivable upon issuance of sales invoices. The following is a continuity of the Company’s provision for expected credit losses related to trade and other receivables:
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PREPAID EXPENSES AND OTHER ASSETS |
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| PREPAID EXPENSES AND OTHER ASSETS | |||||||||||||||||||||||||||||||||||||||||||
| PREPAID EXPENSES AND OTHER ASSETS |
Prepaid expenses and other assets comprises:
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TRADE PAYABLES AND OTHER LIABILITIES |
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| TRADE PAYABLES AND OTHER LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
| TRADE PAYABLES AND OTHER LIABILITIES |
Trade payables and other liabilities comprises:
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LEASE LIABILITIES |
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| LEASE LIABILITIES. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASE LIABILITIES |
The Company leases various properties mainly for office buildings. Rental contracts are made for various periods ranging up to six (6) years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the Company as a lessee. Set out below are the carrying amounts of the lease liabilities and the movements for the period:
During the year ending December 31, 2024, the Company recognised lease expense within selling, general and administrative expenses associated to leases with a term of less than twelve months and lease of low-values assets amounting to EUR 161 (year ending December 31, 2023: EUR 99).
The maturity analysis of lease liabilities are disclosed below:
The following are the amounts recognized in the consolidated statement of loss and comprehensive loss:
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LOANS PAYABLE |
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| LOANS PAYABLE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LOANS PAYABLE |
On April 24, 2024, the Company obtained a secured promissory note in the principal amount of US$7 million from a member of management. The secured promissory note matures on April 24, 2025 and bears interest at an annual rate of 14%, payable quarterly.
During the year ended December 31, 2024, interest expense of EUR 617 was recognized within net interest expense and other financing charges (year ending December 31, 2023: nil). |
RELATED PARTY TRANSACTIONS |
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| RELATED PARTY TRANSACTIONS |
The Company’s policy is to conduct all transactions and settle all balances with related parties on market terms and conditions for those in the normal course of business. Transactions between the Company and its consolidated entities have been eliminated on consolidation and are not disclosed in this note. Key Management Personnel The Company’s key management personnel are comprised of members of the Board and the executive team which consists of the Chief Executive Officer, Chief Financial Officer, Chief Commercial Officer, and Chief Technology Officer. Transactions with Shareholders, Key Management Personnel and Members of the Board of Directors Transactions recorded in the consolidated statements of loss and comprehensive loss between the Company and its shareholders, key management personnel and Board of Directors are set out in aggregate as follows:
Transactions with Wild Streak and Spin Vendors Certain vendors in the sale of Wild Streak and Spin subsequently became employees of the Company. Transactions recorded in the consolidated statements of loss and comprehensive loss between the Company and these employees are set out in aggregate as follows:
Balances due to/from key management personnel, Board of Directors and Wild Streak and Spin vendors who subsequently became employees of the Company are set out in aggregate as follows:
Other transactions with key management personnel, Board of Directors and Wild Streak and Spin vendors who subsequently became employees of the Company are set out in aggregate as follows:
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FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT |
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| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT |
The financial instruments measured at amortized cost are summarised below: Financial Assets
Financial Liabilities
The carrying values of the financial instruments approximate their fair values. Fair Value Hierarchy The following table presents the fair values and fair value hierarchy of the Company’s financial instruments.
There were no the of the the periods. During the year ended December 31, 2024, a gain on remeasurement of deferred consideration of EUR 132 (year ended December 31, 2023: loss of EUR 440), was recognized in the consolidated statements of loss and comprehensive loss (Note 12) for financial instruments designated as FVTPL.
As a result of holding and issuing financial instruments, the Company is exposed to certain risks. The following is a description of those risks and how the exposures are managed. Liquidity risk Liquidity risk is the risk that the Company is unable to generate or obtain sufficient cash and cash equivalents in a cost-effective manner to fund its obligations as they come due. The Company will experience liquidity risks if it fails to maintain appropriate levels of cash and cash equivalents, is unable to access sources of funding or fails to appropriately diversify sources of funding. If any of these events were to occur, they could adversely affect the financial performance of the Company. The Company has a planning and budgeting process in place by which it anticipates and determines the funds required to support its normal operating requirements. The Company coordinates this planning and budgeting process with its financing activities through its capital management process. The Company holds sufficient cash and cash equivalents and working capital, maintained through stringent cash flow management, to ensure sufficient liquidity is maintained. The Company is not subject to any externally imposed capital requirements. The following are the undiscounted contractual maturities of significant financial liabilities and the total contractual obligations of the Company as at December 31, 2024:
Foreign currency exchange risk The Company’s financial statements are presented in EUR; however, a portion of the Company’s net assets and operations are denominated in other currencies, particularly Canadian and US dollars. Such net assets are translated into EUR at the foreign currency exchange rate in effect at the reporting date, and operations at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. As a result, the Company is exposed to foreign currency translation gains and losses, which are recorded in accumulated other comprehensive loss. The Company is also exposed to risk on transaction in currencies other than its functional currency resulting in realized and unrealized foreign currency gains and loss which are recorded in other operational costs. The Company estimates that an appreciation of the EUR of 10% relative to other currencies would result in a decrease of EUR 1,960 in earnings before income taxes while a depreciating EUR will have the opposite impact (year ended December 31, 2023: EUR 1,405). The Company has no derivative instruments in the form of futures contracts and forward contracts to manage its current and anticipated exposure to fluctuations in EUR exchange rates.
Credit risk The Company is exposed to credit risk resulting from the possibility that counterparties could default on their financial obligations to the Company including cash and cash equivalents, other assets and accounts receivable. Failure to manage credit risk could adversely affect the financial performance of the Company. The risk related to cash and cash equivalents is reduced by policies and guidelines that require that the Company enters into transactions only with counterparties or issuers that have a minimum long term “BBB” credit rating from a recognized credit rating agency. The Company mitigates the risk of credit loss relating to accounts receivable by evaluating the creditworthiness of new customers and establishes a provision for expected credit losses. The Company applies the simplified approach to provide for expected credit losses as prescribed by IFRS 9, Financial Instruments, which permits the use of the lifetime expected loss provision for all accounts receivable. The expected credit loss provision is based on the Company’s historical collections and loss experience and incorporates forward-looking factors, where appropriate. The provision matrix below shows the expected credit loss rate for each aging category of trade receivable as at December 31, 2024:
The provision matrix below shows the expected credit loss rate for each aging category of accounts receivable as at December 31, 2023:
Gross trade receivable includes the balance of accrued income within the aging category of less than one month. Concentration risk For the year ended December 31, 2024, one customer (year ended December 31, 2023: one customer) contributed more than 10% each to the Company’s revenues. Aggregate revenues from this customer totaled EUR 22,672 (year ended December 31, 2023: EUR 29,752). As at December 31, 2024, one customer (December 31, 2023: one customer) constituted more than 10% to the Company’s accounts receivable. The balance owed by this customer totalled EUR 3,295 (December 31, 2023: EUR 4,550). The Company continues to expand its customer base to reduce the concentration risk. |
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SUPPLEMENTARY CASHFLOW INFORMATION |
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| SUPPLEMENTARY CASHFLOW INFORMATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTARY CASHFLOW INFORMATION |
Cash flows arising from changes in non-cash working capital are summarized below:
During the year ended December 31, 2024 and 2023, the Company incurred both cash and non-cash interest expense and other financing charges. The following table shows the split as included in the consolidated statement of loss and comprehensive loss for each year:
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SEGMENT INFORMATION |
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| SEGMENT INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION |
Operating The Company has one reportable operating segment in its continuing operations, B2B Online Gaming. Geography – Revenue Revenue for continuing operations was generated from contracted customers in the following jurisdictions:
This segmentation is not correlated to the geographical location of the Company’s worldwide end-user base. Geography – Non-Current Assets Non-current assets are held in the following jurisdictions:
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INCOME TAXES |
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| INCOME TAXES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES |
The components of income taxes recognized in the consolidated statements of financial position are as follows:
The components of income taxes recognized in the consolidated statements of loss and comprehensive loss are as follows:
There is no income tax expense recognized in other comprehensive income loss.
The reasons for the difference between the actual tax charge for the year and the standard rate of Company tax applied to profits for the year are as follows:
Deferred taxes are provided as a result of temporary differences that arise due to the differences between the income tax values and the carrying amount of assets and liabilities. Deferred tax assets have not been recognized in respect of the following deductible temporary differences:
The portion of the income tax losses related to Canada which have a limited carry-forward period expire in the years 2026 to 2044 as follows:
The United Kingdom losses are carried forward indefinitely unless subject to certain restrictions. Share issuance costs will be fully amortized in 2027 while other deductible temporary differences do not expire under current income tax legislation. Deferred income tax assets were not recognized in respect of these items because it is not probable that future taxable income will be available to the Company to utilize the benefits. |
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CONTINGENT LIABILITIES |
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| CONTINGENT LIABILITIES | |||
| CONTINGENT LIABILITIES |
In the ordinary course of business, the Company is involved in and potentially subject to, legal actions and proceedings. In addition, the Company is subject to tax audits from various tax authorities on an ongoing basis. As a result, from time to time, tax authorities may disagree with the positions and conclusions taken by the Company in its tax filings or legislation could be amended or interpretations of current legislation could change, any of which events could lead to reassessments. |
MATERIAL ACCOUNTING POLICY INFORMATION (Policies) |
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| MATERIAL ACCOUNTING POLICY INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries when the Company controls them. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. The Company assesses control on an ongoing basis. The Company’s interest in the voting share capital of all its subsidiaries is 100%. Transactions and balances between the Company and its consolidated entities have been eliminated on consolidation. The table below summarizes the Company’s operating subsidiaries and the functional currency for each operating subsidiary:
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| Presentation currency | Presentation currency The presentation currency of the Company is the Euro, while the functional currencies of its subsidiaries are Euro, Canadian dollar, United States dollar, British pound sterling and Israel shekels due to primary location of individual entities within the Group. The presentation currency of the Euro has been selected as it best represents the majority of the Company’s economic inflows, outflows as well as its assets and liabilities. The functional currency of the Parent Company is Canadian dollar. Presentation currency (continued) The assets and liabilities of operations that have a functional currency different from that of the Company’s reporting currency are translated into Euros at the foreign currency exchange rate in effect at the reporting date. The resulting foreign currency exchange gains or losses are recognized in the foreign currency translation adjustment as part of other comprehensive loss. When such foreign operations are disposed of, the related foreign currency translation reserve is recognized in net earnings as part of the gain or loss on disposal. Revenues and expenses of foreign operations are translated into Euros at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are transacted. Amounts are rounded to the nearest thousand, unless otherwise stated. |
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| Business combinations | Business combinations Business combinations are accounted for using the acquisition method as of the date when control is transferred to the Company. The Company measures goodwill as the excess of the sum of the fair value of the consideration transferred over the net identifiable assets acquired and liabilities assumed, all measured as at the acquisition date. Transaction costs that the Company incurs in connection with a business combination, other than those associated with the issuance of debt or equity securities, are expensed as incurred. |
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| Net loss per share ("EPS") | Net loss per share (“EPS”) Basic EPS is calculated by dividing the net loss available to shareholders by the weighted average number of shares outstanding during the period. Diluted EPS is calculated by adjusting the net loss available to shareholders and the weighted average number of shares outstanding for the effects of all potential dilutive instruments. The diluted loss per share is determined by adjusting the net loss attributable to common shareholders and the weighted-average number of common shares outstanding for the effects of all dilutive potential common shares. The diluted income per share calculation considers the impact of stock options, warrants, and other potentially dilutive instruments, which are anti-dilutive when the Company is in a loss position. |
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| Cash and cash equivalents | Cash and cash equivalents Cash equivalents consist of highly liquid marketable investments with an original maturity date of 90 days or less from the date of acquisition and prepaid credit cards. |
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| Trade and other receivables | Trade and other receivables Trade and other receivables consist primarily of trade receivables from customers for which the Group provides services and accrued income in relation to receivables from customers that have yet to be invoiced. Upon invoicing, amounts are transferred from accrued income to trade receivables and any differences between the accrued and invoiced values are recognized in the consolidated statements of loss and comprehensive loss. |
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| Revenue recognition | Revenue recognition The Company recognizes revenue when control of the goods or services has been transferred. Revenue is measured at the amount of consideration to which the Company expects to be entitled, including variable consideration to the extent that it is highly probable that a significant reversal will not occur. Revenue is derived from software platform licensing, bespoke development, management service fees, marketing fees, revenue share from licencing of content and hosting fees. Revenue is recognized when the service provided to the customer is complete. Specifically:
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| Income taxes | Income taxes Current and deferred taxes are recognized in the consolidated statements of loss and comprehensive loss, except for current and deferred taxes related to a business combination, or amounts charged directly to equity or other comprehensive income loss, which are recognized in the consolidated statements of financial position. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the asset and liability method of accounting on temporary differences arising between the financial statement carrying values of existing assets and liabilities and their respective income tax bases. Deferred tax is measured using enacted or substantively enacted income tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A deferred tax asset is recognized for temporary differences as well as unused tax losses and credits to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same taxation authority on the same taxable entity, or on different taxable entities where the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax is recorded on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Company, and it is probable that the temporary difference will not reverse in the foreseeable future. |
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| Property and equipment | Property and equipment Property and equipment are recognized and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset, including costs incurred to prepare the asset for its intended use and capitalized borrowing costs. The commencement date for capitalization of costs occurs when the Company first incurs expenditures for the qualifying assets and undertakes the required activities to prepare the assets for their intended use. Borrowing costs directly attributable to the acquisition, construction or production of property and equipment, that necessarily take a substantial period of time to prepare for their intended use and a proportionate share of general borrowings, are capitalized to the cost of those assets, based on a quarterly weighted average cost of borrowing. All other borrowing costs are expensed as incurred and recognized in net interest expense and other financing charges. The cost of replacing a component of property and equipment is recognized in the carrying amount if it is probable that the future economic benefits embodied within the component will flow to the Company and the cost can be measured reliably. The carrying amount of the replaced component is derecognized. The cost of repairs and maintenance of property and equipment is expensed as incurred and recognized in the consolidated statements of loss and comprehensive loss. Gains and losses on disposal of property and equipment are determined by comparing the fair value of proceeds from disposal with the net book value of the assets and are recognized on a net basis in the consolidated statements of loss and comprehensive loss. Property and equipment are depreciated on a straight-line basis over their estimated useful lives of up to to their estimated residual value when the assets are available for use. When significant parts of a property and equipment have different useful lives, they are accounted for as separate components and depreciated separately. Depreciation methods, useful lives and residual values are reviewed annually and are adjusted for prospectively, if appropriate. |
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| Leases | Leases The Company assesses whether a contract is, or contains, a lease. If a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, then the contract may contain a lease. The Company assesses whether a contract conveys the right to control the use of an asset by performing the following tests:
Leases (continued) The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following:
The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases of equipment that have a lease term of twelve months or less and leases of low-value assets, including IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. |
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| Intangible assets | Intangible assets Intangible assets are measured at cost less any amortization and accumulated impairment losses. These intangible assets are tested for impairment on an annual basis or more frequently if there are indicators that intangible assets may be impaired as described in the Impairment of non-financial assets policy. Intangible assets are amortized on a straight-line basis over their estimated useful lives as follows:
Trademarks, patents and gaming certifications are classified under “Other” in the intangible assets disclosure note (Note 14). The Company capitalizes the costs of intangible assets if and only if:
Certain costs incurred in connection with the development of intellectual property relating to proprietary technology are capitalized to intangible assets as development costs. Intangible assets are recorded at cost, which consists of directly attributable costs necessary to create such intangible assets, less accumulated amortization and accumulated impairment losses, if any. The costs mainly include the salaries paid to the software developers and consulting fees. These costs are recognized as development costs assets when the following criteria are met:
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| Goodwill | Goodwill Goodwill arising in a business combination is recognized as an asset at the date that control is acquired. Goodwill is subsequently measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment on an annual basis or more frequently if there are indicators that goodwill may be impaired as described in the Impairment of non-financial assets policy. |
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| Impairment of non-financial assets | Impairment of non-financial assets At each statement of financial position date, the Company reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, the asset is then tested for impairment by comparing its recoverable amount to its carrying value. Goodwill is tested for impairment at least annually. For the purpose of impairment testing, assets, including right-of-use assets, are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of cash inflows of other assets or groups of assets. This grouping is referred to as a cash generating unit ("CGU"). Corporate assets, which include head office facilities, do not generate separate cash inflows. Corporate assets are tested for impairment at the minimum grouping of CGUs to which the corporate assets can be reasonably and consistently allocated. Goodwill arising from a business combination is tested for impairment at the minimum grouping of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of a CGU or CGU grouping is the higher of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows from the CGU or CGU grouping, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU or CGU grouping. If the CGU or CGU grouping includes right-of-use assets in its carrying amount, the pre-tax discount rate reflects the risks associated with the exclusion of lease payments from the estimated future cash flows. The fair value less costs to sell is based on the best information available to reflect the amount that could be obtained from the disposal of the CGU or CGU grouping in an arm’s length transaction between knowledgeable and willing parties, net of estimates of the costs of disposal. An impairment loss is recognized if the carrying amount of a CGU or CGU grouping exceeds its recoverable amount. For asset impairments other than goodwill, the impairment loss reduces the carrying amounts of the non-financial assets in the CGU on a pro-rata basis, up to an asset’s individual recoverable amount. Any loss identified from goodwill impairment testing is first applied to reduce the carrying amount of goodwill allocated to the CGU grouping, and then to reduce the carrying amounts of the other non-financial assets in the CGU or CGU grouping on a pro-rata basis. For assets other than goodwill, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. An impairment loss in respect of goodwill is not reversed. |
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| Financial instruments | Financial instruments Financial assets and liabilities are recognized when the Company becomes party to the contractual provisions of the financial instrument. Upon initial recognition, financial instruments are measured at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of financial instruments that are not classified as fair value through profit or loss. Financial instruments – classification and measurement The classification and measurement approach for financial assets reflect the business model in which assets are managed and their cash flow characteristics. Financial assets are classified and measured based on these categories: amortized cost, fair value through other comprehensive income ("FVOCI"), or fair value through profit and loss ("FVTPL"). A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVTPL:
A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
A financial asset shall be measured at FVTPL unless it is measured at amortized cost or at FVOCI. Financial assets are not reclassified subsequent to their initial recognition unless the Company identifies changes in its business model in managing financial assets. Financial liabilities are classified and measured based on two categories: amortized cost or FVTPL. Fair values are based on quoted market prices where available from active markets, otherwise fair values are estimated using valuation methodologies, primarily discounted cash flows taking into account external market inputs where possible. The amortized cost of a financial asset or liability is the amount at which the financial asset or liability is measured at initial recognition, minus principal payments, plus or minus the cumulative amortization using the effective interest method of any difference between the initial amount recognized and the maturity amount, minus any reduction for impairment. The following table summarizes the classification and measurement of the Company’s financial assets and liabilities:
Financial instruments – valuation The determination of the fair value of financial instruments is performed by the Company’s treasury and financial reporting departments on a quarterly basis. There was no change in the valuation techniques applied to financial instruments during the current year. Financial instruments - valuation (continued) The carrying amounts reported for cash and cash equivalents, trade and other receivables, trade payables and other liabilities, and deferred consideration approximate fair value because of the immediate short-term maturity of these financial instruments. The carrying value of lease obligations on right of use assets, convertible debt and loans payable approximates the fair value based on rates currently available from financial institutions and various lenders. Gains and losses on FVTPL financial assets and financial liabilities are recognized in net earnings in the period in which they are incurred. Settlement date accounting is used to account for the purchase and sale of financial assets. Gains or losses between the trade date and settlement date on FVTPL financial assets are recorded in the consolidated statements of loss and comprehensive loss. Financial instruments – derecognition Financial assets are derecognized when the contractual rights to receive cash flows and benefits from the financial asset expire, or if the Company transfers the control or substantially all the risks and rewards of ownership of the financial asset to another party. The difference between the carrying amount of the financial asset and the sum of the consideration received and receivable is recognized in earnings before income taxes. Financial liabilities are derecognized when obligations under the contract expire, are discharged, or cancelled. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in earnings before income taxes. Financial instruments – impairment The Company applies a forward-looking expected credit loss ("ECL") model at each reporting date to financial assets measured at amortized cost or those measured at FVOCI, except for investments in equity instruments. The ECL model outlines a three-stage approach to reflect the increase in credit risks of a financial instrument:
Financial instruments – impairment (continued) The carrying amount of the financial asset or group of financial assets is reduced through the use of impairment allowance accounts. In periods subsequent to the impairment where the impairment loss has decreased, and such decrease can be related objectively to conditions and changes in factors occurring after the impairment was initially recognized, the previously recognized impairment loss is reversed. The impairment reversal is limited to the lesser of the decrease in impairment or the extent that the carrying amount of the financial asset at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. |
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| Deferred consideration | Deferred consideration On June 1, 2022, the Company acquired Spin Games LLC (“Spin”) and agreed payment of deferred consideration in shares over three years from the anniversary date of the acquisition date. In each reporting period the fair value of the deferred consideration payable was measured by determining the period-end share price and the discount for lack of marketability (DLOM) applying Finnerty’s average-strike put option model (2012). Prior to the next remeasurement period an accretion expense is recorded in the consolidated statements of loss and comprehensive loss as the discount is unwound towards the reporting date. Upon remeasurement, any gain or loss on remeasurement is also recorded in the consolidated statements of loss and comprehensive loss. |
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| Convertible debt | Convertible debt On September 5, 2022, the Company entered into a funding agreement for an investment of USD 8,700. The Convertible Debt is an instrument that has three components, two of which together comprise a hybrid financial liability contract: •Host debt contract for repayment of USD 10,000 in 24 months’ time (this including an embedded derivative in the form of a foreign currency feature that is not required to be accounted for separately from the host debt contract). •Embedded derivatives in the form of a conversion feature and a buy-back option that are together required to be accounted for separately from the host debt contract. •Warrants to purchase up to 979,048 common shares in the Company at an exercise price of CAD 9.28. Each of the above three components of the Convertible Debt are accounted for separately, the form of which is dependent upon whether a simplified fair value option approach is taken or not. Under the simplified approach a contract that contains one or more embedded derivatives can be accounted for in its entirety at fair value through profit or loss unless:
Convertible debt (continued) Under IFRS 9, if the simplified fair value option is taken, all transaction costs incurred in relation to the combined instrument would be recognised in profit or loss immediately. The Company has opted not to take the simplified fair value option and therefore amortises the host debt component over 24 months recognising an accretion expense in each reporting period. The embedded derivative liability is measured at fair value through profit and loss and is remeasured at each reporting date. Any residual balance of the transaction price in respect of the warrants after deducting the fair value of the host debt and derivative liability components upon initial recognition is recorded in the consolidated statements of changes in equity and no further remeasurement is performed. |
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| Employee benefits | Short term employee benefits Short term employee benefits include wages, salaries, compensated absences, and bonuses. Short term employee benefit obligations are measured on an undiscounted basis and are recognized in operating loss as the related service is provided or capitalized if the service rendered is in connection with the creation of an intangible asset. A liability is recognized for the amount expected to be paid under short term cash bonus plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Long term employee benefits Long term employee benefits include severance pay upon retirement and awards for years of service for certain employees. Liabilities towards severance pay and awards for years of service are determined via actuarial valuation using the Projected Unit Credit Method at the reporting date with liabilities towards severance pay being recognised at FVTPL and liabilities towards awards of years of service being recognised at FVOCI. Actuarial gains and losses in service awards are recognised immediately in net loss while actuarial gains and losses in severance pay are recognised in other comprehensive loss. |
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| Share based compensation | Share based compensation The Company has stock option plans for directors, officers, employees, and consultants. Each tranche of an award is considered a separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. In addition, the Company also has deferred share unit (“DSU”), restricted share unit (“RSU”) and fixed stock option (“FSO”) plans for directors, officers, employees, and consultants. The fair value of each unit is measured as the share price on date of grant with nil exercise price.
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| Equity | Equity Shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. Contributed surplus includes amounts in connection with conversion options embedded in compound financial instruments, share based compensation and the value of expired options and warrants. Deficit includes all current and prior period income and losses. |
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| Warrants | Warrants The Company values for warrants using the Black-Scholes option pricing model at the date of issuance. If and when warrants ultimately expire, the applicable amounts are transferred to contributed surplus. |
MATERIAL ACCOUNTING POLICY INFORMATION (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MATERIAL ACCOUNTING POLICY INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of operating subsidiaries and functional currency of operating subsidiary |
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| Schedule of intangible assets useful life |
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| Schedule of classification and measurement of company's financial assets and liabilities |
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LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LOSS BEFORE INCOME TAXES CLASSIFIED BY NATURE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of loss before income taxes classified by nature |
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ACQUISITION OF WILD STREAK LLC (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wild Streak LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION OF WILD STREAK LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of information about business combination |
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ACQUISITION OF SPIN GAMES LLC (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Spin Games LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION OF SPIN GAMES LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of information about business combination |
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CONVERTIBLE DEBT (Tables) |
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| CONVERTIBLE DEBT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of convertible debt |
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SHARE CAPITAL (Tables) |
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| SHARE CAPITAL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share capital |
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WARRANTS (Tables) |
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| WARRANTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of warrants |
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| Schedule of assumptions used to measure fair value of warrants |
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SHARE BASED COMPENSATION (Tables) |
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| SHARE BASED COMPENSATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of equity incentive plans |
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| Summary of outstanding share options | The following table summarizes information about the outstanding share options as at December 31, 2024:
The following table summarizes information about the outstanding share options as at December 31, 2023:
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| Summary of inputs and assumptions used for measuring fair value |
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GOODWILL (Tables) |
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| Schedule of company's goodwill |
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DEFERRED CONSIDERATION (Tables) |
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| Schedule of deferred consideration |
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RIGHT OF USE ASSETS (Tables) |
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| RIGHT OF USE ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of carrying amounts of right-of use assets |
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INTANGIBLE ASSETS (Tables) |
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| INTANGIBLE ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Intangible assets |
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TRADE AND OTHER RECEIVABLES (Tables) - Trade and other receivables |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| TRADE AND OTHER RECEIVABLES | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of trade and other receivables |
|
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| Schedule of aging of trade and other receivables |
|
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| Schedule of provision for expected credit losses |
|
PREPAID EXPENSES AND OTHER ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| PREPAID EXPENSES AND OTHER ASSETS | |||||||||||||||||||||||||||||||||||||||||
| Schedule of prepaid expenses and other assets |
|
TRADE PAYABLES AND OTHER LIABILITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| TRADE PAYABLES AND OTHER LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of trade payables and other liabilities |
|
LEASE LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASE LIABILITIES. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of carrying amounts of lease liabilities |
|
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| Schedule of maturity analysis of lease liabilities |
|
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| Schedule of amounts recognized in the consolidated statement of loss and comprehensive income (loss) |
|
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LOANS PAYABLE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| LOANS PAYABLE | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of loans payable |
|
RELATED PARTY TRANSACTIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of consolidated statements of financial position |
|
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| Schedule of other related party transactions |
|
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| Shareholders, Key Management Personnel and Members | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of transactions recorded in the consolidated statements of loss and comprehensive loss |
|
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| Vendors of Wild Streak and Spin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of transactions recorded in the consolidated statements of loss and comprehensive loss |
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FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial instruments measured at amortized cost - Financial assets |
|
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| Schedule of financial instruments measured at amortized cost - Financial liabilities |
|
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| Schedule of fair values and fair value hierarchy |
|
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| Schedule of undiscounted contractual maturities of financial liabilities |
|
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| Schedule of expected credit loss rate for each aging category of accounts receivable |
The provision matrix below shows the expected credit loss rate for each aging category of accounts receivable as at December 31, 2023:
|
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SUPPLEMENTARY CASHFLOW INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTARY CASHFLOW INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of cash flows arising from changes in non-cash working capital |
|
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| Schedule of significant non-cash transactions from investing and financing activities |
|
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| Schedule of split of cash and non-cash interest expense and other financing charges included in the consolidated statement of loss and comprehensive loss |
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SEGMENT INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of geography revenue and non current assets | Revenue for continuing operations was generated from contracted customers in the following jurisdictions:
Non-current assets are held in the following jurisdictions:
|
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of disclosure of component of income taxes in statement of financial position |
|
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| Schedule of disclosure of components of income taxes in income statement |
|
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| Schedule of deferred tax assets and liabilities |
|
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| Schedule of Company's effective income tax rates |
|
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| Schedule of deductible temporary differences |
|
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| Schedule of Company's Canadian non-capital income tax losses expiration |
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CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | |
| Dividend rate considered in the determination of fair value of warrants and share options | 0.00% |
ACQUISITION OF WILD STREAK LLC - Fair value of intangible assets and goodwill acquired (Details) - Wild Streak LLC € in Thousands |
Jun. 02, 2021
EUR (€)
|
|---|---|
| Purchase price: | |
| Cash | € 8,206 |
| Shares to be issued | 13,746 |
| Deferred consideration | 62 |
| Total purchase price | 22,014 |
| Fair value of assets acquired, and liabilities assumed: | |
| Cash and cash equivalents | 124 |
| Accounts receivable | 408 |
| Trade payables and other liabilities | (87) |
| Net assets acquired and liabilities assumed | 445 |
| Goodwill | 4,790 |
| Brands | |
| Fair value of assets acquired, and liabilities assumed: | |
| Fair value of intangible assets | 311 |
| Customer relationships | |
| Fair value of assets acquired, and liabilities assumed: | |
| Fair value of intangible assets | 10,857 |
| Intellectual property identified upon business combination | |
| Fair value of assets acquired, and liabilities assumed: | |
| Fair value of intangible assets | € 5,611 |
WARRANTS (Details) - $ / shares |
12 Months Ended | |||
|---|---|---|---|---|
Nov. 18, 2023 |
Dec. 31, 2023 |
Dec. 31, 2024 |
Sep. 05, 2022 |
|
| WARRANTS | ||||
| Exercise price of warrants (in CAD per share) | $ 9.28 | |||
| Warrants issued as part of convertible debt | ||||
| WARRANTS | ||||
| Balance (in shares) | 979,048 | |||
| Expiry of warrants (in shares) | 0 | |||
| Balance (in shares) | 979,048 | |||
| Number of common share per unit | 1 | |||
| Exercise price of warrants (in CAD per share) | $ 9.28 | $ 9.28 | ||
| Broker warrants | ||||
| WARRANTS | ||||
| Balance (in shares) | 16,886 | |||
| Expiry of warrants (in shares) | 16,886 | (16,886) | ||
| Balance (in shares) | 0 |
WARRANTS - Financing Arrangement (Details) |
Sep. 05, 2022
D
$ / shares
shares
|
Dec. 31, 2024
$ / shares
|
|---|---|---|
| WARRANTS | ||
| Exercise price of warrants (in dollars per share) | $ 9.28 | |
| Percent of warrants to expire | 100.00% | |
| Warrants issued as part of convertible debt | ||
| WARRANTS | ||
| Number of warrants | shares | 979,048 | |
| Exercise price of warrants (in dollars per share) | $ 9.28 | $ 9.28 |
| Number of common share exercisable by each warrant | shares | 1 | |
| Warrant expiration time period | 5 years | |
| Number of consecutive trading days | D | 30 | |
| Term of exercise period acceleration | 21 days | |
| Percent of warrants to expire | 50.00% | |
| Warrants issued as part of convertible debt | Maximum | ||
| WARRANTS | ||
| Weighted average share price | $ 18.56 | |
| Warrants issued as part of convertible debt | Minimum | ||
| WARRANTS | ||
| Weighted average share price | $ 11.6 |
WARRANTS - Broker warrants (Details) - shares |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Nov. 18, 2023 |
Feb. 18, 2021 |
Dec. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2022 |
Sep. 05, 2022 |
Nov. 18, 2020 |
|
| WARRANTS | |||||||
| Number of shares issued on exercise of warrants | 979,048 | ||||||
| Broker warrants | |||||||
| WARRANTS | |||||||
| Number of warrants | 177,434 | ||||||
| Exercise of warrants (in shares) | 160,548 | ||||||
| Number of warrants outstanding | 0 | 0 | 16,886 | ||||
| Expiry of warrants (in shares) | 16,886 | (16,886) | |||||
| Share Capital | |||||||
| WARRANTS | |||||||
| Number of shares issued on exercise of warrants | 160,548 | ||||||
| Warrants issued upon public offering | |||||||
| WARRANTS | |||||||
| Number of shares issued on exercise of warrants | 80,274 | ||||||
| Warrants issued as part of convertible debt | |||||||
| WARRANTS | |||||||
| Number of warrants | 979,048 | ||||||
| Number of common share per unit | 1 | ||||||
| Number of warrants outstanding | 979,048 | 979,048 | 979,048 | ||||
| Expiry of warrants (in shares) | 0 |
SHARE BASED COMPENSATION - Deferred Share Units (Details) - DSUs € in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
EUR (€)
EquityInstruments
shares
|
Dec. 31, 2023
EUR (€)
EquityInstruments
shares
|
Dec. 31, 2024
$ / shares
|
|
| SHARE BASED COMPENSATION | |||
| Value of options granted | € 0 | ||
| Granted (in shares) | EquityInstruments | 24,000 | ||
| Fair value on date of grant (in dollar per share) | $ / shares | $ 7 | ||
| Share-based compensation charge | € 6 | € 143 | |
| Issuance of share capital upon exercise of DSUs (in shares) | shares | 198,481 | 38,334 | |
| Exercised (in shares) | EquityInstruments | 198,481 | 38,334 | |
| Issuance of share capital upon exercise of DSUs | € 1,016 | € 218 | |
SHARE BASED COMPENSATION - Restricted Share Units (Details) - RSUs € in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2024
EUR (€)
EquityInstruments
shares
|
Dec. 31, 2023
EUR (€)
EquityInstruments
shares
|
Dec. 31, 2024
$ / shares
|
Dec. 31, 2023
$ / shares
|
|
| SHARE BASED COMPENSATION | ||||
| Granted (in shares) | EquityInstruments | 200,000 | 234,375 | ||
| Fair value on date of grant (in dollar per share) | $ 4.61 | |||
| Share-based compensation charge | € | € 495 | € 1,329 | ||
| Issuance of share capital upon exercise of RSUs (in shares) | shares | 418,000 | 365,043 | ||
| Exercised (in shares) | EquityInstruments | 418,000 | 365,043 | ||
| Issuance of share capital upon exercise of RSUs | € | € 1,757 | € 2,365 | ||
| Minimum | ||||
| SHARE BASED COMPENSATION | ||||
| Fair value on date of grant (in dollar per share) | $ 5.25 | |||
| Maximum | ||||
| SHARE BASED COMPENSATION | ||||
| Fair value on date of grant (in dollar per share) | $ 6.53 | |||
SHARE BASED COMPENSATION - Share Appreciation Rights Plan (Details) - IFRS Stock Appreciation Rights |
12 Months Ended | |
|---|---|---|
|
Dec. 29, 2024
EquityInstruments
$ / shares
|
Dec. 31, 2024
EquityInstruments
|
|
| SHARE BASED COMPENSATION | ||
| Granted (in shares) | 1,329,082 | |
| Issue price (CAD) | $ / shares | $ 5 | |
| Term of share based payment award | 5 years | |
| Exercised (in shares) | 0 | |
| Award tranche one | ||
| SHARE BASED COMPENSATION | ||
| IFRS Share Based Compensation Arrangement by Sharebased Payment Award Award Vesting Rights Percentage | 0.33 | |
| Award tranche two | ||
| SHARE BASED COMPENSATION | ||
| IFRS Share Based Compensation Arrangement by Sharebased Payment Award Award Vesting Rights Percentage | 0.33 | |
| Award tranche three | ||
| SHARE BASED COMPENSATION | ||
| IFRS Share Based Compensation Arrangement by Sharebased Payment Award Award Vesting Rights Percentage | 0.33 |
GOODWILL (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| GOODWILL | ||
| Goodwill, beginning balance | € 31,921 | € 31,662 |
| Effect of Movement in exchange rates | 801 | 259 |
| Goodwill, ending balance | € 32,722 | € 31,921 |
GOODWILL - Key Assumptions (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Discounting of cashflow for first 5 years | Oryx Gaming CGU | |
| GOODWILL | |
| Percent of after-tax rate for discounting of cashflow | 13.50% |
| Percent of pre-tax rate for discounting of cashflow | 17.70% |
| Discounting of cashflow for next 5 years | |
| GOODWILL | |
| Percent of after-tax rate for discounting of cashflow | 3.00% |
DEFERRED CONSIDERATION - Rollforward (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| DEFERRED CONSIDERATION | ||
| Deferred consideration, beginning | € 2,939 | € 3,297 |
| Accretion expense | 428 | 403 |
| (Gain) Loss on remeasurement of deferred consideration | (132) | 440 |
| Shares issued as deferred consideration | (2,139) | (1,104) |
| Effect of movement in exchange rates | 148 | (97) |
| Deferred consideration, ending | € 1,244 | € 2,939 |
RIGHT OF USE ASSETS - Reconciliation of right of use assets (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| RIGHT OF USE ASSETS | ||
| Beginning balance | € 3,233 | |
| Amortization expense on right of use assets | 806 | € 579 |
| Ending balance | 3,510 | 3,233 |
| Cost | ||
| RIGHT OF USE ASSETS | ||
| Beginning balance | 4,434 | 1,311 |
| Additions | 161 | 3,389 |
| Modification | 836 | (256) |
| Disposal | (633) | (74) |
| Effect of movement in exchange rates | 78 | 65 |
| Ending balance | 4,877 | 4,434 |
| Accumulated Amortization | ||
| RIGHT OF USE ASSETS | ||
| Beginning balance | (1,201) | (735) |
| Disposal | (633) | (74) |
| Effect of movement in exchange rates | 7 | 39 |
| Amortization expense on right of use assets | (806) | (579) |
| Ending balance | € (1,367) | € (1,201) |
RIGHT OF USE ASSETS - Depreciation (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| RIGHT OF USE ASSETS | ||
| Depreciation | € 806 | € 579 |
| Selling, general and administrative expenses | ||
| RIGHT OF USE ASSETS | ||
| Depreciation | € 806 | € 579 |
TRADE AND OTHER RECEIVABLES - Trade and Other Receivables (Details) - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| TRADE AND OTHER RECEIVABLES | ||
| Trade receivables | € 19,558 | € 18,641 |
| Sales tax | 514 | |
| Trade and other receivables | € 20,072 | € 18,641 |
TRADE AND OTHER RECEIVABLES - Aging (Details) - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Provision for credit loss | |||
| TRADE AND OTHER RECEIVABLES | |||
| Trade and Other Receivables | € (2,497) | € (2,059) | € (2,435) |
| Trade and other receivables | |||
| TRADE AND OTHER RECEIVABLES | |||
| Trade and Other Receivables | 19,558 | 18,641 | |
| Trade and other receivables | Cost | |||
| TRADE AND OTHER RECEIVABLES | |||
| Trade and Other Receivables | 22,055 | 20,700 | |
| Trade and other receivables | Cost | Less than one month | |||
| TRADE AND OTHER RECEIVABLES | |||
| Trade and Other Receivables | 18,984 | 17,711 | |
| Trade and other receivables | Cost | Between two and three months | |||
| TRADE AND OTHER RECEIVABLES | |||
| Trade and Other Receivables | 660 | 1,275 | |
| Trade and other receivables | Cost | Greater than three months | |||
| TRADE AND OTHER RECEIVABLES | |||
| Trade and Other Receivables | 2,411 | 1,714 | |
| Trade and other receivables | Provision for credit loss | |||
| TRADE AND OTHER RECEIVABLES | |||
| Trade and Other Receivables | € (2,497) | € (2,059) |
TRADE AND OTHER RECEIVABLES - Expected Credit Losses (Details) - Provision for credit loss - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| TRADE AND OTHER RECEIVABLES | ||
| Beginning balance | € 2,059 | € 2,435 |
| Net reduction in provision for doubtful debts | (376) | |
| Net increase in provision for doubtful debts | 438 | |
| Ending balance | € 2,497 | € 2,059 |
PREPAID EXPENSES AND OTHER ASSETS (Details) - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| PREPAID EXPENSES AND OTHER ASSETS | ||
| Prepayments | € 1,395 | € 1,200 |
| Deposits | 99 | 83 |
| Other assets | 1,130 | 372 |
| Prepaid expenses and other assets | € 2,624 | € 1,655 |
TRADE PAYABLES AND OTHER LIABILITIES (Details) - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| TRADE PAYABLES AND OTHER LIABILITIES | ||
| Trade payables | € 3,236 | € 7,504 |
| Accrued liabilities | 16,666 | 13,983 |
| Sales tax payable | 12 | |
| Other payables | 44 | 347 |
| Trade payables and other liabilities | € 19,946 | € 21,846 |
LEASE LIABILITIES (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure of quantitative information about lease liabilities [line items] | ||
| Amount of expense relating lease of low-values assets | € 161 | € 99 |
| Maximum | ||
| Disclosure of quantitative information about lease liabilities [line items] | ||
| Lease term | 6 years | |
LEASE LIABILITIES - Movements of carrying amounts of lease liabilities (Details) - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| LEASE LIABILITIES. | ||
| Additions | € 161 | € 3,389 |
| Modification | 836 | (279) |
| Accretion of interests | 123 | 65 |
| Payments | (790) | (595) |
| Effect of movement in exchange rates | € 90 | € 59 |
LEASE LIABILITIES - Maturity Analysis of Lease Liabilities (Details) - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| LEASE LIABILITIES | |||
| Present value of the minimum lease payments | € 3,697 | ||
| Total minimum lease payments | 4,019 | ||
| Less: Total future interest expenses | (322) | ||
| Total lease liabilities | 3,697 | € 3,277 | € 638 |
| Within 1 year | |||
| LEASE LIABILITIES | |||
| Present value of the minimum lease payments | 882 | ||
| Total minimum lease payments | 943 | ||
| After 1 year but within 2 years | |||
| LEASE LIABILITIES | |||
| Present value of the minimum lease payments | 851 | ||
| Total minimum lease payments | 943 | ||
| After 2 years but within 5 years | |||
| LEASE LIABILITIES | |||
| Present value of the minimum lease payments | 1,830 | ||
| Total minimum lease payments | 2,007 | ||
| After 5 years | |||
| LEASE LIABILITIES | |||
| Present value of the minimum lease payments | 134 | ||
| Total minimum lease payments | € 126 |
LEASE LIABILITIES - Amounts recognized in the consolidated statement of loss and comprehensive income (loss) (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| LEASE LIABILITIES. | ||
| Amortization expense on right of use assets | € 806 | € 579 |
| Interest expense on lease liabilities | 123 | 65 |
| Total amount recognized in the income statement | € 929 | € 644 |
LOANS PAYABLE (Details) € in Thousands, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
EUR (€)
|
Dec. 31, 2023
EUR (€)
|
Apr. 24, 2024
CAD ($)
|
|
| LOANS PAYABLE | |||
| Face value | € 0 | ||
| Beginning balance | 2,916 | € 7,968 | |
| Ending balance | 2,916 | ||
| Loans payable | |||
| LOANS PAYABLE | |||
| Face value | $ | $ 7 | ||
| Interest rate (in percent) | 14.00% | ||
| Promissory note issued | 6,532 | ||
| Interest on promissory note | 617 | € 0 | |
| Repayment of interest of promissory note | (454) | ||
| Effect of foreign currency exchange rate | (116) | ||
| Ending balance | € 6,579 | ||
RELATED PARTY TRANSACTIONS - Consolidated Statements of Loss and Comprehensive Loss (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| RELATED PARTY TRANSACTIONS | ||
| Professional fees | € (5,979) | € (3,086) |
| Shareholders, Key Management Personnel and Members | ||
| RELATED PARTY TRANSACTIONS | ||
| Salaries and subcontractors | (3,521) | (4,255) |
| Share based compensation | (698) | (1,688) |
| Professional fees | (163) | |
| Total | € (4,219) | € (6,106) |
RELATED PARTY TRANSACTIONS - Transactions with Wild Streak and Spin Vendors (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| RELATED PARTY TRANSACTIONS | ||
| Gain (Loss) on remeasurement of deferred consideration | € 132 | € (440) |
| Vendors of Wild Streak and Spin | ||
| RELATED PARTY TRANSACTIONS | ||
| Salaries and subcontractors | (1,858) | (2,292) |
| Share based compensation | (16) | (74) |
| Gain (Loss) on remeasurement of deferred consideration | 132 | (440) |
| Interest and financing fees | (1,045) | (403) |
| Total | € (2,787) | € (3,209) |
RELATED PARTY TRANSACTIONS - Consolidated Statements of Financial Position (Details) - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| RELATED PARTY TRANSACTIONS | ||
| Trade and other receivables | € 20,072 | € 18,641 |
| Trade payables and other liabilities | (19,946) | (21,846) |
| Deferred consideration - current | (1,244) | (1,513) |
| Deferred consideration - Noncurrent | 0 | (1,426) |
| Loans payable | (6,579) | |
| Key Managerial Personnel, Board of Directors and Wild Streak and Spin Vendors | ||
| RELATED PARTY TRANSACTIONS | ||
| Trade and other receivables | 40 | |
| Trade payables and other liabilities | (1,857) | (1,945) |
| Deferred consideration - current | (1,244) | (1,513) |
| Deferred consideration - Noncurrent | (1,426) | |
| Loans payable | (6,579) | |
| Net related party payable | € (9,680) | € (4,844) |
RELATED PARTY TRANSACTIONS - Consolidated Statements of Changes in Equity (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Vendors of Wild Streak | ||
| RELATED PARTY TRANSACTIONS | ||
| Shares to be issued | € (3,491) | € (3,491) |
| Share capital | 3,491 | 3,491 |
| Vendors of Spin | ||
| RELATED PARTY TRANSACTIONS | ||
| Share capital | 2,139 | 1,104 |
| Net movement in equity | 2,409 | € 1,104 |
| Key Managerial Personnel, Board of Directors and Wild Streak and Spin Vendors | ||
| RELATED PARTY TRANSACTIONS | ||
| Contributed surplus | (2,698) | |
| Share capital | € 2,968 | |
RELATED PARTY TRANSACTIONS - Consolidated Statements of Cash Flows (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| RELATED PARTY TRANSACTIONS | ||
| Proceeds from loan | € 6,532 | € (109) |
| Proceeds from exercise of stock options | 364 | 440 |
| Change in Cash and Cash Equivalents | 1,671 | € (2,491) |
| Key Managerial Personnel, Board of Directors and Wild Streak and Spin Vendors | ||
| RELATED PARTY TRANSACTIONS | ||
| Proceeds from loan | 6,532 | |
| Interest paid on loan | (454) | |
| Proceeds from exercise of stock options | 270 | |
| Change in Cash and Cash Equivalents | € 6,348 | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Credit risk (Details) - Accounts receivables - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
| Gross trade receivable | € 22,055 | € 20,700 |
| Expected credit loss rate | 11.32% | 9.95% |
| Expected credit loss provision | € 2,497 | € 2,059 |
| Less than one month | ||
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
| Gross trade receivable | € 18,984 | € 17,711 |
| Expected credit loss rate | 2.88% | 2.36% |
| Expected credit loss provision | € 547 | € 417 |
| Between two and three months | ||
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
| Gross trade receivable | € 660 | € 1,275 |
| Expected credit loss rate | 5.75% | 4.82% |
| Expected credit loss provision | € 38 | € 61 |
| Greater than three months | ||
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
| Gross trade receivable | € 2,411 | € 1,714 |
| Expected credit loss rate | 79.32% | 92.23% |
| Expected credit loss provision | € 1,913 | € 1,581 |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Concentration risk (Details) € in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
EUR (€)
customer
|
Dec. 31, 2023
EUR (€)
customer
|
|
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
| Revenue | € 102,001 | € 93,519 |
| Accounts receivables | 3,295 | 4,550 |
| One Customer | ||
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
| Revenue | € 22,672 | € 29,752 |
| Customer | One Customer | ||
| FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | ||
| Number of customers | customer | 1 | 1 |
SUPPLEMENTARY CASHFLOW INFORMATION - Changes in working capital (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| SUPPLEMENTARY CASHFLOW INFORMATION | ||
| Trade and other receivables | € (1,431) | € (2,013) |
| Prepaid expenses and other assets | (621) | (133) |
| Deferred revenue | (746) | |
| Trade payables and other liabilities | (1,900) | 2,297 |
| Other liabilities - non-current | 114 | 140 |
| Changes in working capital | € (3,838) | € (455) |
SUPPLEMENTARY CASHFLOW INFORMATION - Non-cash investing and financing transactions (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Financing activity | ||
| Settlement of convertible debt through share issuance | € (2,704) | € (2,127) |
| Spin Games LLC | ||
| Investing activities: | ||
| Settlement of deferred consideration for business acquisitions through share issuance | € (2,139) | € (1,104) |
SUPPLEMENTARY CASHFLOW INFORMATION - Split of cash and non-cash interest and financing charges (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| SUPPLEMENTARY CASHFLOW INFORMATION | ||
| Cash | € (1,116) | € (209) |
| Non-cash | (2,041) | (1,940) |
| Total | (3,157) | (2,149) |
| Interest and financing fees | ||
| SUPPLEMENTARY CASHFLOW INFORMATION | ||
| Cash | (739) | (211) |
| Non-cash | (164) | (1) |
| Total | (903) | (212) |
| Foreign exchange gain (loss) | ||
| SUPPLEMENTARY CASHFLOW INFORMATION | ||
| Cash | (377) | 67 |
| Non-cash | (28) | |
| Total | (405) | 67 |
| Lease interest expense | ||
| SUPPLEMENTARY CASHFLOW INFORMATION | ||
| Cash | (65) | |
| Non-cash | (123) | |
| Total | (123) | (65) |
| Accretion expense on deferred consideration | ||
| SUPPLEMENTARY CASHFLOW INFORMATION | ||
| Non-cash | (428) | (403) |
| Total | (428) | (403) |
| Accretion expense on convertible debt | ||
| SUPPLEMENTARY CASHFLOW INFORMATION | ||
| Non-cash | (1,298) | (1,536) |
| Total | € (1,298) | € (1,536) |
SEGMENT INFORMATION (Details) € in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
EUR (€)
segment
|
Dec. 31, 2023
EUR (€)
|
|
| SEGMENT INFORMATION | ||
| Number of reportable operating Segments | segment | 1 | |
| Revenue | € 102,001 | € 93,519 |
| Non-current assets | 73,432 | 74,275 |
| Netherlands | ||
| SEGMENT INFORMATION | ||
| Revenue | 29,692 | 33,552 |
| Malta | ||
| SEGMENT INFORMATION | ||
| Revenue | 22,568 | 17,919 |
| Curacao | ||
| SEGMENT INFORMATION | ||
| Revenue | 17,935 | 19,223 |
| United States | ||
| SEGMENT INFORMATION | ||
| Revenue | 5,724 | 4,684 |
| Non-current assets | 69,201 | 71,132 |
| Croatia | ||
| SEGMENT INFORMATION | ||
| Revenue | 4,987 | 4,276 |
| Belgium | ||
| SEGMENT INFORMATION | ||
| Revenue | 4,685 | 3,705 |
| Czech Republic | ||
| SEGMENT INFORMATION | ||
| Revenue | 3,003 | 1,031 |
| Isle of Man | ||
| SEGMENT INFORMATION | ||
| Revenue | 2,812 | 968 |
| Other | ||
| SEGMENT INFORMATION | ||
| Revenue | 10,595 | 8,161 |
| Non-current assets | € 4,231 | € 3,143 |
INCOME TAXES - Income Tax component in statement of financial position (Details) - EUR (€) € in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| INCOME TAXES | ||
| Income taxes payable | € (463) | € (917) |
| Deferred income tax liabilities | € (680) | € (852) |
INCOME TAXES - Income tax component in statement of operations (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| INCOME TAXES | ||
| Current year | € 1,425 | € 1,351 |
| Adjustment in respect of prior years | (2,806) | (93) |
| Current income taxes expense (recovery) | (1,381) | 1,258 |
| Deferred income tax recovery | (172) | (348) |
| Total income tax expense (recovery) | € (1,553) | € 910 |
INCOME TAXES - Reconciliation of tax expense (Details) - EUR (€) € in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| INCOME TAXES | ||
| Consolidated loss before taxes | € (6,700) | € (2,926) |
| Effective tax rate | 26.50% | 26.50% |
| Effective income tax expense (recovery) | € (1,776) | € (775) |
| Effect of tax rate in foreign jurisdictions | 736 | 197 |
| Non-deductible and non-taxable items | 293 | 394 |
| Change in tax benefits not recognized | 1,999 | 1,187 |
| Adjustment of prior year tax payable | (118) | (93) |
| Change in estimate for tax refunds in Malta | (2,687) | |
| Total income tax expense (recovery) | € (1,553) | € 910 |