Not sure if this answers any of those questions but I noted this;
āthe Company has also received a non-trading cash payment in January 2021 in excess of Ā£0.5m and expects to receive a further similar receipt in late Q2 2021.ā
Whether that is to be construed as āfundingā Iām not sure.
All the going concern paragraphs looked like copy and paste from the previous report. Wondering if itās just a bog standard wording, hence the lack of specifics.
Yeah that doesnāt impress me tbh, at least say the view from the previous year still holds, which isā¦ or wording to better effect.
What I also think is odd, should there not be a small continual revenue stream from games with advertising from BIDS? I mean you say initially charge a ādefaultā one off fee - and that company gets the first 4 weeks of advertising space, and any space thereafter when there are no other paying subscribers type thing?
I also couldnāt find any projections going forward.
The lack of projections has pi$$ed me off.
You could buy some more shares, would that improve things? 6p a share is not bad for where they are at.
To be honest I bought some more last week, ha ha. Got in way too soon initially so itermittently picking up more to bring that average down. Average is currently 8.6p.
I just topped up waiting to see what price I got though as liquidity seems low today.
32 mins all in all. Now averaging 7.4p. Will make a commitment not to buy any more until news of this years funding.
How many shares do you hold (if you donāt mind me asking). Wondering what your risk level is on this stock?
I donāt mind. I have 18,000 shares. Probably wouldnāt have that many if I hadnāt got in so high initially, probably would have capped myself around 10,000 and waited to see what it did in the first half of the year.
Seems to have gone down today
Debated as to whether to add more at 5.8p.
What was the outcome of your debate?
Meant to say Debating. 
Thinking of buying at this price. Average is 6.66p.
Thank you for sharing.
I thought Iād share my thoughts.
Iād like to divide between the part from the managers, and the auditors report.
Interesting points from managers sections:
Auditors comments:
And yes, a part from this, I believe Dougalās comments regarding Notes 15 and 16 are very interesting. I agree in that I do not know where the 10.3m come from, if it was the sale of an asset they would have probably also mentioned it somewhere else. I initially thought that it was part of the June fundraising, but that was only around 5 millionā¦ And also, I do not think that fundraising or a large bank loan could class as āTrade receivablesā.
Does anyone else know?
My main thought on this is that it could be part of contracts signed with game producers by which they agree to pay them 10.3m in subsequent years, but, shouldnāt this be reflected in the future income statement and not on the current balance sheet? (Currently shown as a current asset)
Regarding the investments, are these their āsubsidiariesā?
I donāt see what else it could be, but I am surprised not to see it mentioned elsewhere.
Something else, I must have missed something when skim reading the previous sectionsā¦ Why are the āconsolidated statement of financial positionā (Page 113) and the āCompany statement of financial positionā (page 114) so different? Is one for the group and another for an individual entity within the group? Being on a small device does not help with finding things, but I guess that it could be a big miss-understandment on my part.
Very thorough review @EquityInvestor
Yes to me the trade receivables is important. It suggests to me that it may not be due within the next 12 month cycle. It may also be tied down to games in development, hence the lack of information they could quote about it. They could at least have noted something to this effect, and that it had been verified as true by the auditors. That being said, the annual accounts are audited, so we should take the 10.3m receivable as true.
It is a high risk investment this, but a lot of potential at the same time. Given the risks involved, they should have shown how they could afford the increase in staffing, and why that was required at this point in time.
For any further fundraise, they will need to provide further details on why it is needed, to bridge a funding gap until they have sufficient revenue, in which case it wonāt be so discounted from the current SP(hopefully), or otherwise.
IMO they have clearly listed too early, but then it gives us opportunity to trade. The SP is currently around book value, so Iām reasonably happy with that.
Just want to highlight that a Company this size are not legally required to display everything on their Accounts (I believe they call them Micro accounts that only show the bare minimum). This is what I remember from learning about Accounts.
That could be an Alternative reason why they are not showing everything as it may require detailing what their assets are as Non-Cash.
Should they fulfill 3 requirements of Employees on Record (I think it is over 30), X amount of Revenue a Year k(I think it is Ā£350,000?) as well as another requirement I cannot for the life of me remember, they will go down the Micro Accounts Route. (Bare minimum of requirements)
For me, I trust them enough to secure funding and getting their Losses down over the next 3 to 5 years to then add proper accounting measures over Micro accounts.
I had a small position in this and sold for a small loss. It seems a great product with proof of concept but I canāt trust the management. A track record of overpromising and under delivering, requiring future capital raises just to stay afloat this is a very speculative stock to hold right now IMO.
If those are truely āagreed revenuesā then revenue growth could be very large in 2021.
Did anyone find out anything else on competitors within the sector of advertisements in games?
That was the first thing I looked at. There are a few but, from what I could find, a) no others are public, and b) none of them focus solely on in-game advertising; seems to be a smaller part of their overall offering.
Point (a) perhaps says something about @Dougal1984ās comment;
Iām keeping a close eye this year. If that is the case then it could be a case when the next competitor goes public they immediately put themselves at an advantage.
No idea - was talking about that with a mate. Only news alert I got were the ones regarding the price monitoring extensions.
Oversold on Daily. Could be as straightforward as that.
