RNS Number : 1089I
Pioneer Media Holdings Inc.
30 November 2022
 

 

30 November 2022

 

Pioneer Media Audited Annual Financial Results

Pioneer Media Holdings Inc. (NEO: JPEG, AQSE: PNER) ("Pioneer" or the "Company"), a web3 gaming and infrastructure company, announces its audited results for the financial year ended 31 May 2022. The full audited financial statements and corresponding management's discussion and analysis ("MD&A") are available under the Company's website located at https://www.p10neer.com/financial-statements

About Pioneer Media Holdings Inc.

 

Pioneer (NEO:JPEG, AQSE: PNER) is a leading web3 gaming and infrastructure company using its proprietary suite of technology, MetaKit, to build and convert games and applications for the blockchain. Pioneer has built a complete web3 gaming ecosystem which includes content and game development; infrastructure and web2 conversion; and distribution and global publishing.  Through strategic distribution partnerships, Pioneer will continue to focus on launching successful play to earn (P2E) games to mass markets globally, and drive user engagement and adoption and therefore meaningful revenue generation.

 

Web3 gaming is at the forefront of a new wave of technology and there is significant opportunity for growth as an early adopter in the industry. Even in its infancy, there is a significant influx of capital, both public and private, and attention on the bourgeoning sector. Additional information about Pioneer is available at www.p10neer.com or www.sedar.com.

 

 

ON BEHALF OF PIONEER MEDIA HOLDINGS INC.

 

"Darcy Taylor"

 

CEO & Director

ir@p10neer.com

 

First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)

Brian Stockbridge +44 7876 888 011

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, and such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company's control. These forward-looking statements are made as of the date of this news release.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.  The securities to be sold under the Private Placement have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the US Securities Act) unless registered under the US Securities Act and applicable state securities laws, or an exemption from such registration is available.

 


 


                                                 

Selected Financial Highlights

 

Statements of Financial Position

 


(Stated in Canadian Dollars)







May 31,

May 31,


2022

2021

ASSETS

 


Current assets

 


Cash and cash equivalents

 $           1,654,311

 $           2,871,074

Trade and other receivables

                  289,160

                               -  

Prepaid expenses and other assets

                     84,044

                       2,126




Total current assets

               2,027,515

               2,873,200

Non-current assets

 


Investment in associate

                  863,370

                               -  

Investments

               8,066,884

            17,589,765

Purchased technology

               4,605,456

                               -  




TOTAL ASSETS

 $         15,563,225

 $         20,462,965




LIABILITIES AND EQUITY

 


Current liabilities

 


Trade and other payables

 $               342,349

 $               343,422

Accrued purchase consideration

               1,422,991

                               -  

Derivative financial liablility

                     57,900

                  232,000




Total current liabilities

               1,823,240

                  575,422

Non-current liabilities

 


Accrued purchase consideration

                  602,141

                               -  

Deferred income tax liability

                               -  

               1,141,000

Total non-current liabilities

                  602,141

               1,141,000

Equity

 


Common shares

            35,725,490

            14,440,452

Share-based payments reserve

                  898,342

                  304,320

Retained earnings (deficit)

          (23,485,988)

               4,001,771




Total equity

            13,137,844

            18,746,543




TOTAL LIABILITIES AND EQUITY

 $         15,563,225

 $         20,462,965




Nature and continuance of operations

 








Approved on behalf of the Board of Directors:

 





"Mark Rutledge"

 

"Michael Edwards"

Mark Rutledge, Director


Michael Edwards, Director

 

 

  

 

Statements of Income (Loss) and Comprehensive Income (Loss)

 


(Stated in Canadian Dollars)








Year ended May 31,


2022

2021




Revenue

 $               481,605

 $                           -  

Cost of sales

                  101,083

                               -  




Gross Margin

                  380,522

                               -  




Expenses

 


Filing and listing fees

                  304,045

                     33,972

Management fees

                  178,658

                     18,964

Marketing

                  178,221

                     12,797

Office and miscellaneous

                  234,834

                     33,280

Professional and consulting fees

                  650,329

                  226,950

Research and development

                  369,635

                               -  

Share-based payments

                  584,222

                  393,520

Transfer agent fees

                               -  

                     10,354




Loss before other items and income taxes

             (2,119,422)

                (729,837)

 

 


Other items

 


Amortization of purchased software

             (3,585,903)

                               -  

Impairment of acquisitions

          (15,588,464)

                               -  

Interest and other income

                   (71,107)

                  265,514

Equity loss on investment in associate

                (741,630)

                               -  

Fair value changes on derivatives

                  174,100

                               -  

Fair value changes on investments

          (10,145,193)

               4,369,376

Fair value changes on accrued purchase consideration

               3,256,021

                               -  

Gain on sale of investments

                  192,839

               1,474,308




Earnings (loss) before income taxes

          (28,628,759)

               5,379,361




Deferred income tax recovery (expense)

               1,141,000

                (463,000)







Earnings (loss) and comprehensive earnings (loss) for the year

 $       (27,487,759)

 $           4,916,361




Weighted average number of common shares outstanding

 


Basic

            64,977,683

            36,468,080

Diluted

            64,977,683

            38,102,169




Basic earnings (loss) per common share

 $                    (0.42)

 $                      0.13

Diluted earnings (loss) per common share

 $                    (0.42)

 $                      0.13

    

Consolidated Statements of Changes in Equity

 











(Stated in Canadian Dollars)





























Share


Share-based


Retained




Common Shares


Subscriptions


Payments


Earnings




Number


Amount


(Receivable)


Reserve


(deficit)


Total













Balance at May 31, 2020

            26,962,000


 $           7,462,529


 $               (25,010)


 $                 80,000


 $             (914,590)


 $           6,602,929

Common shares issued for cash:












Private placements

            28,064,433


               7,297,314


                   (62,000)


                               -  


                               -  


               7,235,314

Share issue costs on private placements

                               -  


                (421,391)


                               -  


                     62,800


                               -  


                (358,591)

Share subscriptions received

                               -  


                               -  


                     87,010


                               -  


                               -  


                     87,010

Shares issued for related party debt repayment

                  510,000


                  102,000


                               -  


                               -  


                               -  


                  102,000

Share-based payments

                               -  


                               -  


                               -  


                  161,520


                               -  


                  161,520

Loss for the year

                               -  


                               -  


                               -  


                               -  


               4,916,361


               4,916,361













Balance at May 31, 2021

            55,536,433


 $         14,440,452


 $                           -  


 $               304,320


 $           4,001,771


 $         18,746,543













Balance at May 31, 2021

            55,536,433


 $         14,440,452


 $                           -  


 $               304,320


 $           4,001,771


 $         18,746,543

Common shares issued for cash:












Private placements

               1,503,932


               1,503,932


                               -  


                               -  


                               -  


               1,503,932

Share issue costs on private placements

                               -  


                   (76,036)


                               -  


                       9,800


                               -  


                   (66,236)

Common shares issued in acquisitions

            19,857,142


            19,857,142


                               -  


                               -  


                               -  


            19,857,142

Share-based payments

                               -  


                               -  


                               -  


                  584,222


                               -  


                  584,222

Loss for the year

                               -  


                               -  


                               -  


                               -  


          (27,487,759)


          (27,487,759)













Balance at May 31, 2022

            76,897,507


 $         35,725,490


 $                           -  


 $               898,342


 $       (23,485,988)


 $         13,137,844
 

Statements of Cash Flows

 


(Stated in Canadian Dollars)









Year ended

 May 31, 


Year ended May 31,

 

 

2022


2021

 





 

Operating activities




 

Earnings (loss) for the year

 $       (27,487,759)


 $ 4,916,361

 

Items not involving cash:




 

Share-based payments

                  584,222


                  393,520

 

Interest income accrued

                     (4,886)


                     (2,544)

 

Dividends paid in shares

                               -  


                (147,556)

 

Equity loss on investment

                  741,630


                               -  

 

Fair value changes on derivatives

                (174,100)


                               -  

 

Fair value changes on investments

            10,145,193


             (4,369,376)

 

Impairment of acquisitions

            15,588,464


                               -  

 

Gain on sale of investments

                (192,839)


             (1,474,308)

 

Foreign exchange gain

                               -  


                     (1,836)

 

Income tax expense (recovery)

             (1,141,000)


                  463,000

 

Fair value changes on accrued purchase considersation

             (3,256,021)


                               -  

 

Amortization of purchased software

               3,585,903


                               -  

 

Changes in non-cash working capital items:




 

Trade and other receivables

                     76,454


                       4,475

 

Prepaid expenses

                       5,245


                     (2,126)

 

Trade and other payables

                (613,938)


                  221,636

 





 

Net cash used in operating activities

             (2,143,432)


                       1,246

 

 




 

Investing Activities




 

Disposition of investments

               1,297,389


                  306,133

 

Cash paid on acquisitions

             (1,226,449)


                               -  

 

Purchase of investments

             (3,392,624)


             (4,614,974)

 

Cash acquired in acquisitions

               2,810,657


                               -  

 





 

Net cash used in investing activities

                (511,027)


             (4,308,841)

 

 




 

Financing Activities




 

Common shares issued for cash, net of share issue costs

               1,437,696


               6,963,733

 

Advances from related parties

                               -  


                  118,836

 





 

Net cash provided by financing activities

               1,437,696


               7,082,569

 





 

Change in cash during the year

             (1,216,763)


               2,774,974

 

 




 

Cash, beginning of year

               2,871,074


                     96,100

 

 




 

Cash, end of year

 $           1,654,311


 $        2,871,074

 

 




 

Supplemental Cash Flow Information




 

Income taxes paid

 $                           -  


 $                           -  

 

Interest paid (received)

 $                           -  


 $                           -  

 





 

Non-cash Financing and Investing Activities




 

Shares issued for acquisitions

 $         19,857,142


 $                           -  

 

Shares received on disposition of investments

 $                           -  


 $         1,549,199

 

Promissory note received for sale of NFT

 $                 63,240


 $                           -  

 






 

 

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