1 (18) - Bublar REPORT JAN - MAR... · 2020. 5. 20. · • On May 7, Otherworld Heroes, the world's first location-based MMORPG, soft launches in Sweden, Poland and Indonesia as

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"Bublar" refers to Bublar Group AB (publ), org. 559019-7462, including subsidiaries. The Board of Directors and the CEO of Bublar hereby delivers its interim report for the period January 1 to March 31, 2020. All figures and comments refer to the Group and amounts are given in SEK millions with the corresponding period last year within brackets, unless otherwise stated.

• Net sales were SEK 4.7 million (4.7)

• EBITDA amounted to -SEK 7.2 million (-6.0). Costs for the development of games and gaming platform amounted to approximately SEK 3.4 million.

• EBIT amounted to SEK -11.3 million (-9.2) of which depreciation of goodwill amounts to SEK 3.2 million.

• Profit before tax amounted to SEK -11.3 million (-9.2)

• Earnings per share amounted to SEK -0.21 (-0.22)

• Bublar Group receives an order originating from an international retail company. In this project, Vobling collaborates with Goodbye Kansas and delivers the XR solution for the application.

• The company acquired a number of new customers in the Work and Shop segment; including Alfa Laval, Paroc, Hector Rail, Rimasys och Broni&Bo.

• 3D and AR views in the Shop segment, on Sayduck's platform, increased by 37 percent, compared with the same quarter last year and amounted to 1.4 million views.

• Due to Covid-19, the decision-making processes are longer and some projects in the Work segment have been postponed in terms of launch. Within Shop, interest has increased. Interest in gaming and XR solutions has been strengthened during the current situation.

• The board of Directors of Bublar Group has decided to acquire Goodbye Kansas Holding AB as the conditions for the deal have been met. The deal is part of Bublar's strategy and provides the opportunity to create a world-leading player in XR technology and visualization.

• Magnus Granqvist was appointed CEO of Virtual Brains with responsibility for the Play business area. The intention is to accelerate the development of the business through more partnerships with owners to IP-rights and to sharpen the offering for the Play part.

• On May 7, Otherworld Heroes, the world's first location-based MMORPG, soft launches in Sweden, Poland and Indonesia as the first markets. The soft launch means that the game can now be further tuned for a larger audience ahead of gradual launch in more markets.

• The Play segment is affected by lock-down in several economies. For Hello Kitty AR-Kawaii World, we are in dialogue with Sanrio about the appropriate time for launch.

Interim report, January-March 2020

Bublar Group AB (publ) 3 (18)

Now the conditions for carrying out the acquisition of Goodbye Kansas have been fulfilled. The acquisition is part of our strategy to create one of the world's leading companies in visualization and XR technology. In early May, we started the soft launch of Otherworld Heroes in three countries that are open, considering Covid-19. The game has been well received. For Hello Kitty AR: Kawaii World, we are in dialogue with Sanrio about the appropriate time for launch. The major challenge with the restrictions around Covid-19 places new demands on the company and how we work. I am therefore proud of how our employees have managed to deliver under the current situation. We have more outstanding offers than ever, we are fully focused on product development on our platforms and two of our products have reached the finals within AR/VR - Auggie Awards from the AWE exhibition in Silicon Valley.

With Goodbye Kansas's operations and our current segments, we are building a group that is in a unique position to continue developing services and scalable products. We are forming a company with over SEK 200m in sales and a global customer base.

Goodbye Kansas has an international customer base and creative edge with customers such as Electronic Arts/DICE, Ubisoft, Disney, Warner, CD Project, Epic, HBO, Netflix, Amazon, Marvel and Oculus/Facebook.

The growing demand for XR technology in both entertainment and industrial applications enables us to jointly meet the demand with both first-class visual content and technological excellence.

Together with our expertise in platform and product development with a scalable revenue model for visualization in XR technology, we can broaden the offering within Entertainment and Enterprise. We already have ongoing partnerships for global customers where our respective cutting-edge competencies create an even stronger offering. In our play segment Play, we opened the second beta test of Otherworld Heroes in February, with good KPIs. This enabled us to soft launch the game in early May in the first three markets Sweden, Poland and Indonesia. Otherworld Heroes is also a finalist in the Auggie Awards.

For our second proprietary game Hello Kitty AR: Kawaii World, we have an ongoing dialogue with Sanrio about launch strategy as the goal has been to launch in conjunction with the Olympics. We are currently evaluating various options considered new date for the Olympics and which countries are sufficiently open for location-based games.

Through our game development, we have developed the platform for map-based gaming with XR technology. We have also gained valuable experience

of collaboration with rightsholders through our time with Sanrio. It is against this background, Magnus Granqvist, one of the founders of Bublar, joins Virtual Brains as CEO and takes responsibility for our Play business area. The intention is to accelerate the development of business by developing further partnerships with rightsholders for more IP-rights and to sharpen our offering for the Play segment. We are seeing increased demand in the market now and with our expertise in location-based games, our AR and VR know-how in the Work and Shop segments, we have a chance to develop the business.

In the Work segment, we have gained new customers even though the decision-making processes are longer at the moment.

We have used available time to speed up our already laid-out plan for investing in the product development of our Virtual Training Platform, which is the base for our custom and scalable products. Right now, we are at the forefront of the development of an exciting new product. We are also finalists in the Auggie Awards with our Fire trainer.

In the Shop segment, we have won new customers. More and more industries and companies, both within B2B and B2C are discovering the possibilities of our platform to be able to present their products in 3D and AR to customers. For the Work and Shop segments, we now see synergies in sales and marketing, 3D development, and in a joint offering that is developed on the basis of the Sayduck platform.

For our three segments Work, Shop and Play, we continue to develop scalable products on our platforms: Virtual Training Platform, Fire Fighting Simulator, Sayduck Platform and Real-World Games Platform.



Finally, I would like to comment further on the situation with Covid-19 and its impact on Bublar. So far, we have managed production in all our segments well, even though most of our employees work from home. How it affects us going forward depends on how long this situation lasts and when countries choose to unlock current restrictions.

Both entertainment and gaming are industries that have developed positively during this period, which is a great opportunity for us. With the acquisition of Goodbye Kansas, we will be able to take an even stronger position in these areas.

The need for companies to be able to present, sell and train digitally is also growing, but that said, demand also depends on companies daring to make decisions and turn their business towards more digital solutions.

We have high competence and are at the forefront of applications of XR technology, a technology that is even more right in a world where it will be more difficult to meet physically for at least some time. In the light of this, I believe that the change in the way we work, learn, shop and play will go much faster.

Maria A Grimaldi

CEO Bublar Group AB



SEK thousands 2020

Q1

2019

Q1

2019

Full year

2018

Full year

Net sales 4 670 4 687 17 081 3 472

Capitalised production costs 1 234 - 1 000 24

Total revenue 6 264 4 831 18 572 3 984

Operating profit (EBITDA) -7 238 -9 232 -31 115 -19 872

No. of employees, average 65 47 57 31

Total assets 94 230 82 990 106 155 92 972

Quick ratio 401% 291% 476% 352%

Equity/Asset ratio 89% 91% 90% 91%

Equity per share, SEK 1.54 1.83 1.74 2.11

Basic earnings per share, SEK - before dilution - after dilution

No. of shares at the period end. No. of shares at the period end after full dilution

Average number of shares Average number of shares after full dilution

-0.21 -0.19

54 913 141 58 913 141

54 913 141

58 913 141

-0.22 -0.22

41 021 198 41 021 198

41 021 198

41 021 198

-0.92 -0.86

54 913 141 58 913 141

51 037 998

55 037 998

-0.63 -0.61

40 051 036 41 021 198

32 658 241

33 628 403

In the consolidated financial statements, the Parent Company and its subsidiaries' operations are consolidated until 31 March 2020. Subsidiaries are all companies in which the Group has the right to design the company's financial and operational strategies in order to obtain economic benefits.

The company has three subsidiaries with different focus areas, end customers and monetization: Vobling, focuses in business area Work, Sayduck within Shop and Virtual Brains within Play. Vobling focuses on training, streamlining and improving manufacturing processes and developing sales tools to companies and organizations with the help of AR/VR. Sayduck helps e-commerce companies strengthen their digital business. Sayduck has a technical platform with a scalable business model and a software-as-a service offering. The technology enhances the customer experience for consumers who shop for products online. Virtual Brains is the group's gaming development studio in Stockholm. The studio has developed a proprietary platform that focuses on mobile gaming within the AR niche with the support of GPS functionality and real-time simulation.





Net sales for operations amounted to SEK 3.9 million (4.7) and earnings before depreciation (EBITDA) amounted to SEK 1.2 million (1.4). Sales have been affected by the postponement of delivery in customer projects.

The Work business area received several new customers during the quarter; an exciting project for an international retail company where Vobling collaborates with Goodbye Kansas, presentation solutions for B2B segments within Alfa Laval and Paroc as well as a training solution for Hector Rail, the largest private train operator in Scandinavia for freight solutions. In addition, production of projects already ordered is underway.

As the restrictions on Covid-19 have made the decision-making processes longer, available resources during the quarter have been re-allocated for further increased focus on platform and product development.

Vobling develops sales and marketing support for Alfa

Laval in the Separators segment. Through visualization

technology it is possible to display the separator's

functionality digitally, via webinars and digital customer

meetings. The web application is the next step in the

development of the AR app for mobile devices that we

already offer

The Work business area combines proprietary platform

development with VR hardware to build innovative

products with scalable potential

The business area is already well advanced in the development of a new product in the area of Virtual Training for fire safety where launch is planned in the coming weeks.

The establishment in Singapore will be carried out as planned. Marketing and sales activities will intensify as soon as restrictions will be lifted.

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Sales in the Shop segment during the first quarter amounted to SEK 0.7 million. EBITDA amounted to SEK -0.4 million. The number of 3D and AR views on the platform increased by 37 percent compared to the same period last year and totaled 1.4 million views.

The development of Sayduck's platform is ongoing and during the first quarter another new service has been launched - a so-called product configurator - that makes it possible to effectively visualize products in 3D and AR. With just a few clicks, color and shape can change and the product can be rotated and viewed from different angles.

During the period, nearly 340 new customer accounts were created on the platform. More and more new applications are being discovered for both the B2B and B2C markets. Some examples of new customers are Rimasys - for visualization of mobile training labs for surgeons, Broni&Bo – Virtual Try-Ons for Accessories, Audionord – for visualization for sound and Maxel for visualization of lighting. Partnership with Zound Industries where Sayduck's 3D viewer is used to present Adidas headphones.

The competence in sales and 3D production has been further strengthened. The global challenge of Covid-19 means that there is a great deal of interest in e-commerce services. However, some projects have longer lead times than normal when the decision-making processes are extended. The priority remains on the growth and development of the platform. The aim is to become the best platform for presenting products in 3D and AR.

.

Zound Industries and Audionord - new customers at Sayducks platform for 3D and AR visualization Sayduck platform is a technologically advanced AR platform for e-commerce, where new services are continuously developed. It is a pioneer in Augmented Reality solutions for the enterprise market with 3D visualization of physical products with a focus on web and mobile.

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Within the Play business area, the company has established itself as a gaming studio with unique expertise in so-called "real-world games".

In February, Beta Test 2 was launched for the first location-based MMORPG Otherworld Heroes. Since its launch, over 2,300 players worldwide have been given the opportunity to test and provide feedback on all new features and content produced to extend the experience in Otherworld Heroes. So far, the user statistics from beta show very positive KPIs. It is primarily KPIs for Retention and Engagements that show the potential for the games. The statistics are good and above industry standards but are based on a limited number of players.

After the period, at the beginning of May, soft launch started for the game in three selected markets: Sweden, Poland and Indonesia. The soft launch means that the game can now be tuned further for a larger audience.

Due to the current situation of ongoing pandemic and lockdown worldwide, the launch strategy has been adjusted as to which markets are the first. It is now possible to evaluate KPIs and compare the different countries.

More markets will gradually be added, and we look forward to inviting the whole world into this unique gaming experience.

For our second proprietary game Hello Kitty AR: Kawaii World, we have an ongoing dialogue with Sanrio about launch strategy, as the goal has been to launch in conjunction with the Olympics. Right now we are evaluating various options, taking into account the new date of the Olympics and Covid-19 and which markets are sufficiently open for location-based games. Focus areas in this location-based AR game are primarily on three parts; in-depth interaction with the Sanrio characters, Kawaii feed - the interactive mapping experience, and mini and micro games that will be offered on an ongoing basis.

Otherworld Heroes Bublar`s proprietary game Otherworld Heroes is

soft-launched in the first three markets; Sweden, Poland and Indonesia. The game is also a finalist in the AR/VR Auggie Awards competition in Silicon Valley.

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Bublar Group owns one of the few unique MMO platforms Common to both its own IP development and work-for hire is that Bublar possesses know-how and technology for its

unique MMO platform for location-based mobile games. This creates conditions for further expansion where the two

games that are now under development, the fantasy game Otherworld Heroes and Hello Kitty AR: Kawaii World, become

storefronts towards the outside world, in parallel with the games’ earnings capability.

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More than 90% of the shareholders and creditors of

Goodbye Kansas have accepted Bublar's

acquisition offer. Formal implementation of the deal

is planned for the end of May.

The deal provides the opportunity to create a world-leading player in XR technology and visualization. The acquisition is well in line with Bublar's strategy; to both organically and through acquisitions, build competence and technology at the absolute forefront of the XR area. The Group is given a unique position to continue developing services and scalable products in entertainment, e-commerce and industry.

Goodbye Kansas has a strong reputation and has the leading international companies in film, gaming and streaming as customers. The acquisition formed a global group with approximately 250 employees and offices in Stockholm, London, Hamburg, Los Angeles and Manila.

A number of synergies have been identified, both in

terms of developing a broader customer offering and

the possibility of cross-selling to each company's

current customers. The companies already have

ongoing collaborations in two customer projects:

one for Scania regarding visualization services

within CGI, VR and AR and one for a confidential

global retail customer where the companies will

create a new form of visualization and interactive

planning.

It is about combining know-how in visualization & content, development and technology from each company.

The transaction is conducted as a non-cash issue in which Goodbye Kansas shareholders and creditors are offered 16.4 million shares in Bublar in fixed consideration and up to two profit-based additional considerations in the form of a maximum of 33.9 million shares in 2020. In addition to the non-cash issue, Bublar Group is also carrying out a directed share issue of approximately SEK 50 million, of which the majority will be contributed to Goodbye Kansas as working capital.

Expected revenue is estimated to surpass SEK 200 million with a goal of generating more than SEK 15 million EBITDA in 2020. The Group is expected to reach an international position in 2021 with a broad portfolio of projects, services and scalable IPs and with a positive EBITDA.

The two companies have a broad product portfolio and together a market leading company is created with several scalable license-based products under development for the Work, Shop and Play segments.

Further details about the acquisition can be found in presentation of the offer on Bublar's website bublar.com

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Goodbye Kansas (GBK) was founded in 2014 and has quickly established itself as a high-quality provider of digital and creative services for both gaming, film, TV and advertising. The company is the largest in its field of operations in the Nordic region and has one of Europe's most modern studies.

GBK consists mainly of two companies/ business areas, Studio Group and Infinite Entertainment. The company has legacy-leading technology and know-how in the areas most sought after in the gaming and film world, including real-time visualizations, facial animation, digital humans and advanced Performance Capture.

GBK identified an early change in technology in the production of film, television and games that gave the company a so-called first mover advantage.

The company has productions in five special areas; Capture/Scanning, Game Trailers, Animation & Design, Visual Effects (VFX) and Film, TV and real time production.

The productions have received great recognition with many awards, including The Golden Egg, Epica Awards, Animago Awards, Eurobest, Mobius Awards, AEAF Awards and the most prestigious prize in the VFX world VES Awards, corresponding ("Oscars" for VFX)..

Goodbye Kansas has reputable companies on its client

list such as Electronic Arts/DICE, Ubisoft, Warner, CD

Project, Epic, HBO, Netflix, Amazon, Marvel, Facebook

and others and has offices in Stockholm, London, Los

Angeles and Hamburg

GoodBye Kansas' award-winning game trailer for

"Cyberpunk 2077" has over 55 million views online and shows the company's prominent position in digital humans and advanced Performance Capture.

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Net sales during the period amounted to SEK 4.7 million (4.7). EBITDA amounted to SEK – 7.2 million (-6.0) which can be compared by SEK -8.9 million during the fourth quarter 2019. The result before depreciation is explained largely by costs for the development of the technical platform and the two games of approx. SEK 3.4 million.

EBIT amounted to SEK -11.3 million (-9.2) which

can be compared with SEK -13.0 million during the

fourth quarter 2019, and includes depreciations

related to goodwill of SEK 3.2 million and to

developments costs of SEK 0.8 million.

Earnings per share amounted to SEK -0.21 (-0.22).

Losses are higher than the corresponding period last year, reflecting higher costs for completion of Otherworld Heroes and Hello Kitty AR: Kawaii World. Game development is fully charged to the profit and loss account.

Investments in Bublar during January-March amounted to SEK 1.9 million (0.7) Investments relates mainly to product development in Vobling and equipment for the business. The investments historically mainly relate to the acquisition of Vobling and activation of programming and product development costs for Bublar's software platform.

The investments historically refer to the acquisition of Vobling and the activation of programming and product development costs for Bublar's software platform. The costs of the development of the games are not activated and are fully charged with the profit and loss account on an ongoing basis since the beginning of 2018.

At the end of the period, March 31, 2020 the Group's cash and cash equivalents amounted to SEK 27.0 million (20.3). Cash flow was SEK -10.3 million (- 4.3) After the end of the reporting period the company has managed a directed share issue of

approx SEK 50 million in cash before transaction costs, related to the acquisition of Goodbye Kansas.

The number of employees at the end of the reporting period including the subsidiaries Sayduck Oy, Vobling AB, Vobling Asia Ltd and Virtual Brains AB amounted to 68 persons (47).

Bublar's share (BUBL) was listed on the Nasdaq First North Growth Market on November 11, 2019 after previously having been listed on the NGM MTF from November 6, 2017 through November 8, 2019 and has ISIN code SE0010270793 with G&W Fondkommission, phone 08-503 000 50, as the company's Certified Adviser.

On March 31, 2019, there were a total of 54,913,141 outstanding shares distributed among more than 4,100 owners (source: Euroclear).

After the period, the Annual General Meeting authorized the Board of Directors to be able to issue shares up to the limitations of the Articles of Association. The significant authorization should be seen in the perspective that we for some time have had the dialogue ongoing with Goodbye Kansas and needed space to be able to act with flexibility in that process.

The market for the services and products that Bublar are developing is currently in a strong development phase. Market dynamics mean that there is a significant risk that the projects Bublar have invested in will be received with a weak interest from end customers and thus expected revenues are not generated with subsequent negative effect on earnings and cash flows. Capitalized development costs may also need to be written down. If a commercial launch of a project is delayed or results in lower revenues than assessed, it may have a material negative effect on the Company's operations, earnings and financial position.



Delays in planned and ongoing customer or game projects may have a negative effect on cash flow, revenue and operating margin. Delaying one or more of the company's developed games may have a material negative impact on the company's operations, earnings and financial position. Both the mobile game and XR market are characterized by rapid technological and innovative development and great competition. Several of Bublar's current and future competitors may have competitive advantage in the form of longer history, a more established brand and greater financial, technical and marketing resources.

The Group consists of a small organization and may therefore be considered highly dependent on a few key individuals. Furthermore, the partners with whom the company has chosen to cooperate may be forced to pursue priorities other than the company's own with the subsequent risk of delay and performance of the projects. See the company description for the listing on the Nasdaq First North Growth Market for a more detailed description of the risk factors which Bublar faces.

The quarterly report was prepared in accordance with the Annual Accounts Act (ÅRL) and BFNAR 2012:1 (K3).

Under the item intellectual property, development costs for Bublar's mobile gaming software platform until the end of 2017 has been activated. A linear depreciation model of 5 years on a monthly basis was initiated in December 2017. The games that have since then been developed have been charged through the profits and loss account to reflect the rapid development of the mobile game industry. Costs for functional additions to the software platform may be activated and linearly written off.

In connection with the acquisition of Volbing and Sayduck goodwill items has arisen. A linear depreciation of 5 years from the entering date are in the consolidated statement. The total goodwill value amounted to SEK 48 million as of March 31.

Bublar carried out secondary issues raising approximately SEK 50 million in order to finance the development of game and games platform and support the reorientation towards larger companies and productification in Vobling's and Sayduck’s operations. Cash amounted to approximately SEK 27 million at the end of the period.

We believe that there is a global significant commercial potential in both games projects but cannot with any certainty anticipate future revenue levels. Therefore, the outcome of the games' revenue generation will directly affect the company's future capital needs.

The Board of Directors therefore considers it crucial that the games will be able to generate revenue, otherwise the existing working capital is not sufficient for the year for the games’ activities. If the games’ proceeds are not developing in accordance with the Board's assessments, the Company will have to consider measures including additional fundraising.

There is a great interest in investing in companies that are trying to develop applications and products based on XR technology both among professional and individual investors, which means that the Board assesses the possibilities as good to acquire additional financing.

That situation can, of course, be changed, not least by events such as covid-19. In connection with the publication of the letter of intent on the acquisition of Goodbye Kansas, however, subscription commitments of approximately SEK 50 m were secured, indicating a continued investor interest from the market.

The Board of Directors has a mandate from the Annual General Meeting to issue shares and/or convertibles and/or warrants in order to manage the financial situation.

Interim report Q2 Jan - June August 21

Interim report Q3 Jan - Sept November 10

Year-end report 2020, Jan – Dec February 25

All reports and Annual reports are available at www.bublar.com

This report has not been subject to a review by the company's auditor.

Stockholm May 20, 2020

Board Bublar Group AB (publ)

http://www.bublar.com/

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SEK thousands

2020

Q1

2019

Q1

2019

Full year

2018

Full Year

INCOME

Net sales 4 670 4 687 17 081 3 472

Capitalised production costs 1 234 - 1 000 24

Other operating income 360 144 491 488

Summary 6 264 4 831 18 572 3 984

OPERATING EXPENSES

Other external costs -6 262 -4 102 -21 393 -8 081

Employee costs -7 240 -6 751 -28 123 -15 774

Profit before depreciation and

amortisation (EBITDA)

-7 238 -6 022 -31 115 -19 872

Depreciation and write-downs -4 107 -3 209 -14 629 -4 859

Operating profit (EBIT) -11 345 -9 232 -45 744 -24 731

FINANCIAL ITEMS

Interest income 0 0 0 0

Interest expense -12 -13 -27 -103

Currency differences 13 17 101 9

Total financial items 1 4 74 -94

Profit after financial items -11 344 -9 227 -45 669 -24 826

Tax 0 - -53 -263

Deferred tax 0 - -4 744 -32

Profit/loss for the period -11 344 -9 227 -50 467 -25 121



SEK thousands

20200331 20190331 20191231 20181231

ASSETS Intangible assets 58 817 54 592 61 032 61 032 Tangible assets 1 097 796 1 012 1 012 Long-term financial assets 354 5 257 353 353

Total non-current assets 60 268 60 644 62 397 62 397 Accounts recievable 6 973 6 295 6 534 6 534 Cash and cash equivalents 26 989 16 050 37 224 37 224

Total current assets 33 962 22 346 43 758 43 758

Total assets 94 230 82 990 106 155 106 155 EQUITY AND LIABILITIES Share capital 1 569 1 172 1 569 1 569 Share capital in process of registration - - Reserves 94 096 83 257 144 495 144 495 Retained earnings -11 344 -9 227 -50 467 -50 467

Shareholders´ Equity 84 320 75 201 95 597 95 597 Non-current liabilities 1 431 122 1 371 1 371 Current liabilities 8 479 3 352 9 187 9 187

Total liabilities 9 910 7 789 10 558 10 558 Total equity and liabilities 94 230 82 990 106 155 106 155 Company mortgage 3 000 - - Contingent liabilities None None None None



SEK thousands

2020 Q1

2019 Q1

2019 Full year

2018 Full year

OPERATING ACTIVITIES

Income before taxes -11 344 -9 227 -45 642 -24 732 Adjustments for non-cash flow items 4 126 3 210 14 905 4 869

Interest income - - - 9 Interest expense -9 - -27 -103 Income taxes paid -65 -557 -1 364 83 Changes in working capital -1 138 3 343 5 612 -6 682

Net cash generated from operating activities

-8 421 -3 231 -26 516 -26 556

INVESTING ACTIVITIES

Purchase of plant and equipment -167 -345 -865 -172 Purchase of group companies - - -14 139 -49 166 Capitalisation of production costs -1 700 - -2 106 -24 Change in investments and other assets -345 -186 2

Net cash used in investing activities -1 867 -690 -17 296 -49 360 FINANCING ACTIVITIES New share issue - 28 61 709 77 109 Shareholder contribution - - - 16 Proceeds from borrowings - - 19 Repayment of borrowings - -375 -1 000 -1 500

Net cash from financing activities 0 -347 60 728 75 625

Increase/decrease of cash and cash equivalents

-10 288 -4 268 16 916 -290

Cash and cash equivalents at the period beginning

37 224 20 309 20 309 20 596

Currency difference in cash holdings 53 9 -1 3 Cash and cash equivalents at the period end

26 989 16 050 37 224 20 309



SEK thousands Share Capital Other reserves

incl. retained

earnings

Total equity

Balance at January 1, 2019 1 144 83 229 84 373

Registrering nyemission 28 -28 -

Nyemissioner juli (kontant och Sayduck) 175 23 263 23 438

Nyemission oktober 221 40 235 40 456

Teckningsoptioner 437 437

Emissionskostnader -2 674 -2 674

Currency translation difference 32 32

Net income -50 467 -50 467

Balance at December 31, 2019 1 569 94 028 95 597

Balance at January 1, 2020 1 569 94 028 95 597

Net income -11 344 -11 344

Korrigering förvärv, Sayduck 2 2

Currency translation difference 66 66

Balance March 31, 2020 1 569 82 752 84 321

Documents

1 (18) - Bublar REPORT JAN - MAR... · 2020. 5. 20. · • On May 7, Otherworld Heroes, the world's first location-based MMORPG, soft launches in Sweden, Poland and Indonesia as