Exhibit 99.1
PRO FORMA COMBINED STATEMENT OF FINANCIAL POSITION AS OF JULY 31, 2020
(UNAUDITED)
| (A) | (B) | Reflecting Actual Redemptions on September 11, 2020 | |||||||||||||||||
| Diginex | JFK | Pro Forma Adjustments | Pro Forma Balance Sheet | ||||||||||||||||
| ASSETS | |||||||||||||||||||
| Property, plant and equipment | $ | 960,994 | $ | - | $ | - | $ | 960,994 | |||||||||||
| Right-of-use assets | 1,922,737 | - | - | 1,922,737 | |||||||||||||||
| Software development | 14,280,226 | - | - | 14,280,226 | |||||||||||||||
| Financial assets at fair value through profit or loss | 100,276 | - | - | 100,276 | |||||||||||||||
| Financial assets at amortized cost | 403,191 | - | - | 403,191 | |||||||||||||||
| Prepayment, deposits and other receivables | 53,840 | - | - | 53,840 | |||||||||||||||
| Cash held in Trust Account | - | 59,246,412 | (59,246,412 | ) | (1) | - | |||||||||||||
| Non-current assets | 17,721,264 | 59,246,412 | (59,246,412 | ) | 17,721,264 | ||||||||||||||
| Trade receivables | 4,545 | - | - | 4,545 | |||||||||||||||
| Prepayment, deposits and other receivables | 4,257,057 | 72,879 | (387,500 | ) | (10) | 3,942,436 | |||||||||||||
| Client assets | 2,705,371 | - | - | 2,705,371 | |||||||||||||||
| Amounts due from an associate | 276,234 | - | - | 276,234 | |||||||||||||||
| Amounts due from shareholders | 24,724 | - | - | 24,724 | |||||||||||||||
| Cash and cash equivalents | 3,196,052 | 5,382 | 59,246,651 | (1) | 25,176,856 | ||||||||||||||
| (1,852,403 | ) | (2) | |||||||||||||||||
| (472,597 | ) | (3) | |||||||||||||||||
| (35,276,229 | ) | (4) | |||||||||||||||||
| 330,000 | (8) | ||||||||||||||||||
| Current assets | 10,463,983 | 78,261 | 21,587,922 | 32,130,166 | |||||||||||||||
| TOTAL ASSETS | $ | 28,185,247 | $ | 59,324,673 | $ | (37,658,490 | ) | $ | 49,851,430 | ||||||||||
| EQUITY | |||||||||||||||||||
| Ordinary shares, no par value; unlimited shares authorized; 2,442,594 shares (excluding 4,984,906 shares subject to possible redemption) issued and outstanding at July 31, 2020 | $ | - | $ | 6,237,441 | $ | 250,000,000 | (5) | $ | 283,169,991 | ||||||||||
| 18,500,000 | (6) | ||||||||||||||||||
| 5,990,000 | (7) | ||||||||||||||||||
| 2,442,550 | (9) | ||||||||||||||||||
| Share capital | 54,726,575 | - | (54,726,575 | ) | (5) | - | |||||||||||||
| Additional paid-in capital | - | - | 14,572,831 | (4) | (166,664,594 | ) | |||||||||||||
| (196,510,850 | ) | (5) | |||||||||||||||||
| (5,990,000 | ) | (7) | |||||||||||||||||
| (222,050 | ) | (9) | |||||||||||||||||
| 21,485,475 | (11) | ||||||||||||||||||
| Share-based payment reserve | 26,327,185 | - | - | 26,327,185 | |||||||||||||||
| Exchange fluctuation reserve | (313,316 | ) | - | - | (313,316 | ) | |||||||||||||
| Accumulated earnings (deficit) | (89,826,227 | ) | (1,237,425 | ) | 239 | (1) | (108,453,391 | ) | |||||||||||
| (127,403 | ) | (2) | |||||||||||||||||
| 1,237,425 | (5) | ||||||||||||||||||
| (18,500,000 | ) | (6) | |||||||||||||||||
| Non-controlling interest | (343,776 | ) | - | - | (343,776 | ) | |||||||||||||
| Total equity | (9,429,559 | ) | 5,000,016 | 38,151,642 | 33,722,099 | ||||||||||||||
| LIABILITIES | |||||||||||||||||||
| Lease liabilities | 148,488 | - | - | 148,488 | |||||||||||||||
| Ordinary shares subject to possible redemption, 4,984,906 shares at redemption value at July 31, 2020 | - | 49,849,060 | (49,849,060 | ) | (4) | - | |||||||||||||
| Deferred underwriters’ discount | - | 1,725,000 | (1,725,000 | ) | (2) | - | |||||||||||||
| Non-current liabilities | 148,488 | 51,574,060 | (51,574,060 | ) | 148,488 | ||||||||||||||
| Other payables and accruals | 11,693,996 | 471,681 | (471,681 | ) | (3) | 11,329,870 | |||||||||||||
| (364,126 | ) | (11) | |||||||||||||||||
| Due to related party | - | 1,891,416 | (916 | ) | (3) | - | |||||||||||||
| 330,000 | (8) | ||||||||||||||||||
| (2,220,500 | ) | (9) | |||||||||||||||||
| Convertible bond | 21,121,349 | - | (21,121,349 | ) | (11) | - | |||||||||||||
| Client liabilities | 2,705,371 | - | - | 2,705,371 | |||||||||||||||
| Due to Diginex | - | 387,500 | (387,500 | ) | (10) | - | |||||||||||||
| Amounts due to directors | 63,285 | - | - | 63,285 | |||||||||||||||
| Lease liabilities | 1,882,317 | - | - | 1,882,317 | |||||||||||||||
| Current liabilities | 37,466,318 | 2,750,597 | (24,236,072 | ) | 15,980,843 | ||||||||||||||
| Total liabilities | 37,614,806 | 54,324,657 | (75,810,132 | ) | 16,129,331 | ||||||||||||||
| TOTAL EQUITY AND LIABILITIES | $ | 28,185,247 | $ | 59,324,673 | $ | (37,658,490 | ) | $ | 49,851,430 | ||||||||||
Pro Forma Adjustments to the Unaudited Combined Statement of Financial Position
| (A) | Derived from the unaudited consolidated statement of financial position of Diginex as of August 31, 2020. | |
| (B) | Derived from the audited balance sheet of JFK as of July 31, 2020, as adjusted for the reclassification of JFK’s ordinary shares subject to redemption as non-current liabilities under IFRS due to the nature of the ordinary shares subject to redemption. | |
| (1) | To reflect income earned from the trust account and the release of cash from investments held in the trust account. | |
| (2) | To reflect payment of estimated other professional fees related to the Business Combination. | |
| (3) | To record payment of payables. | |
| (4) | To reflect actual redemption of 3,423,625 shares into cash by JFK stockholders on consummation of the Business Combination. | |
| (5) | To reflect recapitalization of Diginex through the contribution of the share capital in Diginex to JFK, and the issuance of 25,000,000 ordinary shares and the elimination of the historical accumulated deficit of JFK, the accounting acquiree. | |
| (6) | To reflect the issuance of 1,850,000 shares, valued at $10 per share, to service providers at Closing. | |
| (7) | To reflect the issuance of 599,000 shares, valued at $10 per share, from the conversion of rights at Closing. | |
| (8) | To reflect the issuance of unsecured promissory note to related parties. | |
| (9) | To reflect the repayment of unsecured promissory note to related parties by issuing stock and rights that will automatically converted into stock at closing. | |
| (10) | To reflect the elimination of the unsecured promissory note issued by JFK to Diginex upon closing. | |
| (11) | To reflect the conversion of Diginex convertible bond and accrued interest at Closing. |
