Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Gambling.com Group Limited |
Entity Central Index Key | 0001839799 |
Document Accounting Standard | International Financial Reporting Standards |
Document Registration Statement | false |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 33,806,422 |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Title of 12(b) Security | Ordinary shares, no par value |
Trading Symbol | GAMB |
Security Exchange Name | NASDAQ |
Entity File Number | 001-40634 |
Entity Incorporation, State or Country Code | Y9 |
Entity Address, Address Line One | 22 Grenville Street |
Entity Address, City or Town | St. Helier |
Entity Address, Country | JE |
Entity Address, Postal Zip Code | JE4 8PX |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
ICFR Auditor Attestation Flag | false |
Auditor Firm ID | 1295 |
Auditor Name | BDO LLP |
Auditor Location | London, United Kingdom |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 22 Grenville Street |
Entity Address, City or Town | St. Helier |
Entity Address, Country | JE |
Entity Address, Postal Zip Code | JE4 8PX |
Contact Personnel Name | Charles Gillespie |
City Area Code | +44 |
Local Phone Number | 1534 676 000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income and (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Comprehensive Income [Abstract] | |||
Revenue | $ 42,323 | $ 27,980 | $ 19,266 |
Sales and marketing expenses | (14,067) | (8,103) | (10,862) |
Technology expenses | (3,947) | (2,503) | (2,498) |
General and administrative expenses | (13,014) | (5,956) | (4,213) |
Movements in credit loss allowance and write offs | 97 | (287) | (293) |
Operating profit | 11,392 | 11,131 | 1,400 |
Gains (losses) on financial liability at fair value through profit or loss | 1,417 | (94) | |
Finance income | 2,581 | 303 | 140 |
Finance expense | (1,809) | (2,099) | (2,475) |
Income (loss) before tax | 12,164 | 10,752 | (1,029) |
Income tax benefit (charge) | 289 | 4,399 | (872) |
Net income(loss) for the year attributable to equity holders | 12,453 | 15,151 | (1,901) |
Other comprehensive (loss) income | |||
Exchange differences on translating foreign currencies | (4,812) | 2,480 | 50 |
Total comprehensive income (loss) for the year attributable to the equity holders | $ 7,641 | $ 17,631 | $ (1,851) |
Net income (loss) per share attributable to ordinary shareholders, basic | $ 0.40 | $ 0.55 | $ (0.07) |
Net income (loss) per share attributable to ordinary shareholders, diluted | $ 0.37 | $ 0.49 | $ (0.07) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Property and equipment | $ 569 | $ 515 |
Intangible assets | 25,419 | 23,560 |
Right-of-use assets | 1,465 | 1,799 |
Deferred tax asset | 7,028 | 5,778 |
Total non-current assets | 34,481 | 31,652 |
Current assets | ||
Trade and other receivables | 5,497 | 5,506 |
Cash and cash equivalents | 51,047 | 8,225 |
Total current assets | 56,544 | 13,731 |
Total assets | 91,025 | 45,383 |
Equity | ||
Share capital | 64 | |
Capital reserve | 55,953 | 19,979 |
Share option and warrants reserve | 2,442 | 296 |
Foreign exchange translation reserve | (2,282) | 2,530 |
Retained earnings | 23,796 | 11,343 |
Total equity | 79,909 | 34,212 |
Non-current liabilities | ||
Borrowings | 5,937 | |
Lease liability | 1,286 | 1,562 |
Total non-current liabilities | 1,286 | 7,499 |
Current liabilities | ||
Trade and other payables | 3,291 | 2,428 |
Borrowings and accrued interest | 5,944 | 23 |
Lease liability | 393 | 413 |
Income tax payable | 202 | 808 |
Total current liabilities | 9,830 | 3,672 |
Total liabilities | 11,116 | 11,171 |
Total equity and liabilities | $ 91,025 | $ 45,383 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital | Capital Reserve | Share Option and Warrants Reserve | Foreign Exchange Translation Reserve | Retained Earnings/Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 8,051 | $ 57 | $ 9,772 | $ 129 | $ (1,907) | |
Transactions with owners | ||||||
Issue of share capital | 6,239 | 4 | 6,235 | |||
Movements in share option and warrants reserve | 492 | 492 | ||||
Increase (decrease) through transactions with owners, equity | 6,731 | 4 | 6,235 | 492 | ||
Comprehensive income (loss) | ||||||
Net income (loss) | (1,901) | (1,901) | ||||
Exchange differences on translating foreign currencies | 50 | $ 50 | ||||
Ending balance at Dec. 31, 2019 | 12,931 | 61 | 16,007 | 621 | 50 | (3,808) |
Transactions with owners | ||||||
Issue of share capital | 3,430 | 3 | 3,427 | |||
Movements in share option and warrants reserve | 220 | 545 | (325) | |||
Increase (decrease) through transactions with owners, equity | 3,650 | 3 | 3,972 | (325) | ||
Comprehensive income (loss) | ||||||
Net income (loss) | 15,151 | 15,151 | ||||
Exchange differences on translating foreign currencies | 2,480 | 2,480 | ||||
Ending balance at Dec. 31, 2020 | 34,212 | 64 | 19,979 | 296 | 2,530 | 11,343 |
Transactions with owners | ||||||
Issue of share capital, net of issuance costs | 35,910 | 35,910 | ||||
Transfer between reserves | (64) | 64 | ||||
Movements in share option and warrants reserve | 2,146 | 2,146 | ||||
Increase (decrease) through transactions with owners, equity | 38,056 | $ (64) | 35,974 | 2,146 | ||
Comprehensive income (loss) | ||||||
Net income (loss) | 12,453 | 12,453 | ||||
Exchange differences on translating foreign currencies | (4,812) | (4,812) | ||||
Ending balance at Dec. 31, 2021 | $ 79,909 | $ 55,953 | $ 2,442 | $ (2,282) | $ 23,796 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Income (loss) before tax | $ 12,164 | $ 10,752 | $ (1,029) |
Finance (income) expenses, net | (772) | 1,796 | 2,335 |
(Gains) losses on financial instruments valuation | (1,417) | 94 | |
Adjustments for non-cash items: | |||
Depreciation and amortization | 2,401 | 2,227 | 2,226 |
Movements in credit loss allowance and write offs | (97) | 287 | 293 |
Other operating loss | 70 | ||
Share option charge | 1,995 | 315 | |
Income tax paid | (2,092) | (642) | (93) |
Cash Flows From Used In Operations Before Changes In Working Capital, Total | 13,669 | 13,318 | 3,826 |
Changes in working capital | |||
Trade and other receivables | (549) | (3,053) | 511 |
Trade and other payables | 877 | 629 | (333) |
Cash flows generated by operating activities | 13,997 | 10,894 | 4,004 |
Cash flows from investing activities | |||
Acquisition of property and equipment | (305) | (46) | (195) |
Acquisition of intangible assets | (5,269) | (44) | (1,526) |
Cash flows used in investing activities | (5,574) | (90) | (1,721) |
Cash flows from financing activities | |||
Issue of ordinary shares and share warrants, net of underwriters fees | 39,060 | 3,483 | 6,979 |
Issuance costs | (3,150) | (55) | (157) |
Proceeds from issuance of financial instruments | 6,000 | 560 | |
Financial instruments issuance costs | (89) | ||
Repayment of notes and bonds | (17,352) | (4,480) | |
Interest paid | (509) | (1,656) | (2,246) |
Interest received | 24 | ||
Warrants repurchased | (133) | ||
Principal paid on lease liability | (225) | (198) | (175) |
Interest paid on lease liability | (188) | (201) | (189) |
Cash flows generated by (used in) financing activities | 34,988 | (10,201) | 316 |
Net movement in cash and cash equivalents | 43,411 | 603 | 2,599 |
Cash and cash equivalents at beginning of year | 8,225 | 6,992 | 4,423 |
Net foreign exchange differences on cash and cash equivalents | (589) | 630 | (30) |
Cash and cash equivalents at end of the year | $ 51,047 | $ 8,225 | $ 6,992 |
General Company Information
General Company Information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General Company Information [Abstract] | |
General Company Information | 1. GENERAL COMPANY INFORMATION Gambling.com Group Limited (the “Company” or "Group”) is a public limited liability company founded in 2006 and incorporated in the Channel Island of Jersey in accordance with the provisions of the Companies (Jersey) Law 1991, as amended. We redomiciled from Malta to the Channel Island of Jersey and renamed from Gambling.com Group Plc to Gambling.com Group Limited in May 2021. Our registered address is 22 Grenville Street, St. Helier, Channel Island of Jersey JE4 8PX. We are a multi-award-winning performance marketing company and a leading provider of digital marketing services active exclusively in the online gambling industry. Our principal focus is on iGaming and sports betting. Through our proprietary technology platform, we publish a portfolio of premier branded websites including gambling.com and bookies.com. Each of our websites is bespoke and tailored for different user interests and markets within the online gambling industry and include original and curated news relating to the online gambling sector, odds, statistics, product reviews and product comparisons of online gambling services around the world. We attract online gamblers through online marketing efforts and refer these online gamblers to companies that are licensed by gambling regulators to provide real-money online gambling services, known as online gambling operators, who convert online gamblers into paying players. In this way, we provide business-to-business, or B2B, digital marketing services to online gambling operators. The Group has a workforce of more than 200 and operates from offices in Dublin, Malta, Charlotte, and Tampa. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of the financial information are set out below. These policies have been consistently applied throughout the years presented. BASIS OF PREPARATION The consolidated financial statements of the Group have been prepared in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union (“EU”), and were approved and authorized for issuance by the Board of Directors on March 24, 2022. The financial statements have been prepared on a historical cost basis. The preparation of financial statements in compliance with IFRS 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 financial statements and their effects are disclosed in Note 4. The Board of Directors has prepared these non-statutory financial statements as of December 21, 2021 and 2020 and for the years ended December 31, 2021 and 2020 for inclusion in an annual report on Form 20-F to be submitted by the Company to the United States Securities and Exchange Commission (“SEC”). New and Amended Standards Adopted by the Group in 2021 The Group has analyzed the following amendments to existing standards that are mandatory for the Group’s accounting period beginning on January 1, 2021, and determined they had limited or no impact on the Group’s financial statements: ▪ Amendment to IFRS 16, Covid-19-Related Rent Concessions Extension of the Practical Expedient ▪ Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest Rate Benchmark Reform – Phase 2 Standards Issued but Not Yet Effective There were a number of standards and interpretations which were issued but not yet effective at December 31, 2021 and have not been adopted for these consolidated financial statements. These amendments are not expected to have a significant impact on disclosures or amounts reported in the Group’s consolidated financial statements in the period of initial application. Effective for annual periods beginning on or after January 1, 2022: ▪ Amendments to IFRS 3, Business Combinations ▪ Amendments to IAS 16, Property, plant and equipment – Proceeds before Intended Use ▪ Amendments to IAS 37, Onerous Contracts—Cost of Fulfilling a Contract ▪ Annual Improvements to IFRS Standards 2018–2020 Effective for annual periods beginning on or after January 1, 2023: ▪ Amendments to IAS 1, Classification of Liabilities as Current or Non-Current – Deferral of Effective Date ▪ Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies ▪ Amendments to IAS 8, Definition of Accounting Estimates ▪ Amendments to IFRS 17, Insurance Contracts ▪ Amendments to IAS 12, Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Group as of and for the years ended December 31, 2021, 2020 and 2019. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Control is reassessed whenever facts and circumstances indicate that there are changes in control. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The subsidiaries of the Company, all of which have been included in these consolidated financial statements, are as follows: NAME PRINCIPAL COUNTRY OF OWNERSHIP % GDC Media Limited Digital marketing Ireland 100 GDC Malta Limited Digital marketing Malta 100 GDC America Inc. Digital marketing United States 100 BASIS OF GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Group is required to evaluate whether there are any material uncertainties related to events or conditions that may cast significant doubt about the Group’s ability to continue as a going concern for a period of at least, but not limited to, 12 months from the date of issuance of the financial statements. An entity’s ability to continue as a going concern is assumed absent significant information to the contrary. If there are indications that there could be significant doubt about the entity’s ability to continue as a going concern for a reasonable period of time, then a detailed analysis must be performed. This evaluation includes an assessment of whether the Company can continue to meet its obligations as they become due without substantial disposition of assets outside the ordinary course of business, restructuring of debt, revisions of its operations or similar actions. The Board of Directors have assessed the financial risks facing the business, including macroeconomic events as outlined in Note 3 and Note 24, and compared this risk assessment to the net current asset position. The Directors have also reviewed relationships with key customers and software providers and are satisfied that the appropriate contracts and contingency plans are in place. The Directors have prepared detailed revenue, operating expense and cashflow forecasts as well as sensitivity analyses to assess whether the Company has adequate resources for the foreseeable future. Based on the analyses performed, the Board of Directors considers that the Group has adequate resources to continue in operational existence for at least a period of 12 months from the date of issuance of these consolidated financial statements. FOREIGN CURRENCY TRANSLATION The following exchange rates were used to translate the financial statements of the Group into USD from Euros: PERIOD END (1) AVERAGE FOR (2) BEGINNING (1) LOW HIGH Year Ended December 31: (EUR per USD) 2021 0.88 0.85 0.81 0.81 0.89 2020 0.81 0.88 0.89 0.81 0.93 2019 0.89 0.89 0.88 0.87 0.92 (1) Exchange rates are as per European Central Bank. (2) The average is based on published rates refreshed daily by the European Central Bank. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income. Translation into Reporting Currency The assets and liabilities of the Company and its primary subsidiaries are translated from the functional currency of the operations to USD, being the reporting currency, using the exchange rates at the reporting date. The Company and its primary subsidiaries functional currency is Euro. The USD has been selected as the reporting currency to ensure comparability with the financial reports of similar entities. The revenues and expenses are translated into USD using the average exchange rates for the period, which approximate the exchange rates at the date of the transaction. All resulting foreign exchange differences are recognized in other comprehensive income and included in foreign exchange translation reserve in equity. PROPERTY AND EQUIPMENT Property and equipment are stated at historical cost less accumulated depreciation and accumulated impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Subsequent costs are included in the assets’ carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives, as follows: Computer and other office equipment 5 years Leasehold improvements The shorter of the remaining lease term or 10 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposals of property and equipment are determined by comparing the proceeds with the carrying amount and are recognized, where applicable, within ‘other operating income’ in the consolidated statement of comprehensive income. INTANGIBLE ASSETS An intangible asset is recognized if it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Intangible assets are initially measured at cost. The cost of a separately acquired intangible asset comprises its purchase price and any directly attributable cost of preparing the asset for its intended use. The cost of acquisition of intangible assets for which the consideration comprises an issue of equity shares is calculated as the fair value of the equity instruments issued in the transaction. Where the cost of a separately acquired intangible asset includes contingent consideration, cost includes the fair value of the contingent consideration as determined on the date of acquisition. Subsequent changes in estimates of the likely outcome of the contingent event are reflected as increases or decreases in the value of the intangible asset. The remaining changes in the value of contingent consideration are recognized as interest expense. Internally Developed Intangible Assets The Company capitalizes certain development costs related to its technological platform during the development stage. The Company also capitalizes certain costs related to specific upgrades and enhancements when it is probable that expenditures will result in additional functionality of the platform to its customers . The capitalization policy provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development and enhancements of the technology platform. Expenditures incurred on development activities are capitalized if it can be demonstrated that all the following criteria are met: ▪ It is technically feasible to complete the intangible asset; ▪ Adequate resources are available to complete the development; ▪ There is an intention to complete and use the intangible asset for the provision of services; ▪ The Group is able to use the intangible asset; ▪ Use of the intangible asset will generate probable future economic benefits; and ▪ Expenditures attributable to the intangible asset can be measured reliably. Expenditures related to development activities that do not satisfy the above criteria, including expenditures incurred during the preliminary project stage and post implementation activities, are expensed as incurred in the consolidated statement of comprehensive income. Subsequent expenditure on capitalized intangible assets is capitalized only where it clearly increases the economic benefits to be derived from the asset to which it relates. All other expenditures, including those incurred in order to maintain an intangible asset’s current level of performance, is expensed as incurred. Capitalized intangible assets have a useful life of 60 months , which is reviewed on an annual basis. Capitalized intangible assets are amortized over their useful life using straight-line basis . Externally Purchased Intangible Assets Separately acquired intangibles include Internet domain names together with related websites and content, and customer contracts. Domain names together with the related assets have an indefinite useful life when there is evidence based on the analysis of the applicable market trends and circumstances, management plans, expected usage and information about the ongoing cash inflows that the asset will be able to generate cash flows to the Group for an indefinite period. Indefinite-life intangibles are not amortized but are tested for impairment annually as of December 31. In addition, the Group reassesses in each period the assumptions underlying the useful life of indefinite-life intangibles and assigns such assets a finite life if indicated by changes in the applicable facts and circumstances. When this happens, the related assets are also tested for impairment. Finite-life domain names and the related assets are amortized using the straight-line method over the estimated period during which they are expected to continue to generate cash flows for the Group. During the years ended December 31, 2021, 2020 and 2019, the Group had one finite-life mobile apps intangible asset, amortized straight-line over its estimated useful life of 48 months . Customer contracts have a useful life of 12 – 24 months , which are reviewed on an annual basis. Customer contracts are amortized over their useful life using the straight-line method. Intangible assets are derecognized on disposal or when no future economic benefits are expected from their use or disposal. Gains or losses arising from derecognition represent the difference between the net disposal proceeds, if any, and the carrying amount of intangible assets, and are recognized in the consolidated statement of comprehensive income for the respective period. IMPAIRMENT ASSESSMENT Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets that have an indefinite useful life (which are not subject to amortization) are tested annually for impairment. For the purposes of impairment assessment, assets are grouped at the lowest level which generates cash inflows that are largely independent of the cash inflows of the remaining assets (cash-generating units). Through December 31, 2021, substantially all of the Group’s cash inflows have been generated through the use of its technology platform which is monetized via various informational portals that include domain names, websites and mobile apps. Accordingly, the Group determined it has one cash-generating unit that includes all of its intangibles, property and equipment, and right of use assets. An impairment loss is recognized as the difference between the carrying amount of the cash-generating unit and its recoverable amount and is accounted for in the consolidated statement of comprehensive income in the period identified. The recoverable amount is the higher of the fair value less costs to sell and value in use. Where the fair value of an asset less its costs to sell are determinable, and the fair value less costs to sell are estimated to be close to its value in use, the recoverable amount can be assessed for an individual asset. In this instance, an impairment may be recognized at an individual asset level where the fair value less costs to sell and value in use are both negligible. As at December 31, 2021, 2020 and 2019, the Group had no impairments. Non-financial assets, excluding goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. FINANCIAL ASSETS Financial assets are classified at initial recognition and subsequently measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income. The classification of financial assets depends on the assets’ contractual cash flows characteristics and the Group’s model for managing such. Through December 31, 2021, the Group’s financial assets consist of trade and other receivables and cash and cash equivalents. The Group’s objective for holding financial assets is to hold them to collect contractual cash flows, which are solely payment of principal and interest. Accordingly, these assets are accounted for at amortized cost. Expected Credit Loss Assessment and Write-offs The Group recognizes an allowance for Expected Credit Losses (“ECLs”) for all financial assets carried at amortized cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that the Group expects to receive. The Group applies the simplified approach in calculating ECLs for trade and other receivables. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The assessment is completed at the end of each reporting period. Movements in ECLs, including recoveries, are presented within the consolidated statement of comprehensive loss in the period incurred. Financial assets are written off when there is no reasonable expectation of recovery, such as: ▪ Significant financial difficulty of the issuer or obligor; ▪ A breach of contract, such as a default or delinquency in interest or principal payments; ▪ It becomes probable that the borrower will enter bankruptcy or other financial reorganization; and ▪ Observable data indicating that there is a measurable decrease in the estimated future cash flow from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets. When trade and other receivables have been written off, the Group continues to engage in enforcement activities in order to recover the receivable due. If successful, the recoveries are recognized in profit or loss. Derecognition A financial asset is derecognized when: ▪ The rights to receive cash flows from the asset have expired; or ▪ The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for services performed in the ordinary course of business and are classified as current. Other receivables include prepaid expenses and deposits. Trade and other receivables are recognized initially at fair value, which due to their comparatively short maturities, approximates their carrying value. They are subsequently measured at amortized cost using the effective interest method, less an expected credit loss allowance. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognized in profit or loss. When a receivable is uncollectible, it is written off against the allowance account for trade and other receivables. Subsequent recoveries of amounts previously written off are credited against profit or loss. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank, cash in transit and demand deposits that have maturities of three months or less from inception, are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying value of cash and cash equivalents approximates their fair value based on the short-term nature of such assets and the effect of any fair value differences being negligible. ISSUED CAPITAL AND RESERVES Share Capital As of the initial public offering date, the Company’s ordinary shares have a nominal value of nil per share. As of the initial public offering date, the balance of share capital was reclassified to capital reserve as a result of the change in nominal value per share. Prior to the completion of the initial public offering, ordinary shares were classified as equity. Share capital includes the nominal value of ordinary shares issued and outstanding. The excess of the consideration received from the issuance of shares over their nominal value is recognized in the capital reserve. Capital Reserve As of the initial public offering date, capital reserve includes consideration received from the issuance of shares and any other contributions made by the shareholders of the Company of a cash or non-cash nature without the issuance of shares. Incremental costs directly attributable to the issuance of new ordinary shares or other shareholder contributions are shown in equity as a deduction, net of tax, from the proceeds. Prior to the initial public offering date, capital reserve comprised of the excess consideration received from the issuance of shares over their nominal value. Share Option and Warrants Reserve The share option and warrants reserve is used to recognize the value of equity-classified share options and warrants, including share-based payments. Foreign Exchange Translation Reserve Foreign exchange translation reserve comprises foreign currency translation differences arising from the translation of the assets and liabilities of all Group entities from the functional currency into USD, the reporting currency. Retained Earnings Retained earnings includes all current and prior period earnings (losses). FINANCIAL LIABILITIES The Group recognizes a financial liability in its consolidated statement of financial position when it becomes a party to the contractual provisions of the instrument. The Group’s financial liabilities are classified as financial liabilities at fair value through profit or loss and financial liabilities at amortized cost. Financial liabilities not at fair value through profit or loss are recognized initially at fair value net of transaction costs that are directly attributable to the financial liability. Subsequent measurement of the liabilities differs based on the classification originally applied and is described below. The Group derecognizes a financial liability from its consolidated statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expires. Trade and Other Payables Trade payables comprise obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Borrowings In October 2018, the Company issued senior secured bonds which contained an embedded derivative that was not closely related to the host instrument. Therefore, the Group elected to recognize these bonds as financial liabilities carried at fair value through profit or loss, with changes in fair value recognized in the consolidated statement of comprehensive income. Any directly attributable transaction costs incurred upon issuing such instruments are recognized in profit or loss. These bonds are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. In March 2020, the Group repurchased a portion of the senior secured bonds in the open market, placing them in treasury. In December 2020, the Group cancelled the bonds held in treasury and early redeemed the remaining outstanding senior secured bonds. These transactions are accounted for as an extinguishment, and the liability is derecognized from the consolidated statement of financial position. As the senior secured bonds are accounted for at fair value through profit or loss, the Bonds are remeasured to fair value using the market quoted prices just prior to repurchase or redemption. Accordingly, any gain or loss on repurchase or redemption is classified as “Gains (losses) on financial liability at fair value through profit or loss”. In December 2020, the Group entered into a two-year fixed rate term loan agreement with an investor which is accounted for at amortized cost using the effective interest method . The transaction costs directly attributable to the issuance are capitalized as part of the initial carrying amount of the term loan and subsequently amortized into profit or loss over its term through the application of the effective interest method. GOVERNMENT GRANTS In June 2020, the Group received an unsecured loan granted under the Paycheck Protection Plan program authorized by the United States government in response to the novel coronavirus (“COVID-19”) pandemic as part of the CARES Act. The loan was repayable but could be forgiven to the extent proceeds of the loan are used for eligible expenditures, such as payroll and other expenses described in the CARES Act. As the Group reasonably believed that it would meet the terms for forgiveness, the loan was accounted for as a grant related to income and initially recognized as a deferred income liability. Subsequent to initial recognition, the Company reduced the liability, with the offset presented as a reduction of the related expense (i.e., payroll related costs) in the year ended December 31, 2020. The loan was forgiven in May 2021. REVENUE RECOGNITION The Group generates revenue primarily from commissions derived from referrals of prospective players visiting the Group’s websites or mobile apps to the Group’s customers, who are regulated online gambling operators. Depending on the customer, commission revenue may be earned in the form of ongoing revenue-share fees, one-time fee for each acquired player (cost per acquisition, or CPA, fee), or both, which is referred to as hybrid. Revenue-share fees represent a set percentage of net gaming revenues the operator generates over the lifetime of the referred player. Negative revenue share-amounts usually do not carry over into subsequent months. CPA fees are fixed rate fees owed for each player who registers and usually deposits a minimum balance on the operator’s site. Fees generated by each operator during a particular month are paid to the Group shortly after the month-end. The Group transacts with its customers pursuant to the terms of marketing affiliate agreements and/or insertion orders, which typically do not require a minimum number of player referrals nor minimum fees and can be terminated for convenience by either party at any time. Termination or changes in the terms of these agreements do not typically affect the rights of the parties or the fees earned or to be earned with respect to the players previously referred to the operator. The Group considers each player referral to be a separate performance obligation. It is satisfied at the point in time when the referral is accepted by the relevant operator. The Group is not involved in the operator’s delivery of gaming or gambling services to players. Digital marketing activities of the Group and its subsidiaries are primarily to compile and to present content focused on prospective player education and engagement on websites and are not considered distinct services rendered to the operator customers. CPA fees for each player referral are recognized when earned upon acceptance of the referral by the operator. Revenue-share fees for each referral are considered variable consideration and are only recognized to the extent it is probable that no significant reversal of cumulative revenue recognized for this referral will occur when the ultimate fees are known. Although performance is complete when the referral is accepted, the ultimate revenue-sharing fees from the referral are subject to significant uncertainties, including how long the referred player will remain active, the size and frequency of the wager amounts, and the patterns of wins and losses. These factors vary significantly between markets as well as between individual operators and are further influenced by competition from other entertainment channels, taxation and regulatory developments, disruptive events such as the COVID-19 pandemic, as well as general conditions of the economy. Consequently, revenue-share fees are considered constrained and not included in the transaction price and not recognized until earned during each month based on the relevant player’s activities. Revenue-share fees recognized by the Company are based on the revenues generated and expenses incurred by the customers and depend on the customers’ calculations, which could be subject to miscalculations or deliberate misrepresentation. The Company monitors revenues by customer to corroborate the amounts reported. The Group has no material obligations for discounts, incentives or refunds of commissions subsequent to completion of performance obligations. Other revenues are derived from promotion services whereby the Company charges a fixed fee for providing a prominent position to a customer on the Company’s website(s). The Company also generates revenue from fixed tenancy fees for operators who desire to be listed and critically reviewed on the Company’s sites. Control of the promotion service is transferred over time because the operators consume the benefit of the service in real time as it is being rendered. Therefore, these revenues are recognized straight-line over the applicable service period, with variable fees generally recognized as earned. There are no incremental costs to obtain and no costs to fulfill contracts with customers eligible to be capitalized. FINANCE INCOME AND EXPENSES Finance income comprises of unrealized/realized currency gains. Finance expenses comprises of (i) interest expenses on borrowings; (ii) deemed interest charged under IFRS 16; (iii) bank and other finance charges; and (iv) unrealized/realized currency losses. Interest expense is recognized as it accrues in profit or loss, using the effective interest method. CURRENT AND DEFERRED TAX The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Deferred tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. WARRANTS Proceeds from the issue of common share purchase warrants (warrants) treated as equity are recorded as a separate component of equity. Costs incurred on the issuance of warrants are netted against proceeds. Warrants is |
Risk Management
Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Risk Management [Abstract] | |
Risk Management | 3. RISK MANAGEMENT 3.1 FINANCIAL RISK MANAGEMENT The Group’s activities potentially expose it to a variety of financial risks: market risk (foreign exchange risk and cash flow and fair value interest rate risk), credit risk and liquidity risk. The management of the Group’s financial risk is based on a financial policy approved by the Board of Directors. The Group did not make use of derivative financial instruments to hedge risk exposures during the periods presented. (A) Market Risk (I) Foreign Exchange Risk Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities which are denominated in a currency that is not the entity’s functional currency. In 2021, the Group’s financial assets and financial liabilities are mainly denominated in USD; however, the majority of operations of the Group were carried out in EUR and British Pound Sterling (“GBP”). In 2020 the Group’s financial assets and financial liabilities were mainly denominated in EUR; however, some operations of the Group were carried out in GBP and USD. Management performs ongoing assessments of foreign currency fluctuations on financial results; however, the Group does not enter into any derivative financial instruments to manage its exposure to foreign currency risk. As of December 31, 2021 and 2020, the Group’s exposure to foreign exchange risks was primarily through cash and working capital balances held by its entities which have Euro as the functional currency. These balances included USD-denominated net assets of $ 27,148 and net liabilities of $ 1,732 and GBP-denominated net assets of $ 11,819 and $ 2,597 as of December 31, 2021 and 2020, respectively. Based on the sensitivity analyses performed, movements in USD and GBP exchange rates to EUR by 10% would result on average in gains or losses of $ 2,742 and $ 1,194 to the Group’s net profit (loss) for the year ended December 31, 2021. For the year ended December 31, 2020, movements in USD and GBP exchange rates to EUR by 10% would result on average in gains or losses of $ 175 and $ 262 . For the year ended December 31, 2019, movements in USD and GBP exchange rates to EUR by 10% would result on average in gains or losses of $ 628 and $ 120 . Management anticipates 10 % is a reasonable extent of currency fluctuations in the foreseeable future. (II) Cash Flow and Fair Value Interest Rate Risk The Group has minimal interest-bearing assets, and its borrowings carry fixed interest rates. The risk associated with the effects of fluctuations in the prevailing levels of market interest rates on its financing position and cash flows is not deemed to be substantial. (B) Credit Risk Credit risk arises from cash and cash equivalents and trade and other receivables. The exposure as of the reporting date is as follows: AS AT DECEMBER 31, 2021 2020 Trade and other receivables (excluding prepayments) (Note 8) 4,253 5,046 Cash and cash equivalents (Note 9) 51,047 8,225 55,300 13,271 For the year ended December 31, 2021, revenues generated from the largest two single customers amounted to 13 % and 10 % of the Group's total sales for the year. For the year ended December 31, 2020 and 2019, revenues generated from a single customer amounted to 20 % and 21 % of the Group’s total sales for the year, respectively. The Group has the following financial assets that are subject to the ECL model: trade receivables and other financial assets carried at amortized cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The expected loss rates are based on the historical credit losses experienced over a recent twelve-month period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors (such as GDP growth, inflation rate and unemployment forecasts) affecting the ability of the customers to settle the receivables. The aging of trade receivables that are past due but not impaired is shown below: AS AT DECEMBER 31, 2021 2020 Between one and two months 159 190 Between two and three months 15 21 More than three months 7 8 181 219 The Company did no t recognize any specific impairment on trade receivables in the years ended December 31, 2021 and 2020. The activity in the credit loss allowance was as follows: YEAR ENDED DECEMBER 31, 2021 2020 As of January 1 352 340 (Decrease) Increase in credit losses allowance ( 187 ) 254 Write offs — ( 275 ) Translation effect ( 23 ) 33 As of December 31 142 352 For the year ended December 31, 2021, the Company wrote off receivables from customers with the total value of $ 90 ; the balances were not specifically provided during the year. For the year ended December 31, 2020, the Company wrote off receivables from customers with the total value of $ 275 , including the balance of $ 241 which was specifically provided. For the year ended December 31, 2019, the Company recorded an increase of $ 293 in the credit losses allowance, of which $ 180 was related to a specific provision for one customer, within the Consolidated Statement of Comprehensive Income (Loss). The Group actively manages credit limits and exposures in a practicable manner such that past due amounts receivable from the operator customers are within controlled parameters. Management assesses the credit quality of the operators, taking into account their financial position, past experience and other factors. The Group’s receivables are principally in respect of transactions with operators for whom there is no recent history of default. Management does not expect significant losses from non-performance by these operators above the ECL provision. The directors consider that the Group was not exposed to significant credit risk as at the end of the current reporting period. The Group monitors intra-group credit exposures at the individual entity level on a regular basis and ensures timely performance in the context of its overall liquidity management. Management concluded the Group’s exposure to credit losses on intra-group receivables were immaterial. As cash and cash equivalents are held with financial institutions, any credit risk is deemed to be immaterial. The IFRS 9 assessment conducted for these balances did not identify any material impairment loss as of December 31, 2021, 2020 or 2019. (C) Liquidity Risk The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which are predominantly comprised of trade and other payables and borrowings (Notes 14 and 15). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of adequate funding to meet the Group’s obligations when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. Management monitors liquidity risk by continual observation of cash inflows and outflows. To improve the net cash inflows and maintain cash balances at a specified level, management ensures that no additional financing facilities are expected to be required over the coming year. In this respect, management does not consider liquidity risk to the Group as significant when taking into account the liquidity management process referred to above. The following tables summarize the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. During the year ended December 31, 2020, the Group repurchased and redeemed all of the outstanding senior secured bonds. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. LESS BETWEEN MORE TOTAL As of December 31, 2021 Term loan 6,480 — — 6,480 Lease liability 393 386 1,436 2,215 Trade and other payables 3,291 — — 3,291 Total 10,164 386 1,436 11,986 As of December 31, 2020 Term loan 480 6,480 — 6,960 Lease liability 413 389 1,945 2,747 Trade and other payables 2,428 — — 2,428 Total 3,321 6,869 1,945 12,135 3.2 CAPITAL RISK MANAGEMENT The Group’s capital management objectives are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The directors intend to retain all available liquidity sources and future earnings, if any, to fund the development and expansion of the business and they have no plans to pay regular dividends on ordinary shares in the foreseeable future. At December 31, 2021 and 2020, the net current asset position of the Group was $ 46,714 and $ 10,059 , respectively. Management prepares and reviews a rolling forecast of the Group’s operations for the 12-month period to anticipate any liquidity deficit. Per the assessment made as of the reporting date, the Group will have sufficient funds to settle liabilities in a timely manner in the foreseeable future. The Group’s equity, as disclosed in the consolidated statement of financial position, constitutes its capital. The Group maintains the level of capital by reference to its financial obligations and commitments arising from operational requirements. In view of the nature of the Group’s activities, the capital level as at the end of the reporting year is deemed adequate. 3.3 FAIR VALUES OF FINANCIAL INSTRUMENTS Financial instruments measured at fair value in the consolidated statement of financial position are grouped into three levels of fair value hierarchy. This grouping is determined based on the lowest level of significant inputs used in fair value measurement, as follows: 1. Level I – quoted prices in active markets for identical assets or liabilities. 2. Level II – inputs other than quoted prices included within Level I that are observable for the instrument, either directly (i.e., as prices) or indirectly (i.e., derived from prices). 3. Level III – inputs for instrument that are not based on observable market data (unobservable inputs). As of December 31, 2021 and 2020, the Company did not have any financial assets and liabilities measured at fair value within the fair value hierarchy noted above. As of December 31, 2021 and 2020, the carrying amounts of cash and cash equivalents, trade and other receivables, and trade and other payables reflected in the consolidated statement of financial position are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realization. There were no transfers into or out of any classification of financial instruments in the periods presented. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Changes In Accounting Estimates [Abstract] | |
Critical Accounting Estimates and Judgements | 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and amounts reported in the consolidated financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. ASSET ACQUISITIONS Between September 2016 and February 2018, the Group made four separate acquisitions of intellectual property consisting of domain names together with the related websites, mobile apps and content, and customer contracts. Effective January 1, 2019, the Group early adopted the amended definition of the business in IFRS 3 with retrospective application to prior acquisitions. As amended, IFRS 3 defines a business as an integrated set of activities and assets, which must include at a minimum an input and a substantive process that together significantly contribute to the ability to create output. Entities are also allowed to perform an optional concentration test. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar assets, the acquired integrated set does not constitute a business. The Group’s acquisitions made between 2016 and 2018 satisfied the requirements of the concentration test, as substantially all of the fair value of the gross assets acquired was concentrated in the domain names together with the related websites, mobile apps, and content. The Group determined the value of the domain names is not separable from the content of the websites and apps and does not exist on its own, as potential players visit the websites and install and use the apps to research and select their desired gaming opportunities. In addition, the Group made separate acquisitions of intellectual property consisting of domain names during 2021. For all acquisitions, the Company elected to bypass the optional concentration test and evaluated if a substantive process was acquired. The Company concluded that no substantive processes were included in any of the acquisitions. When no workforce is acquired, a process is considered substantive when it is unique or scarce. The Group did not acquire any workforce, and promptly transitioned the acquired assets onto its technology platform, integrating them into its existing processes. The legacy processes underlying the acquired assets were not unique or scarce, as they were based on commercially available Internet technologies and did not incorporate any substantive know-how. The Group concluded that all acquisitions were acquisitions of assets, and that early adoption of the amended definition of the business in IFRS 3 did not have any quantifiable impact on the assessment of the acquisitions. INDEFINITE LIFE INTANGIBLE ASSETS The acquired domain names, together with the related assets, are assigned an indefinite useful life when there is evidence based on the analysis of the applicable market trends and circumstances, management plans, expected usage and information about the ongoing cash inflows that the asset will be able to generate cash flows to the Group for an indefinite period. Indefinite-life intangibles are not amortized but are tested for impairment annually as of December 31. In addition, the Group reassesses in each period the assumptions underlying the useful life of indefinite-life intangible assets and assigns such assets a finite life if indicated by changes in the applicable facts and circumstances. Finite-life domain names and the related assets are amortized using the straight-line method over the estimated period during which they are expected to continue to generate cash flows for the Group. During the year ended December 31, 2021 and 2020, the Group had domain name intangibles with an indefinite useful life and the aggregate carrying value of $ 22,642 and $ 20,270 , respectively. The Group also had one finite-life mobile apps intangible asset, which was amortized over its useful life of 48 months and had a carrying value of $ 1,280 and $ 3,273 at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the Group has concluded no changes to the useful lives of these assets were necessary. Intangible assets with an indefinite useful life are tested for impairment annually at December 31. For the purposes of impairment assessment, assets are grouped at the lowest level which generates cash inflows that are largely independent of the cash inflows of the remaining assets (cash-generating units). Substantially all of the Group’s cash inflows are generated through the use of its technology platform which is monetized via various informational portals that include domain names, websites and mobile apps. When customers utilize our platform, they acquire leads from the whole suite of websites rather than by domain. Accordingly, the Group determined it has one cash-generating unit that includes all of its intangibles, property and equipment, and right of use assets. As of December 31, 2021, the Group tested its indefinite-life intangible assets for impairment as part of the Group’s single cash generating unit. The recoverable amount of the cash-generating unit was based on projected cash flows for 2022 — 2031 in which an average annual rate of growth between 3 % and 45 % was assumed and a long-term sustainable growth rate of 3% was applied. The projected cash flows were discounted using a discount rate of 13 %. The effective tax rate was estimated at 15 %. The methods for determining the significant inputs and assumptions are based on experience and expectations regarding market performance. The Group concluded that the recoverable amount is well in excess of the assets’ carrying amount, and accordingly a sensitivity analysis in this regard is not disclosed. Consequently, the Group concluded no impairment charges were necessary. When a triggering event arises, it may be necessary to test an asset for impairment at an individual asset level. This is the case when the asset’s fair value less costs to sell and value in use are both negligible. As of December 31, 2021, 2020 and 2019, no intangible assets met the criteria to be tested at the individual asset level. CAPITALIZATION AND IMPAIRMENT OF INTERNALLY DEVELOPED INTANGIBLE ASSETS Management reviews expenditures, including wages and benefits for employees, incurred on development activities and based on their judgment of the costs incurred assesses whether the expenditure meets the capitalization criteria set out in IAS 38 and the intangible assets accounting policy within the notes to our consolidated financial statements. Management considers if additional expenditure on projects relates to maintenance or new development projects. In addition, the useful life of capitalized development costs is determined by management at the time the software is brought into use and is regularly reviewed for appropriateness. For unique software products we control and develop, the life is based on historical experience with similar products as well as anticipation of future events, which may impact their useful economic life, such as changes in technology. Management reviews intangible assets at each reporting period to determine potential impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be fully recoverable. Recoverability is measured by comparing the carrying amount of the intangible asset with the future undiscounted cash flows the asset is expected to generate. Management must make estimates related to future cash flows and discount rates that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If such assets are considered impaired, an impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the intangible asset. FAIR VALUE OF FINANCIAL INSTRUMENTS The Group entered into a senior secured bond arrangement in October 2018 with third parties. The bonds had an embedded early redemption derivative, and the Group elected to measure senior secured bonds at fair value through profit and loss. The fair value of the bonds was categorized as Level 1 and was determined using market quoted prices, after considering whether any adjustments may be required, for example, due to timing differences between the market transaction dates and the valuation dates. No adjustments to market quoted prices were required during the year ended December 31, 2019. During the year ended December 31, 2020, the Group repurchased and redeemed all of the outstanding senior secured bonds which was accounted for as an extinguishment. Therefore, the liability associated with the senior secured bonds was derecognized from the consolidated statement of financial position at December 31, 2020. Warrants issued with common shares are measured at fair value at the date of issue using the Black-Scholes pricing model or binomial pricing model, and incorporate certain input assumptions including the share price, risk-free interest rate, expected warrant life and expected share price volatility. The fair value of certain warrants is included in the share options and warrants reserve component of equity and is transferred to share capital and capital reserve on exercise. The fair value of liability-classified warrants is determined using the Black-Scholes pricing model and such warrants are marked to market at each period end. SHARE-BASED PAYMENTS Management determines costs for share-based payments using market-based valuation techniques. The fair value of the equity-classified options and warrants are determined at the date of grant using the Black-Scholes option pricing model or Monte Carlo simulation, as applicable. One of the warrants provided for contingent net settlement in cash as a forward instrument, with the net settlement price based on a formula, in the event of termination of the holder’s employment within a stated period. As of December 31, 2020, the warrant was considered to be a compound financial instrument with an equity component of nil. The debt component was treated as cash settled and was liability classified. The fair value of this warrant was determined at each statement of financial position date, with fair value recognized over the expected service period and changes recognized in profit and loss, using the Black-Scholes option pricing model. In June 2021, this warrant was reclassified as equity as, through an addendum, it was no longer considered cash-settled. Assumptions are made and judgments are used in applying valuation techniques. Such judgments and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates. For options and warrants valued using the Black-Scholes option pricing model, these assumptions and judgments include estimating the future volatility of the stock price, risk-free interest rate, expected dividend yield, expected term, future employee turnover rates and future employee stock option exercise behaviors and corporate performance. During the year ended December 31, 2021, the Company granted stock options to the Company’s founders subject to market performance vesting conditions. The founders are required to hold exercised shares for a period of three years ("holding restriction") after the exercise date. The Company determined the fair value of these options using a Monte Carlo simulation and the following inputs: volatility, risk-free interest rate, expected dividend yield, holding restriction discount, and expected time to vest. During the year ended December 31, 2021, the Company granted stock options to certain employees subject to employment during the vesting period. The Company determined the fair value of these options using a Black-Scholes model and the following inputs: volatility, risk-free interest rate, expected dividend yield, and expected time to vest. See Note 13 for additional information on the valuation of options and warrants. COMMON STOCK VALUATIONS In valuing our common stock, the fair value of our business, or enterprise value, was determined using a combination of the market and income approaches. We believe both approaches are relevant and meaningful given our robust Company projections, publicly traded comparable stock information available and the price in the most recent equity transaction. The market approach estimates value based on a comparison of the subject company to comparable public companies in a similar line of business and secondary transactions of our capital stock. From the comparable companies, a representative market value multiple is determined and then applied to the subject company’s financial results to estimate the value of the subject company. The market approach also includes consideration of the transaction price of secondary sales of our capital stock by investors. The income approach estimates the fair value of a company based on the present value of the company’s future estimated cash flows and the residual value of the company beyond the forecast period. These future cash flows, including the cash flows beyond the forecast period for the residual value, are discounted to their present values using an appropriate discount rate, to reflect the risks inherent in the company achieving these estimated cash flows. Our assessments of the fair value of common stock for grant dates were based in part on the current available financial and operational information and the common stock value provided in the most recent valuation as compared to the timing of each grant. For financial reporting purposes, we considered the amount of time between the valuation date and the grant date to determine whether to use the latest common stock valuation or a straight-line interpolation between the two valuation dates. This determination included an evaluation of whether the subsequent valuation indicated that any significant change in valuation had occurred between the previous valuation and the grant date. For valuations after the completion of the listing of our common stock on The Nasdaq Global Market, we determine the fair value of each share of underlying common stock based on the closing price of our common stock as reported on the date of grant. TAXATION Deferred tax assets are recognized to the extent that it is probable future taxable profits will be available against which the temporary differences can be utilized. The key areas in this area are that the capital allowances to which the deferred tax asset relate will be accepted by the relevant tax authorities and whether it is probable that there will be suitable taxable profits against which any deferred tax assets can be utilized. The deferred tax asset recognized as of December 31, 2021 was based on management’s performance projections for 2022 – 2026. The deferred tax asset recognized as of December 31, 2020 was based on management’s performance projections for 2021 – 2025. We operate in a number of international tax jurisdictions. Judgement is required in respect of the interpretation of state, federal and international tax law and practices as e-commerce and tax continues to evolve. We file our tax returns and duty calculations and estimate our tax provisions based on current tax rules and practices and our transfer pricing policy, together with advice received from professional advisors and believe that our accruals for tax liabilities are adequate. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial information and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realized, or the liability is settled based upon tax rates that have been enacted or substantively enacted by the Consolidated Statement of Financial Position date. Deferred tax is charged or credited in the Consolidated Statement of Comprehensive Income and (Loss). The carrying amount of deferred tax assets is reviewed at each Consolidated Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is measured using tax rates that have been enacted or substantially enacted by the Consolidated Statement of Financial Position date and are expected to apply when the related deferred tax asset or liability is realized or settled. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. PROPERTY AND EQUIPMENT COMPUTER LEASEHOLD TOTAL At January 1, 2021 Cost 663 243 906 Accumulated depreciation ( 321 ) ( 70 ) ( 391 ) Net book amount 342 173 515 Year Ended December 31, 2021 Opening net book amount 342 173 515 Additions 305 — 305 Other movements ( 36 ) — ( 36 ) Depreciation charge ( 152 ) ( 24 ) ( 176 ) Translation differences ( 26 ) ( 13 ) ( 39 ) Closing net book amount 433 136 569 At December 31, 2021 Cost 738 223 961 Accumulated depreciation ( 305 ) ( 87 ) ( 392 ) Net book amount 433 136 569 Year Ended December 31, 2020 Opening net book amount 376 175 551 Additions 41 5 46 Depreciation charge ( 100 ) ( 23 ) ( 123 ) Translation differences 25 16 41 Closing net book amount 342 173 515 At December 31, 2020 Cost 663 243 906 Accumulated depreciation ( 321 ) ( 70 ) ( 391 ) Net book amount 342 173 515 For the years ended December 31, 2021, 2020 and 2019, cash paid for the acquisition of property and equipment was $ 305 , $ 46 and $ 195 , respectively. For the year ended December 31, 2021, the Company expensed low value office equipment with a net book value of $ 36 . The following is the reconciliation of depreciation expense: YEAR ENDED 2021 2020 2019 Depreciation expensed to technology expenses 46 13 5 Depreciation expensed to general and administrative expenses 130 110 105 Total depreciation expense 176 123 110 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Lease Liabilities [Abstract] | |
Leases | 6. LEASES In August 2021, the Group signed a 2-year lease office agreement in Tampa with total lease payments of $ 79 which, as discounted at the Group’s weighted average incremental borrowing rate of 8 %, resulted in additional lease liability of $ 70 during the year ended December 31, 2021. Below are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the year: RIGHT-OF-USE LEASE At January 1, 2021 1,799 1,975 Additions 70 70 Amortization of right-of-use assets ( 279 ) — Interest expense — 188 Payments — ( 413 ) Translation differences ( 125 ) ( 141 ) At December 31, 2021 1,465 1,679 At January 1, 2020 1,914 2,003 Additions — — Amortization of right-of-use assets ( 272 ) — Interest expense — 204 Payments — ( 399 ) Translation differences 157 167 At December 31, 2020 1,799 1,975 For the years ended December 31, 2021, 2020 and 2019, amortization expense of right-of-use assets was $ 279 , $ 272 and $ 243 , respectively, and lease payments related to lease liabilities were $ 413 , $ 399 and $ 364 , respectively. Lease payments not recognized as a liability The Group has elected not to recognize a lease liability for leases that are short term (with expected lease term of 12 months or less) or for low-value leases up to $ 25 . Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be recognized as lease liabilities and are expensed as incurred. The expense relating to payments not included in the measurement of the lease liability is as follows: YEAR ENDED 2021 2020 2019 Short-term leases 382 203 534 Leasing agreements with low-value — — 96 382 203 630 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets | 7. INTANGIBLE ASSETS DOMAINS CUSTOMER INTERNALLY DEVELOPED TOTAL At January 1, 2021 Cost 27,769 1,085 34 28,888 Accumulated amortization ( 4,226 ) ( 1,085 ) ( 17 ) ( 5,328 ) Net book amount 23,543 — 17 23,560 Year Ended December 31, 2021 Opening net book amount 23,543 — 17 23,560 Additions 4,110 — 1,659 5,769 Amortization charge ( 1,817 ) — ( 129 ) ( 1,946 ) Translation differences ( 1,914 ) — ( 50 ) ( 1,964 ) Closing net book amount 23,922 — 1,497 25,419 At December 31, 2021 Cost 29,578 1,085 1,619 32,282 Accumulated amortization ( 5,656 ) ( 1,085 ) ( 122 ) ( 6,863 ) Net book amount 23,922 — 1,497 25,419 Year Ended December 31, 2020 Opening net book amount 23,272 38 — 23,310 Additions 12 — 32 44 Amortization charge ( 1,784 ) ( 33 ) ( 15 ) ( 1,832 ) Translation differences 2,043 ( 5 ) — 2,038 Closing net book amount 23,543 — 17 23,560 At December 31, 2020 Cost 27,769 1,085 34 28,888 Accumulated amortization ( 4,226 ) ( 1,085 ) ( 17 ) ( 5,328 ) Net book amount 23,543 — 17 23,560 Amortization expense of intangible assets for the years ended December 31, 2021, 2020 and 2019 was $ 1,946 , $ 1,832 and $ 1,873 , respectively. For the years ended December 31, 2021, 2020 and 2019, cash paid for the acquisition of intangible assets and capitalized software developments was $ 5,269 , $ 44 and $ 1,526 , respectively. As of December 31, 2021, the Group had a deferred payment of $ 500 for the acquisition of domains, which is due to be settled in January - March 2022. As of January 1, 2019, the Group had an outstanding consideration obligation of $ 1,462 for assets purchased in a prior period. The balance was fully paid during the year ended December 31, 2019 for a final amount of $ 1,526 including earn-out adjustment of $ 90 and foreign exchange effect of $ 26 . As of December 31, 2021, the net book value of assets with finite useful lives was $ 2,777 out of which $ 1,280 relating to a finite life mobile app and $ 1,497 related to other intangibles. As at December 31, 2021 net book value of assets with indefinite useful lives was $ 22,642 related to domain names and related websites. As of December 31, 2020, the net book value of assets with finite useful lives was $ 3,290 of which $ 3,273 related to a finite life mobile app and $ 17 related to other intangibles, and the net book value of assets with indefinite useful lives was $ 20,270 related to domain names and related websites. The annual impairment testing of indefinite-life intangibles is discussed in Note 4. |
Trade and other Receivables
Trade and other Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Payables [Abstract] | |
Trade and other Receivables | 8. TRADE AND OTHER RECEIVABLES AS AT 2021 2020 Current Trade receivables, net (i) 4,003 4,839 Other receivables 129 141 Deposits 121 66 Prepayments 1,244 460 5,497 5,506 (i) Trade receivables, net AS AT 2021 2020 Trade receivables, gross 4,145 5,191 Credit loss allowance ( 142 ) ( 352 ) 4,003 4,839 Trade receivables are unsecured and subject to settlement typically within 30 days. Details on movements in the allowance are disclosed within Note 3. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 9. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise the following: AS AT 2021 2020 Cash at bank 51,047 8,225 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share Capital | 10. SHARE CAPITAL SHARES USD Issued and fully paid ordinary shares As at January 1, 2021 28,556,422 64 Shares issued and sold 5,250,000 — Transfer to capital reserve upon change of par value — ( 64 ) As at December 31, 2021 33,806,422 — As at January 1, 2020 27,291,543 61 Shares issued and sold 1,264,879 3 As at December 31, 2020 28,556,422 64 As at January 1, 2019 2,500,000 57 Shares issued and sold 2,291,543 4 As at December 31, 2019 27,291,543 61 In July 2021, the Group issued and sold in its initial public offering 5,250,000 ordinary shares in exchange for total gross cash proceeds of $ 42,000 . Costs attributable to the issue of new equity amounted to $ 6,090 and were netted against proceeds received. In February 2020, the Group issued and sold 164,269 ordinary shares in exchange for cash proceeds of $ 500 . In June 2020, 115,000 share warrants were exercised, resulting in an increase to share capital of $ 124 . In October 2020, the warrants to purchase 985,610 ordinary shares of the Company at an exercise price of $ 3.04 per share were cancelled and replaced with rights to subscribe to shares on substantially the same terms. Pursuant to these rights, in December 2020, the Company issued and sold an aggregate of 985,610 of its ordinary shares for gross proceeds of $ 3,000 to the investor, additional parties nominated by the investor including the Company's lender and some officers and directors, and some of the existing shareholders based on their pre-emptive rights. The sale of shares to directors included an element of compensation. Refer to additional details in Notes 13 and 23. Share issuance costs totaling $ 55 were capitalized as a part of Share Capital for the year ended December 31, 2020. At December 31, 2021, total authorized shares of the Company were unlimited. Shares have no par value. At December 31, 2020, total authorized share capital of the Company was 35,000,000 shares with a nominal value of EUR 0.002 ($ 0.002 ) each. |
Capital Reserve
Capital Reserve | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Capital Reserve | 11. CAPITAL RESERVE YEAR ENDED 2021 2020 2019 Opening carrying amount 19,979 16,007 9,772 Share warrants exercised/repurchased/cancelled and replaced with new — 545 — Share capital issue (Note 10), net of issuance costs 35,910 3,427 6,235 Transfer from share capital reserve upon change of par value 64 — — Closing carrying amount 55,953 19,979 16,007 |
Share Option and Warrants Reser
Share Option and Warrants Reserve | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Share Options And Warrants Reserve [Abstract] | |
Share Option and Warrants Reserve | 12. SHARE OPTION AND WARRANTS RESERVE Changes in the share option and warrants reserve are as follows: OPTIONS AND USD As at January 1, 2021 2,854,744 296 Share options and warrants expense — 640 Share options granted 4,186,770 645 Share options forfeited ( 20,000 ) ( 8 ) Modification of share warrants — 869 As at December 31, 2021 7,021,514 2,442 As at January 1, 2020 3,345,354 621 Share warrants & share options issued 745,000 220 Share warrants exercised ( 115,000 ) ( 2 ) Share warrants cancelled and replaced with new shares ( 985,610 ) ( 541 ) Share warrants repurchased ( 135,000 ) ( 2 ) As at December 31, 2020 2,854,744 296 As at January 1, 2019 2,259,744 129 Share warrants issued 1,085,610 476 Modification of share warrants — 16 As at December 31, 2019 3,345,354 621 In January 2021, share options to purchase 10,000 ordinary shares that were issued under the 2020 Stock Incentive Plan (the "Plan") were forfeited. In August 2021, a further 10,000 were forfeited (see Note 13). On July 31, 2021, 4,056,770 share options were granted under the Founders' Award (Note 13). On September 1, 2021, 10,000 share options were granted to an employee under the Plan (Note 13). During November 2021, 120,000 share options were granted to employees and contractors as a part of the Plan (Note 13). As at December 31, 2021, there was a total of 7,021,514 warrants and options outstanding including 855,000 warrants and options issued under the 2020 Stock Incentive plan and 4,056,770 under the Founders' Awards granted in 2021 (see Note 13). The remaining balance relates to warrants granted to executives, including officers, in prior years. As part of a transaction including issuance of shares in October 2019 to an investor, the Company issued share warrants subject to the other shareholders’ pre-emption rights to purchase up to 985,610 ordinary shares at an exercise price of $ 3.04 per share, exercisable between seven and twelve months from the issuance date. The fair value of the share warrants of $ 475 was determined using the Black-Scholes model with the main data inputs being volatility of 42.6 % and an annual risk-free interest rate of 1.63 %. In October 2020, the warrants were cancelled and replaced with rights to subscribe to shares on substantially the same terms. Pursuant to these rights, in December 2020 the Company issued and sold 985,610 ordinary shares in exchange for gross cash proceeds of $ 3,000 . Refer to additional detail in Note 10. In 2020, the Group granted certain employees and consultants options and warrants pursuant to the 2020 Stock Incentive Plan (see Note 13) to purchase 745,000 shares with a weighted average exercise price equal to EUR 3.01 ($ 3.52 ) per share. The options vest in tranches over the service period of four years . The majority of the warrants were fully vested when issued, except for 200,000 warrants which became vested in June 2021. In 2020, 115,000 warrants were exercised and 135,000 warrants were repurchased for consideration of $ 133 . As at December 31, 2020, there was a total of 2,854,744 warrants and options outstanding including 745,000 warrants and options issued under the 2020 Stock Incentive Plan (see Note 13). |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share-Based Payments | 13. SHARE-BASED PAYMENTS On October 22, 2020, the Company’s shareholders, in an extraordinary general meeting, approved the 2020 Stock Incentive Plan (“the Plan”). Under the Plan, employees, officers, directors, consultants and advisors, on the grant date are eligible to purchase share warrants or receive share options, which can be in the form of incentive stock options and nonstatutory stock options. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither right to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. The number of options granted, and the exercise price of the options is fixed by the Board of Directors of the Company. According to the Plan, awards may be made for up to 1,500,000 shares of the Company’s shares of common stock. If any award expires or is terminated, surrendered, or canceled wit hout having been fully exercised or is forfeited in whole or in part, or results in any common stock not being issued, the unused common stock covered by such award shall again be available for the grant of awards under the Plan. In 2021, the Board granted 4,186,770 stock options with a weighted average exercise price of $ 8.18 per share. In 2020, the Board granted 495,000 stock options and 250,000 warrants with a weighted average exercise price of $ 3.52 per share. The number of awards outstanding as at December 31, 2021, is as follows: NUMBER WEIGHTED AVERAGE Awards outstanding as at January 1, 2021 745,000 3.52 Granted 4,186,770 8.18 Forfeited ( 20,000 ) ( 3.52 ) Awards outstanding as at December 31, 2021 4,911,770 7.49 The number of awards outstanding as at December 31, 2020, is as follows: NUMBER WEIGHTED AVERAGE Awards outstanding as at January 1, 2020 — — Granted 745,000 3.52 Awards outstanding as at December 31, 2020 745,000 3.52 In December 2020, an investor in the Company nominated several Board members to purchase shares in the Company at an exercise price of $ 3.04 per share pursuant to its subscription rights that replaced a warrant to purchase the Company’s ordinary shares issued in connection with the Company financing during 2019 (see Note 10). An aggregate of 46,428 ordinary shares were purchased pursuant to this arrangement. The Company recognized an aggregate compensation expense of $ 66 based on the difference between the purchase price of the shares and the deemed fair value of the Company’s ordinary stock on the purchase date. Determination of Fair Value of Options and Warrants In July 2021, the Company granted options for 4,056,770 shares subject to performance vesting under the Founders' Award. Each option is divided in twelve tranches subject to different market capitalization thresholds. Holders are required to hold the shares for a period of three years ("holding period") after the exercise date. The share options tranches were valued individually using Monte Carlo simulations with the main input data being volatility of 55 %, risk free rate of 1.24 %, holding restriction discount of 20 % and expected weighted average time to vest is 6.62 years. The exercise price for each tranche is $ 8.00 per share. The weighted average fair value was determined at $ 1.92 per share as at measurement date. As of December 31, 2021 the performance conditions were not achieved for any of the tranches. In September 2021, the Company granted options to an employee for 10,000 shares subject to continuous employment during the vesting period. The option was valued using Black-Scholes model with the main input data being volatility of 55 %, risk free rate of 0.94 %, and expected weighted average time to vest is 6.1 years. The exercise price and share price are $ 12.91 per share. In November 2021, the Company granted options to certain employees for 120,000 shares subject to continuous employment during the vesting period. The options were valued using Black-Scholes model with the main input data being volatility of 55 %, risk free rates of 1.19 % and 1.23 %, and expected weighted average time to vest is 4.6 years. The exercise price and share price were between $ 14.61 and $ 14.71 per share. As of December 31, 2020, one of the warrants provides for contingent net settlement in cash as a forward instrument, with the net settlement price based on a formula, in the event of termination of the holder’s employment within a stated period. This warrant was considered to be cash-settled and was liability-classified. The fair value of this warrant was determined at each statement of financial position date, with fair value recognized over the expected service period and changes recognized in profit and loss, using the Black-Scholes option pricing model. The fair value per share for this warrant as of December 31, 2020 of EUR 0.67 was determined using the Black-Scholes model with the main data inputs being volatility of 55 %, an expected life of 3.89 years and an annual risk-free interest rate of 0.17 %. The exercise price for this warrant is EUR 3.01 per share. The remaining inputs are consistent with the below option table for 2020. In June 2021, the liability-classified warrant issued in November 2020 was modified to additionally allow net-share settlement in the event of the holder’s employment termination. The Company has the right to choose between settlement on a net-share or net-cash basis. Accordingly, effective in June 2021, the warrant qualified for recognition as an equity instrument. The carrying value of the warrant liability of $ 869 was reclassified as equity at the modification date. As of the modification date, the fair value per share for these warrants of EUR 3.66 ($ 4.43 ) was determined using the Black-Scholes model with the main data inputs being volatility of 60 %, an expected life of 3.4 years and an annual risk-free interest rate of 0.51 %. The exercise price for these warrants is EUR 3.01 ($ 3.65 ) per share and the share price was EUR 7.13 ($ 8.64 ) per share. Weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of other options and warrants granted during the year ended December 31 are as follows: YEAR ENDED 2021 2020 Exercise price, USD 8.18 3.52 Share price, USD 8.18 4.22 Risk free interest rate 1.20 % 0.41 % Expected volatility 55 % 55 % Expected option term 6.56 years 5.16 years Dividend yield 0 % 0 % Expected volatility is based on historical volatility of comparable companies. As of December 31, 2021 and 2020, the weighted average remaining contractual life for options and warrants issued as share based payments was 8.98 and 6.96 years, respectively. The range of exercise prices for options and warrants issued as share based payments was $ 8.00 to $ 14.71 per share and $ 3.52 to EUR 3.01 per share as of December 31, 2021 and 2020, respectively. Share-based Payment Expense YEAR ENDED DECEMBER 31, 2021 2020 Equity classified share options and warrants expense 1,286 232 Liability classified warrants' expense 709 139 Share-based payment expense 1,995 371 Share-based Payment Reserve YEAR ENDED 2021 2020 Balance at January 1 220 — Forfeiture and reclass to Other Reserves ( 8 ) — Modification of warrant accounting 151 — Expense for year 2,003 371 Liability classified warrants — ( 151 ) Share-based payment reserve at December 31 2,366 220 Share-based payment reserve is included within the share option and warrants reserve (see Note 12). |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Borrowings | 14. BORROWINGS Below is the carrying amount of the Group’s term loan and PPP loan and the movements during the years ended December 31, 2021 and 2020: YEAR ENDED DECEMBER 31, 2021 2020 As at January 1, at fair value 5,960 — Term loan received, net — 5,934 PPP loan received — 180 Offset of PPP loan — ( 180 ) Interest accrued (Note 20) 480 26 Amortization of issuance costs 34 — Interest paid ( 509 ) — Translation differences ( 21 ) — As at December 31, at fair value 5,944 5,960 As of December 31, 2021 and 2020, the non-current and current borrowings are as follows: AS AT DECEMBER 31, 2021 2020 Non-current — 5,937 Current 5,944 23 Total 5,944 5,960 As of December 31, 2021 and 2020, the total outstanding borrowings are as follows: AS AT DECEMBER 31, 2021 2020 Term loan 5,944 5,960 Below is the carrying amount of the Group’s borrowings, excluding the term loan and PPP loan, and the movements during the years ended December 31, 2020 and 2019: YEAR ENDED DECEMBER 31, 2020 2019 As at January 1, at fair value 18,611 23,050 Senior secured bonds sold, at cash — 560 Interest paid ( 1,656 ) ( 2,246 ) Interest accrued (Note 20) 1,495 2,008 Fair value movements ( 1,417 ) 94 Redemptions related to convertible promissory notes — ( 4,480 ) Repurchases and redemptions of senior secured bonds ( 17,352 ) — Translation differences 319 ( 375 ) As at December 31, at fair value — 18,611 During the year ended December 31, 2019, the Group had outstanding Euro-denominated senior secured bonds due in 2021 which were secured with the Company’s interest in its subsidiaries and therefore with substantially all of the Group’s assets. These bonds bore an interest rate of 10.5 % per annum and could be redeemed early by the Company at a premium ranging between 1.05 % and 5.25 % depending on the timing. Interest on the bonds was subject to increase by 0.5 % to 1.5 % if the Group did not maintain certain leverage ratios. Bondholders also had a right of early redemption in the event of the Group’s change in control or default. The bonds were listed on Nasdaq Stockholm. As at January 1, 2019, the nominal amount of the senior secured bonds outstanding was EUR 15,500 ($ 17,665 ). During 2019, the Group sold to third parties additional bonds from treasury with a nominal amount of EUR 500 ($ 560 ) at December 31, 2019. At December 31, 2019, the aggregate nominal amount of the senior secured bonds due in 2021 amounted to EUR 16,000 ($ 17,974 ) carried at fair value of $ 18,242 , and accrued interest was $ 369 . As at January 1, 2019, the Group had outstanding convertible promissory notes with a nominal amount of EUR 2,625 ($ 2,939 ) due on June 30, 2019, bearing interest at 10 % per annum and convertible at maturity at a rate based on the Group’s EBITDA for the last quarter prior to the maturity date. In addition, the Group had an outstanding balance of $ 1,541 owed to certain existing shareholders who had redeemed convertible promissory notes on the Company’s behalf during 2018. During 2019, the Group redeemed in cash the remaining convertible promissory notes and repaid the balance owed to the shareholders. All debt securities outstanding during the year ended December 31, 2019 were designated by management as financial liabilities at fair value through profit and loss. At December 31, 2019, the fair value of the senior secured bonds exceeded the nominal value of these bonds by $ 270 and was determined using market quotes. In March 2020, the Group repurchased a portion of the senior secured bonds with a nominal amount (including accrued interest) of EUR 4,364 ($ 4,975 ), in exchange for a cash payment of EUR 3,123 ($ 3,567 ) and subsequently cancelled the purchased bonds. In December 2020, the Group early redeemed the remaining outstanding senior secured bonds with a nominal amount of EUR 11,700 ($ 13,364 ), in exchange for a cash payment of EUR 12,069 ($ 13,785 ), which includes the redemption premium of 3.15 %. The total cash outflow for the redemption of the bonds was EUR 12,301 ($ 14,050 ) which included accrued interest. These transactions were accounted for as an extinguishment, and the liability was derecognized from the consolidated statement of financial position as at December 31, 2020. As the senior secured bonds were accounted for at fair value through profit or loss, such bonds were remeasured to fair value using the market quoted prices just prior to repurchase or redemption. Accordingly, the gain on repurchase of EUR 1,241 ($ 1,417 ) is recorded as “Fair value movements”, and the redemption premium of EUR 369 ($ 421 ) is recorded within “Repurchases and redemptions of senior secured bonds” for the year ended December 31, 2020. In June 2020, the Group received $ 180 under an unsecured loan granted under the Payment Protection Plan program authorized by the United States government in response to the novel coronavirus (“COVID-19”) pandemic, as part of the CARES Act. The loan was repayable in monthly instalments from April 2021 to May 2022, borne interest at 1 % per annum and could be forgiven to the extent proceeds of the loan are used for eligible expenditures, such as payroll and other expenses described in the CARES Act. As the Group reasonably believed that it would meet the terms for forgiveness, the loan was accounted for as a grant related to income and initially recognized as a deferred income liability. Subsequent to initial recognition, the Company reduced the liability, with the offset presented as a reduction of the related expense (i.e., payroll related costs) during the year ended December 31, 2020. The loan was forgiven in May 2021. In December 2020, the Group entered into a term loan agreement with an investor, pursuant to which it borrowed $ 6,000 bearing an interest rate of 8 % and due in December 2022, which was used, in part, to redeem the remaining outstanding senior secured bonds due in 2021. The term loan is secured with the shares in the Group's subsidiaries. The term loan is accounted for at amortized cost using the effective interest method. The transaction costs directly attributable to the issuance were $ 66 and are capitalized as part of the initial carrying amount of the term loan and subsequently amortized into profit or loss over its term through the application of the effective interest method. For the year ended December 31, 2021 and 2020, the Group paid interest of $ 484 and $ nil , respectively, on the term loan. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Payables [Abstract] | |
Trade and Other Payables | 15. TRADE AND OTHER PAYABLES AS AT 2021 2020 Trade payables (i) 1,045 521 Accruals 1,968 1,447 Indirect taxes 256 225 Liability classified warrants — 151 Other payables 22 84 3,291 2,428 (i) Trade payables balance is unsecured, interest-free and settled within 60 days from incurrence. |
Deferred Tax
Deferred Tax | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Deferred Tax [Abstract] | |
Deferred Tax | 16. DEFERRED TAX Deferred tax assets and liabilities are offset when they relate to the same fiscal authority, and there is a legally enforceable right to offset current tax assets against current tax liabilities. The following amounts determined after appropriate offsetting are shown in the consolidated statement of financial position: AS AT 2021 2020 Deferred tax asset to be recovered after more than 12 months 7,028 5,778 Deferred tax liability to be recovered after more than 12 months — — 7,028 5,778 The change in the deferred income tax account is as follows: AS AT 2021 2020 At January 1 5,778 — Credit to the consolidated statement of comprehensive income 1,770 5,377 Translation differences ( 520 ) 401 Deferred tax asset at December 31 7,028 5,778 Deferred taxes are calculated on temporary differences under the liability method using the principal tax rate within the relevant jurisdiction. The balance is comprised of the following: AS AT 2021 2020 Intangible assets 6,481 4,956 Trading losses and other allowances 547 822 Net deferred tax assets 7,028 5,778 At December 31, 2021, the Group had unutilized trading losses and other allowances of $ 31,508 of which $ 20,576 were not recognized based on management’s performance projections for 2022 – 2026 and the related ability to utilize the tax losses. At December 31, 2020, the Group had unutilized trading losses and other allowances of $ 25,458 of which $ 9,011 were not recognized based on management’s performance projections for 2021 – 2025 and the related ability to utilize the tax losses. The resulting deferred tax asset of $ 547 and $ 822 as of December 31, 2021 and 2020, respectively, is based on the deductions allowed by Article 14(1)(m) of the Malta Income Tax Act. At December 31, 2021, the Group had unutilized capital allowances of $ 93,409 related to intangible assets, a net increase of $ 28 million during the year as a result of a step up in the intangible assets' value after the public offering in July 2021. The balance of $ 41,554 were not recognized based on management’s performance projections for 2022 – 2026 and related ability to utilize capital allowance resulting in a recognition of a deferred tax asset of $ 6,482 . At December 31, 2020, the Group had unutilized capital allowances of $ 79,296 related to intangible assets, of which $ 39,645 were not recognized based on management’s performance projections for 2021 – 2025 and related ability to utilize capital allowance resulting in a recognition of a deferred tax asset of $ 4,956 . |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [Abstract] | |
Revenue | 17. REVENUE Revenue is disaggregated based on how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors. For the year ended December 31, 2021, our top ten customers accounted for 52 % of our revenue and our two largest customers accounted for 13 % and 10 % of our revenue. For the year ended December 31, 2020, our top ten customers accounted for 55 % of our revenue and our largest customer accounted for 20 % of our revenue. For the year ended December 31, 2019, our top ten customers accounted for 56 % of our revenue and our largest customer accounted for 21 % of our revenue. The Group presents revenue as disaggregated by market based on the location of the end user as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 U.K. and Ireland 21,391 16,189 13,412 Other Europe 10,800 5,252 2,879 North America 7,484 3,959 1,916 Rest of the world 2,648 2,580 1,059 Total revenues 42,323 27,980 19,266 The Group presents disaggregated revenue by monetization type as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Hybrid commission 15,616 14,738 11,060 Revenue share commission 3,596 3,308 3,856 CPA commission 18,591 9,047 3,447 Other revenue 4,520 887 903 Total revenues 42,323 27,980 19,266 The Group also tracks its revenues based on the product type from which it is derived. Revenue disaggregated by product type is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Casino 35,632 24,135 14,020 Sports 6,188 3,210 4,686 Other 503 635 560 Total revenues 42,323 27,980 19,266 |
Operating Expenses
Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Material Income And Expense [Abstract] | |
Operating Expenses | 18. OPERATING EXPENSES Sales and marketing expenses YEAR ENDED DECEMBER 31, 2021 2020 2019 Wages, salaries, benefits and social security costs 8,362 4,515 4,303 External marketing expenses 2,070 1,208 3,526 Amortization of intangible assets 1,817 1,817 1,873 Share-based payments 524 63 — Other 1,294 500 1,160 Total sales and marketing expenses 14,067 8,103 10,862 Technology expenses YEAR ENDED DECEMBER 31, 2021 2020 2019 Wages, salaries, benefits and social security costs 3,296 2,183 2,225 Depreciation of property and equipment 46 13 5 Amortization of intangible assets 129 15 — Share-based payments — 91 — Other 476 201 268 Total technology expenses 3,947 2,503 2,498 General and administrative expenses YEAR ENDED DECEMBER 31, 2021 2020 2019 Wages, salaries, benefits and social security costs 4,044 3,114 1,757 Share-based payments 1,471 217 — Depreciation of property and equipment 130 110 105 Amortization of right-of-use assets 279 272 243 Short term leases 382 203 630 Legal and consultancy fees 2,590 928 460 Accounting and legal fees related to offering 963 724 — Costs related to lease termination — 155 121 Employees’ bonuses related to offering 1,085 — — Acquisition related costs 520 — — Other 1,550 233 897 Total general and administrative expenses 13,014 5,956 4,213 |
Personnel
Personnel | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Personnel [Abstract] | |
Personnel | 19. PERSONNEL The average number of employees, including executive and non-executive directors, during the year was as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Executive directors 1 1 1 Non-executive directors 6 5 5 Sales and marketing employees 96 57 61 Technology employees 58 30 23 General and administrative employees 25 18 20 186 111 110 As of December 31, 2021, 2020 and 2019, the Group had 229 , 119 and 117 employees, respectively. |
Finance Income and Finance Expe
Finance Income and Finance Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Finance Income And Expenses [Abstract] | |
Finance Income and Finance Expenses | 20. FINANCE INCOME AND FINANCE EXPENSES YEAR ENDED DECEMBER 31, 2021 2020 2019 Finance income 2,581 303 140 Finance expenses ( 1,809 ) ( 2,099 ) ( 2,475 ) Net finance expenses 772 ( 1,796 ) ( 2,335 ) Finance income of the Group is mainly comprised of translation gains of balances of monetary assets and liabilities denominated in currencies other than each entity’s functional currency. Finance expenses for the year ended December 31, 2021 is comprised of $ 480 of interest expense on term loan, $ 188 of interest expense on lease liabilities, $ 1,041 of translation losses on balances of monetary assets and liabilities denominated in currencies other than each entity's functional currency, and $ 100 related to other finance charges. Finance expenses for the year ended December 31, 2020 is comprised of $ 1,521 of interest expense on senior secured bonds due in 2021 and the term loan, $ 204 of interest expense on lease liabilities, $ 157 of costs to repurchase warrants, $ 173 of translation losses of balances of monetary assets and liabilities denominated in currencies other than each entity’s functional currency, and $ 44 related to other finance charges. Finance expenses for the year ended December 31, 2019 is comprised of $ 2,008 of interest expense on senior secured bonds due in 2021 and convertible promissory notes, $ 211 of interest expense on lease liabilities, $ 108 of translation losses of balances of monetary assets and liabilities denominated in currencies other than each entity’s functional currency, and $ 148 of other finance expenses related issuance of the senior secured bond. |
Basic and Diluted Income (Loss)
Basic and Diluted Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Income (Loss) Per Share | 21. BASIC AND DILUTED INCOME (LOSS) PER SHARE Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the year. Due to the net loss recorded for the year ended December 31, 2019, potential ordinary shares were anti-dilutive for the loss per share calculation. YEAR ENDED DECEMBER 31, 2021 2020 2019 Net income (loss) for the year attributable to the equity holders 12,453 15,151 ( 1,901 ) Weighted-average number of ordinary shares, basic 30,886,559 27,595,446 25,477,405 Net income (loss) per share attributable to ordinary 0.40 0.55 ( 0.07 ) Net income (loss) for the year attributable to the equity holders 12,453 15,151 ( 1,901 ) Weighted-average number of ordinary shares, diluted 33,746,536 30,879,550 25,477,405 Net income (loss) per share attributable to ordinary 0.37 0.49 ( 0.07 ) Common stock warrants and options to purchase 7,021,514 , 2,854,744 and 3,345,354 ordinary shares were outstanding at December 31, 2021, 2020 and 2019, respectively, that could potentially be dilutive in the future (Note 12). For disclosures regarding the number of outstanding shares, see Note 10. |
Tax Expense (Benefit)
Tax Expense (Benefit) | 12 Months Ended |
Dec. 31, 2021 | |
Tax Expense Benefit [Abstract] | |
Tax Expense (Benefit) | 22. TAX EXPENSE (BENEFIT) YEAR ENDED DECEMBER 31, 2021 2020 2019 Current tax expense 1,481 978 420 Deferred tax charge (Note 16) — — 452 Deferred tax credit (Note 16) ( 1,770 ) ( 5,377 ) — ( 289 ) ( 4,399 ) 872 The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the applicable tax rate of 5 % as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Income (loss) before tax 12,164 10,752 ( 1,029 ) Tax expense at 5 % 608 538 ( 52 ) Tax effects of: Disallowed expenses (credits) 239 ( 692 ) 322 Movements in temporary differences ( 939 ) ( 1,892 ) 233 Income subject to other tax rates ( 273 ) ( 2,144 ) 248 Other 76 ( 209 ) 121 ( 289 ) ( 4,399 ) 872 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 23. RELATED PARTY TRANSACTIONS All significant shareholders and other companies controlled or significantly influenced by the shareholders, and all members of the key management personnel of the Group are considered by the Board of Directors to be related parties. Directors’ and key management emoluments Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, including Directors. Compensation paid or payable to key management was comprised of the following: YEAR ENDED 2021 2020 2019 Salaries and remuneration to key management and executive 3,897 1,379 714 Non-executive directors’ fees 401 246 150 4,298 1,625 864 The emoluments paid to the Directors during the years ended December 31, 2021, 2020 and 2019 amounted to $ 1,202 , $ 834 and $ 450 , respectively. The following transactions were carried out with related parties: YEAR ENDED 2021 2020 2019 Expenses Remuneration paid as consultancy fees 1,874 874 468 Salaries and wages 1,079 542 246 Other expenses 20 16 13 Share-based payments 1,345 — — 4,318 1,432 727 As per December 31, 2021 and 2020, the balance outstanding to key management and directors was $ 584 and $ 25 , respectively. As at December 31, 2021 and 2020 the following stock options and warrants were held by related parties: 2021 2020 Key management and executive directors 6,216,514 1,909,744 In July 2021 the Company granted 4,056,770 share options under the Founders' Award (Note 13). During the year ended December 31, 2021, 250,000 warrants held by an executive that were not previously included within related parties’ holdings were included as a result of a change in role. During the year ended December 31, 2020, non-executive directors exercised 115,000 warrants and the Company repurchased 35,000 warrants. Additionally, in December 2020 the Company issued and sold to related parties 655,783 ordinary shares in exchange for cash proceeds of $ 1,990 . These shares were sold pursuant to the rights to subscribe to shares that previously replaced warrants to purchase the Company’s ordinary shares issued in connection with the Company financing during 2019 (see Note 10). Of the aggregate 655,783 ordinary shares purchased, 46,438 shares were purchased by the Company’s directors nominated by the holder of the warrants, and included an element of compensation (see Note 12). The remaining 609,345 shares were purchased by the original investor in the 2019 financing and other related parties. |
Events After The Reporting Peri
Events After The Reporting Period | 12 Months Ended |
Dec. 31, 2021 | |
Events After The Reporting Period [Abstract] | |
Events After the Reporting Period | 24. EVENTS AFTER THE REPORTING PERIOD On January 1, 2022, the Company acquired 100 % of the issued and outstanding equity interests of Roto Sports, Inc. ("Roto Sports") for consideration of (i) a cash amount of $ 13,500 ( net of holdbacks and sellers expenses paid and being a subject to a final net working capital adjustment), (ii) issued 451,264 unregistered ordinary shares, (iii) $ 2,500 due on the first anniversary of the closing date and (iv) $ 5,300 due on the second anniversary of the closing date. At its own discretion, the Company can pay up to 50 % of the deferred payments in unregistered ordinary shares. The acquisition of Roto Sports is envisaged to enable the Group to accelerate its business in the U.S. During the year ended December 31, 2021, the Group incurred acquisition-related costs of $ 0.5 million on legal and consulting fees, which were included in general and administrative expenses. The Company is in the process of evaluating the acquisition accounting considerations and has engaged a third-party valuation specialist to assist with the purchase price allocation. Disclosure is limited to information available as of the date of issuance of these consolidated financial statements. On January 31, 2022, the Company acquired 100 % of the issued and outstanding equity interests of NDC Media, operator of BonusFinder.com, for an aggregate purchase price of EUR 1 2,500 ($ 13,920 ) , of which EUR 10,000 ($1 1,140 ) was paid in cash (subject to adjustments for cash, working capital, and indebtedness, among other factors), with cash on hand and EUR 2,500 ($ 2,860 ), or 269,294 in newly issued, unregistered ordinary shares. NDC Media shareholders may benefit from an additional payment of up to a maximum of EUR 19,000 ($ 21,850 ) to be paid in 2023 based on their financial performance, such as an EBIDTA target, during 2022, and a further potential payment of up to EUR 28,500 ($ 32,800 ) to be paid in 2024 based on certain conditions being met during 2023. The Company has the option to pay up to 50 % of each of the earnout payments in unregistered ordinary shares. A conversion rate of 1.1138 EUR to USD (the Central Bank reference rate on January 28, 2022) was used . The acquisition of NDC Media is envisaged to enable the Group to accelerate its business in the U.S. and Canada. Subsequent to year ended December 31, 2021, the Group incurred acquisition-related costs of $ 0.3 million on legal and consulting fees. The Company is in the process of evaluating the acquisition accounting considerations and has engaged a third-party valuation specialist to assist with the purchase price allocation. Due to the proximity of the date of this acquisition and the issuance of these consolidated financial statements, the Group has not finalized it’s acquisition accounting and as such the disclosure is limited to the information available as of the date of issuance of these consolidated financial statements. In January 2022, the Company began operating in Louisiana, Maryland and New York. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Preparation | BASIS OF PREPARATION The consolidated financial statements of the Group have been prepared in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union (“EU”), and were approved and authorized for issuance by the Board of Directors on March 24, 2022. The financial statements have been prepared on a historical cost basis. The preparation of financial statements in compliance with IFRS 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 financial statements and their effects are disclosed in Note 4. The Board of Directors has prepared these non-statutory financial statements as of December 21, 2021 and 2020 and for the years ended December 31, 2021 and 2020 for inclusion in an annual report on Form 20-F to be submitted by the Company to the United States Securities and Exchange Commission (“SEC”). New and Amended Standards Adopted by the Group in 2021 The Group has analyzed the following amendments to existing standards that are mandatory for the Group’s accounting period beginning on January 1, 2021, and determined they had limited or no impact on the Group’s financial statements: ▪ Amendment to IFRS 16, Covid-19-Related Rent Concessions Extension of the Practical Expedient ▪ Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, Interest Rate Benchmark Reform – Phase 2 Standards Issued but Not Yet Effective There were a number of standards and interpretations which were issued but not yet effective at December 31, 2021 and have not been adopted for these consolidated financial statements. These amendments are not expected to have a significant impact on disclosures or amounts reported in the Group’s consolidated financial statements in the period of initial application. Effective for annual periods beginning on or after January 1, 2022: ▪ Amendments to IFRS 3, Business Combinations ▪ Amendments to IAS 16, Property, plant and equipment – Proceeds before Intended Use ▪ Amendments to IAS 37, Onerous Contracts—Cost of Fulfilling a Contract ▪ Annual Improvements to IFRS Standards 2018–2020 Effective for annual periods beginning on or after January 1, 2023: ▪ Amendments to IAS 1, Classification of Liabilities as Current or Non-Current – Deferral of Effective Date ▪ Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies ▪ Amendments to IAS 8, Definition of Accounting Estimates ▪ Amendments to IFRS 17, Insurance Contracts ▪ Amendments to IAS 12, Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction |
Basis of Consolidation | BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Group as of and for the years ended December 31, 2021, 2020 and 2019. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Control is reassessed whenever facts and circumstances indicate that there are changes in control. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The subsidiaries of the Company, all of which have been included in these consolidated financial statements, are as follows: NAME PRINCIPAL COUNTRY OF OWNERSHIP % GDC Media Limited Digital marketing Ireland 100 GDC Malta Limited Digital marketing Malta 100 GDC America Inc. Digital marketing United States 100 |
Basis of Going Concern | BASIS OF GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Group is required to evaluate whether there are any material uncertainties related to events or conditions that may cast significant doubt about the Group’s ability to continue as a going concern for a period of at least, but not limited to, 12 months from the date of issuance of the financial statements. An entity’s ability to continue as a going concern is assumed absent significant information to the contrary. If there are indications that there could be significant doubt about the entity’s ability to continue as a going concern for a reasonable period of time, then a detailed analysis must be performed. This evaluation includes an assessment of whether the Company can continue to meet its obligations as they become due without substantial disposition of assets outside the ordinary course of business, restructuring of debt, revisions of its operations or similar actions. The Board of Directors have assessed the financial risks facing the business, including macroeconomic events as outlined in Note 3 and Note 24, and compared this risk assessment to the net current asset position. The Directors have also reviewed relationships with key customers and software providers and are satisfied that the appropriate contracts and contingency plans are in place. The Directors have prepared detailed revenue, operating expense and cashflow forecasts as well as sensitivity analyses to assess whether the Company has adequate resources for the foreseeable future. Based on the analyses performed, the Board of Directors considers that the Group has adequate resources to continue in operational existence for at least a period of 12 months from the date of issuance of these consolidated financial statements. |
Foreign Currency Translation | FOREIGN CURRENCY TRANSLATION The following exchange rates were used to translate the financial statements of the Group into USD from Euros: PERIOD END (1) AVERAGE FOR (2) BEGINNING (1) LOW HIGH Year Ended December 31: (EUR per USD) 2021 0.88 0.85 0.81 0.81 0.89 2020 0.81 0.88 0.89 0.81 0.93 2019 0.89 0.89 0.88 0.87 0.92 (1) Exchange rates are as per European Central Bank. (2) The average is based on published rates refreshed daily by the European Central Bank. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income. Translation into Reporting Currency The assets and liabilities of the Company and its primary subsidiaries are translated from the functional currency of the operations to USD, being the reporting currency, using the exchange rates at the reporting date. The Company and its primary subsidiaries functional currency is Euro. The USD has been selected as the reporting currency to ensure comparability with the financial reports of similar entities. The revenues and expenses are translated into USD using the average exchange rates for the period, which approximate the exchange rates at the date of the transaction. All resulting foreign exchange differences are recognized in other comprehensive income and included in foreign exchange translation reserve in equity. |
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment are stated at historical cost less accumulated depreciation and accumulated impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Subsequent costs are included in the assets’ carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives, as follows: Computer and other office equipment 5 years Leasehold improvements The shorter of the remaining lease term or 10 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Gains and losses on disposals of property and equipment are determined by comparing the proceeds with the carrying amount and are recognized, where applicable, within ‘other operating income’ in the consolidated statement of comprehensive income. |
Intangible Assets | INTANGIBLE ASSETS An intangible asset is recognized if it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Intangible assets are initially measured at cost. The cost of a separately acquired intangible asset comprises its purchase price and any directly attributable cost of preparing the asset for its intended use. The cost of acquisition of intangible assets for which the consideration comprises an issue of equity shares is calculated as the fair value of the equity instruments issued in the transaction. Where the cost of a separately acquired intangible asset includes contingent consideration, cost includes the fair value of the contingent consideration as determined on the date of acquisition. Subsequent changes in estimates of the likely outcome of the contingent event are reflected as increases or decreases in the value of the intangible asset. The remaining changes in the value of contingent consideration are recognized as interest expense. Internally Developed Intangible Assets The Company capitalizes certain development costs related to its technological platform during the development stage. The Company also capitalizes certain costs related to specific upgrades and enhancements when it is probable that expenditures will result in additional functionality of the platform to its customers . The capitalization policy provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development and enhancements of the technology platform. Expenditures incurred on development activities are capitalized if it can be demonstrated that all the following criteria are met: ▪ It is technically feasible to complete the intangible asset; ▪ Adequate resources are available to complete the development; ▪ There is an intention to complete and use the intangible asset for the provision of services; ▪ The Group is able to use the intangible asset; ▪ Use of the intangible asset will generate probable future economic benefits; and ▪ Expenditures attributable to the intangible asset can be measured reliably. Expenditures related to development activities that do not satisfy the above criteria, including expenditures incurred during the preliminary project stage and post implementation activities, are expensed as incurred in the consolidated statement of comprehensive income. Subsequent expenditure on capitalized intangible assets is capitalized only where it clearly increases the economic benefits to be derived from the asset to which it relates. All other expenditures, including those incurred in order to maintain an intangible asset’s current level of performance, is expensed as incurred. Capitalized intangible assets have a useful life of 60 months , which is reviewed on an annual basis. Capitalized intangible assets are amortized over their useful life using straight-line basis . Externally Purchased Intangible Assets Separately acquired intangibles include Internet domain names together with related websites and content, and customer contracts. Domain names together with the related assets have an indefinite useful life when there is evidence based on the analysis of the applicable market trends and circumstances, management plans, expected usage and information about the ongoing cash inflows that the asset will be able to generate cash flows to the Group for an indefinite period. Indefinite-life intangibles are not amortized but are tested for impairment annually as of December 31. In addition, the Group reassesses in each period the assumptions underlying the useful life of indefinite-life intangibles and assigns such assets a finite life if indicated by changes in the applicable facts and circumstances. When this happens, the related assets are also tested for impairment. Finite-life domain names and the related assets are amortized using the straight-line method over the estimated period during which they are expected to continue to generate cash flows for the Group. During the years ended December 31, 2021, 2020 and 2019, the Group had one finite-life mobile apps intangible asset, amortized straight-line over its estimated useful life of 48 months . Customer contracts have a useful life of 12 – 24 months , which are reviewed on an annual basis. Customer contracts are amortized over their useful life using the straight-line method. Intangible assets are derecognized on disposal or when no future economic benefits are expected from their use or disposal. Gains or losses arising from derecognition represent the difference between the net disposal proceeds, if any, and the carrying amount of intangible assets, and are recognized in the consolidated statement of comprehensive income for the respective period. |
Impairment Assessment | IMPAIRMENT ASSESSMENT Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets that have an indefinite useful life (which are not subject to amortization) are tested annually for impairment. For the purposes of impairment assessment, assets are grouped at the lowest level which generates cash inflows that are largely independent of the cash inflows of the remaining assets (cash-generating units). Through December 31, 2021, substantially all of the Group’s cash inflows have been generated through the use of its technology platform which is monetized via various informational portals that include domain names, websites and mobile apps. Accordingly, the Group determined it has one cash-generating unit that includes all of its intangibles, property and equipment, and right of use assets. An impairment loss is recognized as the difference between the carrying amount of the cash-generating unit and its recoverable amount and is accounted for in the consolidated statement of comprehensive income in the period identified. The recoverable amount is the higher of the fair value less costs to sell and value in use. Where the fair value of an asset less its costs to sell are determinable, and the fair value less costs to sell are estimated to be close to its value in use, the recoverable amount can be assessed for an individual asset. In this instance, an impairment may be recognized at an individual asset level where the fair value less costs to sell and value in use are both negligible. As at December 31, 2021, 2020 and 2019, the Group had no impairments. Non-financial assets, excluding goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. |
Financial Assets | FINANCIAL ASSETS Financial assets are classified at initial recognition and subsequently measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income. The classification of financial assets depends on the assets’ contractual cash flows characteristics and the Group’s model for managing such. Through December 31, 2021, the Group’s financial assets consist of trade and other receivables and cash and cash equivalents. The Group’s objective for holding financial assets is to hold them to collect contractual cash flows, which are solely payment of principal and interest. Accordingly, these assets are accounted for at amortized cost. Expected Credit Loss Assessment and Write-offs The Group recognizes an allowance for Expected Credit Losses (“ECLs”) for all financial assets carried at amortized cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that the Group expects to receive. The Group applies the simplified approach in calculating ECLs for trade and other receivables. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The assessment is completed at the end of each reporting period. Movements in ECLs, including recoveries, are presented within the consolidated statement of comprehensive loss in the period incurred. Financial assets are written off when there is no reasonable expectation of recovery, such as: ▪ Significant financial difficulty of the issuer or obligor; ▪ A breach of contract, such as a default or delinquency in interest or principal payments; ▪ It becomes probable that the borrower will enter bankruptcy or other financial reorganization; and ▪ Observable data indicating that there is a measurable decrease in the estimated future cash flow from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets. When trade and other receivables have been written off, the Group continues to engage in enforcement activities in order to recover the receivable due. If successful, the recoveries are recognized in profit or loss. Derecognition A financial asset is derecognized when: ▪ The rights to receive cash flows from the asset have expired; or ▪ The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. |
Trade and Other Receivables | TRADE AND OTHER RECEIVABLES Trade receivables are amounts due from customers for services performed in the ordinary course of business and are classified as current. Other receivables include prepaid expenses and deposits. Trade and other receivables are recognized initially at fair value, which due to their comparatively short maturities, approximates their carrying value. They are subsequently measured at amortized cost using the effective interest method, less an expected credit loss allowance. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognized in profit or loss. When a receivable is uncollectible, it is written off against the allowance account for trade and other receivables. Subsequent recoveries of amounts previously written off are credited against profit or loss. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash at bank, cash in transit and demand deposits that have maturities of three months or less from inception, are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying value of cash and cash equivalents approximates their fair value based on the short-term nature of such assets and the effect of any fair value differences being negligible. |
Issued Capital and Reserves | ISSUED CAPITAL AND RESERVES Share Capital As of the initial public offering date, the Company’s ordinary shares have a nominal value of nil per share. As of the initial public offering date, the balance of share capital was reclassified to capital reserve as a result of the change in nominal value per share. Prior to the completion of the initial public offering, ordinary shares were classified as equity. Share capital includes the nominal value of ordinary shares issued and outstanding. The excess of the consideration received from the issuance of shares over their nominal value is recognized in the capital reserve. Capital Reserve As of the initial public offering date, capital reserve includes consideration received from the issuance of shares and any other contributions made by the shareholders of the Company of a cash or non-cash nature without the issuance of shares. Incremental costs directly attributable to the issuance of new ordinary shares or other shareholder contributions are shown in equity as a deduction, net of tax, from the proceeds. Prior to the initial public offering date, capital reserve comprised of the excess consideration received from the issuance of shares over their nominal value. Share Option and Warrants Reserve The share option and warrants reserve is used to recognize the value of equity-classified share options and warrants, including share-based payments. Foreign Exchange Translation Reserve Foreign exchange translation reserve comprises foreign currency translation differences arising from the translation of the assets and liabilities of all Group entities from the functional currency into USD, the reporting currency. Retained Earnings Retained earnings includes all current and prior period earnings (losses). |
Financial Liabilities | FINANCIAL LIABILITIES The Group recognizes a financial liability in its consolidated statement of financial position when it becomes a party to the contractual provisions of the instrument. The Group’s financial liabilities are classified as financial liabilities at fair value through profit or loss and financial liabilities at amortized cost. Financial liabilities not at fair value through profit or loss are recognized initially at fair value net of transaction costs that are directly attributable to the financial liability. Subsequent measurement of the liabilities differs based on the classification originally applied and is described below. The Group derecognizes a financial liability from its consolidated statement of financial position when the obligation specified in the contract or arrangement is discharged, cancelled or expires. Trade and Other Payables Trade payables comprise obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Borrowings In October 2018, the Company issued senior secured bonds which contained an embedded derivative that was not closely related to the host instrument. Therefore, the Group elected to recognize these bonds as financial liabilities carried at fair value through profit or loss, with changes in fair value recognized in the consolidated statement of comprehensive income. Any directly attributable transaction costs incurred upon issuing such instruments are recognized in profit or loss. These bonds are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. In March 2020, the Group repurchased a portion of the senior secured bonds in the open market, placing them in treasury. In December 2020, the Group cancelled the bonds held in treasury and early redeemed the remaining outstanding senior secured bonds. These transactions are accounted for as an extinguishment, and the liability is derecognized from the consolidated statement of financial position. As the senior secured bonds are accounted for at fair value through profit or loss, the Bonds are remeasured to fair value using the market quoted prices just prior to repurchase or redemption. Accordingly, any gain or loss on repurchase or redemption is classified as “Gains (losses) on financial liability at fair value through profit or loss”. In December 2020, the Group entered into a two-year fixed rate term loan agreement with an investor which is accounted for at amortized cost using the effective interest method . The transaction costs directly attributable to the issuance are capitalized as part of the initial carrying amount of the term loan and subsequently amortized into profit or loss over its term through the application of the effective interest method. |
Government Grants | GOVERNMENT GRANTS In June 2020, the Group received an unsecured loan granted under the Paycheck Protection Plan program authorized by the United States government in response to the novel coronavirus (“COVID-19”) pandemic as part of the CARES Act. The loan was repayable but could be forgiven to the extent proceeds of the loan are used for eligible expenditures, such as payroll and other expenses described in the CARES Act. As the Group reasonably believed that it would meet the terms for forgiveness, the loan was accounted for as a grant related to income and initially recognized as a deferred income liability. Subsequent to initial recognition, the Company reduced the liability, with the offset presented as a reduction of the related expense (i.e., payroll related costs) in the year ended December 31, 2020. The loan was forgiven in May 2021. |
Revenue Recognition | REVENUE RECOGNITION The Group generates revenue primarily from commissions derived from referrals of prospective players visiting the Group’s websites or mobile apps to the Group’s customers, who are regulated online gambling operators. Depending on the customer, commission revenue may be earned in the form of ongoing revenue-share fees, one-time fee for each acquired player (cost per acquisition, or CPA, fee), or both, which is referred to as hybrid. Revenue-share fees represent a set percentage of net gaming revenues the operator generates over the lifetime of the referred player. Negative revenue share-amounts usually do not carry over into subsequent months. CPA fees are fixed rate fees owed for each player who registers and usually deposits a minimum balance on the operator’s site. Fees generated by each operator during a particular month are paid to the Group shortly after the month-end. The Group transacts with its customers pursuant to the terms of marketing affiliate agreements and/or insertion orders, which typically do not require a minimum number of player referrals nor minimum fees and can be terminated for convenience by either party at any time. Termination or changes in the terms of these agreements do not typically affect the rights of the parties or the fees earned or to be earned with respect to the players previously referred to the operator. The Group considers each player referral to be a separate performance obligation. It is satisfied at the point in time when the referral is accepted by the relevant operator. The Group is not involved in the operator’s delivery of gaming or gambling services to players. Digital marketing activities of the Group and its subsidiaries are primarily to compile and to present content focused on prospective player education and engagement on websites and are not considered distinct services rendered to the operator customers. CPA fees for each player referral are recognized when earned upon acceptance of the referral by the operator. Revenue-share fees for each referral are considered variable consideration and are only recognized to the extent it is probable that no significant reversal of cumulative revenue recognized for this referral will occur when the ultimate fees are known. Although performance is complete when the referral is accepted, the ultimate revenue-sharing fees from the referral are subject to significant uncertainties, including how long the referred player will remain active, the size and frequency of the wager amounts, and the patterns of wins and losses. These factors vary significantly between markets as well as between individual operators and are further influenced by competition from other entertainment channels, taxation and regulatory developments, disruptive events such as the COVID-19 pandemic, as well as general conditions of the economy. Consequently, revenue-share fees are considered constrained and not included in the transaction price and not recognized until earned during each month based on the relevant player’s activities. Revenue-share fees recognized by the Company are based on the revenues generated and expenses incurred by the customers and depend on the customers’ calculations, which could be subject to miscalculations or deliberate misrepresentation. The Company monitors revenues by customer to corroborate the amounts reported. The Group has no material obligations for discounts, incentives or refunds of commissions subsequent to completion of performance obligations. Other revenues are derived from promotion services whereby the Company charges a fixed fee for providing a prominent position to a customer on the Company’s website(s). The Company also generates revenue from fixed tenancy fees for operators who desire to be listed and critically reviewed on the Company’s sites. Control of the promotion service is transferred over time because the operators consume the benefit of the service in real time as it is being rendered. Therefore, these revenues are recognized straight-line over the applicable service period, with variable fees generally recognized as earned. There are no incremental costs to obtain and no costs to fulfill contracts with customers eligible to be capitalized. |
Finance Income and Expenses | FINANCE INCOME AND EXPENSES Finance income comprises of unrealized/realized currency gains. Finance expenses comprises of (i) interest expenses on borrowings; (ii) deemed interest charged under IFRS 16; (iii) bank and other finance charges; and (iv) unrealized/realized currency losses. Interest expense is recognized as it accrues in profit or loss, using the effective interest method. |
Current and Deferred Tax | CURRENT AND DEFERRED TAX The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Deferred tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
Warrants | WARRANTS Proceeds from the issue of common share purchase warrants (warrants) treated as equity are recorded as a separate component of equity. Costs incurred on the issuance of warrants are netted against proceeds. Warrants issued with common shares are measured at fair value at the date of issue using an appropriate pricing model as indicated in IFRS 9, and incorporates certain input assumptions including the warrant price, risk-free interest rate, expected warrant life and expected share price volatility. The fair value for equity-classified warrants is included in the share option and warrant reserve component of equity and is transferred to share capital and capital reserve on exercise. |
Share-Based Payments | SHARE-BASED PAYMENTS The Company has operated equity-settled share-based compensation plans since 2020. Through these plans, the Group has received services from employees and consultants as consideration for equity instruments (options) of the Company. The fair value of the assets acquired, or services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by the fair value of the options granted, which is estimated: ▪ Including the impact of any market performance conditions (for example, an entity’s share price); ▪ Excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and ▪ Including the impact of any non-vesting conditions (for example, the requirement for employees to hold shares for a specific period of time). At the end of each reporting period, the Company revises its estimates of the number of options that are expected to vest based on the non-market performance and service vesting conditions. For options with market-based performance vesting conditions, the initial amount to be expensed is not revised, unless the grantee’s service is terminated prior to the end of the original estimated period required to satisfy the vesting condition, or unless the vesting conditions are met prior to the end of this period. The Company recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the Company, or another entity at the request of the Company, transfers shares to the option holder. For grants of options to the employees and consultants, the fair value of services received is measured by reference to the grant date fair value of the options. In addition, the Board issues warrants to purchase common stock to eligible participants in exchange for cash consideration paid by the recipient at the warrant market value on the grant date. If the warrants are not issued in exchange for consideration at least equal to their fair value on the issuance date, or if the Company funds the purchase of the warrants, the warrants are considered compensation. Such warrants are classified as equity-settled share-based payment transactions if they are to be settled in shares or if the manner of settlement is outside the control of the warrant holder and settlement in shares is expected. Such warrants are measured at fair value on the grant date. The fair value of the warrants is determined using the Black-Scholes option pricing model. At December 31, 2020, one of the warrants provided for contingent net settlement in cash as a forward instrument, with the net settlement price based on a formula, in the event of termination of the holder’s employment within a stated period. This warrant was considered to be cash-settled and was liability-classified as of December 31, 2020. In June 2021, this warrant was reclassified as equity as, through an addendum, it was no longer considered cash-settled. |
Deferred Offering Costs | DEFERRED OFFERING COSTS Direct and incremental legal, accounting and other professional costs associated with the Company’s initial public offering of $ 180 were deferred and classified as a component of other assets in the consolidated statement of financial position as of December 31, 2020. Such costs were offset against the proceeds received in the offering which was completed during July 2021. |
Leases | LEASES The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group leases office premises in countries of its operation and applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities for future remaining lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use Assets The Group recognizes a right-of-use asset at the lease commencement date (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, lease payments made at or before the commencement date less any lease incentives received, initial direct costs incurred, and restoration costs. Right-of-use assets are depreciated over the shorter of the lease term or the useful life of the right-of-use asset using the straight-line method. Lease Liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of the following payments, when applicable: ▪ Fixed payments (including in-substance fixed payments), less any lease incentives receivable; ▪ Variable lease payments that are based on an index or a rate; ▪ Expected payments under residual value guarantees; ▪ The exercise price of purchase options, where exercise is reasonably certain; ▪ Lease payments in optional renewal periods, where exercise of extension options is reasonably certain; and ▪ Penalty payments for the termination of a lease if the lease term reflects the exercise of the respective termination option. Lease payments are discounted using the incremental borrowing rate that the lessee would have to pay to borrow funds under a secured loan with similar terms to those of the lease, to obtain an asset of value similar to the right-of-use asset in a similar economic environment. During the year ended December 31, 2021, the incremental borrowing rate was estimated at 8 %. During the years ended December 31, 2020 and 2019, the incremental borrowing rate was estimated at 10.5 %. Lease liabilities are subsequently measured at amortized cost using the effective interest method. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). For short-term or low-value leases, the Group recognizes lease expense in the consolidated statement of comprehensive income on a straight-line basis over the period of the lease. |
Segment Reporting | SEGMENT REPORTING An operating segment is a part of the Group that conducts business activities from which it can generate revenue and incur costs, and for which independent financial information is available. Identification of segments is based on internal reporting to the chief operating decision maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer (“CEO”). The Group does not divide its operations into different segments, and the CODM operates and manages the Group’s entire operations as one segment, which is consistent with the Group’s internal organization and reporting system. As at December 31, 2021 and 2020, geographic analysis of the Group’s non-current assets, excluding deferred tax assets, was as follows: AS AT DECEMBER 31, 2021 2020 Ireland 27,247 25,794 United States 186 78 Malta 20 2 27,453 25,874 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Subsidiaries of Company | The subsidiaries of the Company, all of which have been included in these consolidated financial statements, are as follows: NAME PRINCIPAL COUNTRY OF OWNERSHIP % GDC Media Limited Digital marketing Ireland 100 GDC Malta Limited Digital marketing Malta 100 GDC America Inc. Digital marketing United States 100 |
Summary of Exchange Rates Used to Translate Financial Statements into USD from Euros | The following exchange rates were used to translate the financial statements of the Group into USD from Euros: PERIOD END (1) AVERAGE FOR (2) BEGINNING (1) LOW HIGH Year Ended December 31: (EUR per USD) 2021 0.88 0.85 0.81 0.81 0.89 2020 0.81 0.88 0.89 0.81 0.93 2019 0.89 0.89 0.88 0.87 0.92 (1) Exchange rates are as per European Central Bank. (2) The average is based on published rates refreshed daily by the European Central Bank. |
Summary of Cost of Assets to Residual Values Over Estimated Useful Lives | Depreciation is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives, as follows: Computer and other office equipment 5 years Leasehold improvements The shorter of the remaining lease term or 10 years |
Summary of Geographic Analysis of Non-current Assets, Excluding Deferred Tax Assets | As at December 31, 2021 and 2020, geographic analysis of the Group’s non-current assets, excluding deferred tax assets, was as follows: AS AT DECEMBER 31, 2021 2020 Ireland 27,247 25,794 United States 186 78 Malta 20 2 27,453 25,874 |
Risk Management (Tables)
Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Risk Management [Abstract] | |
Summary of Credit Risk Exposure | Credit risk arises from cash and cash equivalents and trade and other receivables. The exposure as of the reporting date is as follows: AS AT DECEMBER 31, 2021 2020 Trade and other receivables (excluding prepayments) (Note 8) 4,253 5,046 Cash and cash equivalents (Note 9) 51,047 8,225 55,300 13,271 |
Summary of Aging of Trade Receivables | The aging of trade receivables that are past due but not impaired is shown below: AS AT DECEMBER 31, 2021 2020 Between one and two months 159 190 Between two and three months 15 21 More than three months 7 8 181 219 |
Summary of Credit Loss Allowance Activity | The activity in the credit loss allowance was as follows: YEAR ENDED DECEMBER 31, 2021 2020 As of January 1 352 340 (Decrease) Increase in credit losses allowance ( 187 ) 254 Write offs — ( 275 ) Translation effect ( 23 ) 33 As of December 31 142 352 For the year ended December 31, 2021, the Company wrote off receivables from customers with the total value of $ 90 ; the balances were not specifically provided during the year. For the year ended December 31, 2020, the Company wrote off receivables from customers with the total value of $ 275 , including the balance of $ 241 which was specifically provided. |
Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments | The following tables summarize the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. During the year ended December 31, 2020, the Group repurchased and redeemed all of the outstanding senior secured bonds. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. LESS BETWEEN MORE TOTAL As of December 31, 2021 Term loan 6,480 — — 6,480 Lease liability 393 386 1,436 2,215 Trade and other payables 3,291 — — 3,291 Total 10,164 386 1,436 11,986 As of December 31, 2020 Term loan 480 6,480 — 6,960 Lease liability 413 389 1,945 2,747 Trade and other payables 2,428 — — 2,428 Total 3,321 6,869 1,945 12,135 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | COMPUTER LEASEHOLD TOTAL At January 1, 2021 Cost 663 243 906 Accumulated depreciation ( 321 ) ( 70 ) ( 391 ) Net book amount 342 173 515 Year Ended December 31, 2021 Opening net book amount 342 173 515 Additions 305 — 305 Other movements ( 36 ) — ( 36 ) Depreciation charge ( 152 ) ( 24 ) ( 176 ) Translation differences ( 26 ) ( 13 ) ( 39 ) Closing net book amount 433 136 569 At December 31, 2021 Cost 738 223 961 Accumulated depreciation ( 305 ) ( 87 ) ( 392 ) Net book amount 433 136 569 Year Ended December 31, 2020 Opening net book amount 376 175 551 Additions 41 5 46 Depreciation charge ( 100 ) ( 23 ) ( 123 ) Translation differences 25 16 41 Closing net book amount 342 173 515 At December 31, 2020 Cost 663 243 906 Accumulated depreciation ( 321 ) ( 70 ) ( 391 ) Net book amount 342 173 515 |
Summary of Reconciliation of Depreciation Expense | The following is the reconciliation of depreciation expense: YEAR ENDED 2021 2020 2019 Depreciation expensed to technology expenses 46 13 5 Depreciation expensed to general and administrative expenses 130 110 105 Total depreciation expense 176 123 110 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease Liabilities [Abstract] | |
Summary of Carrying Amounts of Group's Right-of-use Assets and Lease Liabilities | Below are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the year: RIGHT-OF-USE LEASE At January 1, 2021 1,799 1,975 Additions 70 70 Amortization of right-of-use assets ( 279 ) — Interest expense — 188 Payments — ( 413 ) Translation differences ( 125 ) ( 141 ) At December 31, 2021 1,465 1,679 At January 1, 2020 1,914 2,003 Additions — — Amortization of right-of-use assets ( 272 ) — Interest expense — 204 Payments — ( 399 ) Translation differences 157 167 At December 31, 2020 1,799 1,975 |
Summary of Expense Relating to Payments Not Included in Measurement of Lease Liability | The expense relating to payments not included in the measurement of the lease liability is as follows: YEAR ENDED 2021 2020 2019 Short-term leases 382 203 534 Leasing agreements with low-value — — 96 382 203 630 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of Intangible Assets | INTANGIBLE ASSETS DOMAINS CUSTOMER INTERNALLY DEVELOPED TOTAL At January 1, 2021 Cost 27,769 1,085 34 28,888 Accumulated amortization ( 4,226 ) ( 1,085 ) ( 17 ) ( 5,328 ) Net book amount 23,543 — 17 23,560 Year Ended December 31, 2021 Opening net book amount 23,543 — 17 23,560 Additions 4,110 — 1,659 5,769 Amortization charge ( 1,817 ) — ( 129 ) ( 1,946 ) Translation differences ( 1,914 ) — ( 50 ) ( 1,964 ) Closing net book amount 23,922 — 1,497 25,419 At December 31, 2021 Cost 29,578 1,085 1,619 32,282 Accumulated amortization ( 5,656 ) ( 1,085 ) ( 122 ) ( 6,863 ) Net book amount 23,922 — 1,497 25,419 Year Ended December 31, 2020 Opening net book amount 23,272 38 — 23,310 Additions 12 — 32 44 Amortization charge ( 1,784 ) ( 33 ) ( 15 ) ( 1,832 ) Translation differences 2,043 ( 5 ) — 2,038 Closing net book amount 23,543 — 17 23,560 At December 31, 2020 Cost 27,769 1,085 34 28,888 Accumulated amortization ( 4,226 ) ( 1,085 ) ( 17 ) ( 5,328 ) Net book amount 23,543 — 17 23,560 |
Trade and other Receivables (Ta
Trade and other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Payables [Abstract] | |
Summary of Trade and Other Receivables | AS AT 2021 2020 Current Trade receivables, net (i) 4,003 4,839 Other receivables 129 141 Deposits 121 66 Prepayments 1,244 460 5,497 5,506 (i) Trade receivables, net AS AT 2021 2020 Trade receivables, gross 4,145 5,191 Credit loss allowance ( 142 ) ( 352 ) 4,003 4,839 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents comprise the following: AS AT 2021 2020 Cash at bank 51,047 8,225 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Summary of Share Capital | SHARES USD Issued and fully paid ordinary shares As at January 1, 2021 28,556,422 64 Shares issued and sold 5,250,000 — Transfer to capital reserve upon change of par value — ( 64 ) As at December 31, 2021 33,806,422 — As at January 1, 2020 27,291,543 61 Shares issued and sold 1,264,879 3 As at December 31, 2020 28,556,422 64 As at January 1, 2019 2,500,000 57 Shares issued and sold 2,291,543 4 As at December 31, 2019 27,291,543 61 |
Capital Reserve (Tables)
Capital Reserve (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Summary of Capital Reserve | YEAR ENDED 2021 2020 2019 Opening carrying amount 19,979 16,007 9,772 Share warrants exercised/repurchased/cancelled and replaced with new — 545 — Share capital issue (Note 10), net of issuance costs 35,910 3,427 6,235 Transfer from share capital reserve upon change of par value 64 — — Closing carrying amount 55,953 19,979 16,007 |
Share Option and Warrants Res_2
Share Option and Warrants Reserve (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Share Options And Warrants Reserve [Abstract] | |
Summary of Changes in Share Option and Warrants Reserve | Changes in the share option and warrants reserve are as follows: OPTIONS AND USD As at January 1, 2021 2,854,744 296 Share options and warrants expense — 640 Share options granted 4,186,770 645 Share options forfeited ( 20,000 ) ( 8 ) Modification of share warrants — 869 As at December 31, 2021 7,021,514 2,442 As at January 1, 2020 3,345,354 621 Share warrants & share options issued 745,000 220 Share warrants exercised ( 115,000 ) ( 2 ) Share warrants cancelled and replaced with new shares ( 985,610 ) ( 541 ) Share warrants repurchased ( 135,000 ) ( 2 ) As at December 31, 2020 2,854,744 296 As at January 1, 2019 2,259,744 129 Share warrants issued 1,085,610 476 Modification of share warrants — 16 As at December 31, 2019 3,345,354 621 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Summary of Awards Outstanding | The number of awards outstanding as at December 31, 2021, is as follows: NUMBER WEIGHTED AVERAGE Awards outstanding as at January 1, 2021 745,000 3.52 Granted 4,186,770 8.18 Forfeited ( 20,000 ) ( 3.52 ) Awards outstanding as at December 31, 2021 4,911,770 7.49 The number of awards outstanding as at December 31, 2020, is as follows: NUMBER WEIGHTED AVERAGE Awards outstanding as at January 1, 2020 — — Granted 745,000 3.52 Awards outstanding as at December 31, 2020 745,000 3.52 |
Summary of Weighted Average Assumptions used in Black-Scholes Option Pricing Model to Determine Fair Value of Other Options and Warrants Granted | Weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of other options and warrants granted during the year ended December 31 are as follows: YEAR ENDED 2021 2020 Exercise price, USD 8.18 3.52 Share price, USD 8.18 4.22 Risk free interest rate 1.20 % 0.41 % Expected volatility 55 % 55 % Expected option term 6.56 years 5.16 years Dividend yield 0 % 0 % |
Schedule of Share-based Payment Expense | Share-based Payment Expense YEAR ENDED DECEMBER 31, 2021 2020 Equity classified share options and warrants expense 1,286 232 Liability classified warrants' expense 709 139 Share-based payment expense 1,995 371 |
Summary of Share-based Payment Reserve | Share-based Payment Reserve YEAR ENDED 2021 2020 Balance at January 1 220 — Forfeiture and reclass to Other Reserves ( 8 ) — Modification of warrant accounting 151 — Expense for year 2,003 371 Liability classified warrants — ( 151 ) Share-based payment reserve at December 31 2,366 220 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [Abstract] | |
Summary of Carrying Amount of Term Loan and PPP Loan and the Movements | Below is the carrying amount of the Group’s term loan and PPP loan and the movements during the years ended December 31, 2021 and 2020: YEAR ENDED DECEMBER 31, 2021 2020 As at January 1, at fair value 5,960 — Term loan received, net — 5,934 PPP loan received — 180 Offset of PPP loan — ( 180 ) Interest accrued (Note 20) 480 26 Amortization of issuance costs 34 — Interest paid ( 509 ) — Translation differences ( 21 ) — As at December 31, at fair value 5,944 5,960 |
Summary of Non-current and Current Borrowings | As of December 31, 2021 and 2020, the non-current and current borrowings are as follows: AS AT DECEMBER 31, 2021 2020 Non-current — 5,937 Current 5,944 23 Total 5,944 5,960 |
Summary of Outstanding Borrowings | As of December 31, 2021 and 2020, the total outstanding borrowings are as follows: AS AT DECEMBER 31, 2021 2020 Term loan 5,944 5,960 |
Summary of Carrying Amount of Borrowings Excluding Term Loan and PPP Loan and the Movements | Below is the carrying amount of the Group’s borrowings, excluding the term loan and PPP loan, and the movements during the years ended December 31, 2020 and 2019: YEAR ENDED DECEMBER 31, 2020 2019 As at January 1, at fair value 18,611 23,050 Senior secured bonds sold, at cash — 560 Interest paid ( 1,656 ) ( 2,246 ) Interest accrued (Note 20) 1,495 2,008 Fair value movements ( 1,417 ) 94 Redemptions related to convertible promissory notes — ( 4,480 ) Repurchases and redemptions of senior secured bonds ( 17,352 ) — Translation differences 319 ( 375 ) As at December 31, at fair value — 18,611 |
Trade And Other Payables (Table
Trade And Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Payables [Abstract] | |
Summary of Trade and Other Payables | AS AT 2021 2020 Trade payables (i) 1,045 521 Accruals 1,968 1,447 Indirect taxes 256 225 Liability classified warrants — 151 Other payables 22 84 3,291 2,428 (i) Trade payables balance is unsecured, interest-free and settled within 60 days from incurrence. |
Deferred Tax (Tables)
Deferred Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Deferred Tax [Abstract] | |
Summary of Amounts Determined After Appropriate Offsetting | The following amounts determined after appropriate offsetting are shown in the consolidated statement of financial position: AS AT 2021 2020 Deferred tax asset to be recovered after more than 12 months 7,028 5,778 Deferred tax liability to be recovered after more than 12 months — — 7,028 5,778 |
Summary of Change in Deferred Income Tax | The change in the deferred income tax account is as follows: AS AT 2021 2020 At January 1 5,778 — Credit to the consolidated statement of comprehensive income 1,770 5,377 Translation differences ( 520 ) 401 Deferred tax asset at December 31 7,028 5,778 |
Disclosure of Deferred Taxes Calculated on Temporary Differences | Deferred taxes are calculated on temporary differences under the liability method using the principal tax rate within the relevant jurisdiction. The balance is comprised of the following: AS AT 2021 2020 Intangible assets 6,481 4,956 Trading losses and other allowances 547 822 Net deferred tax assets 7,028 5,778 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [Abstract] | |
Summary of Disaggregated Revenue by Market Based on Location, Monetization Type and Product Type | The Group presents revenue as disaggregated by market based on the location of the end user as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 U.K. and Ireland 21,391 16,189 13,412 Other Europe 10,800 5,252 2,879 North America 7,484 3,959 1,916 Rest of the world 2,648 2,580 1,059 Total revenues 42,323 27,980 19,266 The Group presents disaggregated revenue by monetization type as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Hybrid commission 15,616 14,738 11,060 Revenue share commission 3,596 3,308 3,856 CPA commission 18,591 9,047 3,447 Other revenue 4,520 887 903 Total revenues 42,323 27,980 19,266 The Group also tracks its revenues based on the product type from which it is derived. Revenue disaggregated by product type is as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Casino 35,632 24,135 14,020 Sports 6,188 3,210 4,686 Other 503 635 560 Total revenues 42,323 27,980 19,266 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Material Income And Expense [Abstract] | |
Summary of Operating Expenses | Sales and marketing expenses YEAR ENDED DECEMBER 31, 2021 2020 2019 Wages, salaries, benefits and social security costs 8,362 4,515 4,303 External marketing expenses 2,070 1,208 3,526 Amortization of intangible assets 1,817 1,817 1,873 Share-based payments 524 63 — Other 1,294 500 1,160 Total sales and marketing expenses 14,067 8,103 10,862 Technology expenses YEAR ENDED DECEMBER 31, 2021 2020 2019 Wages, salaries, benefits and social security costs 3,296 2,183 2,225 Depreciation of property and equipment 46 13 5 Amortization of intangible assets 129 15 — Share-based payments — 91 — Other 476 201 268 Total technology expenses 3,947 2,503 2,498 General and administrative expenses YEAR ENDED DECEMBER 31, 2021 2020 2019 Wages, salaries, benefits and social security costs 4,044 3,114 1,757 Share-based payments 1,471 217 — Depreciation of property and equipment 130 110 105 Amortization of right-of-use assets 279 272 243 Short term leases 382 203 630 Legal and consultancy fees 2,590 928 460 Accounting and legal fees related to offering 963 724 — Costs related to lease termination — 155 121 Employees’ bonuses related to offering 1,085 — — Acquisition related costs 520 — — Other 1,550 233 897 Total general and administrative expenses 13,014 5,956 4,213 |
Personnel (Tables)
Personnel (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Personnel [Abstract] | |
Summary of Average Number of Employees | The average number of employees, including executive and non-executive directors, during the year was as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Executive directors 1 1 1 Non-executive directors 6 5 5 Sales and marketing employees 96 57 61 Technology employees 58 30 23 General and administrative employees 25 18 20 186 111 110 |
Finance Income and Finance Ex_2
Finance Income and Finance Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Finance Income And Expenses [Abstract] | |
Summary of Finance Income and Finance Expenses | YEAR ENDED DECEMBER 31, 2021 2020 2019 Finance income 2,581 303 140 Finance expenses ( 1,809 ) ( 2,099 ) ( 2,475 ) Net finance expenses 772 ( 1,796 ) ( 2,335 ) |
Basic and Diluted Income (Los_2
Basic and Diluted Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Loss Per Share Calculation | YEAR ENDED DECEMBER 31, 2021 2020 2019 Net income (loss) for the year attributable to the equity holders 12,453 15,151 ( 1,901 ) Weighted-average number of ordinary shares, basic 30,886,559 27,595,446 25,477,405 Net income (loss) per share attributable to ordinary 0.40 0.55 ( 0.07 ) Net income (loss) for the year attributable to the equity holders 12,453 15,151 ( 1,901 ) Weighted-average number of ordinary shares, diluted 33,746,536 30,879,550 25,477,405 Net income (loss) per share attributable to ordinary 0.37 0.49 ( 0.07 ) |
Tax Expense (Benefit) (Tables)
Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Tax Expense Benefit [Abstract] | |
Summary of Major Components of Tax Expense (Benefit) | YEAR ENDED DECEMBER 31, 2021 2020 2019 Current tax expense 1,481 978 420 Deferred tax charge (Note 16) — — 452 Deferred tax credit (Note 16) ( 1,770 ) ( 5,377 ) — ( 289 ) ( 4,399 ) 872 |
Summary of Reconciliation of Tax Expense (Benefit) | The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the applicable tax rate of 5 % as follows: YEAR ENDED DECEMBER 31, 2021 2020 2019 Income (loss) before tax 12,164 10,752 ( 1,029 ) Tax expense at 5 % 608 538 ( 52 ) Tax effects of: Disallowed expenses (credits) 239 ( 692 ) 322 Movements in temporary differences ( 939 ) ( 1,892 ) 233 Income subject to other tax rates ( 273 ) ( 2,144 ) 248 Other 76 ( 209 ) 121 ( 289 ) ( 4,399 ) 872 |
Related Party Transactions (Ta
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Compensation Paid or Payable to Key Management | Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, including Directors. Compensation paid or payable to key management was comprised of the following: YEAR ENDED 2021 2020 2019 Salaries and remuneration to key management and executive 3,897 1,379 714 Non-executive directors’ fees 401 246 150 4,298 1,625 864 |
Summary of Transactions Carried Out with Related Parties | The following transactions were carried out with related parties: YEAR ENDED 2021 2020 2019 Expenses Remuneration paid as consultancy fees 1,874 874 468 Salaries and wages 1,079 542 246 Other expenses 20 16 13 Share-based payments 1,345 — — 4,318 1,432 727 |
Summary of Warrants Held by Related Parties | As at December 31, 2021 and 2020 the following stock options and warrants were held by related parties: 2021 2020 Key management and executive directors 6,216,514 1,909,744 |
General Company Information - A
General Company Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021Workforce | |
Minimum | |
Disclosure Of General Company Information [Line Items] | |
Number of workforce operating in different regions | 200 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Subsidiaries of Company (Details) | 12 Months Ended |
Dec. 31, 2021 | |
GDC Media Limited | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name of Subsidiary | GDC Media Limited |
Principal Activity of Subsidiary | Digital marketing |
Country of Incorporation | Ireland |
Ownership % | 100.00% |
GDC Malta Limited | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name of Subsidiary | GDC Malta Limited |
Principal Activity of Subsidiary | Digital marketing |
Country of Incorporation | Malta |
Ownership % | 100.00% |
GDC America Inc. | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | |
Name of Subsidiary | GDC America Inc. |
Principal Activity of Subsidiary | Digital marketing |
Country of Incorporation | United States |
Ownership % | 100.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Exchange Rates Used to Translate Financial Statements into USD from Euros (Details) - EUR per USD | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
PERIOD END | 0.88 | 0.81 | 0.89 |
AVERAGE FOR PERIOD | 0.85 | 0.88 | 0.89 |
BEGINNING OF PERIOD | 0.81 | 0.89 | 0.88 |
LOW | 0.81 | 0.81 | 0.87 |
HIGH | 0.89 | 0.93 | 0.92 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Cost of Assets to Residual Values Over Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computer and Other Office Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
Leasehold Improvements | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Property and equipment, useful life | The shorter of the remaining lease term or 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)CashGeneratingUnitSegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of cash-generating units | CashGeneratingUnit | 1 | |||
Impairments | $ 0 | $ 0 | $ 0 | |
Loan agreement description | In December 2020, the Group entered into a two-year fixed rate term loan agreement with an investor which is accounted for at amortized cost using the effective interest method | |||
Incremental costs to obtain contracts with customers | $ 0 | |||
Costs to fulfill contracts with customers | $ 0 | |||
Deferred offering costs | $ 180,000 | |||
Incremental borrowing rate | 8.00% | 10.50% | 10.50% | 8.00% |
Number of segment | Segment | 1 | |||
Capitalized Intangible Assets | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible asset estimated useful life, description | Capitalized intangible assets are amortized over their useful life using straight-line basis | |||
Intangible asset, estimated useful life | 60 months | |||
Mobile Apps | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible asset estimated useful life, description | the Group had one finite-life mobile apps intangible asset, amortized straight-line over its estimated useful life of 48 months | |||
Intangible asset, estimated useful life | 48 months | 48 months | 48 months | |
Customer Contracts | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible asset estimated useful life, description | Customer contracts are amortized over their useful life using the straight-line method. | |||
Customer Contracts | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible asset, estimated useful life | 12 months | |||
Customer Contracts | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Intangible asset, estimated useful life | 24 months |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Geographic Analysis of Non-current Assets, Excluding Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Geographical Areas [Line Items] | ||
Non-current assets, excluding deferred tax assets | $ 27,453 | $ 25,874 |
Ireland | ||
Disclosure Of Geographical Areas [Line Items] | ||
Non-current assets, excluding deferred tax assets | 27,247 | 25,794 |
United States | ||
Disclosure Of Geographical Areas [Line Items] | ||
Non-current assets, excluding deferred tax assets | 186 | 78 |
Malta | ||
Disclosure Of Geographical Areas [Line Items] | ||
Non-current assets, excluding deferred tax assets | $ 20 | $ 2 |
Risk Management - Additional In
Risk Management - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Write off of receivables from customers | $ 275,000 | ||
(Decrease) Increase in credit losses allowance | $ 97,000 | (287,000) | $ (293,000) |
Net current asset | 46,714,000 | 10,059,000 | |
Receivables | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Write off of receivables from customers | 90,000 | 241,000 | |
Foreign Exchange Risk | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Average gains on basis of movements in non functional currency to functional currency by 10% | 2,742,000 | 175,000 | 628,000 |
Average losses on basis of movements in non functional currency to functional currency by 10% | $ 1,194,000 | 262,000 | 120,000 |
Currency risk sensitivity factor rate | 10.00% | ||
Foreign Exchange Risk | USD | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Foreign exchange denominated net assets | $ 27,148,000 | ||
Foreign exchange denominated net liabilities | 1,732,000 | ||
Foreign Exchange Risk | GBP | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Foreign exchange denominated net assets | 11,819,000 | 2,597,000 | |
Credit Risk | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Impairment on trade receivables | 0 | 0 | |
Write off of receivables from customers | 275,000 | ||
(Decrease) Increase in credit losses allowance | $ (187,000) | $ 254,000 | 293,000 |
Provision allowance account for credit losses of financial assets | $ 180,000 | ||
Credit Risk | Customer One | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Percentage of revenues | 13.00% | ||
Credit Risk | Customer Two | |||
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items] | |||
Percentage of revenues | 10.00% | 20.00% | 21.00% |
Risk Management - Summary of Cr
Risk Management - Summary of Credit Risk Exposure (Details) - Credit Risk - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Credit Risk Exposure [Line Items] | ||
Credit exposure | $ 55,300 | $ 13,271 |
Trade and Other Receivables (Excluding Prepayments) | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Credit exposure | 4,253 | 5,046 |
Cash and Cash Equivalents | ||
Disclosure Of Credit Risk Exposure [Line Items] | ||
Credit exposure | $ 51,047 | $ 8,225 |
Risk Management - Summary of Ag
Risk Management - Summary of Aging of Trade Receivables (Details) - Credit Risk - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Assets That Are Either Past Due Or Impaired [Line Items] | ||
Trade receivables | $ 181 | $ 219 |
Between One and Two Months | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired [Line Items] | ||
Trade receivables | 159 | 190 |
Between Two and Three Months | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired [Line Items] | ||
Trade receivables | 15 | 21 |
More Than Three Months | ||
Disclosure Of Financial Assets That Are Either Past Due Or Impaired [Line Items] | ||
Trade receivables | $ 7 | $ 8 |
Risk Management - Summary of _2
Risk Management - Summary of Credit Loss Allowance Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Credit Risk Exposure [Line Items] | |||
Beginning balance | $ 352 | ||
(Decrease) Increase in credit losses allowance | 97 | $ (287) | $ (293) |
Write offs | (275) | ||
Ending balance | 142 | 352 | |
Credit Risk | |||
Disclosure Of Credit Risk Exposure [Line Items] | |||
Beginning balance | 352 | 340 | |
(Decrease) Increase in credit losses allowance | (187) | 254 | 293 |
Write offs | (275) | ||
Translation effect | (23) | 33 | |
Ending balance | $ 142 | $ 352 | $ 340 |
Risk Management - Summary of Ma
Risk Management - Summary of Maturity Profile of Financial Liabilities Based on Contractual Undiscounted Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Lease liability | $ 1,679 | $ 1,975 | $ 2,003 |
Trade and other payables | 3,291 | 2,428 | |
Liquidity Risk | |||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Term loan | 6,480 | 6,960 | |
Lease liability | 2,215 | 2,747 | |
Trade and other payables | 3,291 | 2,428 | |
Total financial liabilities | 11,986 | 12,135 | |
Liquidity Risk | Less Than 1 Year | |||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Term loan | 6,480 | 480 | |
Lease liability | 393 | 413 | |
Trade and other payables | 3,291 | 2,428 | |
Total financial liabilities | 10,164 | 3,321 | |
Liquidity Risk | Between 1 and 2 Years | |||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Term loan | 6,480 | ||
Lease liability | 386 | 389 | |
Total financial liabilities | 386 | 6,869 | |
Liquidity Risk | More Than 2 Years | |||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |||
Lease liability | 1,436 | 1,945 | |
Total financial liabilities | $ 1,436 | $ 1,945 |
Critical Accounting Estimates_2
Critical Accounting Estimates and Judgements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Changes In Accounting Estimates [Line Items] | |||
Intangible assets | $ 2,777 | $ 3,290 | |
Description of justification for using growth rate that exceeds long-term average growth rate | The recoverable amount of the cash-generating unit was based on projected cash flows for 2022—2031 in which an average annual rate of growth between 3% and 45% was assumed and a long-term sustainable growth rate of 3% was applied. | ||
Discount rate applied to cash flow projections | 13.00% | ||
Effective tax rate | 15.00% | ||
Minimum | |||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||
Growth rate used to extrapolate cash flow projections | 3.00% | ||
Maximum | |||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||
Growth rate used to extrapolate cash flow projections | 45.00% | ||
Domain Name | |||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||
Intangible assets with indefinite useful life | $ 22,642 | 20,270 | |
Mobile Apps | |||
Disclosure Of Changes In Accounting Estimates [Line Items] | |||
Intangible assets | $ 1,280 | $ 3,273 | |
Intangible asset, estimated useful life | 48 months | 48 months | 48 months |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 515 | $ 551 | |
Additions | 305 | 46 | $ 195 |
Other movements | (36) | ||
Depreciation charge | (176) | (123) | (110) |
Translation differences | (39) | 41 | |
Property and equipment | 569 | 515 | 551 |
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | 906 | ||
Property and equipment | 961 | 906 | |
Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | (391) | ||
Property and equipment | (392) | (391) | |
Computer and Office Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | 342 | 376 | |
Additions | 305 | 41 | |
Other movements | (36) | ||
Depreciation charge | (152) | (100) | |
Translation differences | (26) | 25 | |
Property and equipment | 433 | 342 | 376 |
Computer and Office Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | 663 | ||
Property and equipment | 738 | 663 | |
Computer and Office Equipment | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | (321) | ||
Property and equipment | (305) | (321) | |
Leasehold Improvements | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | 173 | 175 | |
Additions | 5 | ||
Depreciation charge | (24) | (23) | |
Translation differences | (13) | 16 | |
Property and equipment | 136 | 173 | $ 175 |
Leasehold Improvements | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | 243 | ||
Property and equipment | 223 | 243 | |
Leasehold Improvements | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | (70) | ||
Property and equipment | $ (87) | $ (70) |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Cash paid for the acquisition of property and equipment | $ 305 | $ 46 | $ 195 |
Property and equipment | 569 | $ 515 | $ 551 |
Office Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property and equipment | $ 36 |
Property and Equipment - Summ_2
Property and Equipment - Summary of Reconciliation of Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Total depreciation expense | $ 176 | $ 123 | $ 110 |
Technology Expenses | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Total depreciation expense | 46 | 13 | 5 |
General and Administrative Expenses | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Total depreciation expense | $ 130 | $ 110 | $ 105 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Liabilities [Abstract] | ||||
Lease payments | $ 79,000 | $ 413,000 | $ 399,000 | $ 364,000 |
Term of contract | 2 years | |||
Incremental borrowing rate | 8.00% | 8.00% | 10.50% | 10.50% |
Additional lease liability | $ 70,000 | |||
Amortization of right-of-use assets | $ 279,000 | $ 272,000 | $ 243,000 | |
Expected lease term | 12 months | |||
Low value of leases | $ 25,000 |
Leases - Summary of Carrying Am
Leases - Summary of Carrying Amounts of Group's Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Leases For Lessee [Abstract] | ||||
Right of use asset, Beginning balance | $ 1,799 | $ 1,914 | ||
Additions | 70 | |||
Amortization of right-of-use assets | (279) | (272) | $ (243) | |
Translation differences | (125) | 157 | ||
Right of use asset, Ending balance | 1,465 | 1,799 | 1,914 | |
Lease liability, Beginning balance | 1,975 | 2,003 | ||
Additions | 70 | |||
Interest expense | 188 | 204 | 211 | |
Payments of lease liabilities | $ (79) | (413) | (399) | (364) |
Translation differences | (141) | 167 | ||
Lease liability, Ending balance | $ 1,679 | $ 1,975 | $ 2,003 |
Leases - Summary of Expense Rel
Leases - Summary of Expense Relating to Payments Not Included in Measurement of Lease Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Liabilities [Abstract] | |||
Short-term leases | $ 382 | $ 203 | $ 534 |
Leasing agreements with low-value | 96 | ||
Expense relating to lease payments not included in measurement of lease liabilities | $ 382 | $ 203 | $ 630 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | $ 23,560 | $ 23,310 | |
Additions | 5,769 | 44 | |
Amortization charge | (1,946) | (1,832) | $ (1,873) |
Translation differences | (1,964) | 2,038 | |
Closing net book amount | 25,419 | 23,560 | 23,310 |
Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | 28,888 | ||
Closing net book amount | 32,282 | 28,888 | |
Accumulated Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | (5,328) | ||
Closing net book amount | (6,863) | (5,328) | |
Domains Names Mobile Apps and Related Websites | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | 23,543 | 23,272 | |
Additions | 4,110 | 12 | |
Amortization charge | (1,817) | (1,784) | |
Translation differences | (1,914) | 2,043 | |
Closing net book amount | 23,922 | 23,543 | 23,272 |
Domains Names Mobile Apps and Related Websites | Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | 27,769 | ||
Closing net book amount | 29,578 | 27,769 | |
Domains Names Mobile Apps and Related Websites | Accumulated Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | (4,226) | ||
Closing net book amount | (5,656) | (4,226) | |
Customer Contracts | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | 38 | ||
Amortization charge | (33) | ||
Translation differences | (5) | ||
Closing net book amount | $ 38 | ||
Customer Contracts | Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | 1,085 | ||
Closing net book amount | 1,085 | 1,085 | |
Customer Contracts | Accumulated Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | (1,085) | ||
Closing net book amount | (1,085) | (1,085) | |
Internally Developed Intangible Assets | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | 17 | ||
Additions | 1,659 | 32 | |
Amortization charge | (129) | (15) | |
Translation differences | (50) | ||
Closing net book amount | 1,497 | 17 | |
Internally Developed Intangible Assets | Cost | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | 34 | ||
Closing net book amount | 1,619 | 34 | |
Internally Developed Intangible Assets | Accumulated Amortization | |||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | |||
Opening book amount | (17) | ||
Closing net book amount | $ (122) | $ (17) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Amortization charge | $ 1,946 | $ 1,832 | $ 1,873 | |
Cash paid for the acquisition of intangible assets and capitalized software developments | 5,269 | 44 | 1,526 | |
Outstanding consideration obligation | $ 1,462 | |||
Outstanding consideration obligation, earn-out obligation | 90 | |||
Outstanding consideration obligation, foreign exchange effect | $ 26 | |||
Intangible assets | 2,777 | 3,290 | ||
Domain Names and Related Websites | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Deferred payment | 500 | |||
Intangible assets with indefinite useful life | 22,642 | 20,270 | ||
Mobile Apps | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Intangible assets | 1,280 | 3,273 | ||
Other Intangibles | ||||
Disclosure Of Reconciliation Of Changes In Intangible Assets And Goodwill [Line Items] | ||||
Intangible assets | $ 1,497 | $ 17 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade And Other Receivables [Abstract] | ||
Trade receivables, net | $ 4,003 | $ 4,839 |
Other receivables | 129 | 141 |
Deposits | 121 | 66 |
Prepayments | 1,244 | 460 |
Trade and other current receivables | 5,497 | 5,506 |
Trade receivables, gross | 4,145 | 5,191 |
Credit loss allowance | (142) | (352) |
Trade and other receivables | $ 4,003 | $ 4,839 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Receivables [Abstract] | |
Trade receivables, settlement period | 30 days |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||||
Cash at bank | $ 51,047 | $ 8,225 | $ 6,992 | $ 4,423 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Issued and fully paid ordinary shares | |||
Beginning balance, shares | 28,556,422 | 27,291,543 | 2,500,000 |
Shares issued and sold, shares | 5,250,000 | 1,264,879 | 2,291,543 |
Ending balance, shares | 33,806,422 | 28,556,422 | 27,291,543 |
Beginning balance | $ 64 | $ 61 | $ 57 |
Shares issued and sold | 3 | 4 | |
Transfer to capital reserve upon change of par value | $ (64) | ||
Ending balance | $ 64 | $ 61 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2021USD ($)$ / sharesshares | Jul. 31, 2021€ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Oct. 31, 2020$ / sharesshares | Jun. 30, 2020USD ($)shares | Feb. 29, 2020USD ($)shares | Oct. 31, 2019$ / shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020€ / shares$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2020€ / sharesshares | |
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Number of shares issued and sold | shares | 164,269 | |||||||||||
Cash proceeds from issue of ordinary shares | $ 1,990 | $ 500 | ||||||||||
Payments for share issue costs | $ 35,910 | $ 3,427 | $ 6,235 | |||||||||
Number of share warrants exercised | shares | 115,000 | 115,000 | ||||||||||
Increase share capital in exercise of warrants | $ 124 | |||||||||||
Number of warrants issued | shares | 985,610 | 250,000 | ||||||||||
Warrants exercise price per share | (per share) | $ 3.65 | € 3.01 | $ 3.04 | € 3.01 | ||||||||
Share issuance costs capitalized | $ 55 | |||||||||||
Par value per share | (per share) | $ 0.002 | $ 0 | $ 0.002 | € 0.002 | € 0.002 | |||||||
Number of shares authorized | shares | 35,000,000 | 35,000,000 | 35,000,000 | 35,000,000 | ||||||||
Investor | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Number of shares issued and sold | shares | 985,610 | 985,610 | 985,610 | 985,610 | ||||||||
Cash proceeds from issue of ordinary shares | $ 3,000 | $ 3,000 | ||||||||||
Warrants exercise price per share | $ / shares | $ 3.04 | |||||||||||
Initial Public Offering | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Number of shares issued and sold | shares | 5,250,000 | 5,250,000 | ||||||||||
Cash proceeds from issue of ordinary shares | $ 42,000 | |||||||||||
Payments for share issue costs | $ 6,090 |
Capital Reserve - Summary of Ca
Capital Reserve - Summary of Capital Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Reserves Within Equity [Line Items] | |||
Opening carrying amount | $ 19,979 | $ 16,007 | $ 9,772 |
Share warrants exercised/repurchased/cancelled and replaced with new shares (Note 12) | 545 | ||
Share capital issue (Note 10), net of issuance costs | 35,910 | 3,427 | 6,235 |
Transfer from share capital reserve upon change of par value | 64 | ||
Closing carrying amount | $ 55,953 | $ 19,979 | $ 16,007 |
Share Option and Warrants Res_3
Share Option and Warrants Reserve - Summary of Changes in Share Option and Warrants Reserve (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Share Options And Warrants Reserve [Abstract] | ||||
Number of share options and warrants outstanding | 2,854,744 | 3,345,354 | 2,259,744 | |
Number of share options granted | 4,186,770 | |||
Number of share options forfeited | (20,000) | |||
Number of share warrants & share options issued | 745,000 | |||
Number of share warrants exercised | (115,000) | (115,000) | ||
Number of share warrants cancelled and replaced with new shares | (985,610) | |||
Number of share warrants issued | 1,085,610 | |||
Number of share warrants repurchased | (135,000) | |||
Number of share options and warrants outstanding | 7,021,514 | 2,854,744 | 3,345,354 | |
Beginning balance | $ 296 | $ 621 | $ 129 | |
Share options and warrants expense | 640 | |||
Share options granted | 645 | |||
Share options forfeited | (8) | |||
Share warrants issued | 476 | |||
Modification of share warrants | 869 | 16 | ||
Share warrants & share options issued | 220 | |||
Share warrants exercised | (2) | |||
Share warrants cancelled and replaced with new shares | (541) | |||
Share warrants repurchased | (2) | |||
Ending balance | $ 2,442 | $ 296 | $ 621 |
Share Option and Warrants Res_4
Share Option and Warrants Reserve - Additional Information (Details) $ / shares in Units, $ in Thousands | Sep. 01, 2021shares | Nov. 30, 2021shares | Sep. 30, 2021shares | Aug. 31, 2021shares | Jul. 31, 2021shares$ / shares | Jul. 31, 2021shares€ / shares | Jun. 30, 2021shares | Jan. 31, 2021shares | Dec. 31, 2020USD ($)shares | Oct. 31, 2020$ / sharesshares | Jun. 30, 2020shares | Feb. 29, 2020USD ($)shares | Oct. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2021shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2020€ / sharesshares | Dec. 31, 2019shares | Dec. 31, 2018shares |
Disclosure Of Share Options And Warrants Reserve [Line Items] | ||||||||||||||||||
Number Of Shares Issued | 28,556,422 | 33,806,422 | 28,556,422 | 28,556,422 | 27,291,543 | 2,500,000 | ||||||||||||
Number of share options forfeited | 20,000 | |||||||||||||||||
Number of awards, granted | 120,000 | 10,000 | 4,056,770 | 4,056,770 | 4,186,770 | 495,000 | ||||||||||||
Number of share options and warrants outstanding | 2,854,744 | 7,021,514 | 2,854,744 | 2,854,744 | 3,345,354 | 2,259,744 | ||||||||||||
Number of share warrants & share options issued | 745,000 | |||||||||||||||||
Number of warrants issued | 985,610 | 250,000 | ||||||||||||||||
Warrants exercise price per share | (per share) | $ 3.65 | € 3.01 | $ 3.04 | € 3.01 | ||||||||||||||
Expected volatility, share options granted | 55.00% | 55.00% | 55.00% | 55.00% | ||||||||||||||
Risk free interest rate, share options granted | 0.94% | 1.24% | 1.24% | |||||||||||||||
Shares issued and sold, shares | 164,269 | |||||||||||||||||
Cash proceeds from issue of ordinary shares | $ | $ 1,990 | $ 500 | ||||||||||||||||
Share price | (per share) | $ 8.64 | € 7.13 | ||||||||||||||||
Number of share warrants exercised | 115,000 | 115,000 | ||||||||||||||||
Number of share warrants repurchased | 135,000 | |||||||||||||||||
Consideration amount of warrants | $ | $ 133 | |||||||||||||||||
Maximum | ||||||||||||||||||
Disclosure Of Share Options And Warrants Reserve [Line Items] | ||||||||||||||||||
Risk free interest rate, share options granted | 1.23% | |||||||||||||||||
Minimum | ||||||||||||||||||
Disclosure Of Share Options And Warrants Reserve [Line Items] | ||||||||||||||||||
Risk free interest rate, share options granted | 1.19% | |||||||||||||||||
2020 Stock Incentive Plan | ||||||||||||||||||
Disclosure Of Share Options And Warrants Reserve [Line Items] | ||||||||||||||||||
Number of share options forfeited | 10,000 | 10,000 | ||||||||||||||||
Number of awards, granted | 120,000 | |||||||||||||||||
Number of share options and warrants outstanding | 2,854,744 | 2,854,744 | 2,854,744 | |||||||||||||||
Number of share warrants & share options issued | 855,000 | 745,000 | ||||||||||||||||
Share price | (per share) | $ 3.52 | € 3.01 | ||||||||||||||||
Stock option vesting period | four years | |||||||||||||||||
Number of warrants unvested | 200,000 | |||||||||||||||||
Founders' Award | ||||||||||||||||||
Disclosure Of Share Options And Warrants Reserve [Line Items] | ||||||||||||||||||
Number of awards, granted | 4,056,770 | 4,056,770 | ||||||||||||||||
Number of share warrants & share options issued | 4,056,770 | |||||||||||||||||
Share Option to Employees | ||||||||||||||||||
Disclosure Of Share Options And Warrants Reserve [Line Items] | ||||||||||||||||||
Number of awards, granted | 10,000 | |||||||||||||||||
Investor | ||||||||||||||||||
Disclosure Of Share Options And Warrants Reserve [Line Items] | ||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 3.04 | |||||||||||||||||
Warrants exercise period range | seven and twelve months from the issuance date. | |||||||||||||||||
Fair value of share warrants | $ | $ 475 | |||||||||||||||||
Expected volatility, share options granted | 42.60% | |||||||||||||||||
Risk free interest rate, share options granted | 1.63% | |||||||||||||||||
Shares issued and sold, shares | 985,610 | 985,610 | 985,610 | |||||||||||||||
Cash proceeds from issue of ordinary shares | $ | $ 3,000 | $ 3,000 | ||||||||||||||||
Investor | Maximum | ||||||||||||||||||
Disclosure Of Share Options And Warrants Reserve [Line Items] | ||||||||||||||||||
Number of warrants issued | 985,610 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 22, 2020shares | Nov. 30, 2021shares$ / shares | Sep. 30, 2021shares$ / shares | Jul. 31, 2021USD ($)shares$ / shares | Jul. 31, 2021USD ($)shares€ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Oct. 31, 2020$ / sharesshares | Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2020shares€ / shares |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Number of awards, granted | shares | 120,000 | 10,000 | 4,056,770 | 4,056,770 | 4,186,770 | 495,000 | 495,000 | |||
Number of warrants issued | shares | 985,610 | 250,000 | 250,000 | |||||||
Exercise price per share | $ 3.04 | |||||||||
Share price | (per share) | $ 8.64 | € 7.13 | ||||||||
Number of ordinary shares purchased | shares | 46,428 | |||||||||
Aggregate compensation expense | $ | $ 66 | |||||||||
Holding period | 3 years | 3 years | ||||||||
Expected volatility, share options granted | 55.00% | 55.00% | 55.00% | 55.00% | ||||||
Risk free interest rate, share options granted | 0.94% | 1.24% | 1.24% | |||||||
Holding restriction discount rate share options granted | 20.00% | 20.00% | ||||||||
Expected weighted average time to vest | 4 years 7 months 6 days | 6 years 1 month 6 days | 6 years 7 months 13 days | 6 years 7 months 13 days | ||||||
Exercise price, share options granted | $ 12.91 | $ 8 | ||||||||
Share price used to determine weighted average fair value | $ 12.91 | $ 1.92 | ||||||||
Warrants expected life | 3 years 4 months 24 days | 3 years 4 months 24 days | 3 years 10 months 20 days | 3 years 10 months 20 days | ||||||
Warrants exercise price per share | (per share) | $ 3.65 | € 3.01 | $ 3.04 | € 3.01 | ||||||
Warrants fair value per share | (per share) | $ 4.43 | € 3.66 | € 0.67 | |||||||
Weighted average remaining contractual life for options and warrants issued as share based payments | 8 years 11 months 23 days | 6 years 11 months 15 days | 6 years 11 months 15 days | |||||||
Range of exercise prices for options and warrants issued as share based payment | (per share) | $ 3.52 | € 3.01 | ||||||||
Volatility | ||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Significant unobservable input | 60 | 60 | 55 | 55 | 55 | |||||
Risk Free Rate | ||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Significant unobservable input | 0.51 | 0.51 | 0.17 | 0.17 | 0.17 | |||||
Stock Options and Warrants | ||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Share price | $ 8.18 | $ 3.52 | ||||||||
Liability-Classified Warrant Issued in November 2020 | ||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Carrying value of warrant liability | $ | $ 869 | € 869 | ||||||||
Maximum | ||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Risk free interest rate, share options granted | 1.23% | |||||||||
Exercise price, share options granted | $ 14.71 | |||||||||
Share price used to determine weighted average fair value | $ 14.71 | |||||||||
Range of exercise prices for options and warrants issued as share based payment | 14.71 | |||||||||
Minimum | ||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Risk free interest rate, share options granted | 1.19% | |||||||||
Exercise price, share options granted | $ 14.61 | |||||||||
Share price used to determine weighted average fair value | $ 14.61 | |||||||||
Range of exercise prices for options and warrants issued as share based payment | $ 8 | |||||||||
2020 Stock Incentive Plan | ||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Number of awards, granted | shares | 120,000 | |||||||||
Share price | (per share) | $ 3.52 | € 3.01 | ||||||||
2020 Stock Incentive Plan | Maximum | Common Stock | ||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||||||||
Number of instruments granted | shares | 1,500,000 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Awards Outstanding (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2021shares | Sep. 30, 2021shares | Jul. 31, 2021shares | Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of awards, granted | 120,000 | 10,000 | 4,056,770 | 4,186,770 | 495,000 |
Number of awards, forfeited | (20,000) | ||||
Options and Warrants | |||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||
Number of awards outstanding, beginning balance | 745,000 | ||||
Number of awards, granted | 4,186,770 | 745,000 | |||
Number of awards, forfeited | (20,000) | ||||
Number of awards outstanding, ending balance | 4,911,770 | 745,000 | |||
Weighted average exercise price, beginning balance | $ / shares | $ 3.52 | ||||
Weighted average exercise price, granted | $ / shares | 8.18 | $ 3.52 | |||
Weighted average exercise price, forfeited | $ / shares | (3.52) | ||||
Weighted average exercise price, ending balance | $ / shares | $ 7.49 | $ 3.52 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Weighted Average Assumptions used in Black-Scholes Option Pricing Model to Determine Fair Value of Other Options and Warrants Granted (Details) | Dec. 31, 2021USD ($)yr | Jul. 31, 2021 | Dec. 31, 2020USD ($)yr |
Exercise Price | Options and Warrants | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Equity [Line Items] | |||
Significant unobservable input | 8.18 | 3.52 | |
Share Price | Options and Warrants | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Equity [Line Items] | |||
Significant unobservable input | 8.18 | 4.22 | |
Risk Free Interest Rate | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Equity [Line Items] | |||
Significant unobservable input | 0.51 | 0.17 | |
Risk Free Interest Rate | Options and Warrants | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Equity [Line Items] | |||
Significant unobservable input | 1.20 | 0.41 | |
Expected Volatility | Options and Warrants | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Equity [Line Items] | |||
Significant unobservable input | 55 | 55 | |
Expected Option Term | Options and Warrants | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Equity [Line Items] | |||
Significant unobservable input | yr | 6.56 | 5.16 | |
Dividend Yield | Options and Warrants | |||
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Equity [Line Items] | |||
Significant unobservable input | 0 | 0 |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Share-based Payment Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Expense from share-based payment transactions [abstract] | ||
Equity classified share options and warrants expense | $ 1,286 | $ 232 |
Liability classified warrants' expense | 709 | 139 |
Share-based payment expense | $ 1,995 | $ 371 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Share-based Payment Reserve (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expense for year | $ 66 | ||
Share-Based Payment Reserve | |||
Beginning Balance | $ 220 | ||
Forfeiture and reclass to Other Reserves | (8) | ||
Modification of warrant accounting | 151 | ||
Expense for year | 2,003 | $ 371 | |
Liability classified warrants | (151) | ||
Ending Balance | $ 220 | $ 2,366 | $ 220 |
Borrowings - Summary of Carryin
Borrowings - Summary of Carrying Amount of Term Loan and PPP Loan and the Movements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowings [Abstract] | ||
As at January 1, at fair value | $ 5,960 | |
Term loan received, net | $ 5,934 | |
PPP loan received | 180 | |
Offset of PPP loan | (180) | |
Interest accrued | 480 | 26 |
Amortization of Issuance costs | 34 | |
Interest paid | (509) | |
Translation differences | (21) | |
As at December 31, at fair value | $ 5,944 | $ 5,960 |
Borrowings - Summary of Non-cur
Borrowings - Summary of Non-current and Current Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings [Abstract] | ||
Non-current | $ 5,937 | |
Current | $ 5,944 | 23 |
Total | $ 5,944 | $ 5,960 |
Borrowings - Summary of Outstan
Borrowings - Summary of Outstanding Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowings [Abstract] | ||
Term loan | $ 5,944 | $ 5,960 |
Borrowings - Summary of Carry_2
Borrowings - Summary of Carrying Amount of Borrowings Excluding Term Loan and PPP Loan and the Movements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Borrowings [Abstract] | ||
As at January 1, at fair value | $ 18,611 | $ 23,050 |
Senior secured bonds sold, at cash | 560 | |
Interest paid | (1,656) | (2,246) |
Interest accrued | 1,495 | 2,008 |
Fair value movements | (1,417) | 94 |
Redemptions related to convertible promissory notes | (4,480) | |
Repurchases and redemptions of senior secured bonds | (17,352) | |
Translation differences | $ 319 | (375) |
As at December 31, at fair value | $ 18,611 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2020EUR (€) | Jun. 30, 2020USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Jan. 01, 2019USD ($) | Jan. 01, 2019EUR (€) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Nominal amount | $ 17,974 | € 16,000 | ||||||||||||
Outstanding balance | $ 5,960 | $ 5,944 | $ 5,960 | |||||||||||
Accrued interest | 369 | |||||||||||||
Interest paid | 509 | 1,656 | 2,246 | |||||||||||
Sold to Third Parties Additional Bonds from Treasury | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Nominal amount | 560 | € 500 | ||||||||||||
At Fair Value | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Outstanding balance | $ 18,242 | |||||||||||||
Euro-Denominated Senior Secured Bonds due in 2021 | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Interest rate | 10.50% | 10.50% | ||||||||||||
Euro-Denominated Senior Secured Bonds due in 2021 | Minimum | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Premium percentage | 1.05% | |||||||||||||
Increase in percentage of interest rate if not maintain certain leverage ratio | 0.50% | |||||||||||||
Euro-Denominated Senior Secured Bonds due in 2021 | Maximum | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Premium percentage | 5.25% | |||||||||||||
Increase in percentage of interest rate if not maintain certain leverage ratio | 1.50% | |||||||||||||
Convertible Promissory Notes | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Interest rate | 10.00% | 10.00% | ||||||||||||
Nominal amount | $ 2,939 | € 2,625 | ||||||||||||
Outstanding balance | 1,541 | |||||||||||||
Senior Secured Bonds | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Nominal amount | 13,364 | $ 4,975 | 13,364 | € 11,700 | € 4,364 | $ 17,665 | € 15,500 | |||||||
Fair value of borrowings exceeded nominal value | $ 270 | |||||||||||||
Cash payment for repurchase/redemption of borrowings | $ 13,785 | € 12,069 | $ 3,567 | € 3,123 | ||||||||||
Redemption premium percentage | 3.15% | 3.15% | ||||||||||||
Cash outflow for redemption of borrowings included in accrued interest | $ 14,050 | € 12,301 | ||||||||||||
Gain on repurchase of borrowings | 1,417 | € 1,241 | ||||||||||||
Redemption premium recorded within “Repurchases and redemptions of senior secured bonds" | $ 421 | € 369 | ||||||||||||
Unsecured Loan Granted under Payment Protection Plan Program | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Interest rate | 1.00% | |||||||||||||
Payment Protection Plan program | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Unsecured loan granted | $ 180 | |||||||||||||
Term Loan Agreement with Investor | ||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||
Interest rate | 8.00% | 8.00% | 8.00% | |||||||||||
Outstanding balance | $ 6,000 | $ 6,000 | ||||||||||||
Transaction costs directly attributable to issuance | $ 66 | |||||||||||||
Interest paid | $ 484 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade And Other Payables [Abstract] | ||
Trade payables | $ 1,045 | $ 521 |
Accruals | 1,968 | 1,447 |
Indirect taxes | 256 | 225 |
Liability classified warrants | 151 | |
Other payables | 22 | 84 |
Trade and other payables | $ 3,291 | $ 2,428 |
Trade and Other Payables - Su_2
Trade and Other Payables - Summary of Trade and Other Payables (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trade And Other Payables [Abstract] | |
Trade payables, settlement period | 60 days |
Deferred Tax - Summary of Amoun
Deferred Tax - Summary of Amounts Determined After Appropriate Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Amounts To Be Recovered Or Settled After Twelve Months For Classes Of Assets And Liabilities That Contain Amounts To Be Recovered Or Settled Both No More And More Than Twelve Months After Reporting Date [Line Items] | ||
Amounts Determined after Appropriate Offsetting | $ 7,028 | $ 5,778 |
More Than 12 Months | ||
Disclosure Of Amounts To Be Recovered Or Settled After Twelve Months For Classes Of Assets And Liabilities That Contain Amounts To Be Recovered Or Settled Both No More And More Than Twelve Months After Reporting Date [Line Items] | ||
Deferred tax asset to be recovered after more than 12 months | $ 7,028 | $ 5,778 |
Deferred Tax - Summary of Chang
Deferred Tax - Summary of Change in Deferred Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes In Deferred Tax Liability Asset [Abstract] | ||
Deferred tax asset, beginning balance | $ 5,778 | |
Credit to the consolidated statement of comprehensive income | 1,770 | $ 5,377 |
Translation differences | (520) | 401 |
Deferred tax asset, ending balance | $ 7,028 | $ 5,778 |
Deferred Tax - Disclosure of De
Deferred Tax - Disclosure of Deferred Taxes Calculated on Temporary Differences (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Abstract] | ||
Intangible assets | $ 6,481 | $ 4,956 |
Trading losses and other allowances | 547 | 822 |
Net deferred tax assets | $ 7,028 | $ 5,778 |
Deferred Tax - Additional Infor
Deferred Tax - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Deferred Tax [Line Items] | ||
Net deferred tax assets | $ 7,028 | $ 5,778 |
Malta | ||
Disclosure Of Deferred Tax [Line Items] | ||
Net deferred tax assets | 547 | 822 |
Management’s Performance Projections for 2022 - 2026 | ||
Disclosure Of Deferred Tax [Line Items] | ||
Trading losses and other allowances unutilized | 31,508 | |
Trading losses and other allowances not recognized | 20,576 | |
Capital allowances | 93,409 | |
Increase In capital allowances | 28,000 | |
Capital allowance not recognized | 41,554 | |
Ability to utilize capital allowance in recognition of deferred asset | $ 6,482 | |
Management’s Performance Projections for 2021 – 2025 | ||
Disclosure Of Deferred Tax [Line Items] | ||
Trading losses and other allowances unutilized | 25,458 | |
Trading losses and other allowances not recognized | 9,011 | |
Capital allowances | 79,296 | |
Capital allowance not recognized | 39,645 | |
Ability to utilize capital allowance in recognition of deferred asset | $ 4,956 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Top Ten Customers | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Percentage of revenues | 52.00% | 55.00% | 56.00% |
Largest Customer One | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Percentage of revenues | 13.00% | ||
Largest Customer Two | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Percentage of revenues | 10.00% | ||
Largest Customer | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Percentage of revenues | 20.00% | 21.00% |
Revenue - Summary of Revenue as
Revenue - Summary of Revenue as Disaggregated by Market Based on Location (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | $ 42,323 | $ 27,980 | $ 19,266 |
U.K. and Ireland | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | 21,391 | 16,189 | 13,412 |
Other Europe | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | 10,800 | 5,252 | 2,879 |
North America | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | 7,484 | 3,959 | 1,916 |
Rest of the World | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | $ 2,648 | $ 2,580 | $ 1,059 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregated Revenue by Monetization Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | $ 42,323 | $ 27,980 | $ 19,266 |
Hybrid Commission | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | 15,616 | 14,738 | 11,060 |
Revenue Share Commission | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | 3,596 | 3,308 | 3,856 |
CPA Commission | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | 18,591 | 9,047 | 3,447 |
Other Revenue | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | $ 4,520 | $ 887 | $ 903 |
Revenue - Summary of Revenue Di
Revenue - Summary of Revenue Disaggregated by Product Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | $ 42,323 | $ 27,980 | $ 19,266 |
Casino | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | 35,632 | 24,135 | 14,020 |
Sports | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | 6,188 | 3,210 | 4,686 |
Other | |||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | |||
Total revenues | $ 503 | $ 635 | $ 560 |
Operating Expenses - Summary of
Operating Expenses - Summary of Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total sales and marketing expenses | $ 14,067 | $ 8,103 | $ 10,862 |
Total technology expenses | 3,947 | 2,503 | 2,498 |
Total general and administrative expenses | 13,014 | 5,956 | 4,213 |
Wages, Salaries, Benefits and Social Security Costs | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total sales and marketing expenses | 8,362 | 4,515 | 4,303 |
Total technology expenses | 3,296 | 2,183 | 2,225 |
Total general and administrative expenses | 4,044 | 3,114 | 1,757 |
External Marketing Expenses | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total sales and marketing expenses | 2,070 | 1,208 | 3,526 |
Depreciation of Property and Equipment | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total technology expenses | 46 | 13 | 5 |
Total general and administrative expenses | 130 | 110 | 105 |
Amortization of Intangible Assets | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total sales and marketing expenses | 1,817 | 1,817 | 1,873 |
Total technology expenses | 129 | 15 | |
Share-based Payments | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total sales and marketing expenses | 524 | 63 | |
Total technology expenses | 91 | ||
Total general and administrative expenses | 1,471 | 217 | |
Amortization of Right-of-use Assets | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total general and administrative expenses | 279 | 272 | 243 |
Short Term Leases | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total general and administrative expenses | 382 | 203 | 630 |
Legal and Consultancy Fees | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total general and administrative expenses | 2,590 | 928 | 460 |
Accounting and Legal Fees Related to Offering | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total general and administrative expenses | 963 | 724 | |
Costs Related to Lease Termination | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total general and administrative expenses | 155 | 121 | |
Employees' Bonuses Related to Offering | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total general and administrative expenses | 1,085 | ||
Acquisition Related Costs | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total general and administrative expenses | 520 | ||
Other | |||
Disclosure Of Attribution Of Expenses By Nature To Their Function [Line Items] | |||
Total sales and marketing expenses | 1,294 | 500 | 1,160 |
Total technology expenses | 476 | 201 | 268 |
Total general and administrative expenses | $ 1,550 | $ 233 | $ 897 |
Personnel - Summary of Average
Personnel - Summary of Average Number of Employees (Details) - Employee | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number And Average Number Of Employees [Line Items] | |||
Average number of employees | 186 | 111 | 110 |
Executive Directors | |||
Number And Average Number Of Employees [Line Items] | |||
Average number of employees | 1 | 1 | 1 |
Non-executive Directors | |||
Number And Average Number Of Employees [Line Items] | |||
Average number of employees | 6 | 5 | 5 |
Sales and Marketing Employees | |||
Number And Average Number Of Employees [Line Items] | |||
Average number of employees | 96 | 57 | 61 |
Technology Employees | |||
Number And Average Number Of Employees [Line Items] | |||
Average number of employees | 58 | 30 | 23 |
General and Administrative Employees | |||
Number And Average Number Of Employees [Line Items] | |||
Average number of employees | 25 | 18 | 20 |
Personnel - Additional Informat
Personnel - Additional Information (Details) - Employee | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Number And Average Number Of Employees [Abstract] | |||
Number of employees | 229 | 119 | 117 |
Finance Income and Finance Ex_3
Finance Income and Finance Expenses - Summary of Finance Income and Finance Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Finance Income And Expenses [Abstract] | |||
Finance income | $ 2,581 | $ 303 | $ 140 |
Finance expenses | (1,809) | (2,099) | (2,475) |
Net finance expenses | $ 772 | $ (1,796) | $ (2,335) |
Finance Income and Finance Ex_4
Finance Income and Finance Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables From Contracts With Customers [Abstract] | |||
Interest expense on senior secured bonds and convertible promissory notes | $ 480 | $ 1,521 | $ 2,008 |
Interest expense on lease liabilities | 188 | 204 | 211 |
Translation losses of balances of monetary assets and liabilities denominated in currencies | 1,041 | 173 | 108 |
Other finance expenses related issuance of senior secured bond | $ 100 | 44 | $ 148 |
Costs to repurchase warrants | $ 157 |
Basic and Diluted Income (Los_3
Basic and Diluted Income (Loss) Per Share - Summary of Loss Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income (loss) for the year attributable to the equity holders | $ 12,453 | $ 15,151 | $ (1,901) |
Weighted-average number of ordinary shares, basic | 30,886,559 | 27,595,446 | 25,477,405 |
Net income (loss) per share attributable to ordinary shareholders, basic | $ 0.40 | $ 0.55 | $ (0.07) |
Weighted-average number of ordinary shares, diluted | 33,746,536 | 30,879,550 | 25,477,405 |
Net income (loss) per share attributable to ordinary shareholders, diluted | $ 0.37 | $ 0.49 | $ (0.07) |
Basic and Diluted Income (Los_4
Basic and Diluted Income (Loss) Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Common stock warrants and options to purchase | 7,021,514 | 2,854,744 | 3,345,354 |
Tax Expense (Benefit) - Summary
Tax Expense (Benefit) - Summary of Major Components of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |||
Current tax expense | $ 1,481 | $ 978 | $ 420 |
Deferred tax charge (Note 16) | 452 | ||
Deferred tax credit (Note 16) | (1,770) | (5,377) | |
Tax expense (benefit) | $ (289) | $ (4,399) | $ 872 |
Tax Expense (Benefit) - Additio
Tax Expense (Benefit) - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Expense Benefit [Abstract] | |||
Applicable tax rate | 5.00% | 5.00% | 5.00% |
Tax Expense (Benefit) - Summa_2
Tax Expense (Benefit) - Summary of Reconciliation of Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | |||
Income (loss) before tax | $ 12,164 | $ 10,752 | $ (1,029) |
Tax expense at 5% | 608 | 538 | (52) |
Disallowed expenses (credits) | 239 | (692) | 322 |
Movements in temporary differences | (939) | (1,892) | 233 |
Income subject to other tax rates | (273) | (2,144) | 248 |
Other | 76 | (209) | 121 |
Tax expense (benefit) | $ (289) | $ (4,399) | $ 872 |
Tax Expense (Benefit) - Summa_3
Tax Expense (Benefit) - Summary of Reconciliation of Tax Expense (Benefit) (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Average Effective Tax Rate And Applicable Tax Rate [Abstract] | |||
Applicable tax rate | 5.00% | 5.00% | 5.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation Paid or Payable to Key Management (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |||
Salaries and remuneration to key management and executive directors | $ 3,897 | $ 1,379 | $ 714 |
Non-executive directors’ fees | 401 | 246 | 150 |
Key management personnel compensation | $ 4,298 | $ 1,625 | $ 864 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2021shares | Sep. 30, 2021shares | Jul. 31, 2021shares | Dec. 31, 2020USD ($)shares | Feb. 29, 2020USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | |
Disclosure Of Transactions Between Related Parties [Line Items] | ||||||||
Directors' remuneration expense | $ | $ 1,202 | $ 834 | $ 450 | |||||
Number of awards, granted | 120,000 | 10,000 | 4,056,770 | 4,186,770 | 495,000 | |||
Warrants held by an executive that were not previously included within related parties | 250,000 | |||||||
Warrants exercised | 115,000 | |||||||
Warrants repurchased | 35,000 | |||||||
Share issued and sold to related parties | 655,783 | |||||||
Cash proceeds from issue of ordinary shares | $ | $ 1,990 | $ 500 | ||||||
Aggregate ordinary shares purchased | 655,783 | |||||||
Shares purchased by the company's directors | 46,438 | |||||||
Remaining shares purchased by the original investor | 609,345 | |||||||
Key Management and Directors | ||||||||
Disclosure Of Transactions Between Related Parties [Line Items] | ||||||||
Balance outstanding to related party | $ | $ 25 | $ 584 | $ 25 |
Related Party Transactions - _2
Related Party Transactions - Summary of Transactions Carried Out with Related Parties (Details) - Related Parties - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | |||
Remuneration paid as consultancy fees | $ 1,874 | $ 874 | $ 468 |
Salaries and wages | 1,079 | 542 | 246 |
Other expenses | 20 | 16 | 13 |
Share-based payments | 1,345 | ||
Expenses | $ 4,318 | $ 1,432 | $ 727 |
Related Party Transactions - _3
Related Party Transactions - Summary of Warrants Held by Related Parties (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Key Management and Executive Directors | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Number of stock options and warrants held by related parties | 6,216,514 | 1,909,744 |
Events After the Reporting Pe_2
Events After the Reporting Period - Additional Information (Details) € in Thousands, $ in Thousands | Jan. 31, 2022USD ($)shares | Jan. 01, 2022USD ($)shares | Dec. 31, 2021USD ($) | Jan. 31, 2022EUR (€)shares |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Currency conversion rate | 111.38% | |||
RotoSports, Inc. | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Acquisition-related costs on legal and consulting fees | $ 500 | |||
Major Business Combination | RotoSports, Inc. | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Percentage of voting equity interests acquired | 100.00% | |||
Cash consideration | $ 13,500 | |||
Unregistered ordinary shares issued | shares | 451,264 | |||
Purchase consideration due on first anniversary | $ 2,500 | |||
Purchase consideration due on second anniversary | $ 5,300 | |||
Percentage of deferred payments | 50.00% | |||
Major Business Combination | NDC Media | ||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||
Percentage of voting equity interests acquired | 100.00% | 100.00% | ||
Aggregate purchase price | $ 13,920 | € 2,500 | ||
Cash consideration | 1,140 | 10,000 | ||
Cash on hand | $ 2,860 | € 2,500 | ||
Unregistered ordinary shares issued | shares | 269,294 | 269,294 | ||
Purchase consideration due on first anniversary | $ 21,850 | € 19,000 | ||
Purchase consideration due on second anniversary | $ 32,800 | € 28,500 | ||
Percentage of deferred payments | 50.00% | 50.00% | ||
Acquisition-related costs on legal and consulting fees | $ 300 |